IBM Employee and Investor Issues Summary Highlights

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Highlights for week ending September 29, 2001

Call to Action: Scalia Nomination. Excerpt: "For millions of working men and women across this country, decisions made by the Department of Labor have a critical impact on both their everyday lives and their well-being. Therefore, when one of America's most vociferous, consistent opponents of worker protections is slated for a top post at Labor, we must act."
St. Paul (Minnesota) Pioneer Press: More than 100,000 Current, Former Workers Given Stake in IBM Pension Suit. Excerpt: "A federal court judge in Illinois agreed this week to give as many as 140,000 current and former employees of IBM Corp. a stake in a court challenge to the computer maker's pension plan." If link is broken, view Adobe Acrobat version [PDF--10 KB].
Thompson Publishing Group: Court Strikes Down Xerox's Cash Balance Lump Sum Calculations. Excerpt: "The Xerox case is now the third in a line of cases in which cash balance plan participants have challenged their plan's method for calculating pre-retirement lump sum distributions. So far, cash balance plan sponsors have been on the losing side in all three cases."
St. Paul (Minnesota) Pioneer Press: Onan settles retirement plan lawsuit. Excerpt: "Workers who sued Fridley-based Onan Corp. over its conversion to a "cash balance" pension plan have reached a settlement that will cost the company at least $23 million, and will result in higher pension benefits for some employees. Conversions to cash-balance pension plans, such as the one at Onan and a highly publicized switch at IBM, have been controversial in recent years, even sparking congressional hearings. Veteran workers at Onan, IBM and elsewhere have claimed their pension benefits were cut when their employers switched to cash-balance plans, which resemble 401(k) accounts more than traditional defined benefit retirement plans." If link is broken, view Adobe Acrobat version [PDF--62 KB].
A number of rumors are flying around. Here are some of them:
There have been reports that PCF values shown by the Money at Work (IBM Intranet) site has decreased since last week. Details at this time are sketchy:
wylie_quixote: "There's irony in how IBM's harsh CB amendments harm the participants in order to 'save'them from plan termination. The brief history of CB amended pension plans show them experiencing a 'living death'that visits greater harm on memership than outright termination and replacement. ERISA protections kick in at terminations, whereas CB amendments evade them. As it happens in nature, every parasitic CB plan amendment attached itself to a healthy host DB plan. No CB plan has ever been terminated." Read more...
"CPR #1" speaks of an "Armonk Palace Revolt."
har_philby fills us in on the on-going U.K. Inland Revenue (equivalent to U.S. IRS) investigation of IBM.
- See har_philby's links to information about the tax evasion case against IBM.
Washington Post: Out of the Easy Chair, Back to the Grind. Stock-Pumped Retirees Revising Plans as Funds Evaporate.
"chas06033" comments on how IBM's relationship with its retirees have changed.
"riptoff" comments on CEO Lou Gerstner referring to us in his e-mails as "colleagues"
Nostalgic for the old days? Feel like singing? Check out the IBM Songbook!

"The test of our progress is not whether we add more to the abundance of those who have too much; it is whether we provide enough for those who have too little." — Franklin D. Roosevelt

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