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1950’s:

Good news – the company is offering a voluntary defined contribution retirement (K-) plan, with partial matching contributions.
 
1970’s:

Henceforth, the pension plan is unavailable to new employees. 
 
1980’s:

[Board of Directors: resolution – suspend K-plan matching contributions.]
 
1990’s:

The pension plan has been converted to a cash balance plan.   Some (translation: “loyal employees”) may need to adjust retirement expectations.  [Board recommendation: shred documents from the 1950’s].
 
2000’s:

Court rules against changing rules late in the game. [Board note: Find an alternative.]  (“IBM loses closely watched lawsuit affecting pensions”, Arizona Republic, Friday, 8/1/03)  
 
“…IBM executives outlined plans to move thousands of jobs overseas…”  [Board observation: no retirement expectations in China!]  (“Tech sector expected to move jobs overseas”, Arizona Republic, Wednesday, 7/30/03) 
 
Defaults by corporate America have “severely weakened the pension insurance agency, raising fears of a bailout” by taxpayers, while a proposed House bill “…would lop tens of billions of dollars off the amounts companies would pay into their pension funds… “.  (“Growing danger to pension plans has government officials worried”, Arizona Republic, Wednesday, 7/28/03)

[Board directive: develop a euphemism for “Savings and Loan debacle”.] (“Pension Potluck”, Arizona Republic”, Wednesday, 7/28/03)

After the airline industry, the next big corporate pension default is likely to be in the auto industry, where nearly 1 million workers and retirees depend ...
 
Exxon board of directors gives Lee Raymond one of the most generous retirement packages in history, nearly $400 million, including pension, stock options and other perks, such as a $1 million consulting deal, two years of home security, personal security, a car and driver, and use of a corporate jet for professional purposes.  (ABC News April 21, 2006). 
  Stick_it
For evolution of the Globalization plan over the last half century, see “Jackass Economics” (Or, the Carrot and Stick Plan)