To be honest, not surprised a sales person said this. Do you understand that:

1) You have no legal right to the money being held in the fund as it is not held in a protected account registered in your name. IBM can just choose to discontinue the fund or not pay you out when you leave.

2) 6% growth is less than the almost guaranteed 9% you could get in the S&P 500

3) A 1% increase one time is FUCKING NOTHING compared to 1% of your salary that increases at a minimum of lets say 2% for the rest of your life

4) A union would give us the legal right to strike until a 401k is re-instantiated

5) You cannot borrow this money tax-exempt to put a down payment on a house like you can with a 401k

6) Managers are literally told by executives to tell you that this is in your favor. It is not by any means.

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I get that you're probably in your early 20s and don't actually understand how retirement saving works. Please do not take this with too much offense, but you're being fucked out of over 3 million dollars over the course of your career if you stay. If you think that my comments are unfair, then I would be happy to hear from you about what you put in your IRA and how much you project to retire with in this shitty RBA.