Thread regarding IBM layoffs

OP here..Thanks for the last comment regarding the annuity. That at least may be better than effectively watching ones money grow at less than the rate of inflation though annuities are all in the details. I hope the spouse gets to have the annuity payout as long as he or she might survive the employee. Sad for anyone else, very sad. IBM is morally bankrupt.

It's true, but is grows at 1%+ the average 30 day rate in a 3 month window calculated end of each year... This year it is 1.3%, last couple before it was 1.1%.

But, depending on his age and when he was hired he may be eligible when he leaves or after a certain age to draw it out as an 'enhanced annuity'... As part of the lawsuit IBM agreed to pay a better annuity on this money once people retire. There is a tool to estimate the annuity payments in the ppa balance... So he might be worth taking it as an annuity if he qualifies, I believe it's calculated at 6% growth and you can draw starting at age 55.

this sums it up well:

lack of testicular fortitude that is endemic in the IBM population

OP here. Yes that is what my friend and I were talking about. They are short changing all employees who have this portable pension because they are growing the employees money at market rates, even more considering IBM's connections in the financial world and giving the employee a pittance on their balance. We discussed how the congress allowed IBM to cut pensions and the lawsuits all stood. Of course the Congress did not have a pension cut of their own! Now IBM is ripping off the employees by skimming the gains that are in excess of their promised annual return which is a pittance leaving the hard working employees to potentially eat cat food come their 'golden years'.

Why did you all not unionize when there was an opportunity, doesn't anyone smell the coffee or is it a lack of testicular fortitude that is endemic in the IBM population?

It depends on what pension plan he was in, based on when he joined IBM, etc. But I can say that this is what happened to me also (I'm still in IBM). I think I was PPP or something like that it was called. I joined early 2000's. So it grows, but very little each year. I'm sure IBM is reaping big bucks on the investments from all of us, off our backs. But this is nothing compared to what they are making by holding back the massive funds from our 401k match until end of December. Not to mention that they keep the whole magilla for all the poor bastards that get cut. And they STILL can't run a successful business! All of these little things are props they use to hide the fact that they are sinking badly. Death spiral of the Imperial Starship, sputtering on its last fumes.