Anheuser-Busch Revises Retirement Plan
In a recent filing with the Securities and Exchange Commission (SEC), Anheuser-Busch Cos. Inc. says it is increasing its retirement plan options for salaried employees who will be at least 55 by the end of 2008. All 1,300 eligible participants will now get severance pay worth up to 12 months of their salary, reports the Associated Press (AP).
This enhanced retirement program will be offered to certain employees as the brewer looks to cut costs, says the AP. Anheuser-Busch expects to reduce its salaried staff by 10 percent to 15 percent.
About 360 employees will receive enhanced benefits, including payment ranging from 15 months of base salary to twice the sum of base salary. The enhanced program will also include a target bonus and continuation of benefits, according to the filing made late last week.
This enhanced retirement program will be offered to certain employees as the brewer looks to cut costs, says the AP. Anheuser-Busch expects to reduce its salaried staff by 10 percent to 15 percent.
About 360 employees will receive enhanced benefits, including payment ranging from 15 months of base salary to twice the sum of base salary. The enhanced program will also include a target bonus and continuation of benefits, according to the filing made late last week.