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IBM Statement on Filing in Pension Lawsuit


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ARMONK, N.Y. - 17 Sep 2004: IBM and the plaintiffs in the case of Cooper et al v. the IBM Personal Pension Plan and the IBM Corporation have filed a notice with the United States District Court for the Southern District in Illinois. The notice formally advises the Court that the parties are in discussions regarding a possible resolution of some of the remedies issues and/or claims in the suit and seeks a postponement of the Judge's anticipated decision.

IBM plans to continue, through the appellate process, to defend the legality of its cash balance pension plan.

On Wednesday, September 15, 2004, the parties advised the Court that they had resolved the partial plan termination claim, which affects a limited number of former employees who worked for the company for less than five years.

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