October 29, 2004
Circuit City will freeze pension plan
Circuit City Stores Inc. plans to freeze its employee pension plan as it restructures its retirement-benefits program.
The Richmond-based chain is one of the last national retailers to switch from offering a conventional pension plan for employees. Because of high employee turnover rates in the retail industry, most chains have eliminated or frozen their defined benefit pension plans.
"This puts us in a good competitive place and brings us in line with other retailers," said Eric Jonas, senior vice president of human resources.
Posted by Tom Troceen