2006/01/09

(I)'ve (B)een (M)anipulated

Your humble author has all of his retirement in 401K's, wisely investing his nest egg in Halliburton stock and mutual funds focusing on porn and gambling. So it is with great sadness that Blognonymous notes the closing of IBM's pension fund, one of the few remaining "big" defined-benefit plans.

For those of you not familiar with defined-benefit retirement, it's the more "traditional" form that many of our parents and grand-parents had. It defrays risk and, in return for a lower benefit level, guarantees benefits until death which is usually a very good deal for employees with many years of service. Now here's the problem, IBM is not continuing to contribute to the plan, while closing it to new employees. Nope...They're cutting it off, leaving the participants in a horrible financial bind as they get switched over to 401K's for their remaining work years.

For a financially solid company like IBM, this is betrayal of their most loyal employees pure and simple.

6 Comments:

To rely on the government, or by extension, corporate America, to ensure one's post-productive prosperity, is a sissy, socialistic approach to the world, which clearly changed on 9/11.

No, the smart potential retiree should support President Bush's plan for Social Security reform, in which the government, assisted by corporate America, will ensure your post-productive prosperity.

See how that makes sense? Yes? Good. Now, stop thinking for yourselves.
See how that makes sense? Yes? Good. Now, stop thinking for yourselves.

I am humbled. Please sir, would you crack another can of patriotic whup-ass? :-)
Wait a fucking minute. How can IBM just do that? What excuse do they have? It's not like they are general motors, operating at HUGE losses every single damn year for the last 6 years.

This pension thing is getting worse and worse- how long before mainstream america realizes the connection between this and Bush's corporate cronies?
And I love the fact that that article you linked to is British. Is anyone in the oh-so-liberal MSM covering this?

These days, if you want to find out what the hell is going on in this country, you have to turn to international news.

Says a lot, doesn't it?

Sorry, the media's crappy coverage of the Alito hearings has put me in a foul temper.
So much for the ownership society idea, eh?

anyone out there still trust the prez when he suggests Social Security is best left in the hands of professional money managers?
So much for the ownership society idea, eh? anyone out there still trust the prez when he suggests Social Security is best left in the hands of professional money managers?

Wait for it...I'm going to do a biggie on Social Security later this week, and it was you post that reminded me to get off of my ass.

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