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Help with frozen defined benefit plan

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Question: The company I work for needs to freeze their defined benefit plan due to underfunding and expense of the plan. As the HR person I would like some insight from others who may have experience with such a matter. Also I would like suggestions on other retirement plans to consider that would supplement the frozen accrued benefits of defined benefit plans, etc. ( I work for a small bank with about 30 employees.)  --  Blue Eyes


Comments

WE ALSO HAVE SMALL WORK FORCE. OUR OLD PROGRAM BECAME CUMBERSOME AND COSTLY. WE NOW HAVE SIMPLE IRA'S WITH UP TO A 3% MATCH. THE EMPLOYEES HAVE CONTROL OF THEIR IRA'S FROM DAY ONE THRU AN INVESTMENT FIRM. THE MATCHING CONTRIBUTION IS PAID ONCE A YEAR BY MARCH 15TH.

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