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Retirement heist : how companies plunder and profit from the nest eggs of American workers

Author: Ellen Schultz
Publisher: New York : Portfolio/Penguin, 2011.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
"An expose of the ways corporations manipulate retirement plans at employee expense. It's no secret that hundreds of companies, from GM to IBM, have been slashing pensions and health coverage for millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs. But the so-called retirement crisis is no demographic accident- and large corporations have played a significant and hidden  Read more...
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Document Type: Book
All Authors / Contributors: Ellen Schultz
ISBN: 9781591843337 1591843332
OCLC Number: 466335763
Description: vi, 245 pages ; 24 cm
Contents: Siphon: How companies plunder the pension piggy banks --
Heist: Replenishing pension assets by cutting benefits --
Profit center: How pension and retiree health plans boost earnings --
Health scare: Inflating retiree health liabilities to boost profits --
Portfolio management: Swapping populations of retirees for cash and profits --
Wealth transfer: The hidden burden of spiraling executive pensions and pay --
Death benefits: How dead peasants help finance executive pay --
Unfair shares: Using employees' pensions to finance executive liabilities --
Project Sunshine: A human resources plot to dissolve retiree benefits --
Twilight zone: How employers use pension law to thwart retirees --
In denial: Incentives to withhold benefits --
Epitaph: The games continue.
Responsibility: Ellen E. Schultz.

Abstract:

"An expose of the ways corporations manipulate retirement plans at employee expense. It's no secret that hundreds of companies, from GM to IBM, have been slashing pensions and health coverage for millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs. But the so-called retirement crisis is no demographic accident- and large corporations have played a significant and hidden role in creating it. Award-winning Wall Street Journal reporter Ellen E. Schultz draws back the curtain on one of the biggest and least understood scandals in decades. She shows how companies: created the pension crisis by plundering billions from their pension plans; cut pensions for millions of midlevel, middleaged workers, but used the savings to boost special executive pensions; purchase life insurance policies on employees and collect death benefits when they die- without telling them or their families This is a must read for all who are concerned about their financial future and that of the whole country"--

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