In October 2019 IBM announced it would be splitting into two public companies.
This is a link to the SEC filing:
https://www.sec.gov/Archives/edgar/data/51143/000110465920113260/tm2032661d1_ex99-1.htm
In this filing there is a "TBD" regarding what happens with the pension plan. It will have to belong to one of the companies if both of them are public companies.
This is an excerpt from the BBC and is a lot easier to read:
International Business Machines (IBM) has announced it will split into two public companies.
The move is an attempt to shift its focus to higher-margin businesses like cloud computing and artificial intelligence.
A new company focusing on legacy IT infrastructure will be named and spun off next year.
It marks the latest shift by the world's first big computing firm to diversify away from its traditional businesses.
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