Taking stock: Hallmark Cards revamps profit sharing plan to boost diversification.

From: Employee Benefit News | Date: January 1, 2003| Author: | Copyright information

In a move to strengthen its employee profit sharing plan, Hallmark Cards Inc. is kicking off the New Year with big changes to the plan's structure.

First, the privately held greeting card company is buying back the plan's poorly performing company stock and converting it to preferred stock, with an aim toward producing a more stable rate of return than employees have witnessed in recent years (0.8% in 2001).

Hallmark is also gradually reducing the plan's percentage of company stock holdings to bolster liquidity, which is increasingly needed to make retiree payouts. ...

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