At the same time, PepsiCo reduced the money it puts by for "pension and retiree medical plan contributions" by $1.4 billion, according to its most recent cashflow statement. The company told us:
"We review our programs regularly to
ensure we are providing market competitive benefits—from both the
employee and company perspective. When compared to the market,
PepsiCo’s retirement benefits remain above average."
"PepsiCo continues to contribute to the retirement savings of all salaried employees and offers a highly competitive set of employee benefits."
The 401(k) cut applies only to employees who also receive an old-fashioned "defined benefit pension plan." Those employees will keep their 401(k)s, they just won't also receive a matching contribution from PepsiCo.