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International Business Machines Corporation Message Board

  • highonblue highonblue Apr 5, 2000 9:36 PM Flag

    achko99..here's a copy

    for your reading pleasure:

    "The option to
    choose between plans is being extended to employees who,
    as
    of June 30th of this year, were at least 40 years
    of age and have 10 years of
    IBM service. We
    believe this is an appropriate and generous
    transition
    program. Everyone else will remain in the cash
    balance plan, which many
    have told us is the right
    plan for them.

    If you now have a choice to
    make about the plans, you'll receive more
    detailed
    information as fast as we can pull it together. You will
    receive
    financial information and tools so that you can
    compare the prior plan and
    the new plan. This
    disclosure will help you make an informed
    decision. It
    will take about a month to get these materials to
    you.

    This change will have a cost to IBM, but it's too
    early to tell how much. That
    will depend on which
    plan people choose. But the main point is, we've
    more
    than doubled -- from 30,000 to 65,000 -- the
    number of IBMers who now have
    a choice.

    With
    this adjustment, we are confident that the pension
    system meets the
    needs of our U.S. colleagues. It's
    now time for all of us to turn our full
    attention
    to the considerable challenges that face our
    business. We need
    every IBMer to focus on what's most
    important -- the marketplace -- on
    beating our
    competitors and meeting the needs of our customers.



    Tom Bouchard
    Senior Vice President, Human
    Resources"

 
IBM
189.15-2.52(-1.31%)Aug 1 4:00 PMEDT

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