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When Verizon Communications Inc. announced the freezing of its $42 billion defined benefits (DB) retirement plan for active management employees in December 2005, the company used the historic juncture to make changes to its 401(k) plan, as well. Like most major employers focusing on their defined contribution plans after downsizing or eliminating a DB plan, Verizon moved first to increase its corporate contribution to the plan–to a 100% match of the first 6% and a new discretionary match of another 3%, based on company performance, from 100% of the first 4% and 50% of the next 2%.

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