Author: Retiree benefit cuts a rigged game
Those inclined to sympathize with Corporate America's chronic complaints about burdensome regulations and frivolous lawsuits should read Ellen E. Schultz's book, "Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers."
The Wall Street Journal reporter documents how companies take advantage of poorly worded federal law, the legal system and retirees who are ill-equipped to understand the nuances of accounting or to challenge their former employers in court. Ms. Schultz said the result has been the widespread elimination of retiree pension and health care benefits and the simultaneous increase in the pay and benefits of top executives.
While many readers will struggle to understand how the accounting rules and congressionally blessed loopholes work, Ms. Schultz makes their consequences abundantly clear. The retirement crisis was not, in fact, caused by aging workforces, retirees who are living longer and other demographic factors, she said.
The real culprits were top executives, benefits consultants, insurance companies and banks, "all of whom played a huge and hidden role in the death spiral of American pensions and benefits," Ms. Schultz writes.
Accounting rules provide an incentive for companies to cut benefits because they can book gains from their savings. The rules took effect as companies began tying more executive pay to profits. Ms. Schultz writes the rules made pension plans "cookie jars of potential earnings enhancements" for companies to tap.
"Deliberately or not, the executives who green-lighted massive retiree cuts were indirectly boosting their own pay," she writes.
Companies healthy enough to contribute to their pension funds can book gains based on what they assume their investments will earn. That also boosts incentive-based pay.
"If you put in $100 million and assume an 8 percent return, you have immediately built in an 8 percent return that contributes to earnings," she said.
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The book outlines how companies have used life insurance policies they purchase on their own employees as tax shelters to fund deferred compensation and executive-only retirement plans. The company gets the death benefit as well as the investment
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