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The 1990’s have been an era of deception in the fields of accounting and finance (Pension Funds). ... This, by far exceeds the resources of the government’s Pension Benefit Guarantee Corporation. ... 6 trillion dollars still invested in traditional pension plans.
Robert Kuttner lists a variety of gimmicks for creative theft of pension plans commonly used in this great pension raid. ... In the end pension plans were underfunded.
The second gimmick for creative pension theft Kuttner describes in his article is to convert from a conventional plan to a “cash-balance plan”. ... Since Due to the fact that the termination of a pension plan results in a large tax penalty, consultants created a hybrid that imitates a 401(k) but doesn’t trigger the penalty. ...
A third method use in theft of pension assets is to redefine employees as independent contractors. ... Also another gimmick used by many today would be selling off units that have older employees who then lose their pension benefits.
The last method for creative theft of pension assets that Robert Kuttner describes in his article is for the company to declare bankruptcy, but set up a special bankruptcy-proof pension plan for top executives as an off-the-books trust.
Approximate Word count = 864
Approximate Pages = 3.5
(250 words per page double spaced)
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