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I.B.M., General Motors and Verizon Freeze Pension Plans As a New Year’s surprise to its employees IBM, which operates the third-largest corporate pension fund in the United States, said it would freeze pension benefits and only offer employees a 401(k) retirement plan in the future. In February General Motors the world’s largest automaker said it planned to freeze its retiree pension program, and introduce a defined benefit plan or cash balance plan, as well as make other changes in its retirement program for future retirees. Click for the story

Wall Street Says Corporations Are Burdened by Legacy Healthcare Costs The last few years have not been kind to America’s retirees. Recent years have seen the demise of several plans in the steel and airline industries. In 2004 United Airlines cast tens of thousands of its retirees into the welfare of the federal government run Pension Benefit Guarantee Corporation, forcing pension reduction of up to 70% for some retirees. Click for the story