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 sheet.  The corporation purchases an annuity contract from an insurance company to replace a retiree’s pension.  This has the result of robbing retirees of their protections under ERISA and the safety net offered by the Pension Benefit Guaranty Corporation.   Listen to the radio show here.