On Monday, 3M announced that it plans to end its pension plan for nonunion US employees within five years.
Consumer goods, industrial, and healthcare product company MMM (+0.34%) stated that it has shifted from an annuity plan to a 401 (k) retirement plan structure “for many years.”
3M stated that by shifting towards a 401 (k) retirement plan structure, the company is focused on providing employees with greater flexibility and control when investing in the future.
3M’s stock price fell 0.6% in early trading. After falling 8.8% in 2023, it fell 0.7% last week. In contrast, the Dow Jones Industrial
The industry average index increased by 13.7% last year.
Currently, pension recipients from the company are not subject to the impending freeze, which is scheduled to take effect on December 31, 2028, in a different context. The freeze applies to 3M and Solventum, an independent healthcare company that will spin-off in the first half of 2024.
This is an important decision for 3M as it helps both companies prepare for the success of the future. It is also a challenging task.
“Decision because it affects employees across the United States,” CEO Mike Roman said. “To help those affected, we will advance…”
Five-year notice is needed to ensure our employees can plan alternative strategies to meet their retirement income needs.
As of Friday, 3M’s stock price has risen by 22.1% in the past three months, while the Dow Jones index has risen by 11.7%.
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