3M To Freeze U.S. Pension Plans For Non-union U.S. Employees By End Of 2028

(RTTNews) - 3M (MMM) announced Monday that it will freeze its U.S. pension plans for non-union U.S. employees, effective Dec. 31, 2028. These employees will continue to accrue benefits under the pension plans until the freeze date.

This decision applies to both 3M and the future, independent health care company's U.S. pension plans.

The company added that former employees with vested pension benefits, 3M or 3M Health Care retirees, and those currently receiving pension annuity payments are not impacted by this action.

The move from a pension plan structure to a 401(k) retirement plan structure has been underway at 3M for many years.

To help those impacted, the company said it is providing five years of advance notice to ensure their employees can plan alternative strategies to meet their post-retirement income needs.