Re: Complaints re C Plan

Posted by Alan Murphy on 02 November 2000 at 08:33:00:

In Reply to: Re: Complaints re C Plan posted by Rod Ward on 01 November 2000 at 11:13:12:

I agree with you. Here are my thoughts.

We know that money has been removed from the C-Plan fund to pay for benefits for people who did not contribute to the C-Plan fund.

The money, which has been removed, constituted a kind of guarantee against the future and this has now been lost to the C-Plan members. If the money had been replaced by a guarantee of RPI/5% for the future and backdated to 1997 when the first removal took place, then I would feel much happier.

As we have had no such guarantee of RPI/5% and it seems unlikely we will get one, then I consider the removal of the money tantamount to theft, even though IBM claims it is 'legal'.