Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers
''For anyone seriously interested in the retirement industry--and that's what it amounts to, an industry--this book should be required reading.'' --New York Times''Retirement Heistuncovers one of the most significant threats to the American worker of our time. Ellen Schultz's reporting is expansive, smart, and will have you shouting for someone to be held accountable. Anybody who works and is worried about their future should read this book.'' --Lewis Maltby, president of the National Workrights Institute and author ofCan They Do That? Retaking Our Fundamental Rights in the Workplace''Ellen Schultz documents the biggest heist in history, all the more horrifying because it is legal. Accounting tricks, perverse tax incentives, and bonus-hungry executives have taken the retirement money American workers have saved over decades. Meticulously researched and as gripping as a crime novel, this is essential reading for anyone who has, had, or hopes to have a job.'' --Nell Minow, cofounder of The Corporate Library and author ofWatching the Watchers: Corporate Governance for the 21st Century''Americans have long been burdened by the overwhelming challenge of saving for retirement, as tax deductions for retirement savings favor the highest income earners and pension coverage erodes. But as an economist investigating the retirement crises I was shocked at Ellen Schultz's exposure of outright lies, manipulations, and pure greed of the employers trusted with our retirement funds.Retirement Heistwill help ordinary workers pressure Congress to enact serious pension reform.'' --Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis and author ofWhen I'm Sixty-Four: The Plot against Pensions and the Plan to Save Them''Retirement Heisttakes a provocative look at the unseen corporate forces that have weakened our nation's employer-provided retirement benefits. Ellen E. Schultz documents an emerging corporate culture--spurred on by benefit consultants--that places shareholder value and executive compensation above employee retirement security.Retirement Heistshows how the growing retirement insecurity of today is a direct outgrowth of the hidden manipulation of plan benefits for other corporate purposes.'' --David Certner, legislative policy director for the American Association of Retired Persons''The retirement security of millions of Americans hasn't been lost to the recession or the demographics of an aging workforce, it's been stolen-by corporate executives and their consultants, lobbyists, accountants, and lawyers.Retirement Heistis an important book for workers and policymakers that documents how corporate profits and executives' salaries have been inflated at the expense of the middle class.'' --Jay Feinman, distinguished professor, Rutgers University School of Law, Camden and author ofDelay, Deny, Defend: Why Insurance Companies Don't Pay Claims and What You Can Do about It''Heartbreaking stories of destitute seniors are juxtaposed with the obscene surpluses in pension funds for executives--and unless the global retirement industry is reined in, Schultz points out, it will continue to capture retirement wealth earned by many to enrich a relative few, and within our lifetimes, 'retirement' will inevitably revert to what it was in the 1930s and before. A fascinating, troubling exposé and a sobering call to arms.'' --Publishers Weekly''A blistering examination of corporate greed and avarice . . . A rapid-fire narrative . . . Schultz unleashes an undeniably powerful and penetrating look into corporate money-making machinations and the havoc inflicted on rank-and-file employees. Essential reading for anyone who works for a living.'' --Kirkus Reviews(starred review)--This text refers to theAudio CDedition.