Headline writers last week took advantage of Hershey’s announcement that it would be closing its defined benefit pension plan to new hires.
Here are a few examples:
CANDY: Hershey blows pension plan a goodbye kiss: St. Louis Post Dispatch
Hersey to phase out DB plan, sweeten 401(k) plan: Business Insurance
Pension Cuts Not So Sweet: Hamilton Spectator
Hershey Kisses Off Pensions: TheDay (subscription)
Most of us, I am sure, looked beyond the puns to see yet another example of the continued erosion of defined benefit plans with increased reliance by employees on defined contribution plans to fund their retirement.