IBM unveils details of retirement benefit account

By Robert Steyer Source: Pensions & Investments 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 [...]

2023-11-28T08:38:48-08:00November 27th, 2023|Categories: Retirement|Tags: , , |

IBM to end 401(k) match, offer a ‘hybrid pension’: Will other employers follow suit?

By Kristen Beckman Source: Benefits Pro IBM, once a leader in the shift away from defined benefit plans to defined contribution plans in the United States beginning in 1984, is now heading in a new direction with its retirement savings benefit for employees. Many industry observers wonder if other employers will follow IBM’s lead again. IBM notified employees earlier this month that it will suspend its 401(k) match and 1% automatic contribution as of Jan. 1 and will instead [...]

2023-12-15T10:56:33-08:00November 21st, 2023|Categories: Pension Funding|Tags: , , , |
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