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February 19, 2004

IBM Owes $6 Billion To Retirees

A few years ago, IBM liquidates its traditional pensions in what was called a "cash balance" system, an approach that de facto cut benefits for tens of thousands of older workers.

A federal judge declared this an act of age discrimination and has ordered IBM to pay as much as $6 billion in retirement benefits owed to 140,000 older employees who were harmed by its actions.

Posted by Nathan at February 19, 2004 07:31 PM