3M is freezing pension plans for non-union U.S. employees at the end of 2028, the company announced Monday.
The cost-saving move applies to 3M employees and those at the health care company it is spinning off this year.
The Maplewood-based company started moving toward 401(k) retirement plans in 2009 when it cut off access to the U.S. pension plan for new hires and rehires. 3M said it has fewer than 9,000 active participants in the pension plan.
By next year, 3M is expected to have about 84,000 employees worldwide, a reduction of about 8,500 compared to 2022 levels. The cuts are a part of a broader reorganization meant to shore up corporate finances amid large legal settlements and challenges.
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Read More: Minnesota-based 3M freezing pensions for non-union employees in 2028