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Ellen E. Schultz

Enron Executives' Benefits Kept on Growing As Retirement Plans of Employees Were Cut

Original publication date: 
Wednesday, January 23, 2002 (All day)

 

At a time when Enron Corp. was cutting back on its employee retirement plans to save money, executive benefits at the energy company kept getting richer.

Enron Executives Protected Pensions With Partnerships

Original publication date: 
Thursday, February 7, 2002 (All day)

Enron's bankruptcy may have wiped out most of the retirement savings of most of its workers. But one thing it didn't take away were the pensions of its most senior executives. Financial filings disclose that former Enron Chairman Kenneth Lay, for one, used a private partnership to protect millions of dollars worth of executive pension benefits.

Deferred-Pay-Plan Proposal Still Leaves Some Loopholes

Original publication date: 
Friday, October 11, 2002 (All day)

Until recently, executive deferred-compensation plans largely escaped scrutiny by regulators. That changed after Enron Corp. filed for bankruptcy late last year, and court documents showed that some Enron executives had withdrawn millions of dollars from their accounts just before the Chapter 11 filing.

Companies Tap Pension Plans To Fund Executive Benefits

Little-Known Move Uses Tax Break Meant for Rank and File
Original publication date: 
Monday, August 4, 2008 (All day)

At a time when scores of companies are freezing pensions for their workers, some are quietly converting their pension plans into resources to finance their executives' retirement benefits and pay.

How Lucent's Retiree Programs Cost It Zero, Even Yielded Profit

Trusts Paid the Tab -- Till Now; Facing Need to Use Cash, Company Imposes Cuts A Handy Tool for Downsizing
Original publication date: 
Monday, March 29, 2004 (All day)

Henry Schacht, Lucent Technologies Inc.'s former chief executive and still a director, met with retirees in 10 states last fall to explain why Lucent was cutting their medical and life-insurance benefits.

Well-Hidden Perk Adds Up To Big Money for Executives

Deferred-Compensation Plans Give Tax Benefits, But Are Poorly Disclosed and Add to Liability
Original publication date: 
Friday, October 11, 2002 (All day)

Last year, John R. Stafford, chairman of pharmaceutical giant Wyeth, earned $1.8 million in salary. He also was awarded a $1.97 million bonus, restricted stock valued at $724,283 and 630,000 stock options.

That much shareholders can learn from glancing at the company's proxy.

Large Banks Quietly Pile Up 'Janitors' Insurance Policies

Original publication date: 
Thursday, May 2, 2002 (All day)

Some of America's biggest banks -- including Bank of America Corp., J.P. Morgan Chase & Co., and Bank One Corp. -- hold billions of dollars in so-called janitors insurance on their present and former employees. But investors may have a hard time finding much information in their Securities and Exchange Commission filings.

Case Shows How 'Janitors Insurance' Works to Boost Employers' Earnings

Original publication date: 
Thursday, April 25, 2002 (All day)

How valuable is the business of managing what is known as "janitors insurance"?

One clue comes from a St. Louis court case, in which a financial-consulting firm won a $118 million jury verdict against Hartford Life Insurance Co., arguing that the insurance giant stole its method of administering these kinds of policies to smooth earnings.

'Janitors Insurance' Issue Leaves Workers in the Dark on Coverage

Original publication date: 
Wednesday, April 24, 2002 (All day)

Scott Mayo, 41 years old, is alive and well. But extremely unhappy with his former employer, CM Holdings Inc., which took out a life-insurance policy on him. When he dies, the company, for which he worked as a store manager in San Antonio until early 1990, hopes to receive $336,814.

Tax Benefits of Life Insurance Help to Boost the Bottom Line

Original publication date: 
Monday, December 30, 2002 (All day)

Corporate owners get a variety of tax and accounting benefits from life insurance on employees.

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