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Plaintiffs
in IBM pension case U.S.
court backs IBM on disputed pensions read
more...
On August 7, a federal appeals court overturned a lower court decision and ruled that IBM did not discriminate against older workers when it changed to a cash-balance pension plan. The appeals court remanded the original decision back to the lower court, directing it to rule in favor of IBM. The Cooper legal team plans to appeal the decision. This decision is a travesty, made even worse by the IBM HR Director’s claims below. Please go to the Pension Comments Page page and let us know what you think. Randy MacDonald's comment to IBM'ers: Dear IBMers: I am writing to let you know that a federal appellate court today ruled in favor of IBM in a legal challenge to its cash balance pension plan that dates back to 1999. In its ruling, the U.S. Court of Appeals for the 7th Circuit affirmed that cash balance plans are legal and valid and that IBM's plan treats all employees equitably regardless of age. Today's decision in Cooper vs. IBM overturns key aspects of an earlier 2003 ruling where a lower federal court judge ruled against IBM. It also reaffirms our longstanding position -- that the design of our pension plans is not age discriminatory. While IBM announced early this year it would move away from defined benefit pension plans and focus on providing leading-edge defined contribution retirement plans instead, we are gratified nonetheless to have the legality of our cash balance pension plan finally clarified by the Court in this way. More information appears on the Career & Life tab of w3. To be sure, today's ruling is important vindication for IBM -- a values-based company that has a longstanding record of providing industry-leading benefits for employees, a record we have maintained in the face of sweeping changes in this company, this industry and this country. We have long anticipated a successful conclusion to this case. We are hopeful that today's ruling is the final chapter. Sincerely, Free DHTML scripts pr The
Alliance@IBM Office swamped with complaints
from employees about no raises and frozen pensions.
Alliance@IBM's
president and vice-president rolled them out to demonstrate how many. Read
Yahoo! IBM Pension Group posts: IBM to close final salary pension schemes by back door says Amicus ... read more (pdf format) IBM,
ENRON, ATT, VERIZON PENSION LOSS VICTIMS AND POLICY LEADERS AT "DISINTEGRATING
PENSIONS NATIONAL CRISIS: CALL TO ACTION" PEPPER FOUNDATION
NEWS CONFERENCE, NATIONAL PRESS CLUB: UK
Union Amicus on IBM pension Alliance@IBM:
IBM Pension Change
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Alliance@IBM
Vice-President Earl Mongeon's comments