"It's also weird being in IBM, because if your "contract" ends they put you on the bench. Then you basically have to job hunt within IBM, and if you can't find anything within a month or so you are out. It's super weird."
This is standard operating procedure at most consulting/professional services firms.
Yes, the bench sounds great but it is incredibly nerve-wracking and I never liked that aspect of consulting at all. Better to just go to zero pay and be a free agent and if the company finds you another gig, great, but no promises either way.