Dow Inc., Midland, Mich., will freeze the benefit accruals of its U.S. pension plans at the end of 2023, increase its matching contribution in its defined contribution plans and will contribute $1 billion to the pension plans before the end of the first quarter.
The chemical company announced its plans in an 8-K filing with the SEC on Thursday.
First, Dow will freeze benefit accruals for participants in qualified and non-qualified pension plans, including the Dow Employees’ Pension Plan, the Union Carbide Employees’ Pension Plan and the Dow Chemical Co. Executives’ Supplemental Retirement Plan-Supplemental Benefit, effective Dec. 31, 2023.
Author(s): Rob Kozlowski
Publication Date: 4 March 2021
Publication Site: Pensions & Investments
In the 1630s, it was tulips. In the 1990s, it was Netscape and Pets.com. Later, as we all know, it was housing. Today, the warning sign flashing “danger,” signaling that the stock market has lost its mind, is GameStop.
And what’s really worrying is that Dow 30,000 is all about this sort of irrational exuberance. Yes, we laugh at $300 GameStop, but is Tesla really worth $880 a share? It isn’t just Robinhood traders working in concert who are driving up company valuations; it’s hedge funds and Wall Street banks research departments and large mutual funds. Because even as we face record unemployment and a slow economy, they can make money that way.
Author: Charles Gasparino
Publication Date: 27 January 2021
Publication Site: NYPost