IBM Pensions Not Discriminatory, Appeals Court Rules
The ruling came down to whether IBM’s cash-balance defined-benefit plan, which reduced pension benefits by up to 50% for some elderly workers, violated the Employee Retirement Income Security Act. Unlike traditional pension plans, in which benefits are calculated by multiplying years of service by average salary, a cash-balance plan creates a hypothetical account that grows each year largely on interest.
Someone who leaves...
To view the full article, register now.