IBM has announced a personal finance and education program for all of its U.S. employees as it switches to a defined contribution(DC)plan.

The program will combine in-person educational seminars, online tools and confidential, one-on-one personal planning sessions with independent financial experts.

Fidelity Investments and The Ayco Company, a division of Goldman Sachs, will provide services to IBM employees starting this month.

Last year, IBM announced it would freeze its defined benefit(DB)plan at the end of 2007 and introduce an enhanced 401(k)plan in 2008.

A survey conducted by Benefits Canada last year showed that the majority of capital accumulation plan members said they expected their employer to provide appropriate education, such as seminars and newsletters so that they can make the best investment choices in their employee retirement plan. To read the survey, click here.

To comment on this story email craig.sebastiano@rci.rogers.com.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

Join us on Twitter