Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 329.07

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3:59 PM EST

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To: Sam Citron who wrote (43747)	3/14/2001 2:54:43 PM
From: Gottfried	Read Replies (1) of 70976

Sam, OT *** IBM From the report >IBM's pension funds surplus declined from $11.1 billion to $7 billion, largely because of stock portfolio declines last year. The report says $728 million of that surplus legally counts as part of IBM's earnings for the year, even though the company can't spend pension funds on anything but pension costs. This is called ''vapor profit'' by employee activists who say this surplus presents an inflated picture of earnings and gives top executives bigger bonuses while they slash pension benefits.< To be fair, IBM actually increased pension payments as of Jan. 2001 for the first time since I retired in 1994. I'll get about a 2.5% increase this summer, retroactive to January. They were under no obligation to do this. Medical benefits have been tightened, though. Gottfried

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