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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.
Ellen E. Schultz is an investigative reporter for The Wall Street Journal who has covered the so-called retirement crisis for more than a decade. Her reporting has generated congressional hearings, proposed legislation and changes in IRS practice, and prompted a Treasury investigation. She has won dozens of awards and in 2003 was part of a team of Wall Street Journal reporters awarded the Pulitzer Prize for articles on corporate scandals. She lives in New York City.