Dow Changes Retirement Program for New Hires

Dow Chemical says it will offer a “modernized” retirement plan to all new U.S. hires starting January 1, 2008 “to attract and retain next-generation employees.” Under the new plan, Dow will contribute 5% of pay, plus interest, into a pension account, and employees will be eligible to take the value of their pension as a lump sum whenever they leave the company after a three-year vesting period. Dow says that under the current plan, the pension formula is based on the employee’s final average salary, while the new plan will be based...

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