Sprint Nextel freeze pension benefits

[Mod]

Sprint Nextel have frozen pension benefits. The freeze means half of Sprint Nextel's 80,000 employees will no longer accumulate pension benefits and will have to rely on whatever benefits they have already earned, plus a 401(k) plan with a 5 percent contribution match from the company, according to published reports.Former Nextel Communications Inc. employees and those at Sprint Nextel's local phone division will not be affected; Nextel did not have a pension plan, and the 20,000 people at the local telephone company will keep their pensions when the division is spun off.

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