By Ellen E. Schultz
"'As some distance as i will be certain there's just one resolution [to the CEO's call for to avoid wasting extra money]', the HR consultant wrote to her superiors. 'That often is the demise of all present retirees.'"
It's no mystery that 1000's of businesses were slashing pensions and well-being assurance earned by means of thousands of retirees. Employers blame an getting older staff, inventory industry losses, and spiraling charges- what they name "a ideal storm" of exterior forces that has pressured them to take drastic measures.
yet this so-called retirement difficulty isn't any coincidence. Ellen E. Schultz, award-winning investigative reporter for the Wall road magazine, finds how huge businesses and the retirement industry-benefits specialists, insurance firms, and banks-have all performed an enormous and hidden function within the dying spiral of yankee pensions and merits.
a bit over a decade in the past, such a lot businesses had good enough put aside to pay the advantages earned via generations of employees, irrespective of how lengthy they lived. yet through exploiting loopholes, ambiguous laws, and new accounting ideas, businesses basically became their pension plans into piggy banks, tax shelters, and revenue facilities.
Drawing on unique research of corporation information, govt filings, inner company files, and exclusive memos, Schultz uncovers a long time of common deception in which employers have exaggerated their retiree burdens whereas lobbying for presidency handouts, secretly slicing pensions, tricking staff, and deceptive shareholders. She finds how businesses:
* Siphon billions of bucks from their pension plans to finance downsizings and promote the resources in merger offers
* Overstate the weight of rank-and-file retiree tasks to justify merits cuts whereas at the same time utilizing the mark downs to inflate government pay and pensions
* conceal their turning out to be government pension liabilities, which at a few businesses now exceed the liabilities for the typical pension plans
* buy billions of bucks of existence assurance on employees and use the guidelines as casual government pension money. while the insured employees and retirees die, the corporate collects tax-free dying merits
*Preemptively sue retirees after slicing retiree future health advantages and use different criminal suggestions to erode their felony protections.
Though the point of interest is on huge companies-which force the legislative agenda-the similar video games are being performed at smaller businesses, non-profits, public pensions plans and retirement structures out of the country. neither is this a partisan factor: staff of all political persuasions and source of revenue levels-from managers to miners, seasoned- soccer avid gamers to pilots-have been slammed.
Retirement Heist is a scathing and pressing divulge of 1 of the main serious and least understood crises of our time.
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Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers by Ellen E. Schultz