IBM reopened their defined-benefit plan. Will other companies follow? ...Middle East

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IBM reopened their defined-benefit plan. Will other companies follow?
IBM announced last November that it would no longer contribute a traditional company match and instead reopen the cash balance component of its previously frozen defined-benefit plan. The question is, what other companies might follow suit? The answer is mainly big banks, but let me provide a little background. Starting in January 2024, IBM IBM, +2.41% ended its 5% matching contribution and 1% automatic contribution to employees’ 401(k) accounts in favor of an automatic 5% contribution to a “Retirement Benefit Account” for each employee. The Retirement Benefit Account is the employee’s “notional” account in the cash balance component of the company’s defined-benefit

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