December 9, 2004 12:29 PM
IBM Cash Balance Plan Ending
Excerpt: International Business Machines Corp. is set to close its cash balance pension plan to new employees and offer them a 401(k) plan, newspaper reports said Thursday.
International Business Machines Corp. is set to close its cash balance pension plan to new employees and offer them a 401(k) plan, newspaper reports said Thursday.
The new 401(k) plan -- which would not affect current employees or retirees and goes into effect Jan. 1 -- would enable participants to put aside 6 percent of their pay each year in individual retirement accounts, with IBM matching the contributions, the New York Times and the Wall Street Journal reported.
A company spokeswoman told the newspapers that the decision is an attempt to keep compensation in line with its rivals' pay and benefits.
A cash balance plan combines aspects of traditional defined benefit plans -- which pay fixed benefits for life -- and defined contribution plans like 401(k) accounts.
There is speculation by some pension specialists that IBM is making the change in order to limit the potentially harmful impact of accounting changes slated to go into effect next year, the Times reported, though a spokeswoman told the newspaper the new accounting was not a factor.
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