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Author: 1dmbgfl Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 9308  
Subject: Re: IBM screws retired employees Date: 4/18/2001 6:11 PM
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I joined IBM in 1969, took the bridge in 1991, and retired officially in 1992. IBM never promised me any cost of living increases, and made it clear that the medical plan was subject to change, so I don't feel I have been screwed in any way regarding these two issues. This morning's mail brought me official notification of a pension increase to be effective 6/1/01, with a lump sum to cover the increase retroactively to 1/1/01. This is fine, but it ws never promised, and it was unexpected. As I have posted on this board before, the appreciation in the stock which I purchased through the ESPP far outweighs the lack of a formal COLA or the assessment of a monthly payment for medical coverage. Also, I was never promised a 401K contribution from IBM, but I got it. Like Scottdiver, I disagree with the letter and the resolution. To me, it's pretty small-minded to think that people of the calibre of IBM senior management and the BOD would conspire to screw the employees and retirees. This is little guy vs big guy thinking. It's about time to quit carping at these guys and appreciate where they have brought this business in the last several years. The challenge was formidable.
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