Retirement Heist : How Companies Plunder and Profit from the Nest Eggs of American Workers, by Schultz, Ellen (Author)
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- ISBN: 9781591843337 | 1591843332
- Cover: Hardcover
- Copyright: 9/15/2011
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 Journalreporter 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.