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of its pension provision.
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Re: Pension Statements - IBM interpretation of first court judgement.
Posted by: dave (IP Logged)
Date: 18 February 2014 03:32PM
I don't think it's worthwhile spelling out exactly what happens when a plan is terminated, but in the IBM case (at least as it was around 2005), the Trustee could have:
1. purchased annuities for the members (immediate for retirees and deferred for exmployees)
2. transferred the fund to other schemes (individual or group)
3. some combination of 1 and 2
There are/were rules governing the priority of the various claimants (again pensioners, deferreds, employees etc).
Termination is quite different to closure of course - as Mike said above, the C Plan was closed to new entrants before 2000 and then closed to accruals in 2009.
1. purchased annuities for the members (immediate for retirees and deferred for exmployees)
2. transferred the fund to other schemes (individual or group)
3. some combination of 1 and 2
There are/were rules governing the priority of the various claimants (again pensioners, deferreds, employees etc).
Termination is quite different to closure of course - as Mike said above, the C Plan was closed to new entrants before 2000 and then closed to accruals in 2009.
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