3M Freezing Pension Plans

Maplewood-based 3M is freezing pension plans for non-union U.S. employees at the end of 2028.

Former employees with vested benefits, retirees, and those receiving pension annuity payments are not impacted by the freeze.

3M CEO Mike Roman released a statement Monday that says the company is giving five years advance notice so workers can plan alternative strategies to meet their post-retirement income needs. 

3M started moving toward 401k retirement plans in 2009 when it cut off access to the U.S. pension plan for new hires and rehires.

3M has facilities in Red Wing, Cottage Grove and Oakdale.