"IBM held a surplus of about $3.5 billion in its DB plan, while it paid out $550 million annually in its matching contributions to the 401(k). Faced with no funding requirements for its over-funded plan, IBM can use the $3.5 billion surplus to pay for the 5-percent annual contributions for at least the next 6 or 7 years -- improving its bottom line by $550 million each year.... [T]his clever maneuver -- while leaving employees worse off -- certainly benefits shareholders."

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