We are doing this because ultimately, this new way allows us to control our retirement expenses and at the same time preserve benefits. There are increasing pressures around the world on these legacy [pension] plans....

In recent years, IBM has been following a global strategy to move toward defined-contribution retirement plans for both existing employees and new hires. These changes are consistent with this direction and will give us more...

We’re taking these actions to better control retirement plan expenses.

It’s all about cost-competitiveness, so that we could continue to be the financially viable company that we are.