Tenneco freezing pension plan for most US workers

Newswire

CHICAGO, Aug 23 (Reuters) - Auto parts maker Tenneco Inc. said on Wednesday that it was freezing its defined benefit pension plan for nearly all U.S.-based salaried and nonunion hourly employees. The Lake Forest, Illinois-based company said it would switch those employees into a defined contribution plan. Tenneco, which makes mufflers and shock absorbers, estimated the change, which takes effect Jan. 1, will save the company $11 million a year before taxes.

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