Mike, a small quiz - find out who I am. -g-
FWIW, Luie the Lip succeeds in giving the shaft to the employees.
biz.yahoo.com
Tuesday April 25, 11:24 am Eastern Time
IBM shareholders vote down pension plan choice
CLEVELAND, April 25 (Reuters) - Shareholders of International Business Machines Corp. (NYSE:IBM - news) on Tuesday rejected a nonbinding shareholder proposal that would have urged the computer maker to offer all employees the same choice in their pension plans.
The resolution, offered by shareholder employees, was supported by fewer than 30 percent of shareholders voting at IBM's annual meeting here. About 300 million shares were voted in favour of it and more than 755 million voted against it.
Last year IBM altered its pension system, switching most employees to a new so-called cash-balance plan from its traditional pension. In response to criticism, IBM then boosted the number of employees available to choose to between the two to about 65,000 from 30,000. IBM has about 145,000 U.S. workers.
James Leas, an IBM engineer who led the campaign for the proposal, had said that 3 percent of votes would have been considered a success as the issue could then be brought up next year. |
