Download or read book Pension Dumping written by Fran Hawthorne and published by John Wiley & Sons. This book was released on 2010-05-20 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fran Hawthorne, author of Pension Dumping, is a recipient of the New York State Society of Certified Public Accountants award for Excellence in Financial Journalism for 2009—the first year books have been honored. Pension plans in America no longer represent commitments that financially troubled companies will honor.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 needs of big investors. Often these investors are a failing 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. Pension Dumping 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. Hawthorne traces the dynamics and the players involved as a pension is targeted for termination: thebankruptcy court and the hierarchy of power that dictates whose interests will prevail the choices forced on unions the burden placed on the Pension Benefit Guaranty Corporation the risks investors take and the returns they look for the companies’ efforts to salvage what they can as they restructure, as well as the backlash they risk by breaking pension promises In 2008, Pension Dumping was cited in testimony before a Congressional committee investigating bankruptcies in relation to pensions.

Download or read book Underfunded Pensions Pension Dumping and Retirement Security written by Peter Orszag and published by TheCapitol.Net Inc. This book was released on 2010-12-01 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Employee Retirement Income Security Act of 1974 (ERISA) provides a comprehensive federal scheme for the regulation of employee pension and welfare benefit plans offered by employers. ERISA contains various provisions intended to protect the rights of plan participants and beneficiaries in employee benefit plans. The Pension Benefit Guarantee Corporation (PBGC) is a federal corporation created by ERISA. It currently protects the pensions of nearly 44 million American workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans. Although the PBGC's liabilities are not explicitly backed by the full faith and credit of the federal government, Congress could face political pressure to bail out the PBGC at taxpayer expense should the agency become financially insolvent. Bradley Belt, former executive director of the Pension Benefit Guaranty Corporation (PBGC), testified before Congress in October, 2004: "I am particularly concerned with the temptation, and indeed, growing tendency, to use the pension insurance fund as a means to obtain an interest-free and risk-free loan to enable companies to restructure. Unfortunately, the current calculation appears to be that shifting pension liabilities onto other premium payers or potentially taxpayers is the path of least resistance rather than a last resort."

Download or read book Pension Dumping written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Pension Revolution written by Keith P. Ambachtsheer and published by John Wiley & Sons. This book was released on 2011-07-05 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Pension Revolution "When Keith Ambachtsheer puts his keen mind to work on a problem, watch out! Here he exposes today's fragile arrangements for the most serious social dilemma of our times--financing retirement. Then he provides a compelling and powerful set of solutions. His writings are essential reading for all who care about the future of American living standards." --Peter Bernstein, founder and President, Peter L. Bernstein, Inc., and author of Capital Ideas and Against the Gods "This book describes one of the most ingenious inventions in the history of mankind: pension funds offering credible promises about old-age income. It reads like a thriller: how can well-governed pension funds be created in an imperfect world in which mortals wrestle with foibles and moral shortcomings? One of the world's leading experts on pensions searches for the answer--and finds it." --Lans Bovenberg, Scientific Director, Network for Studies on Pensions, Aging, and Retirement, Tilburg University, The Netherlands "Pension Revolution exposes the inadequacies of current pension systems and persuasively makes the case for the fundamental changes that are needed. It is essential reading for both the pension industry and policymakers." --Elizabeth Bryan, Chair, Investment Committee, Unisuper Management PM Ltd, Australia "Most analyses of complicated issues deal with complexity by simplifying or only looking at one piece-part, and, in doing so, provide limited value. In stark contrast, Keith Ambachtsheer boldly wades into the complexity in Pension Revolution to come up with a valuable integrative solution. He is a most welcome revolutionary!" --Roger Martin, Dean, Joseph L. Rotman School of Management, University of Toronto, Canada "We have known Keith for over ten years, and consistently over that time, he has constructively and comprehensively challenged conventional wisdom. He has done this so effectively that many of his initial thoughts have now become universally accepted norms. Such is his energy however that he continues to push the boundaries of pension and investment thinking." --Peter Moon, Chief Investment Officer, Universities Superannuation Scheme Ltd, UK "Pension Revolution not only explains the shortcomings of the existing pension system and the underlying design features that have resulted in the current pension upheaval. It also offers thoughtful and creative suggestions for prospective pension design. A must-read for anyone interested in the future of retirement finance." --James Poterba, Professor of Economics, Massachusetts Institute of Technology and a member of the TIAA-CREF Board of Trustees

Download or read book Dividing Pensions in Divorce written by Gary A. Shulman and published by Wolters Kluwer. This book was released on 2009-11-20 with total page 1540 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dividing Pensions in Divorce: Negotiating and Drafting Safe Settlements with QDROs and Present Values provides an expert chronological analysis on every important issue regarding Qualified Domestic Relations Orders and present values. Don't lose thousands of dollars in assets by being fooled by incomplete and inaccurate pension present values - Dividing Pensions in Divorce will help you: Understand complex present value issues Draft airtight QDROs that maximize your clientsand’ property rights Prepare for trial with detailed guidance on a host of commonly litigated issues And more! Written by Gary Shulman, David Kelley and Daniel Kelley, nationally recognized pension experts with more than 60 years of combined pension and actuarial experience, Dividing Pensions in Divorce delivers proven techniques and strategies the authors have honed in drafting and reviewing over 100,000 QDROs and 80,000 present values. Benefit from their experience with: Clear, straightforward explanations of over 300 points of law, including disability pensions, the role of Social Security in dividing pensions, survivorship rights, early retirement subsidies, the coverture formula, and more Winning strategies for complying with even the most complex legal, regulatory, and legislative requirements State-of-the-art model QDROs you can easily adapt to your own cases Step-by-step analysis of how a present value is calculated Case studies, attorney's checklists, and sample questions for opposing experts And much more! Dividing Pensions in Divorce protects you with specific advice organized chronologically from the first client interview, through the discovery process and the preparation and drafting of the settlement agreements, QDROs and present values.The authors provide you with precise language, model forms and letters as well as the best (and time-tested) model QDROs in the business. Dividing Pensions in Divorce will give you the confidence to handle any challenging pension issue. It will soon be second-nature for you to: Craft a safe settlement agreement for your client that secures your client's pension benefit entitlements Argue the major pension and 401(k) issues so that your negotiations are convincing to the other side - and the court - as reasonable, fact and standard-based conclusions Understand and draft the critical language that should be included in every separation agreement Demystify the world of QDROs by reviewing the seven essential areas every QDRO must address And much more! Dividing Pensions in Divorce has been updated to include: A new discussion of the importance of getting the plan name right in your QDRO Advice on how to avoid career-tripping mistakes in present values Help in deciding whether a PBGC, IRC and§ 417(e), or other pension present value method is appropriate in your case New questions and detailed reasoning to challenge both PBGC and IRC and§ 417(e) present values New insights and case law into how to fight the double-dipping of pensions New and§ 22.25 that presents adiscussion on the topic of administrators' placing holds on participants' accounts upon receipt of andquot;Draftandquot; QDROs Revised model QDROs for defined contribution plans, addressing the commencement of benefits for the alternate payee New tax tables that will enable you to determine the tax implications of dividing a defined benefit or defined contribution plan A revised discussion on dividing railroad retirement plans to show attorneys how to guarantee payments to the

Download or read book Finance and Occupational Pensions written by Charles Sutcliffe and published by Springer. This book was released on 2016-11-25 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: Occupational pensions are major participants in global financial markets with assets of well over $30 trillion, representing more than 40% of the assets of institutional investors. Some occupational pension funds control assets of over $400 billion, and the largest 300 occupational pension funds each have average assets of over $50 billion. The assets of UK pension funds are equivalent to UK GDP, and US pension fund assets are 83% of US GDP. These statistics highlight the importance of pension funds as major players in financial markets, and the need to understand the behaviour of these large institutional investors. Occupational pensions also play an important, but neglected, role in corporate finance. For example, US company pension schemes account for over 60% of company market value, and yet they are often ignored when analysing companies. This book is based on the substantial body of evidence available from around the world on a topic that has become increasingly important and controversial in recent years. Written for practitioners, students and academics, this book brings together and systematizes a very large international literature from financial economists, actuaries, practitioners, professional organizations, official documents and reports. The underlying focus is the application of the principles of financial economics to occupational pensions, including the work of Nobel laureates such as Merton, Markowitz, Modigliani, Miller and Sharpe, as well as Black. This book will give readers an up-to-date understanding of occupational pensions, the economic issues they face, and some suggestions of how these issues can be tackled. The first section explains the operation of defined benefit and defined contribution pensions, along with some descriptive statistics. The second section covers selected aspects of occupational pensions. The focus of these first two sections is on the economic and financial aspects of pensions, accompanied by some basic information on how they operate. This is followed by three further sections that analyse the investment of pension funds, the corporate finance implications of firms providing pensions for their employees, and annuities.

Download or read book ERISA s Single employer Pension Plan Termination Insurance Program written by United States. Congress. House. Committee on Education and Labor. Subcommittee on Labor-Management Relations and published by . This book was released on 1984 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Pension Crisis written by Robert J. Lynn and published by Free Press. This book was released on 1983 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Protection of Retiree Benefits Legislation written by United States. Congress. House. Select Committee on Aging and published by . This book was released on 1988 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book A Bad Man s Guide to Private Equity and Pensions written by Elizabeth Lewis and published by . This book was released on 2015 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern corporate bankruptcy law has been shaped, and some of it written, by special interests. Even so, the law is rooted in American ideals of renewal, and of viewing failure in the marketplace as a sign of effort and gumption, not moral collapse. It's a powerful idea - shedding the past to begin anew. But for decades, Chapter 11 of the U.S. Bankruptcy Code has also been used strategically - to destroy union contracts, edge out competitors, and limit product liability lawsuits.More recently, some private equity firms have honed Chapter 11 as an efficient financial engineering tool for insider sales - and for dumping pensions. Based on partial data from the Pension Benefit Guaranty Corp., at least 51 companies have abandoned pension plans in bankruptcy at the behest of private equity firms since 2001. They've dumped $1.592 billion in pension bills onto a government-backed agency that insures private defined benefit plans. Because pension insurance doesn't cover all benefits, their actions have left some of the nearly 102,000 workers or retirees with lost benefits amounting to at least $128 million. And they've contributed to the chronic deficits at the Pension Benefit Guaranty Corporation.Other types of businesses, including publicly held companies, have also abandoned pension plans in bankruptcy. But the business model and practices of some private equity firms can make pension-dumping in bankruptcy especially attractive.The legal and regulatory environments in the U.S. combine with those practices to add up to a form of institutional corruption. In this working paper, I explain how Oliver Wendell Holmes' hypothetical “bad man” can use bankruptcy as a strategy to profit. So, here is a bad man's guide to ditching pensions in bankruptcy - legally.

Download or read book The President and American Capitalism since 1945 written by Mark H. Rose and published by University Press of Florida. This book was released on 2017-11-14 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume describes the many ways presidential actions have affected the development of capitalism in the post–World War II era. Contributors show how, since Harry S. Truman took office in 1945, the American "Consumer-in-Chief " has exerted a decisive hand as well as behind-the-scenes influence on the national economy. And, by extension, on the everyday lives of Americans. The Employment Act of 1946 expanded presidential responsibility to foster prosperity and grow the economy. However, the details and consequences of the president’s budget often remain obscured because of the budget’s size and complexity, perpetuating an illusion that presidents matter less than markets. Essays in this volume highlight the impact of presidential decisions on labor, gender discrimination, affirmative action, poverty, student loans, and retirement planning. They examine how a president can influence the credit card economy, the rebuilding of postindustrial cities, growth in the energy sector and the software industry, and even advances in genetic engineering. They also look at how economic gains in one particular area can have ramifications in other areas. National defense strategies have led to the privatization of weapons acquisition and the development of the modern research university to create a defensive brain trust among citizens. Policies aimed at supporting competitive American businesses—for example, in the biotech field—also affect the environment. This book is an important contribution to the history of capitalism, articulating how the president—by supporting policies that promote business growth in all sectors—has helped domestic companies expand internationally and added to a global image of the United States that is deeply intertwined with its leading corporations.

Download or read book Financial Status of the Pension Benefit Guaranty Corporation s Single Employer Insurance Program written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight and published by . This book was released on 1984 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Advances in Pacific Basin Business Economics and Finance written by Cheng-Few Lee and published by Emerald Group Publishing. This book was released on 2024-04-04 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Pacific Basin Business, Economics and Finance (APBBEF) is a peer-reviewed series designed to focus on interdisciplinary research in finance, economics, and management among Pacific Rim countries.

Download or read book Protecting Employees and Retirees in Business Bankruptcies Act of 2007 written by United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law and published by . This book was released on 2009 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Pension Ponzi written by Bill Tufts and published by John Wiley & Sons. This book was released on 2011-01-25 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: The vast majority of Canadians are blissfully unaware that every man, woman and child in Canada now owes a $35,000 share of government debt and must pay this back, with interest! Make no mistake, this debt will change our country and affect every single Canadian in the decades to come. You may think you have planned for your retirement and are safe, but the government must find a way to recover this borrowed money, and they can only do that by raising your taxes and reducing your hard-earned benefits. How did this debt come about, and why can't we simply pay it off? Pension Ponzi lays the blame squarely at the feet of the politicians who refused to stand up to Canada's public sector unions. The fact is Canada's public sector, which accounts for 20% of the workforce, has been grossly overpaid relative to their counterparts in the private sector with cushy pensions paid for with your taxes and new debt. There is no denying that the country does not have the financial resources to ensure that the next generation of Canadians will have the same standard of living as the ones before it-or to support our growing seniors population. Meeting our public sector pension obligations will break the current social safety net that is a pillar of the Canadian way. Can you escape this bleak future? Can you afford to live longer? Nationally-recognized pension expert Bill Tufts and award-winning journalist Lee Fairbanks explore how this catastrophe came about and then suggest ways that government can fix what's broken, and how you as an individual can protect yourself from the financial calamity that is about to engulf Canada.

Download or read book Retirement Heist written by Ellen E. Schultz and published by Penguin. This book was released on 2011-09-15 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: "'As far as I can determine there is only one solution [to the CEO's demand to save more money]', the HR representative wrote to her superiors. 'That would be the death of all existing retirees.'" It's no secret that hundreds of companies have been slashing pensions and health coverage earned by millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs- what they call "a perfect storm" of external forces that has forced them to take drastic measures. But this so-called retirement crisis is no accident. Ellen E. Schultz, award-winning investigative reporter for the Wall Street Journal, reveals how large companies and the retirement industry-benefits consultants, insurance companies, and banks-have all played a huge and hidden role in the death spiral of American pensions and benefits. A little over a decade ago, most companies had more than enough set aside to pay the benefits earned by two generations of workers, no matter how long they lived. But by exploiting loopholes, ambiguous regulations, and new accounting rules, companies essentially turned their pension plans into piggy banks, tax shelters, and profit centers. Drawing on original analysis of company data, government filings, internal corporate documents, and confidential memos, Schultz uncovers decades of widespread deception during which employers have exaggerated their retiree burdens while lobbying for government handouts, secretly cutting pensions, tricking employees, and misleading shareholders. She reveals how companies: Siphon billions of dollars from their pension plans to finance downsizings and sell the assets in merger deals Overstate the burden of rank-and-file retiree obligations to justify benefits cuts while simultaneously using the savings to inflate executive pay and pensions Hide their growing executive pension liabilities, which at some companies now exceed the liabilities for the regular pension plans 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 Preemptively sue retirees after cutting retiree health benefits and use other legal strategies to erode their legal protections. Though the focus is on large companies-which drive the legislative agenda-the same games are being played at smaller companies, non-profits, public pensions plans and retirement systems overseas. Nor is this a partisan issue: employees of all political persuasions and income levels-from managers to miners, pro- football players to pilots-have been slammed. Retirement Heist is a scathing and urgent expose of one of the most critical and least understood crises of our time.

Download or read book Retirement Income Incentives and Administrative Simplification Act of 1981 written by United States. Congress. Senate. Committee on Labor and Human Resources. Subcommittee on Labor and published by . This book was released on 1982 with total page 1076 pages. Available in PDF, EPUB and Kindle. Book excerpt: