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IBM TO INCREASE NUMBER OF WORKERS ALLOWED TO CHOOSE PENSION PLAN.
Business Insurance, September, 1999
ARMONK, N.Y. -- Under intense employee and political pressure, IBM Corp. last week said it will more than double the number of workers who can stay in its traditional pension plan or move into the company's new cash balance pension plan. About 65,000 employees who were at least 40 years old on June 30 and had 10 years of service can choose between the two plans.
Previously, only about 30,000 employees who were within five years of retirement eligibility could make the choice. IBM had been the target of intense criticism from older employees who said the new plan was much less generous than the old plan and could cost them hundreds of thousands of dollars in pension benefits. The old plan offers full, unreduced benefits after 30 years of service, a feature...
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