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How IBM is flipping the switch on pension plans. IBM contributes 5% of an employee’s salary to the accounts, which provide a 6% guaranteed, tax-deferred return for the first three years. And ...
Under the deal, nearly $6 billion of IBM's defined benefit pension obligations will be transferred to Prudential Insurance Company of America. A defined benefit plan guarantees a specific payout ...
1956–1972. Since 1972. International Business Machines (IBM) is a multinational corporation specializing in computer technology and information technology consulting. Headquartered in Armonk, New York, the company originated from the amalgamation of various enterprises dedicated to automating routine business transactions, notably pioneering ...
1994 – Loral acquires IBM's Federal Systems Division, which becomes Loral Federal Systems. May 5, 1995 – Loral acquires Paramax, the defense unit of Unisys, for $862 million in cash. January 8, 1996 – Lockheed Martin agreed to purchase the defense electronics and system integration businesses of Loral for $9.1 billion. [7]
Three investment managers who had worked for IBM's pension fund left the company and formed SASCO Capital. They managed a portion of the IBM pension plan but IBM also kept a large portion of the assets and investment team in-house. Another early example of pension fund investment outsourcing involved General Dynamics. In November 1994 General ...
Cash balance plans are defined-benefit plans that look like defined-contribution plans. A worker's right to a pension in a defined-benefit plan represents a contingent liability, and hence an uncertain financial obligation to the employer sponsoring the plan. Section 412 of the Code requires the employer to make annual contributions to the plan ...
Arvind Krishna (born November 23, 1962) [3] is an Indian-American business executive, and the chairman and CEO of IBM. He has been CEO of IBM since April 2020 and chairman since January 2021. [4][5] Krishna began his career at IBM in 1990, at its Thomas J. Watson Research Center, [6] and was promoted to senior vice president in 2015, managing ...
Website. www.gerstner.org. Louis Vincent Gerstner Jr. (born March 1, 1942) is an American businessman, best known for his tenure as chairman of the board and chief executive officer of IBM from April 1993 until 2002, when he retired as CEO in March and chairman in December. He is largely credited with turning IBM's fortunes around. [1][2]