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U. S. Steel Corp. Moving Non-Union Employees To Defined Contribution Retirement Plans
08/24/2015 - United States Steel Corp. is freezing pension benefits for non-union employees and intends to move them onto a 401(k) plan, the Pittsburgh Business Times reports.
According to the Business Times, the decision, which is a part of the company's Carnegie Way initiative, affects about 1,300 employees.
"The way we do business is through The Carnegie Way," the company said in a statement to the Business Times.
"By using The Carnegie Way framework, we believe this change strengthens the financial foundation of our company, provides sustainability for our business and brings us closer to our goal of restoring U. S. Steel’s status as the iconic corporation."
Union employees are unaffected by the decision -- the company is negotiating a new labor agreement with the United Steelworkers union. The current contract expires 1 September.
"The way we do business is through The Carnegie Way," the company said in a statement to the Business Times.
"By using The Carnegie Way framework, we believe this change strengthens the financial foundation of our company, provides sustainability for our business and brings us closer to our goal of restoring U. S. Steel’s status as the iconic corporation."
Union employees are unaffected by the decision -- the company is negotiating a new labor agreement with the United Steelworkers union. The current contract expires 1 September.
