About 10% of IBM US non-executive employees are still on the old retirement plan - the one that gives them a pension. IBM could cut down its headcount and save a lot of grief and stress by offering an exit package to these employees. Not a "transition to retirement", but a "leave now". Many of them would happily run for the exits if it were offered. This could save the jobs of those not in a position to leave, for whom a layoff would be devastating. Maybe because it makes a lot of sense is why IBM will not do it.
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They wouldn't do that because effectively they would be paying those people in their retirement so they prefer to pay them as employees and get work from them.
On the other hand, people who are not on the defined benefit retirement plan, when laid off, will not cost IBM any more money beyond their Severance payment