More on the IBM Cash Balance Plan Case:
Ellen E. Schultz and William M. Bulkeley for the Wall Street Journal report: “IBM Pension-Plan Changes Are Ruled Discriminatory: Finding Is Viewed as Boon To Older Workers in U.S.” (Subscription required.)
Reuters has this: “IBM ruling turns promising pension move into headache.”
The Times Argus Online also has an article entitled: “IBM workers in Vermont welcome ruling on pension plan.”
“IBM pension move penalizes older workers, U.S. court says“: Mary Williams March for the New York Times reports (via the International Herald Tribune.)
Friday brought more cash balance plan news, with a federal appeals court ordering Xerox Corp. to pay $300 million to former employees who the court determined were shortchanged when Xerox calculated lump-sum pension benefits due them when they left the company. You can access the opinion by Circuit Judge Richard A. Posner of the U.S. Court of Appeals for the Seventh Circuit at this link. The following news sources are reporting:
Albert B. Crenshaw for the Washington Post reports: “Court Backs Workers In Xerox Pension Fight.”
Bloomberg.com has an article entitled: “Xerox Must Pay $300 Mln Judgment Over Pension Dispute.”
“Xerox to Pay $300 Million In Suit Over Pension Plan“: the Wall Street Journal reports. (Subscription required.)