How Companies Plunder and Profit from the Nest Eggs of American Workers
ISBN 9781101446072 | 256 pages | 15 Sep 2011 | Portfolio | 18 - AND UP
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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.
"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." — Nell Minow, cofounder of The Corporate Library
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