US - Bryn Mawr Bank has announced it will freeze its defined benefit (DB) pension scheme from 31 March.
Employees will be enrolled in to the company defined contribution (DC) 401(k) plan, which offers a dollar-for-dollar match on the first 3% of base salary and an additional contribution of 3% of employees' base salary.
Ted Peters, chairman and CEO, Bryn Mawr, said: "We found ourselves to be one of the few remaining banks our size in our market with a defined benefit pension plan. We decided to move to a benefit structure and retirement plan that provides more predictable retirement costs."
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