IBM to Freeze $48B Pension Plan in 2008
An AP newswire article by Brian Bergstein, via Yahoo! News, reports that:
Furthering corporate America's move away from pensions, International Business Machines Corp. said Thursday it will freeze its $48 billion pension plan in 2008 and instead enhance its 401(k) benefits for its 125,000 U.S. workers.
Nearly all IBM's U.S. employees — everyone hired before Jan. 1, 2005 — have pension benefits accruing under a traditional annuity-like plan or a cash-balance plan, which gives workers interest-bearing funds that they can take with them if they leave the company.
posted by Fergie @ 1/05/2006 05:51:00 PM
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