CRIBBING FROM WORKERS' PENSIONS!
CORPORATE EXECS ABUSING PENSION PLANS FOR OWN BENEFIT
Stealing from the Poor to Enrich the WEALTHY!
Wall Street Journal - At a time when scores of companies are freezing pensions for their workers, some corporations are quietly converting their pension plans into resources to finance their executives' retirement benefits and pay !!! Astounding though this seems, In recent years, companies from Intel Corp. to CenturyTel Inc. collectively have moved hundreds of millions of dollars of obligations for executive benefits into rank-and-file pension plans. This lets companies capture tax breaks intended for pensions of regular workers and then turn around and use those meaty dollars to pay for executives' supplemental benefits and compensation. That can leave workers with no pensions at all and the company just pulls out its pockets and says, 'hey look at the books, we are broke!'.
WHAT CAN YOU DO IF THAT HAPPENS TO YOU?
The THEFT BY CORPORATION EXECs practice has amazingly ENOUGH...drawn scant notice! A close examination by The Wall Street Journal shows how it works and reveals that the maneuver, besides being a dubious use of tax law, risks harming regular workers. It can drain assets from pension plans and make them more likely to fail. Now, with the current bear market in stocks weakening many pension plans, this practice could put more in jeopardy.
How many is impossible to tell. Neither the Internal Revenue Service nor other agencies track this maneuver. Employers generally reveal little about it. Some benefits consultants have warned them not to, in order to forestall a backlash by regulators and lower-level workers. Read:
Important to access the difference between pensions and 401(k)'s. They are both retirement investment vehicles but they are different things altogether. A pension is much more likely to go belly-up than a 401(k), because the employer controls the pension! Take note of one additional factor. All cities have worker pensions. See this article revealing that city of Los Angeles is near bankruptcy because of its fat city worker pensions. That trend is alarming. Cities may be motivated to disband pensions by multiple percentile points!So what we have learned here is that IF YOU ARE DEPENDING ON A PENSION, CAVEAT EMPTOR! And chums, Social SECURITY is a PENSION! And the BIG BOSS in Washington is near bankruptcy too after a solid century of corporative resource wars to enrich a few campaign-donating CEOS/ execs!
This poster's pal AN AVIATION WORKER wrote me: "I worked for a company called North American Rockwell, based in Calif. back in the 60's and we were unionized, I was the shop steward, only to find out 40 years later, they were acquired by Boeing, and they now can't find any record of me! After a round of phone calls to various states I gave up only to notice in the last few years that most lower tier people who worked with me at N.A.R. will NOT get their pension, 401's, or annuity funds as Rockwell is a cheat and our corrupt govt. is out of control and won't force them to make it up. The next 6 months should really prove VERY interesting from what I'm reading. "WHY MIDDLE CLASS IS LOST: STOLEN PENSIONS."
8 yrs later in 2014, internet carried stories of BOEING trying to buy out Rockwell workers' pensions.
Wonder if the AVIATION WORKER whose records disappeared was included
MANY CORPORATIONS DID THE "RETIREMENT HEIST" thing to their workers.
Know anyone with a similar story? Have them drop me a jot: Anita Sands Hernandez at astrology @ earthlink. net~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~^~
Our POSTER is ANITA SANDS HERNANDEZ, Los Angeles Writer, Futurist and Astrologer. Catch up with her websites TRUTHS GOV WILL HIDE & NEVER TELL YOU, also The FUTURE, WHAT'S COMIN' AT YA! & HOW TO SURVIVE the COMING GREAT DEPRESSION, and Secrets of Nature, HOLISTIC, AFFORDABLE HEALING. Also HOW TO LIVE on A NICKLE, The FRUGAL PAGE.* Anita is at email@example.com ). Get a 15$ natal horoscope "my money/future life" reading now + copy horoscope as a Gif file graphic!
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