Arconic to cease pension plan accruals; stock pulls back from 11-month high [MarketWatch]
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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Source: MarketWatch
Arconic to cease pension plan accruals; stock pulls back from 11-month high Arconic Inc.'s stock ARNC, +0.34% fell 0.4% in morning trade Monday, to pull back from an 11-month high, after the aluminum company disclosed that it was freezing its defined-benefit pension plan for 7,900 employees. The company, which was spun off from Alcoa in late 2016, said benefit accruals for future service and compensation will cease as of April 1. Service earned after March 31 will count towards eligibility for early retirement. The company expects to record a liability decrease of $140 million in the first quarter, as a result of the cut in future benefits. The stock had closed Friday at the highest level since Feb. 22, 2017. It has rallied 8.8% over the past three months, while the S&P 500 SPX, +0.01% has gained 7.5%.
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