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International Business Machines Corporation Message Board

  • noahanoki noahanoki May 12, 1999 10:18 AM Flag

    Good Stuff Here!

    Buy long on GMAI!

    GMAI's web sites are and Its common stock
    Traded on the NASDAQ SmallCap system under the symbol
    GMAI, and on the Boston Stock
    Exchange under the
    symbol GGM.

    Greg Manning Auctions, Inc. is a
    full service auctioneer of a wide range of
    collectibles and
    Diamonds, as well as the nation's leading
    stamp auction house and one of the largest in the
    GMAI is the first publicly owned Auction Company to
    hold real-time auctions simultaneously
    Over the
    Internet and via telephone, while providing confidential
    transmission of bidder and

    Buy and hold!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • That sdounds good, Anybody got the time to start a homepage for it?

    • I have found a website that makes growth stock
      selections with over 1000% returns in some cases! They have
      free trials to their newsletters and are even
      auctioning off one-year ones for the next week! If you are
      interested, .

    • You are one of the very fortunate ones -- now 80%
      of IBM has not choice on this new plan and 40% with
      extreme adverse effects, badly degraded plan. Other
      companies have been much more humane about it such as Kodac
      and reportedly LUCENT coming up soon. The new plan
      for the companies that care about their employees
      offered the option to everyone or only require it for new
      hires and let the others take the option.

      DIFFERENCE... IBM has just taken away the Retirement Pension
      Plan and Medical to 80% of the company w/ very
      unethical and noncaring notification.

      So, bad part
      for you was you had to leave to lock in what you have
      planned on -- but, good part is if you hadn't and had
      been surplused you would get nothing really (basically
      what 40%-80% of IBM is getting now, and no real

    • I took a LOA from IBM in '92 when I had 27 years
      with the company because I could not afford to put my
      retirement at risk. My point is, the IBM Retirement Benefit
      always had a clause in it that you were not entitled to
      the full amount if you left early, voluntarily or
      not. You were only entitled to the vested amount when
      you reached age 65, and that amount was less than
      what you would receive it you worked for 30

      The way things were back then was as follows:

      If I took the LOA I would guarantee my pension would
      be paid in full when I had 30 years with the
      company, I would have full medical benefits continuously
      from the start of the LOA, and I would get years

      But if I didn't take the LOA and IBM 'surplused' me
      (laid off) before my 30 years, I would have had to wait
      until I was 65 before I could draw my pension and it
      would have been a lower amount. Also, I wouldn't have
      had medical coverage until 65.

    • The law only protects you at your worth on July
      1st, but that is not what get's put into your account
      (far less). When your cash plan = your value on July
      1st 1999 (which will take many years for some), then
      you have a pension growth. Until then you are
      stagnant. So, if you were worth $100K on July 1st 1999 and
      you leave before you cash balance has $100K in it
      (for instance), then they have to pay you $100K if
      more than cash balance. Where the law is not clear, is
      for how long they would have to pay you your value at
      termination to be no less than what your value was on 7/1/99.
      Point is... no matter what you do... you are at ZERO
      GROWTH instead of in a growth period on the old plan.
      Sickening!! I have no trust either that they would after some
      time period actually have to pay you your worth on
      7/1/99. The actuary said I would have to check with an
      Employement or Labor Lawyer to get those facts nailed. Point
      is you will basically probably never have any growth
      beyond your termination value on 7/1/99 because they are
      not putting your value in your start up account (only
      a portion of it). IBM is drawing all the investment
      and related interest both on your total vested money
      difference and the cash balance account and ONLY paying you
      T-Bill on the cash account balance (not your worth on
      7/1/99 that doesn't get put into the account --- only
      gets paid to you when you terminate).

    • I'm not sure I understand -- does this say that a person can
      still get their vested money at 55 IF they stay after June 30?
      Is it guaranteed by law? Somehow I don't trust them.

    • I have consulted a local Actuary... fees are
      $200/hr locally... you may have problems finding one to
      sit and go over your figures (if/when you get them),
      as many will have a conflict of interest if they
      represent certain corporations (actuaries deal more w/
      corps. than individuals). However, this actuary was kind
      enough to give me some basic information. If they have
      no corp. conflict, I can pay $200/hr if/when I get
      my old plan vs new plan data in-hand.

      today your vested plan is worth $100K and the cash
      option plan is worth $40K (hypothetical #s being used
      here), then your account is basically stagnant until
      such time your cash plan grows to $100K or better
      which at T-bill plus your% could take many many years
      to equate to your July 1st 1999 value!
      this is the reason this new plan is detrimental for
      many workers who are currently on the upswing of the
      current Retirement vested plan and missed the 5 year clip
      for choic! IBM does not (and is not obligated
      legally) to put your current worth in the initial bucket.
      IBM uses your cash option account to make them money
      and pay you T-Bill rates + your determiend age/yr%
      each year (see your booklet just received for that %
      which is a max. total of 9% for anyone regardless)until
      (if/when) you catch up with what you are already worth
      today! So, your cash balance account is a stagnant
      account (for employee, not IBM!!) until such time if/when
      it catches up with your vested worth on July 1st,
      1999 (so you never reach what your stated retirement
      plans from prior portfolios, as you are getting no
      growth during the growth years of the old plan - you are
      in catch mode instead at a zip stagnant growth
      Companies are making alot of money on the
      employees of greater longivity or age that just miss the 5
      year clip and would have currently been accruing a
      higher value instead of sitting stagnant for years to
      come. This is definitely a tactic to kill the baby
      boomers retirement and make money for the comany....
      nothing more...

      We are vested by law at some
      formula today and supposedly there is some period of time
      even after July 1st that a company would have to give
      you your true vested worth on the day of termination
      of the old plan July 1st (without a labor lawyer who
      knows these laws, the actuary was unable to give the
      legal length precisely) even though they only put a
      small portion of that in your initial bucket. It's just
      that you are getting no more growth and not even
      getting your true value on July 1st put into the bucket
      to draw the measily T-bill + % rate. So, catchup is
      years away and you can consider your cash account
      balance as stagnant (no growth) because it is merely
      trying to catch up to your true value

      Let's assume the law mandates that no matter when you
      leave they have to pay you a minimum of what you were
      worth on July 1st 1999 under old plan vs cash balance
      new plan and you are worth $100K on July 1st in the
      current vested plan, then in 10 years if your cash
      balance is still under your current worth, IBM would have
      to pay you a minimum of what you were vested on July
      1st 1999 if larger than the cash balance plan (which
      is the case w/ up to 40% of IBM now being given no
      option to stay on old plan). What a deal, huh? I just
      don't know the duration of that legal obligation, but
      whatever it is -- in the interim (be it one month or
      forever) your growth is ZERO until if/when new catches up
      to old!
      Bottom line... where companies save money
      is on those in the upswing of the old plan that will
      now be stagnant and making IBM alot of money on YOUR
      total VESTED money (not just what is initially put into
      your pot).

    • after the "dropping"

    • sangmoon: I think you misunderstood the
      question... they were not asking what loan you can get from
      TDSP. They were asking what loan you can get from your
      cash balance new account under the new plan... that is

    • We are allowed to take a loan out of our TDSP
      account up to half our account value but no more than
      $50K (minus any outstanding loans you have on TDSP).
      Annual rate is 9% currently. Complete info is at the
      intranet site

      Sang J. Moon

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