In one of the biggest pieces of irony since – well, ask me the one about New York's Irish firefighters collecting money in their boots for The Cause in the 1990s some time – it turns out that the biggest threat to some workers hoping to get pension benefits may be pension plans themselves.
Businessweek did a bit of connect-the-dots investigation into the lives of some workers in Massachusetts who found that by being downsized and having their jobs neutralized and outsourced for a third of the pay, it actually benefited their own pension plans – in a case of cannibalism gone wild.
Consider the case of a former school custodian, who made $20 an hour doing his job, until his rural school district bid out the maintenance contract. Aramark Corp., who you frequent fliers mostly recognize for its bars and restaurants in America's airports, also runs a major facilities management business, which scooped up the contract.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
