IBM today announced that it has changed its U.S. defined benefit pension plans and that it plans to redesign its 401(k) savings plan, effective in January 2008.

The changes continue IBM's global strategy of shifting the future focus of retirement benefits toward the more predictable cost structure of a 401(k), or defined contribution, plan and away from its legacy defined benefit pension equity and cash balance plans. They include:

-- Stopping the accrual of future benefits in the company's defined benefit pension plans, and fully preserving all retirement benefits that employees will have earned as of December 31, 2007.

-- Redesigning its 401(k) savings plan to make it one of the richest in U.S. business by giving current pension plan participants an annual company-funded contribution of as much as 10 percent of their pay. To provide this benefit through its new 401(k) Plus Plan, IBM plans to double the current company match to dollar-for-dollar on up to 6 percent of salary deferrals, and to make additional automatic contributions of 1 to 4 percent of employees' pay into their 401(k) account.

-- Assisting nonexempt pension equity plan participants to save more by providing an annual special savings award of 5 percent of pay to their 401(k) savings plan, in addition to the company-funded contribution of up to 10 percent of pay.

-- Ensuring 100 percent employee participation in the 401(k) savings plan by opening accounts for employees who do not contribute to the plan, and annually depositing the automatic company contribution of 1 to 4 percent of their pay directly into these employees' accounts.

The changes do not affect IBM's 125,000 current U.S. retirees, former employees with vested benefits or employees who retire prior to January 1, 2008.

"In recent years, IBM has been following a global strategy to move toward defined contribution retirement plans for both existing employees and new hires," said Randy MacDonald, IBM senior vice president, human resources. "These changes are consistent with this direction and will give us more predictable retirement plan costs, along with benefits that remain ahead of -- but more in line with -- our competitors.

"We're taking these actions to better control retirement plan expenses, position the company for business growth and competitive strength, and preserve employees' earned retirement benefits, while instituting a leading-edge 401(k) plan that will be one of the richest in the country and a standard in the United States. We also believe these are prudent and balanced steps at a time of uncertainty and conflicting legislative and regulatory directions about defined benefit retirement plans in the United States."

The company will record a one-time pre-tax charge related to these pension plan changes of approximately $270 million in the fourth quarter of 2005 as a result of the curtailment of the defined benefit plans.

IBM expects the U.S. plan changes announced today, along with 2006 retirement plan changes under consideration in several other countries, will result in worldwide retirement-related expense savings of $450 to $500 million for 2006, and $2.5 to $3 billion for the period 2006 through 2010, based on year-end 2005 pension assumptions.

Despite these global actions, the company said it still expects worldwide 2006 retirement-related plan expenses will continue to increase over 2005 levels by $400 to $500 million, excluding the impact of 2005 one-time charges.

IBM's U.S. defined benefit pension plans will stop accruing new benefits effective December 31, 2007. All benefits earned through year-end 2007 by participants in its pension equity and cash balance plans will be preserved as of that date. These benefits will be available to participants when they leave IBM, under the same payment options currently in effect.

Benefits planned under the new 401(k) Plus Plan, beginning in January 2008, are as follows:

-- Pension equity plan participants receive a dollar-for-dollar match on the first 6 percent of pay deferred and a 4 percent automatic company contribution, for a total of 10 percent of pay. Nonexempt pension equity plan participants receive an additional special savings award equal to 5 percent of pay.

-- Cash balance plan participants receive a dollar-for-dollar match on the first 6 percent of pay deferred and a 2 percent automatic company contribution, for a total of 8 percent of pay.

-- Employees hired after December 31, 2004, receive a dollar-for-dollar match on the first 5 percent of pay deferred and a 1 percent automatic company contribution after one year of service, for a total of 6 percent of pay.

IBM's U.S. defined benefit qualified pension plan was fully funded in excess of the projected benefit obligation with more than $48 billion in assets at the end of 2005. No funding contribution was made to the U.S. plan in the fourth quarter of 2005.

IBM's 401(k) plan, with more than $26 billion in assets, is the largest in the country. More than 90 percent of IBM's U.S. employees participate in the plan, and 88 percent of these participants already defer at least 6 percent of pay. The plan also offers one of the lowest management fees of any 401(k) plan, automatic savings, a range of investment features, availability of a rollover to an annuity payment form and disability protection.

Additional information is available on IBM's investor Web site at http://www.ibm.com/investor/viewpoint/ircorner/2006/06-01-05-1.phtml.

IBM公司今天宣布它已经修改了其美国养老金计划，并且计划重新设计它的401(k)储蓄计划，这项变更将于2008年1月生效。

这项变更延续了IBM公司未来将退休养老金重心从原先的养老金证券与现金余额计划向成本结构可预测性更强的既定缴款额的401(k)计划转移的战略。具体包括：

——停止公司既定养老金计划的应计未来给付，并且完全保留员工在2007年12月31日已经享有的所有退休养老金。

——重新设计其401(k)储蓄计划，使其成为美国企业中最富有的养老金计划，企业每年将会为养老金参与者缴纳相当于其薪水10%的款项。为了通过其新设计的401(k) Plus Plan进行给付，IBM公司计划将公司当前缴款额提高一倍，最高达薪水的6%，另外再向401(k)账户额外自动缴款相当于员工薪水1-4%的款项。

——帮助非豁免性养老金证券计划参与人节省更多资金，除了公司为其提供最高相当于薪水10%的缴款外，还将会为其401(k)储蓄计划提供相当于其薪水5%的年度特殊储蓄奖励。

——确保所有员工均能参与401(k)储蓄计划，为那些未为计划缴款的员工开设账户，每年公司直接向这些员工的账户缴纳相当于其薪水1-4%的款项。

这项变更不影响IBM公司现在的125,000名退休员工、已经获得给付的前员工以及那些将于2008年1月1日之前退休的员工。

IBM公司人力资源高级副总裁Randy MacDonald说道：“IBM公司在近年来一直在推行上述全球战略，为新老员工提供既定缴款退休计划。以上变更与这一指导方向一致，使得退休计划成本更加可预测，给付依然领先——但也更接近——我们的竞争对手。”

“我们采取这些措施来更好的控制退休计划费用，使得企业能够占据发展与竞争的有利位置，员工能够获得退休给付，构建领先的401(k)计划，使得其将来能够成为国内最富有的退休计划，从而为美国企业树立标准。我们同时也相信在美国既定给付退休计划立法与监管方向还存在不确定性与冲突的情况下，这是我们迈出的慎重而又平衡的一步。”

与这次养老金计划变更相关，由于既定养老金计划所带来的节省，企业将在2005年第四季度一次性记账约2.7亿美元税前费用。

IBM公司预计将在今天宣布修改美国计划，同时也将考虑修改其他多个国家的2006年退休计划，根据2005年末的退休金估计，2006年全球与退休金相关的费用节省将达到4.5亿至5亿美元，2006年至2010年之间节省将能达到25亿至30亿美元之间。

尽管已经在全球范围内采取了这些措施，但是企业表示其预计在扣除2005年一次性费用影响之后，其2006年全球退休计划费用仍然要比2005年高出4亿至5亿美元。

IBM公司的美国既定给付养老金计划将于2007年12月31日停止应计新给付。所有养老金证券与现金余额计划的参与人在2007年末以前获得的给付将会予以保留。这部分给付在参与人离开IBM公司后将会按照现行支付选择支付给参与人。

根据新设计的401(k) Plus Plan，给付将于2008年1月开始支付，具体如下：

——养老金证券市场参与人将会获得相当于薪水6%的美元缴款，公司还会自动缴纳相当于薪水6%的款项，总计相当于薪水10%。非豁免性养老金证券计划的参与者将会额外获得相当于薪水5%的特殊储蓄奖励。

——现金余额计划参与人将会获得相当于薪水6%的美元缴款，公司还会自动缴纳相当于薪水2%的款项，总计相当于薪水8%。

——在2004年12月31日之后雇佣的员工将会获得相当于薪水5%的美元缴款，在工作满一年之后公司还会自动缴纳相当于薪水1%的款项，总计相当于薪水的6%。

IBM公司的既定给付合格养老金计划的资金超过预测给付金额，养老金在2005年末拥有超过480亿美元的资产。企业在2005年第四季度没有为美国计划缴纳资金。

IBM公司的401(k)计划拥有超过260亿美元的资产，是美国规模最大的养老基金。超过90%的IBM公司美国员工都参加了这一计划，88%的参与人已经将至少6%的薪水延期支付。计划还提供了所有401(k)计划中最低的管理费、自动储蓄、诸多的投资功能、年金自动延期以及病废保护等服务。

了解更多信息，请访问IBM公司的投资者网站http://www.ibm.com/investor/viewpoint/ircorner/2006/06-01-05-1.phtml。

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