Ari Jacobs, a senior partner, global retirement solutions at Aon Hewitt, the company that manages DuPont's benefit programs, said moving from pension plans to defined contribution retirement benefits has become an industry-wide trend.
"As workers became more transient in the 1980s, they appreciated the flexibility and access to account balances offered by defined contribution plans," Jacob said. "It's been a broad trend and companies have adjusted accordingly."The amount of passive voice and assumptions in those two sentences is just stunning. I'd rather Mr. Jacobs have said "We think we can get away with this, and we don't feel guilty."
It's important to note that this particular policy change doesn't affect current DuPont retirees.