Lincoln Electric Holdings Inc. says it will be closing its defined benefit pension plan to new employees.

New employees who want retirement benefits must participate in the company’s 401(k) plan instead, according to Lincoln Electric, Cleveland, a manufacturer of arc welding products.

Current employees can stay in the old retirement plan program, which includes both a traditional pension plan and a 401(k) plan, but Lincoln Electric is offering extra vacation time to employees who switch to the new retirement plan, the company says.