Posted by Dave Mitchell on 19 December 2000 at 18:30:01:
In Reply to: Who owns the fund? posted by Brian Thubron on 16 December 2000 at 12:00:08:
Legally there's no question about who owns the fund. It's vested in the Trustee who are bound by the Trust Deeds to look after it, dispense it, invest it etc. Legally it does NOT belong to those who contributed to it (ie not to employees, retirees or IBM).
Of course you (employees and retirees)have certain rights with regard to the fund, but that's not the same as saying you 'own' any part of it.
What we're arguing about is whether the Trustee has done the 'right thing' over the years, particularly with regard to the treatment of the current large surplus and the 'transfer' of part of that surplus to the M Plan. Most of us think they have not.