I received this yesterday -- the name of the sender and forwarders have been removed:
'Rumor has it that IBM plans to switch to the cash balance plan for all of us. For those still under the old plan, they have to retire by July 1 to keep the old plan or they will be automatically switched to the cash balance plan.
'For those not eligible to retire, there is a bridge where they can take a leave of absence.
'There is a bill in Congress now that makes it legal for companies to switch to the cash balance. If the law gets passed, the age discrimination argument that was successful 4 years ago against IBM will no longer hold.
'This bill is buried under the tax bill and will most likely pass unless there are strong protests. The current environment, given Congress's attention on Iraq and the state of the economy, is not favorable to those of us against the switch to the cash balance plan.
'There is speculation that since the rumor came simultaneously from several states (MN, TX, CO, IA, NY & NC), that this is an
intentional leak by IBM to prepare us mentally for what they will announce shortly, as early as April.
'If a switch concerns you and you want to take action, the best thing to do is to write to your Congressman. We have until March 13 according to the note below.
'You can go to the website (AARP) below. Click on Legislation.
Look for the topic, Cash Balance Pension, click, and it will take you to putting your zip code in. This will bring up your congress person, and there is form letter that can be sent.'