Benefits Leader IBM Reins In 401(k)s

International Business Machines Corp., a bellwether for employee benefits, is overhauling its retirement program to contribute once a year to employee 401(k) accounts in a lump-sum payment.

Starting next year, IBM’s contributions, which generally range from 6 percent to 10 percent of pay, will take place Dec. 31. Workers who leave the company before Dec. 15 won’t qualify for the match, unless they retire.

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