US - The multinational aluminium company Alcoa has announced it intention to scrap its existing defined benefit scheme for new US recruits, replacing it with a 401(k) defined contribution scheme.
Effective from 1 March, 2006, Alcoa will contribute at least 3% of an employee’s annual salary into the 401(k) and will match contributions of up to 6%. The company, with a total of 131,00 emplo...
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