How Companies Plunder and Profit from the Nest Eggs of American Workers

Lakhota

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By Ellen Schultz

How Companies Plunder and Profit from the Nest Eggs of American Workers

What really happened to the retirement benefits of millions of Americans at thousands of companies.

The following is an excerpt from Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers by Ellen Schultz - Powell's Books

But despite the rules protecting pension funds, U.S. companies siphoned billions of dollars in assets from their pension plans.

The retirement industry has exported its tactics, using them to achieve similar outcomes in retirement plans in Canada, Europe, Australia, and elsewhere, and has big plans for Social Security and its overseas equivalents as well. Unless it is reined in, the global retirement industry will continue to capture retirement wealth earned by many to enrich a relative few.
Much More: How Companies Plunder and Profit from the Nest Eggs of American Workers | Books | AlterNet
 

waltky

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Granny says, Dat's right - the gubmint always screwin' the middle class an' old people...
:eek:
Changes Could Lead Millions to Abandon Retirement Plans
10/03/11 - Taxation changes under consideration in Washington could affect how you save for retirement.
The government officials considering changes to how retirement savings vehicles such as 401(k)s work may want to note a survey this year by the Employee Benefit Research Institute. Nearly 90% of respondents said it was either "very important" or "somewhat important" to deduct their retirement contributions from their work pay, with one in four of these full-time workers saying they would reduce -- or stop -- their contributions if the ability to deduct them from their taxes were eliminated, a change Congress could announce as soon as December.

Despite the disputed claim changes would affect those primarily in higher-income brackets, Congress should note: Those earning between $15,000 and $25,000 had the most negative reaction to the notion of changing retirement plans, with nearly 57% saying they would reduce savings. In an America without widespread pension plans, this could mean millions of the nation's poorest people turning more, if not exclusively, to Social Security to pay for all of their retirement needs, even though the system is painted by many politicians as already facing a crisis.

Such reliance is particularly troubling for 401(k) advocates because the average beneficiary gets only slightly more than $14,000 each year, hardly enough to retire comfortably with. Attorney and CPA David White, president and founder of David B. White Financial in Bloomfield Hills, Mich., doesn't mince words as he watches the ongoing debate. "The ramifications are very serious and severe," he says. "I think it would be a huge mistake to do this."

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editec

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By Ellen Schultz

How Companies Plunder and Profit from the Nest Eggs of American Workers

What really happened to the retirement benefits of millions of Americans at thousands of companies.

The following is an excerpt from Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers by Ellen Schultz - Powell's Books

But despite the rules protecting pension funds, U.S. companies siphoned billions of dollars in assets from their pension plans.

The retirement industry has exported its tactics, using them to achieve similar outcomes in retirement plans in Canada, Europe, Australia, and elsewhere, and has big plans for Social Security and its overseas equivalents as well. Unless it is reined in, the global retirement industry will continue to capture retirement wealth earned by many to enrich a relative few.
Much More: How Companies Plunder and Profit from the Nest Eggs of American Workers | Books | AlterNet
]

Yup!

Pirate captains of industry plundering the retirement accounts of workers.
 

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