ATLANTA - Delta Air Lines has announced a change in some employees' retirement plans. <br>
<br>
Delta hopes the change will trim up to $500 million over the next five years. The change is part of an effort to cut operating costs by $2.5 billion between 2003 and 2005. <br>
<br>
The change from a traditional defined benefit plan to a cash-balance plan is for all U.S. employees not including pilots. It will take effect June 30. <br>
<br>
The new plan states an employee's retirement benefits as an account balance rather than as a monthly payment. The cash-balance plan may be taken as a lump sum or as an annuity when an employee leaves Delta. <br>
<br>
Delta spokeswoman Peggy Estes says the plan will save the company money because it requires only annual payouts instead of monthly. She says Delta does not yet know how many employees would be affected.
