CRIBBING FROM WORKERS' PENSIONS!
CORPORATE EXECS ABUSING PENSION PLANS FOR OWN BENEFIT
Stealing from the Poor to Enrich the WEALTHY!
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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 use them to pay for executives' supplemental benefits and
compensation.
WHAT CAN YOU DO IF THAT HAPPENS TO YOU? http://www.goodfinancialcents.com/company-is-going-bankrupt-what-about-my-pension/
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:
http://online.wsj.com/article/SB121761989739205497.html?mod=googlenews_wsj
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!
http://www.helium.com/items/1049408-pension-plan-vs-401k
This above site explains the difference. 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 is near bankruptcy too after a solid century of corporative resource wars to enrich a few campaign donating execs!
This poster's pal 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 or make it up. The next 6 months should really prove
VERY interesting from what I'm reading. "
Know anyone with a similar story? Have them contact me, Anita Sands at astrology@earthlink. net
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