The Wall Street Journal has an intriguing article today that raises all sorts of questions in my mind: “Memos Sent to IBM Show Awareness Of Pension Moves.” (Subscription required.) While I am sure that there are many other cases where internal memos have been terribly damaging to a defendant’s cause, one comes to mind which has been in the news lately . . .More on this later.
Ari Weinberg for Forbes reports: “Pension Plans Wade Into Murky Water.” The article quotes James Klein, president of the American Benefits Council, as saying that even though the IBM decision issued last week really “flies in the face of other court decisions,” critics of cash balance plans will try to play it for all that is worth. The article suggests plaintiffs’ attorneys may attempt to bring more lawsuits in the cash balance plan arena.
Mary Deibel for Scripps Howard News Service via the Albuquerque Tribune also has this article entitled “Pension tension prompts legal fight.” The article contains some information regarding the cash balance plans for Verizon and FedEx which give older workers a choice between the old formula and the cash balance plan formula.
Andrea Coombes for CBS Marketwatch reports: “Cash-balance plans under fire: Court ruling against IBM could invalidate all such plans.