IBM U.K. Staff Say Change to Cover Pension Deficit Unfair
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International Business Machines Corp. unfairly changed its U.K. pension plan in an effort to reduce an 890 million-pound ($1.4 billion) deficit, according to a lawsuit by workers who claim a breach of trust.
The 2009 changes, known within IBM as “Project Waltz,” reduced retirement benefits for about 4,500 workers, lawyers for some of the employees said in court documents setting out their claim. In 2008, the pension plan went from a surplus to a deficit as a result of stock market declines, IBM said in its court papers from the trial.