IBM Retires Retirement Plan
Saturday January 7, 2006
Effective 2008, IBM is retiring its traditional retirement plan; approximately 120,000 US employees will participate in the company's 401(k) plan. For the period 2006-2010, the company "expects to cut costs by $2.5 billion to $3 billion." IBM made the public announcement prior to notifying employees, according to the Communication Workers of America. IBM is joining a trend -- research and news reports suggest that 9-20 percent of US companies are freezing or terminating traditional pension plans and replacing them with 401(k) plans. In December, the House "took up pension overhaul legislation with agreement that the current employer-based pension system is in deep trouble but disagreement over what should be done to fix it."
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Comments
I am a retiree that gets pension checks.When will I receive my tax statement for 2006 so I can file taxes?
I am trying to find my pension. I worked for Chemical Bank . I was fully vested in 1987 or 1988. Where or how do I contact IBM Retirement regarding my benifits? Thank you
I’m in the same situation - vested w/ IBM (83′-93) but IBM has not kept in touch regarding the status of my pension (thought there was a legal requirement a company inform pension plan participants of the status of ‘the plan’ on a regular basis). Anyone one have a contact name and number to get current benefits statement?
Trying to plan for retirement and need the info for planning purposes. TIA
I worked for ibm at Owego NY in the Federal Systems Division for 30 years. In the first half of 2008, I was informed by mail I would be getting an increase in my pension. I never did and my trying to find out what happened. JOE
I am trying to find my pension. I worked for IBM, fully vested in 1983. When or how do I contact IBM Retirement regarding my benefits?
RE the IBM questions, I refer you to this from the IBM Web Site:
For answers to general questions about IBM from within the continental United States, call 800-IBM-4YOU; from outside the continental United States, call 404-238-1234.
Where and what do I do to Change My Retirement Check to a new bank.