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By
Nicole Vilencia (narrator) and
Ellen E. Schultz
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Bibliographic Detail
Publisher
Blackstone Audio Inc
Publication date
December 11, 2011
Binding
CD/Spoken Word
Edition
Unabridged
Book category
Adult Non-Fiction
ISBN-13
9781455137749
ISBN-10
145513774X
Dimensions
1 by 6.75 by 6.75 in.
Weight
0.60 lbs.
Original list price
$76.00
Other format details
audio
Subjects
Amazon.com says people who bought this book also bought:
RETIREMENT PLANNING+EMPLOYEE BENEFITS | Behavioral Investment Counseling | Investments | The Economics of Women, Men, and Work | Social Security Works! | The Case Approach to Financial Planning | Guide to Surviving Debt 2013 | Pound Foolish | The Process of Financial Planning
RETIREMENT PLANNING+EMPLOYEE BENEFITS | Behavioral Investment Counseling | Investments | The Economics of Women, Men, and Work | Social Security Works! | The Case Approach to Financial Planning | Guide to Surviving Debt 2013 | Pound Foolish | The Process of Financial Planning
Summaries and Reviews
Amazon.com description: Product Description: [This is the Audiobook CD Library Edition in vinyl case.]
Retirement Heist is a scathing and urgent exposé of one of the most critical and least understood crises of our time.
'' 'As far as I can determine there is only one solution [to the CEO's demand to save more money]', the human resources representative wrote to her superiors. 'That would be the death of all existing retirees.' ''
It's no secret that hundreds of companies have been slashing pensions and health coverage earned by millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs--what they call ''a perfect storm'' of external forces that has forced them to take drastic measures.
But this so-called retirement crisis is no accident. Ellen E. Schultz, award-winning investigative reporter for the Wall Street Journal, reveals how large companies and the retirement industry--benefits consultants, insurance companies, and banks--have all played a huge and hidden role in the death spiral of American pensions and benefits. A little over a decade ago, most companies had more than enough set aside to pay the benefits earned by two generations of workers, no matter how long they lived. But by exploiting loopholes, ambiguous regulations, and new accounting rules, companies essentially turned their pension plans into piggy banks, tax shelters, and profit centers.
Drawing on original analysis of company data, government filings, internal corporate documents, and confidential memos, Schultz uncovers decades of widespread deception during which employers have exaggerated their retiree burdens while lobbying for government handouts, secretly cutting pensions, tricking employees, and misleading shareholders. She reveals how companies:
- Siphon billions of dollars from their pension plans to finance downsizings and sell the assets in merger deals
-Overstate the burden of rank-and-file retiree obligations to justify benefits cuts while simultaneously using the savings to inflate executive pay and pensions
-Hide their growing executive pension liabilities, which at some companies now exceed the liabilities for the regular pension plans
-Purchase billions of dollars of life insurance on workers and use the policies as informal executive pension funds. When the insured workers and retirees die, the company collects tax-free death benefits
-Preemptively sue retirees after cutting retiree health benefits and use other legal strategies to erode their legal protections.
Though the focus is on large companies, which drive the legislative agenda, the same games are being played at smaller companies, nonprofits, public pensions plans and retirement systems overseas. Nor is this a partisan issue: employees of all political persuasions and income levels--from managers to miners, pro-football players to pilots--have been slammed.
Retirement Heist is a scathing and urgent exposé of one of the most critical and least understood crises of our time.
'' 'As far as I can determine there is only one solution [to the CEO's demand to save more money]', the human resources representative wrote to her superiors. 'That would be the death of all existing retirees.' ''
It's no secret that hundreds of companies have been slashing pensions and health coverage earned by millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs--what they call ''a perfect storm'' of external forces that has forced them to take drastic measures.
But this so-called retirement crisis is no accident. Ellen E. Schultz, award-winning investigative reporter for the Wall Street Journal, reveals how large companies and the retirement industry--benefits consultants, insurance companies, and banks--have all played a huge and hidden role in the death spiral of American pensions and benefits. A little over a decade ago, most companies had more than enough set aside to pay the benefits earned by two generations of workers, no matter how long they lived. But by exploiting loopholes, ambiguous regulations, and new accounting rules, companies essentially turned their pension plans into piggy banks, tax shelters, and profit centers.
Drawing on original analysis of company data, government filings, internal corporate documents, and confidential memos, Schultz uncovers decades of widespread deception during which employers have exaggerated their retiree burdens while lobbying for government handouts, secretly cutting pensions, tricking employees, and misleading shareholders. She reveals how companies:
- Siphon billions of dollars from their pension plans to finance downsizings and sell the assets in merger deals
-Overstate the burden of rank-and-file retiree obligations to justify benefits cuts while simultaneously using the savings to inflate executive pay and pensions
-Hide their growing executive pension liabilities, which at some companies now exceed the liabilities for the regular pension plans
-Purchase billions of dollars of life insurance on workers and use the policies as informal executive pension funds. When the insured workers and retirees die, the company collects tax-free death benefits
-Preemptively sue retirees after cutting retiree health benefits and use other legal strategies to erode their legal protections.
Though the focus is on large companies, which drive the legislative agenda, the same games are being played at smaller companies, nonprofits, public pensions plans and retirement systems overseas. Nor is this a partisan issue: employees of all political persuasions and income levels--from managers to miners, pro-football players to pilots--have been slammed.
Editions
Hardcover
1 edition from Portfolio (September 15, 2011)
9781591843337 | details & prices | 245 pages | 6.25 × 9.00 × 1.25 in. | 1.00 lbs | List price $26.95
About: "'As far as I can determine there is only one solution [to the CEO's demand to save more money]', the HR representative wrote to her superiors.
About: "'As far as I can determine there is only one solution [to the CEO's demand to save more money]', the HR representative wrote to her superiors.
CD/Spoken Word
The price comparison is for this edition
With Nicole Vilencia (other contributor) |
Unabridged edition from Blackstone Audio Inc (December 11, 2011)
9781455137749 | details & prices | 6.75 × 6.75 × 1.00 in. | 0.60 lbs | List price $76.00
About: [This is the Audiobook CD Library Edition in vinyl case.
About: [This is the Audiobook CD Library Edition in vinyl case.
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