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: Mortgage Lender Implode-o-MeterWells Fargo freezes traditional pension plan
By Implode-Explode Heavy Industries
Wells Fargo & Co. told employees on Monday it will no longer contribute to their traditional pension plan, effectively cutting the total compensation of its workers less than two weeks after announcing record first-quarter profit.
The San Francisco bank is combining its existing program with that of Wachovia Corp., the Charlotte, N.C., bank it acquired in December, and freezing both companies' cash balance plans, a type of defined benefit plan.
Full post as published by Mortgage Lender Implode-o-Meter on May 06, 2009 (boomark / email).
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