Out of My Mind

Have a friend employed by IBM so for her I highlight this big fat dis to employees:

IBM to Freeze Pension Program in '08

Shift Includes Enhancing
401(k) Benefits in the U.S.,
Saves Billions Through 2010

By ELLEN E. SCHULTZ, CHARLES FORELLE and THEO FRANCIS
Staff Reporters of THE WALL STREET JOURNAL

January 6, 2006; Page A3

International Business Machines Corp. said it will freeze its U.S. pension plan in 2008, saving billions of dollars even as it beefs up its 401(k) savings plan for current workers.

The effective deactivation of one the nation's biggest pension plans marks a significant milestone in the gradual but persistent shift away from traditional, defined-benefit plans at major U.S. corporations. IBM has complained that its pension program, which offers workers benefits based on the number of years they work, is expensive and puts it at a disadvantage to its tech competitors. Many of its rivals offer only 401(k) savings programs, in which workers and employers contribute to individual accounts that the worker is responsible for investing.

I guess if IBM doesn't care about its employees, the least we can do is not care about its products when it comes tim to spend our money.