Sprint Freezes Pensions for Half of Workforce
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Sprint Nextel Corp. froze pension plans for almost half of its 80,000 employees and won’t offer a fixed retirement benefit to new workers as the company cuts labor costs to compete with other wireless carriers.
Chief Executive Gary Forsee, who orchestrated the $36-billion merger of Sprint Corp. and Nextel Communications Inc., is revamping the retirement plans as he shifts the company’s focus to the wireless business.
Cingular Wireless, the largest U.S. mobile-phone services company, and No. 2 Verizon Wireless don’t have defined-benefit plans. Sprint Nextel, based in Reston, Va., is No. 3.
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