Anheuser-Busch to cut health, pension benefits

ST. LOUIS -- Anheuser-Busch Cos. says it will cut pension and health care benefits for its salaried employees.

It's all part of an effort to slash $1 billion in costs by the end of 2010 and fend off an unsolicited $46 billion bid from Belgian brewer InBev.

The nation's biggest brewer laid out its benefit-cut plan in a memo sent to salaried employees Friday. The company provided the plan to The Associated Press today.

The memo says employees' individual, lump sum payouts under the pension plan will be reduced by approximately 5 percent to 6 percent in 2009 and approximately 15 percent by 2012.

Workers also will make a bigger contribution to their health insurance plan, rising from approximately 21 percent today to 25 percent of the cost beginning in 2009.