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To: Earlie who wrote (72651)	2/27/2001 8:41:39 PM
From: chic_hearne	Read Replies (2) \| Respond to of 436258

Check your pension plan numbers carefully this Q. (g) Earlie, I'm not familiar with the pension plan at all, but many of the oldtimers nearing retirement are really worried. They don't seem to understand the issue either, they're just pissed about going from traditional to cash balance. Maybe you could answer a few questions I have. First of all, where is this pension plan money? The market, bonds, money market? I know they've had a good run and taken the excesses out of the pension plan to pad the bottom line. But what happens now with debt imploding along with the stock market? It seems to me this is a recipe for disaster for a company the size of IBM that must be paying something like 100,000 employees a pension at any given time. You can't just refuse to pay pensions if the pension plan blows up. Who's the bagholder? chic PS- I might be a little off base since I'm not familiar with how pension plans work and specifically how IBM's is structured.