ST PAUL, Minn. — Some workers at 3M will see a change in their benefits in 2028, according to a press release from the company.
Announced on Monday, non-union employees are facing a freeze of U.S. pension plans, effective Dec. 31, 2028.
This decision will affect both current and future 3M workers, with pension-eligible employees still accruing benefits until the freeze date.
"This is an important decision for 3M as it helps to set up both companies for future success. This was also a difficult decision because it impacts employees across the United States. To help those impacted, we are providing five years of advance notice to ensure our employees can plan alternative strategies to meet their post-retirement income needs," said 3M Chairman and CEO Mike Roman.
The company said this move has been in the works for many years. In 2009 3M closed some of their pension plan to new hires and rehires. Moving to a 401(k) plan gives employees more flexibility and control when it comes to future investments, according to the company.
Watch more Breaking The News:
Watch all of the latest stories from Breaking The News in our YouTube playlist:
WATCH MORE ON KARE 11+
Download the free KARE 11+ app for Roku, Fire TV, Apple TV and other smart TV platforms to watch more from KARE 11 anytime! The KARE 11+ app includes live streams of all of KARE 11's newscasts. You'll also find on-demand replays of newscasts; the latest from KARE 11 Investigates, Breaking the News and the Land of 10,000 Stories; exclusive programs like Verify and HeartThreads; and Minnesota sports talk from our partners at Locked On Minnesota.
- Add KARE 11+ on Roku here or by searching for KARE 11 in the Roku Channel Store.
- Add KARE 11+ on Fire TV here or by searching for KARE 11 in the Amazon App Store.
- Learn more about the KARE 11+ app for Apple TV in the Apple App Store.
- Learn more about KARE 11+ here.
