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On Jan. 1, IBM put the brakes on its dollar-for-dollar 5% employee match in its 401(k) plan and began providing most of its US workers a portable "retirement benefit account."
In late 2023, IBM announced a shift in its retirement benefits package, effective Jan. 1, 2024. The established method was a 401(k) match -- a 5% match and a 1% automatic contribution. With the...
Under the deal, nearly $6 billion of IBM's defined benefit pension obligations will be transferred to Prudential Insurance Company of America. A defined benefit plan guarantees a specific payout ...
IBM's "New Deal": Employment Policies of the International Business Machines Corporation, 1933–1956 (2005). The Journal of the Historical Society 5 (1), 47–77 - discussing IBM's employee benefits, and the role of Endicott-Johnson in influencing them.
By the end of 1994, IBM ceased new development of OS/2 software. IBM withdrew from the retail desktop PC market entirely, which had become unprofitable due to price pressures in the early 2000s. Three years after Gerstner's 2002 retirement, IBM sold the PC division to Lenovo. [23]
Xerox Corp. Retirement Plan, decided that the lump sum calculation for workers terminating service prior to retirement who were covered by the defendant cash balance pension plan cannot violate the rules for defined-benefit plans, [3] and in a district court in Illinois in Cooper vs. IBM Personal Pension Plan, decided that the very design of ...