After this meeting, Congressman Sanders, IBM employees, the Communications Workers of America, the International Brotherhood of Electrical Workers, the Pension Rights Center, the Coalition for Retirement Security and other employees throughout the country will be holding a pension protection rally. The most effective means of obtaining retirement security is through the collective bargaining process, in which employees are able to exercise their legal rights as members of a union. When a company promises their employees lifetime retirement health benefits the company should not renege on that promise. The pension fund surplus belongs to employees, not to the company.
Legislation needs to be enacted to protect the retirement benefits of employees.
Analysts believe this recommendation could affect as much as 30 percent of the voting stock. The New York State Common Retirement Fund will vote its 5.7 million shares in support. The Marco Consulting Group , the nation's largest multi-employer pension benefit fund will vote its 2,338,430 shares of IBM stock in support. The International Brotherhood of Electrical Workers and the National Electrical Benefit Fund will vote their 1.12 million shares of IBM stock in support. The Vermont Retirement Teachers Fund will vote all of their 19,000 IBM shares in support.