I found this article online and I can’t make heads or tails out of this. Does someone mind giving me a hand and explaining what this means for pensions in layman’s terms?
https://www.pionline.com/retirement-plans/dow-freeze-us-pension-plans-contribute-1-billion-and-hike-dc-match
It means as of December 31, 2023, active employees will no longer increase the value of their pensions. No more vesting. What you have accrued as of that date is what you get. This is large cost savings for Dow, so Dow will slightly increase their 401k match. This is a massive benefit reduction for employees that are on the old Dow Corning pension plan or similar. Dupont made a similar move prior to the Dow Dupont merger.