Michelin Canada will freeze its DB plan starting Jan. 1, 2016, and replace it with an enhanced DC plan.
Michelin Canada will freeze its DB plan starting Jan. 1, 2016, and replace it with an enhanced DC plan.
The company said it will make the change because volatile financial markets have made it difficult for budget planning.
All earned benefits up to that date will be maintained for future retirees, and the move will not affect current retirees.
Michelin closed its DB plan to new members in 2005, and new employees were automatically enrolled in a DC plan.
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