Board-Ansicht
Mix-Ansicht- Ãœberall Defined Contribution. Unternehmen erkennen das Ende des Bullenmarkts. - El Sheik, 27.03.2002, 10:09
Ãœberall Defined Contribution. Unternehmen erkennen das Ende des Bullenmarkts.
Auch in Japan, nach der Schweiz und UK.
El Sheik
(The Nihon Keizai Shimbun Wednesday evening edition)
Wednesday, March 27, 2002
Nissho Iwai To Ditch Traditional Pension Plan For 401(k)
TOKYO (Nikkei)--Nissho Iwai Corp. (8063) in April will switch its corporate pension program from its traditional defined-benefit plan to a defined-contribution plan based on 401(k) retirement programs in the U.S., company sources said Wednesday.
The move, rare among Japanese companies, is part of the trading firm's plan to overhaul its retirement allowance and pension system and to stave off an increase in retirement benefit obligations.
Other major businesses, such as Toyota Motor Corp. (7203), have introduced similar defined-contribution programs but did so along with defined-benefit plans.
Nissho Iwai will also discontinue one-off retirement allowances at the end of March, opting instead for a merit-based system that increases monthly salaries according to employee performance.
Company reserves are now used to pay such retirement allowances, and the amount of the reserves, which will be determined at the end of March, will be used to pay allowances and interest charges to currently eligible employees when they retire.
Nissho Iwai will dissolve its corporate pension fund, which now has about 2,600 participants and 5,100 members with rights to benefits.
The firm ran a 58.9 billion yen funding shortfall for retirement benefit obligations as of the end of March 2001, due to poor investment returns amid extremely low interest rates and slumping stock prices.
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