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Technology Stocks : IBM
IBM 304.22+0.5%Jan 9 3:59 PM EST
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To: Jacques Newey who wrote (7907)4/16/2003 12:12:06 PM
From: Arrow Hd.  Read Replies (1) of 8220
 
Jacques, as the year progresses it is very possible that the pension assumptions will prove to be too high and further action is required. Last year there was a big shortfall and they corrected it as of that time and place. Now we have this year to deal with. I think it is too harsh to say they have their head in the sand, afterall, none of us has a crystal ball. I don't think IBM will ever win over the harshest critics of the pension plan issue. What if they lowered assumptions to 6% and the economy recovered with a corresponding increase in IT spending which resulted in a strong '03 market rally? IBM could have an over-funded pension plan which they would then use to "boost" earnings for which another hoard of critics would cry about. Pension plan management is an art form not a science and by definition it will always be wrong because there is no way to match pension funding with market performance ahead of the facts. You repair and reconcile within a quarter as best you can, that is all you can do.
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