Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers
Winner of the 2012 Helen Bernstein Book Award for Excellence in Journalism
Hundreds of companies have slashed pensions and health coverage for millions of retirees, claiming that a "perfect storm" of stock market losses, aging workers, and spiraling costs have forced them to take drastic measures.
But this so-called retirement crisis is no accident. Ellen E. Schultz, an award-winning investigative reporter formerly of The Wall Street Journal, reveals how large employers and the retirement industry have all played a huge and hidden role in the death spiral of American pensions and benefits.
A little over a decade ago, pension plans were fat. But companies used slick accounting and dubious loopholes to turn their pension plans into piggy banks, tax shelters, and profit centers. As pensions weakened, companies slashed benefits for workers while doling out gargantuan pensions to their top executives.
Drawing on original analysis of company data, government filings, and confidential memos, Schultz uncovers decades of widespread deception during which employers exaggerated their retiree burdens while tricking employees, misleading shareholders, and lobbying for taxpayer handouts.
What people are saying - Write a review
LibraryThing ReviewUser Review - rufusraider - LibraryThing
This book is a must read for anyone with a pension provided by their employer. Especially for anyone whose employer has frozen/restructured their retirement plan. It exposes a lot of the truth about ... Read full review
LibraryThing ReviewUser Review - nivramkoorb - LibraryThing
Great book. Read it and weep. Corporate America continues to transfer wealth away from the middle class to the upper class. Showing no sense of responsibility, they feel no remorse in denying retirees ... Read full review