Posted by N.E.One on 23 December 2000 at 09:23:03:
In Reply to: Re: Guaranteed Annuity rates posted by Bob Maddock on 22 December 2000 at 09:22:40:
It would appear to me that once again IBM or the Trustees have been somewhat less than diligent in making information available to employees.
I never received any information about any guarantee of annuities or its cessation around the 1992-1993 period - the first communication on this subject has been in the past few days.
I would be very interested in hearing from anyone who believes they WERE given any information on this subject. It is particularly galling because the individual employee has never been told the precise arrangements that IBM made with Equitable Life. You cannot argue that we should have known what was happening with GAR in 1992 because we did not know what the contract between the two was. I would be very interested also to know whether any of the original AVC statements before 1992 contained any reference to Guaranteed Annuity Rates.
I am beginning to feel that this calls for some significant action by both employees and retirees.