Entries by ginny

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Eddie Stone Talks about Pension Stripping on Labor Lines Radio

In this radio interview on Long Island’s original labor radio show, Labor Lines, Vic Fusco discusses concerns over pension de-risking, or pension stripping as retirees refer to it, with  New York State Senator Tony Avella and Eddie Stone.   Pension stripping is the latest tool used by corporations to remove pension liabilities from their balance […]

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NY Senator Tony Avella to Introduce Bill to Combat Pension Stripping

New York State Senator Tony Avella will introduce legislation in the upcoming session designed to protect retirees whose pensions are sold off without advance notice.  Once known as “pension de-risking” retirees refer to this method of transferring the financial risk of pensions from corporations to retirees as “pension stripping”.  The method of pension stripping that […]

ELNY Cuts Went Into Effect August 8, 2013

The Restructuring Agreement approved by the liquidation court last April “closed” on August 8, 2013 and cuts to over 1500 Executive Life annuitants went into effect immediately.  The revised schedule of cuts posted on the GABC website revealed that most annuitants saw increases in their shortfalls of 3-4%.  The final schedule is expected to be […]

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TOO BIG TO FAIL? WILL THIS MAKE YOUR ANNUITY ANY SAFER?

Recently AIG, GE Capital and Prudential Financial disclosed that they are among the nonbank firms soon to be deemed systemically important financial institutions (SIFI), according to reports in the New York Times and The Economist.  This designation will come with higher capital requirements for these entities and may give consumers the false impression that SIFI’s […]

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Executive Life – Updated Schedule Available

An updated schedule detailing the benefit cuts for Executive Life Insurance Company of New York (ELNY) annuitants is available on the new GABC website.  This updated schedule indicates that most shortfall payees will see additional cuts of approximately 3-4%.  If you are an ELNY annuitant whose benefits are being cut, we can perform an analysis […]

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Where is Your Pension?

The corporate desire to shed pension obligations went into over-drive in 2012 with pension de-risking transactions by Ford, General Motors and Verizon.  The pension de-risking trend allowed these corporations to eliminate their obligations to their retirees by billions of dollars.  In his column published in the Hanford Sentinel on August 21, 2013 columnist Dennis Beaver answers his reader’s […]

De-Risking is Risky for Millions of American Retirees

Many major corporations have begun to pursue “de-risking” strategies and retirees are the victims, losing pension benfits and ERISA protections without their consent.  In this video featuring Edward Stone and Jack Cohen, a leading retiree advocate from ProtectSeniors.org, Stone and Cohen explain the dangerous impact of these “de-risking” transactions.

Misconceptions About Executive Life (ELNY) Liquidation

Unbelievable as it may be, there are still Executive Life of New York annuitants who are going to be surprised when they are hit with the cuts which are expected to take place next month.  Some annuitants believe they are going to receive a “lump sum” buyout from the newly created GABC.  That is not […]

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ABC6/Philadelphia’s Nydia Han Talks About ELNY Annuities

ABC6/Philadelphia’s Nydia Han’s piece entitled “Cautionary Tale About Annuities” aired in the Philadelphia area last night.  Han’s piece emphasized the risks associated with annuities and cautioned consumers about “putting all their eggs in one basket”.  One Executive Life (ELNY) annuitant was featured in this segment, whose benefits will be cut by 54% sometime in the […]

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Annuity Industry curtails Benefits

In an excellent article in Life HealthPro on July 25, 2013 entitled “Another blight on the bruised annuity industry’s reputation – When will the industry clearly explain itself to the public?” life insurance news editor Michael Stanley analogizes the annuity industry’s recent attempts to renege on the generous income and death benefits they promised to the […]