IBM unveils details of retirement benefit account

International Business Machines has provided details to employees of the company’s scrapping its 401(k) corporate match and replacing it with a cash balance component called a retirement benefit account, which is part of the IBM Personal Pension Plan, a defined benefit plan.

The RBA information is contained in the 2024 IBM U.S. Benefits Guide.

The company confirmed earlier this month that the RBA would replace the 5% match for the 401(k) plan on Jan. 1, but didn’t discuss details.