When IBM announced that employees hired after January 1, 2005 would not receive any pension benefits, didnt they already partially terminate the pension plan?

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When IBM announced that employees hired after January 1, 2005 would not receive any pension benefits, didnt they already partially terminate the pension plan?

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IBM closed the plan to new employees. This did not count as plan termination so it did not trigger any of ERISAs plan termination rules. IBM is still required to keep the plan fully funded for the benefit of retirees and employees hired before January 1, 2005.

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