Ab­b­Vie slams the pen­sion door to new hires as Big Phar­ma hold­outs fi­nal­ly join the mi­gra­tion to 401Ks

When As­traZeneca’s US sub­sidiary an­nounced it would be ax­ing its $1.3 bil­lion pen­sion plan a few weeks ago, the sec­ond half of End­points News‘ head­line at the time was, “will oth­er phar­mas fol­low?”

Now we know the an­swer: yes — and this time, it’s Ab­b­Vie.

Ab­b­Vie kept it short and sweet in its Feb. 18 10-K fil­ing with the SEC, say­ing on­ly, “Ab­b­vie’s US pen­sion plan was mod­i­fied to close the plan to new en­trants ef­fec­tive Jan­u­ary 1, 2022.” The phar­ma’s pen­sion plan as­sets to­taled right around $5.5 bil­lion, while their pro­ject­ed oblig­a­tions were at $7.8 bil­lion.

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