Roy may know more about this than I do.
IMO, it mean's that IBM is reducing its risk and increasing ours (retirees). Our risk is increased because we'll lose the Federal protection for our pension payments.
That said, at least so far, our risk increase looks to me like it will be fairly small. Because IBM is selling the obligation to pay our pensions to two top-notch insurance companies (Prudential and Met Life).
I suspect we'll be getting a letter from IBM, before the end of this year, with more details.
