The pension plans of top US corporates have taken a collective knock, according to IBM, after a federal court ruled that IBM violated age discrimination provisions after the company changed its pension plans during the 1990s. It is planning to appeal.
“IBM has a long history of providing pension benefits for its employees. We defended this lawsuit to preserve the current pension plan,” says J. Randall MacDonald, IBM senior vice president of human resources. “This ruling affects not just IBM’s pension plan, but the pension plans of more than 400 major US companies.
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