Edward Stone was a guest speaker at the National Association of Settlement Purchasers 2013 Annual Conference in Las Vegas in November 2013. Instead of sweeping the ELNY debacle under the rug, NASP and the conference participants embraced the opportunity to hear about the history of ELNY’s failed rehabilitation and its impact on both the primary […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2014-01-10 20:50:142014-01-10 20:51:01“The ELNY Saga” at the National Association of Settlement Purchasers 2013 Annual Conference
As more companies seek to reduce their pension obligations by transferring their obligations to insurance companies via annuity buy-outs, regulation of these risk transfers, including disclosures and protections for retirees will be paramount. Retirees often refer to annuity buy-outs as “pension stripping” transactions because the offloading of pension obligations to an insurance company or other […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2014-01-02 22:28:072014-01-09 13:59:55Model Pension De-risking Act on NCOIL’s Spring Agenda
Peter Bickford’s Insight Column in the September 9th issue of the Insurance Advocate is an eloquent post mortem for the Executive Life Insurance Company of New York, the death of which took a long, arduous twenty-two years and left many injured people to drown in its wake. While New York seems content to sweep ELNY out of […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-10-08 20:43:452013-10-08 20:46:03Gone, But Not Forgotten! the Remnants of ELNY
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 […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-10-08 17:59:392013-10-08 20:47:53Eddie Stone Talks about Pension Stripping on Labor Lines Radio
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 […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-10-04 12:20:282013-10-04 12:20:28NY Senator Tony Avella to Introduce Bill to Combat Pension Stripping
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 […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-09-27 16:43:462013-09-27 16:44:16ELNY Cuts Went Into Effect August 8, 2013
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 […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-09-13 21:13:462013-09-13 21:50:56TOO BIG TO FAIL? WILL THIS MAKE YOUR ANNUITY ANY SAFER?
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 […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-09-13 21:12:072013-09-27 16:38:44Executive Life – Updated Schedule Available
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 […]
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-08-26 13:00:412013-08-26 13:02:20Where is Your Pension?
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.
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg00ginnyhttps://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpgginny2013-08-02 14:59:582013-08-02 14:59:58De-Risking is Risky for Millions of American Retirees
“The ELNY Saga” at the National Association of Settlement Purchasers 2013 Annual Conference
Edward Stone was a guest speaker at the National Association of Settlement Purchasers 2013 Annual Conference in Las Vegas in November 2013. Instead of sweeping the ELNY debacle under the rug, NASP and the conference participants embraced the opportunity to hear about the history of ELNY’s failed rehabilitation and its impact on both the primary […]
Model Pension De-risking Act on NCOIL’s Spring Agenda
As more companies seek to reduce their pension obligations by transferring their obligations to insurance companies via annuity buy-outs, regulation of these risk transfers, including disclosures and protections for retirees will be paramount. Retirees often refer to annuity buy-outs as “pension stripping” transactions because the offloading of pension obligations to an insurance company or other […]
Gone, But Not Forgotten! the Remnants of ELNY
Peter Bickford’s Insight Column in the September 9th issue of the Insurance Advocate is an eloquent post mortem for the Executive Life Insurance Company of New York, the death of which took a long, arduous twenty-two years and left many injured people to drown in its wake. While New York seems content to sweep ELNY out of […]
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 […]
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 […]
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 […]
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 […]
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.