How Companies Plunder and Profit from the Nest Eggs of American Workers
ISBN 9781591843337 | 256 pages | 15 Sep 2011 | Portfolio | 5.98 x 9.01in | 18 - AND UP
Summary of Retirement Heist Summary of Retirement Heist Reviews for Retirement Heist An Excerpt from Retirement Heist
An expose of the ways corporations manipulate retirement plans at employee expense."Ellen Schultz documents the biggest heist in history, all the more horrifying because it is legal. Accounting tricks, perverse tax incentives, and bonus- hungry executives have taken the retirement money American workers have saved over decades. Meticulously researched and as gripping as a crime novel, this is essential reading for anyone who has, had, or hopes to have a job."
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.
-Nell Minow, co-founder of The Corporate Library and author of Watching the Watchers: Corporate Governance for the 21st Century
"Americans have long been burdened by the overwhelming challenge of saving for retirement, as tax deductions for retirement savings favor the highest income earners and pension coverage erodes. But as an economist investigating the retirement crises I was shocked at Ellen Schultz's exposure of outright lies, manipulations, and pure greed of the employers trusted with our retirement funds. Retirement Heist will help ordinary workers pressure Congress's to enact serious pension reform."
-Teresa Ghilarducci, Director of the Schwartz Center for Economic Policy Analysis and author of When I'm Sixty-Four: The Plot Against Pensions and the Plan to Save Them
"Retirement Heist takes a provocative look at the unseen corporate forces that have weakened our nation's employer provided retirement benefits. Ellen E. Schultz documents an emerging corporate culture - spurred on by benefit consultants - that places shareholder value and executive compensation above employee retirement security. Retirement Heist shows how the growing retirement insecurity of today is a direct outgrowth of the hidden manipulation of plan benefits for other corporate purposes."
-David Certner, Legislative Policy Director for AARP
"Retirement Heist uncovers one of the most significant threats to the American worker of our time. Ellen Schultz's reporting is expansive, smart, and will have you shouting for someone to be held accountable. Anybody who works and is worried about their future should read this book."
-Lewis Maltby, president of the National Workrights Institute and author of Can They Do That? Retaking Our Fundamental Rights in the Workplace
"The retirement security of millions of Americans hasn't been lost to the recession or the demographics of an aging workforce, it's been stolen-by corporate executives and their consultants, lobbyists, accountants, and lawyers. Retirement Heist is an important book for workers and policymakers that documents how corporate profits and executives' salaries have been inflated at the expense of the middle class."
-Jay Feinman, Distinguished Professor, Rutgers University School of Law, Camden and author of Delay, Deny, Defend: Why Insurance Companies Don't Pay Claims and What You Can Do About It
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