In a move that has left employees fuming, 3M, the conglomerate renowned for manufacturing Post-its, command strips, and tape, has frozen its pension program for non-unionized workers. To add salt to the wound, the company announced a shift to a 401(k) retirement plan in 2028 for these employees.
This decision, seen as a pathway to a comfortable retirement for those at the top while leaving others in the lurch, was met with significant backlash. The AOL article sheds light on 3M’s move, emphasizing the stark contrast between freezing pensions and boosting the CEO’s benefit package.
A representative for 3M pointed to their press release, stating that the shift to a 401(k) plan allows for “more flexibility and control” when investing. CEO Mike Roman defended the move, calling it important for future success but acknowledging its difficulty due to its impact on employees across the United States.
The tone of anger permeates as this disheartening news unfolds, raising questions about the widening gap in retirement benefits between top executives and the rest of the workforce.