Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers"'As far as I can determine there is only one solution [to the CEO's demand to save more money]', the HR representative wrote to her superiors. 'That would be the death of all existing retirees.'" It's no secret that hundreds of companies have been slashing pensions and health coverage earned by millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs- what they call "a perfect storm" of external forces that has forced them to take drastic measures. But this so-called retirement crisis is no accident. Ellen E. Schultz, award-winning investigative reporter for the Wall Street Journal, reveals how large companies and the retirement industry-benefits consultants, insurance companies, and banks-have all played a huge and hidden role in the death spiral of American pensions and benefits. Drawing on original analysis of company data, government filings, internal corporate documents, and confidential memos, Schultz uncovers decades of widespread deception during which employers have exaggerated their retiree burdens while lobbying for government handouts, secretly cutting pensions, tricking employees, and misleading shareholders. She reveals how companies:
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From inside the book
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... 5 Portfolio Management: SWAPPING POPULATIONS OF RETIREES FOR CASH AND PROFITS CHAPTER 6 Wealth Transfer: THE HIDDEN BURDEN OF SPIRALING EXECUTIVE PENSIONS AND PAY CHAPTER 7 Death Benefits: HOW DEAD PEASANTS HELP FINANCE EXECUTIVE.
... Benefits: HOW DEAD PEASANTS HELP FINANCE EXECUTIVE PAY CHAPTER 8 Unfair Shares: USING EMPLOYEES' PENSIONS TO FINANCE EXECUTIVE LIABILITIES CHAPTER 9 Project Sunshine: A HUMAN RESOURCES PLOT TO DISSOLVE RETIREE BENEFITS CHAPTER 10 ...
... executive Jeffrey Immelt stood on the Saturday Night Live stage and gave the ... pension plan was an ongoing problem . The " pension has been a drag for a ... pensions and medical benefits for millions of American retirees . To justify ...
... pension plan that really was a burden: the one for GE executives. And unlike the pension plans for a quarter of a million workers and retirees, the executive pensions, with a $4.4 billion obligation, have always been a drag on earnings ...
... pensions reduced the obligations, which generated gains that are added to ... pensions and retiree benefits into an immediate, dollar-for-dollar benefit for ... executive pay to performance. Thus, deliberately or not, the executives who ...
Other editions - View all
Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of ... Ellen Schultz No preview available - 2011 |
Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of ... Ellen E. Schultz No preview available - 2012 |