IBM is the world's largest information technology company. It is a leader in developing computer systems, software, storage devices and microchips. It also fields a large business consulting division.
The company has operations in more than 60 countries. It has a major presence in New York with headquarters in Armonk, research facility in Yorktown Heights, and a massive chip-making facility in Fishkill. IBM is a world leader in research and development and number of corporate patents received annually.
In 2005, IBM earned $7.9 billion in net income on revenues of $88.3 billion. The Global Services division accounted for $47.4 billion in revenue. Hardware revenues were $24.3 billion and software revenues totaled $15.8 billion.
The company announced it will stop contributions to its pension plan after Dec. 31, 2007. To make up for the end of the pension plan, IBM will increase its 401(k) contribution to as much as 10 percent of pay. To provide this benefit through its new 401(k) Plus Plan, IBM plans to double the current company match to dollar-for-dollar on up to 6 percent of salary deferrals, and to make additional automatic contributions of 1 to 4 percent of employees' pay into their 401(k) account.
The changes do not affect IBM's 125,000 current U.S. retirees, former employees with vested benefits or employees who retire prior to January 1, 2008.
Website www.ibm.com |
