"3M Announces Pension Freeze for Non-Union Employees in 2028"
Originally Published 2 years ago — by Star Tribune
3M announced it will freeze pension plans for non-union U.S. employees at the end of 2028, affecting both 3M employees and those at the health care company it is spinning off this year. The move is aimed at cost-saving and transitioning towards 401(k) retirement plans, with CEO Mike Roman stating that the decision is important for setting up future success. The freeze will not impact former employees with vested benefits, retirees, and those receiving pension annuity payments, and affected employees will receive five years of advance notice to plan alternative strategies for their post-retirement income needs.