By Ben Glickman

3M will freeze U.S. pension plans for non-union U.S. employees at the end of 2028.

The St. Paul, Minn.-based healthcare and consumer goods company said that the move was part of a shift toward a 401(k) retirement plan structure.

3M said the pension freeze applies to 3M and its soon-to-be-independent healthcare spinoff's U.S. pension plans.

Chief Executive Mike Roman said the decision "helps to set up both companies for future success." He added that the decision was difficult because it impacts workers across the U.S.

The company said employees receiving pensions will continue to get benefits until the freeze date.

Former employees with vested pension benefits, retirees from the company and recipients of pension annuity payments are not affected.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

January 08, 2024 08:29 ET (13:29 GMT)

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