Vermont State Teachers Retirement System, Montpelier, with $900 million in assets, voted its 19,200 IBM Corp. shares in favor of a shareholder resolution asking the computer company to give its employees the choice of staying in its traditional pension plan instead of being forced into the new cash-balance pension plan.
Vermont Treasurer James H. Douglas said its important to show support for workers at the states largest employer. We oppose an involuntary switch to a different plan. Employees should have a choice of retirement programs, Mr. Douglas said in a statement.
IBMs annual meeting is April 25. The Vermont State Retirement System is scheduled to decide how to cast its IBM shares later this week.