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Editor's Note: In her book: "Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers," author Ellen Schultz describes how the upper echelon executives in American companies are literally being paid to bankrupt these companies, while looting much of their employee pension funds for themselves.
This is part of the House of Rothschilds' plan to destroy the American middle classes' ability to earn a living, while allowing the Anglo-Zionist elite class to continue raping and pillaging this country, in an attempt to reduce America's middle class to the status of serfs.
"As recently as a decade ago there was a trillion dollars, a quarter of a trillion in surplus assets in corporate funds. There was plenty of money in pension plans; there was plenty to pay the benefits but corporations went about taking the money away."
"Schultz explains how corporations continue to 'exaggerate their retiree burdens while plundering retirement plans in a variety of ways, including:
1. Siphoning billions of dollars from their pension plans to finance downsizings and sell the assets in merger deals.
2. Overstate the burden of rank-and-file retiree obligations to justify benefits cuts, while simultaneously using the savings to inflate executive pay and pensions.
3. Hide growing executive pension liabilities, which at some companies now exceed the liabilities for the regular pension plans.
4. Purchase billions of dollars of life insurance on workers and use the policies as informal executive pension funds. When the insured workers and retirees die, the company collects tax-free death benefits.
5.Exclude millions of low-paid workers from 401(k)'s to make the plans more valuable to the top-paid.
6.According to Schultz, these and related measures have become commonplace among Fortune 500 companies, including AT&T, Bank of America, JP Morgan, IBM, Cigna, General Motors, GM, Comcast, UPS and the NFL, just to name a few.
U.S. corporate pension plans now face a $388 billion gap based on a recent report from Credit Suisse. That's a bigger hole than they faced at the height of the financial crisis. Companies claim it's a result of the 2008-09 stock market crash, higher costs and an aging workforce.
Schultz claims that's bogus. 'It didn't have to happen,' she says, noting executive compensation has risen dramatically over the same time frame. 'As they've cut other people's benefits with pensions being frozen, they have increased the benefits of the executives both pay and pensions.'
Unfortunately, there isn't much the average employee can do because what the corporations have done is legal and abetted by loopholes in accounting regulations. The only advice she offers is to be skeptical if you're offered a buyout. That means conferring with an actuary to guarantee the pay structure is as advertised."