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How IBM is flipping the switch on pension plans. IBM contributes 5% of an employee’s salary to the accounts, which provide a 6% guaranteed, tax-deferred return for the first three years. And ...
[12] [13] In September 2013, IBM signed a contract to use the Extend Health platform for insurance services for it U.S retirees. [ 14 ] In November 2013, the company sold its reinsurance brokerage business to Jardine Lloyd Thompson for $250 million.
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental ...
(Reuters) - IBM said on Wednesday it expects a pre-tax charge of nearly $2.7 billion in the third quarter, related to a transaction involving the transfer of some of its pension plan obligations ...
Other postemployment benefits (or OPEBs) is a term used in the United States to describe the benefits that an employee begins to receive at the start of their retirement. These benefits do not include the pension paid to the retired employee. [1] "Other postemployment benefits" were originally intended to be an important source of supplemental ...
It was founded by Verizon retiree members of the Association of BellTel Retirees. ProtectSeniors.Org is dedicated to the interests of corporate retirees in the United States. The group represents 14.3 million retirees from 392 companies, 45 labor union locals, 98 municipal, state and federal retiree groups and 16 associations. [citation needed]
Three investment managers who had worked for IBM's pension fund left the company and formed SASCO Capital. They managed a portion of the IBM pension plan but IBM also kept a large portion of the assets and investment team in-house. Another early example of pension fund investment outsourcing involved General Dynamics. In November 1994 General ...
A letter sent to Canadian pensioners in July 2011 from the Nortel pension administrator Morneau Shepell announced that pensioners in Canada would have their benefits cut. A webinar held by the legal firm Koskie Minsky on July 22, 2010, addressed some of the questions raised. [19] The windup of the $5 billion Nortel pension plan began in October ...