IBM latest pension cut hits older employees hardest.....again.
Zero, essentially you are saying that IBM no longer has a pension plan. IBM only contributes to a 401K plan which was the replacement for the old pension / cash balance plan. So if you don't feel that these changes are a pension cut, then you are saying IBM does not fund a pension / retirement account.
A part of the contribution to the 401K plan was put in place to offset the cut in the pension of older workers. The idea was to incrementally add additional money to the employees 401k over the course of the year to increase the value. Now they lose 50 out of 52 weeks of the potential earnings on that contribution. It was presented as a Pension Plan change, therefore, this is a cut.