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COOPER v. IBM PERSONAL PENSION PLAN

No. 05-3588.

457 F.3d 636 (2006)

Kathi COOPER, et al., on behalf of a class, Plaintiffs-Appellees, v. IBM PERSONAL PENSION PLAN and IBM CORPORATION, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided August 7, 2006.

Attorney(s) appearing for the Case

Lee A. Freeman, Jr. (argued), Freeman, Freeman & Salzman, Chicago, IL, for Plaintiffs-Appellees.

Jeffrey G. Huvelle (argued), Covington & Burling, Washington, DC, for Defendants-Appellants.

Kent A. Mason, Davis & Harman, Washington, DC, for Amicus Curiae.

Before BAUER, EASTERBROOK, and MANION, Circuit Judges.

EASTERBROOK, Circuit Judge.

The IBM Personal Pension Plan is a cash-balance defined-benefit plan. It is almost, but not quite, a defined-contribution plan. Although each employee in a defined-contribution plan has a fully funded individual account, the personal account in a cash-balance plan is not separately funded. Instead IBM imputes value to the account in the form of "credits": there are pay credits (set at 5% of the employee's gross taxable income) and interest...

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