In December 2007, Bristol Myers Squibb Company (BMS) embarked on an organizational transformation. The company began a series of restructurings and divestments designed to streamline operations and bring the diversified pharma business into a tighter focus on specialty biopharmaceuticals. In 2008, the company began re-evaluating the role of its U.S. defined-benefit pension plans.
The largest of those plans, by far, was the main pension for U.S. employees, which had about $6 billion in obligations. Senior management decided that the plan needed to be closed to new entrants and further service accruals, and that they should freeze salary accruals after five years for employees who were already in it.
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Meg Waters
Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.
