IBM Pension Appeal


H

HW \Skip\ Weldon

A year ago a US District Court held that in converting from a defined
benefit pension plan to a cash balance plan, IBM discriminated against
older workers. IBM has appealed that ruling.

Besides affecting other plans who had already converted, I suspect
that several other large employers held off conversions pending IBM's
appeal.

Does anyone know when that appeals court ruling is expected?

-HW "Skip" Weldon
Columbia, SC
 
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A

Arnie Goetchius

HW said:
A year ago a US District Court held that in converting from a defined
benefit pension plan to a cash balance plan, IBM discriminated against
older workers. IBM has appealed that ruling.

Besides affecting other plans who had already converted, I suspect
that several other large employers held off conversions pending IBM's
appeal.

Does anyone know when that appeals court ruling is expected?

-HW "Skip" Weldon
Columbia, SC
Here's an article that says 15 to 27 months away.

http://www.thejournalnews.com/newsroom/093004/a0130ibm.html
 

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