It appears that reports of the imminent death of defined benefit plans have been greatly exaggerated. Just ask the folks at SBC Communications.
The telecom giant, which recently agreed to buy AT&T Corp., announced several days before the deal that it would move 55,000 salaried managers from its cash balance pension funds to a more traditional defined benefit plan. “We are refocusing our resources on longer-serving employees,” says Anne Vincent, a spokeswoman for SBC.
