CalPERS and the National Electrical Benefit Fund will vote to support the shareholder resolution at IBM Corp., calling on the company to scrap its cash balance plan design. The $161 billion California Public Employees Retirement System, Sacramento, owns 9.2 million shares of IBM stock, valued at $1.1 billion. The specific holdings of the $8.5 billion NEBF, Washington, werent available, although a spokesman said it was about 2 million shares.
J.J. Barry, international president, International Brotherhood of Electrical Workers, and William Crist, president, board of administration, CalPERS, made the announcement at a news conference today. The IBEW represents the union trustees of the NEBF. IBM officials couldnt be reached for comment.
The IBM annual shareholder meeting is April 25 in Cleveland.