Features
- Cover Type: Hard Cover with 288 pages
- Published by: Bloomberg Press April 2, 2008
- Written in: English
- ISBN 10 Number: 1576602397
- ISBN 13 Number: 978-1576602393
-
Book Dimensions:
9.2 x 6.2 x 0.8 inches
- Weighs: 1.1 pounds
Product Description
Pension plans in America no longer represent commitments that financially troubled companies will honor. Neither bankruptcy courts, nor Washington, nor unions have the clout to make them do so. The disposition of these plans is instead left to serve the requirements of big investors. Often these investors are a company's best hope of restructuring after bankruptcy. Investors want a lean investment unburdened with financial promises to employees no longer on the payroll. Despite laws passed to discourage the termination of plans, the courts allow it, caving in to the forces garnered to reinvigorate a failing company. Unions are often compelled to choose between the financial welfare of retirees and jobs for active workers.
This book explains in shocking detail how terminating the pension plan became a knee-jerk strategy for bankrupt companies that hope to attract big investors to help them reorganize.
About The Author
Fran Hawthorne has been covering the pension industry for more than twenty years, mainly as a senior editor and senior writer at Forbes and Institutional Investor magazine. She analyzed the first version of pension-dumping scams in a December 1983 cover story for Intitutional Investor.
Hawthorne is the author of Inside the FDA: The Business and Politics Behind the Drugs We Take and the Food We Eat (Wiley, 2005) and The Merck Druggernaught: The Inside Story of a Pharmaceutical Giant (Wiley, 2003).
Reader ReviewsThis is a great book! You need to read it whether you're already retired, thinking about retirement, or retiring in the far future. Lots of important info for all.
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