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(CCN)   Tech giant IBM to overhaul pension plan by 2008, changes name to IBS: I've been Screwed   (ccnmatthews.com) divider line 150
    More: Asinine  
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6783 clicks; posted to Main » on 05 Jan 2006 at 10:10 PM   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2006-01-05 04:49:30 PM
Not exactly shocking... pension plans have been going the way of the dodo.

Its up to you to maximize your 401k. If you are in any profession and planning on a pension, you might want to re-think that idea.
 
2006-01-05 06:57:32 PM
Nothing good can come of something called "Ongoing Global Retirement Plan Strategy Shift."
 
2006-01-05 07:04:18 PM
submitter: Tech giant IBM to overhaul pension plan by 2008, changes name to IBS: I've been Screwed


IBS is also the name of a medical syndrome. Rather fitting in this case, I would say.

/does IBM have IBS?
 
2006-01-05 08:07:26 PM
They're increasing the 401k match, and giving current pension credits to the employees. It's not going to hurt that bad.
 
2006-01-05 10:14:04 PM
Plan and Strategy in the same phrase, that's brutal.
 
2006-01-05 10:16:00 PM
AntiNorm, dammit, ur just too fast
 
2006-01-05 10:16:03 PM
$200 a month going into the company stock plan. I'm only 21 and I will probably sell it in a few years, but I will be on my way to having a nest egg. Don't rely on a company plan to do the work for you.
 
2006-01-05 10:16:07 PM
Maybe by then they'll actually have some money to market OS/2!

/former OS/2 junkie from the 2.0 days
//still has the box full of 20+ floppies
 
2006-01-05 10:16:42 PM
I'm preparing for my own damned retirement. Next year. Companies are getting worse and worse about treating their employees like cattle and increasing the bottom line any way they can. I'm not saying that's the case here, just in general. It's scary for those old timers who remember companies being loyal to their "resources".
 
2006-01-05 10:17:04 PM
Irritable Business Syndrome?
 
2006-01-05 10:17:05 PM
It's nice to see at least holywilson read the article. Who ever picked the asinine tag sure didn't.

-Ensuring 100 percent employee participation in the 401(k)
-Assisting nonexempt pension equity plan participants to save more by providing an annual special savings award of 5 percent of pay to their 401(k) savings plan, in addition to the company-funded contribution of up to 10 percent of pay.
-Redesigning its 401(k) savings plan to make it one of the richest in U.S. business

Oh yea, real asinine
 
2006-01-05 10:19:09 PM
Submitter is clearly scraping the bottom of the barrel.

www.magicmakers.com
 
2006-01-05 10:19:29 PM
Submitter == Asshat.

This is no bad thing for employees.
 
2006-01-05 10:19:36 PM
-- Ensuring 100 percent employee participation in the 401(k) savings plan by opening accounts for employees who do not contribute to the plan, and annually depositing the automatic company contribution of 1 to 4 percent of their pay directly into these employees' accounts.

Will IBM pay 1-4% extra? Isn't that call stealing?

That isn't freedom.
 
2006-01-05 10:20:26 PM
-2 for me. I'm drunk or something.
 
2006-01-05 10:22:01 PM
The Submitter is a fool.

/Wishes my 401k was that nice.
 
2006-01-05 10:22:21 PM
That headline sucks.
 
2006-01-05 10:23:23 PM
Behold... another Bush economic success story!
 
2006-01-05 10:26:58 PM
I could say that about you 10.0.0.1,

Corporations are slowly killing this country. Everyone biatches about social security, removing retirement, etc.

They dont farking realize that society MUST deal with aging/infirm people, or the alternative is the streets. America is the worst place to live, our quality of life is deteriorating because of BS like this. We are the ONLY country that treats the poor/aged like crap.

I am so farking tired of this elitist, RICH asshat thinking that people below them dont matter.
 
2006-01-05 10:27:36 PM
I'd just have a real hard time trusting my retirement or 401K to the people who brought us Websphere and Lotus Notes.
 
2006-01-05 10:29:20 PM
Defined contribution plans are financial death to a company these days. I'm surprised they've gone this long still offering them. It's probably eating them alive funding the plan for all the baby boomers that will be coming up for retirement soon.

I do not blame them in the least. They seem to have a good plan to fund the 401(k)s, that make better sense for them and for employee.
 
2006-01-05 10:29:53 PM
IBS = irritable bowel syndrome,

bad if you've been screwed "in an uncomfortable place"
 
2006-01-05 10:30:45 PM
Did not Georgie Bush ask the companies to play nice....?
 
2006-01-05 10:31:25 PM
errr, I meant Defined Benefit plans.
 
2006-01-05 10:37:08 PM
Artcurus

Or we could look at it as "Plan for your own damn future, or else don't expect to retire the last 30-40 years of your life", because that is where it is headed. Consider the retirement age as generally being 62-65. (and even that is high when you ask lots of union folks). Now consider that someone entering the workforce today can have a reasonable expectation of living to 90ish, maybe even longer considering we might be pretty close to some major breakthroughs in things like cancer.

Now consider that most people really don't start contributing in the workplace until their early 20s. That means you get 40 solid years of work out of someone, if you are lucky. Then you expect a company to continue paying that person for the next 30 years of their life? That means the company is really paying me a little more than half of what I am really costing them during my working career. I would rather have that money given to me as I go along, as if I plan well and make it work for me, I could end up retiring sooner, and leaving more behind for my kids.

Will some people screw up or have bad luck and not have a good 401k come 65? Of course. So then they work a few more years or don't retire in the same style as someone else. Its called life.

Its not like IBM is saying "screw you when you retire", its them saying "Hey, here is how we can save some money and actually make things better for some people". Is it about profit? Of course, they are a business, and being a business, guess what happens if they don't have profit, people don't have friggin jobs.

What the hell are you doing on here now anyway? Shouldn't you be busy setting fire to a starbucks or something?
 
2006-01-05 10:38:40 PM
Artcurus

You're a Democrat, aren't you? You libs can never see the writing on the wall: all you do is whine, whine, whine about everything, without even a cursory glance at the facts-of-the-matter.

/trollin', trollin', trollin' like submitterrrrrr, DUN DUN DUN!
 
2006-01-05 10:39:06 PM
we know, we know...

You work for IBM.

So you are really getting a kick out of most of these replies.

You think that we are very good at making it sound like we know what we are talking about.

But trust you.... we don't.

You think we just want to make ourselves sound smart, when in reality we dont know what we are talking about.

This is how bad info gets passed around.

If you dont know about the topic....Dont make yourself sound like you do.

Cuz some Farkers belive anything they hear.
 
2006-01-05 10:40:54 PM
Artcurus

America is the worst place to live

Are you insane? Have you ever travelled abroad?

America may not be the place it once was, but get a grip.
 
2006-01-05 10:41:09 PM
people.bu.edu

All of my Grandparents retired from IBM. My parents met because their parents worked together. So, I regret to say that I am here because of IBM.

And now they screw us like this.
 
2006-01-05 10:41:14 PM
They dont farking realize that society MUST deal with aging/infirm people, or the alternative is the streets. America is the worst place to live, our quality of life is deteriorating because of BS like this. We are the ONLY country that treats the poor/aged like crap.

did you even read the article? your ignorance is overflowing! they're shifting their money from old-fashioned pensions to 401(k), and they're matching the old-timers up to 6 percent and new hires up to 5 percent. those are pretty juicy numbers. if you had taken the time to read the damn thing, you would have learned:

The changes do not affect IBM's 125,000 current U.S. retirees, former employees with vested benefits or employees who retire prior to January 1, 2008.
 
2006-01-05 10:41:44 PM

I would rather have that money given to me as I go along, as if I plan well and make it work for me, I could end up retiring sooner, and leaving more behind for my kids.


But they aren't giving you that money and paying you more, they are cutting the retirement funds and keeping what they would have spent on them to themselves.
 
2006-01-05 10:42:27 PM
headsoldier:

Like the back of a volkswagen?
 
2006-01-05 10:42:34 PM
Beacuse it would be so much better if IBM would get crushed by the financial burden of their pension plan. That is why GM and the city of San Diego are in so much trouble.
 
2006-01-05 10:43:30 PM
I was always told it was
"I've Been Misled"...

Ah well if it saves IBM 450 million for 2006
then employees on average will get less...
(nothing to see here move along)
 
2006-01-05 10:47:31 PM
Where's the conservatives? I need reminding about how good the economy is doing again, what with yet another company cutting yet another retirement plan.
 
2006-01-05 10:49:08 PM
Wha, wha, wha, it's all Bush's fault...

Gimme a break. This is a pretty sweet deal. Even if you don't want to participate you still get up to a 4% match of your annual income per year. For a person making $50K, that's up to $2K per year of COMPANY $$$ they invest for your benefit. Again, THEIR $$$, not yours.

Bad call on the ASININE tag.
 
2006-01-05 10:51:42 PM
I blame old people.

They need to start dying already. They cheated the system and screwed over us who are still working.

Retirement funds, pensions, etc, etc, were all fine back when people died at 60. Now these damn old farts just linger, much like...farts. Those jerks.

To top it off, the next generation isn't pumping out babies fast enough. Let's face it SS (and most pensions) are nothing but a huge pyramid scam!

VOTE BROALOKVIN FOR A BETTER TOMORROW...TODAY!
 
2006-01-05 10:52:06 PM
Unfortunately. Switching to defined contribution rather then defined benefit is the norm in this decade.

It is a tough egg to swallow, but unless we want to go the way of the auto industry, we must adapt.

/switched from defined benefit to defined contribution
//understands the difference..
///understands the problem with remaining globally competetive and keeping defined contribution.....
////Understands, but emotionally hates it...
 
2006-01-05 10:52:41 PM
The article didn't mention ERISA or PBGC or being underfunded, so everything's ok.

Those 3 are the red flag words for any pension plan.
 
2006-01-05 10:55:03 PM
submitter is an asshat, i would give my left nut to have a 401(k) like that

/yes i do know
//i work for a company that manages 401(k)s
///will probably save my other nut for retirement
 
2006-01-05 10:56:20 PM
Screwing employees, the new-old growth market.

I think we can all agree that a company without employees is nothing.

Screw the market, screw future growth.

Employees represent the spending power in a market. Stealing their wealth is stealing from future customers, and growth.
 
2006-01-05 10:56:33 PM
BobtheFascist

For a person making $50K, that's up to $2K per year of COMPANY $$$ they invest for your benefit.

Yeah, not that anyone makes $50k these days...
 
2006-01-05 10:58:17 PM
"A deal's a deal until a better deal comes along."

Gee, I DO hope this doesn't adversely affect executive compensation!!
 
2006-01-05 10:59:31 PM
Yeah, not that anyone makes $50k these days...

not when you're still in junior high.
 
2006-01-05 10:59:55 PM
my girlfriend has ibs - irritable b*tch syndrome
 
2006-01-05 11:00:06 PM
RandomExcess
Behold... another Bush economic success story!

It's becoming increasingly apparent to me that the only economic success in this country is that which you make yourself. Example: I do contracting work @ $60/hr. I've been doing this for four years. I provide all my own benefits. I provide my own retirement plan. At this point, the only one that can screw me, is me.

Modern corporations won't take care of you. A Salary job means nothing, as you can be downsized on a moment's notice. Your benefits/pension can be dissolved (i.e. Enron, or what the airlines are doing).

Capitalism as we have it favors the corporations with absolutely no scruples. So I say: Expect nothing, get nothing, and make them pay you the difference up front.
 
2006-01-05 11:01:46 PM
samiam00
not when you're still in junior high.

Was that a bad attempt to insult me, or some wierd brand of sarcasm?
 
2006-01-05 11:03:59 PM
Telos "Yeah, not that anyone makes $50k these days..."

It takes a little effort & the ability to actually prove your value but it's not that hard.
 
2006-01-05 11:04:09 PM
I don't worry about retirement. When I get old and I can't do my job anymore, I know the senior citizen porn industry will take me in and give me work.
 
2006-01-05 11:04:43 PM
This is so much better than pushing the pension onto the American public like every other head in the sand company in the US. Asinine? I think not.
 
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