IBM won an appeal in the U.S. 7th Circuit Court of Appeals to overturn a lower court's decision it had discriminated against older workers when it converted its pension plan to a 401(k) in 1999, affecting roughly 140,000 employees.

The plaintiffs had argued that converting the plan to a 401(k) unfairly benefited younger workers because they would have a longer time horizon during which to save. The court ruled that "treating the time value of money as discrimination is not sensible."

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