I accept

WorldatWork uses cookies to enhance your experience on the website.
By continuing to use the website, you are agreeing to the use of cookies.

View Privacy Policy Learn more about cookies
 
Reader Comments (2)Rating (3): PoorFairNeutralGoodExcellent

Reader Comments
Comments:
Post your Comments:  Log in  |  Register

Tue January 17, 2012 10:29 AMReport Abuse
Paul Weatherhead
Program Manager
Member Since: 5/1/2000
Comments: 611
 

Lenny,

In my three decades of work with two very large organizations, I have seen hundreds of HR people make a full career out of being able to simply communicate complex retirement plan details to thousands of employees.  That's fine.  There is a need for those people. 

But top HR needs to "own" the retirement plans by knowing how they serve to attract, retain and motivate talent; and how retirement plans impact the financial position of the company.  Top HR also needs to know alternative design options in order to provide the best value to an organization. 

I appreciate you posting this blog on the Retirement Heist.  The book is an excellent reminder that none of us truly knows everything there is to know about total rewards.  We need to constantly stay on our learning curve to be aware of the issues that the author has raised.   

Paul

 
Thu January 12, 2012 5:09 PM (edited 1/13/2012) Report Abuse
E Brennan
Senior Associate
Member Since: 4/19/1979
Comments: 590
 

How is this new?  Paul Weatherhead, Jack T. and some others have discussed it here http://www.worldatwork.org/waw/community/discussions/discuss.jsp?did=29291 and I recall something called ERISA  being passed in way back in 1974 to make it completely impossible for such scams to ever occur again.  Ah, but I should never have underestimated the creativity of attorneys and accountants eager to create that result so clearly desired by their paymasters. 

If this is such a scandal, where has our society been?  Why have none of our benefits specialists and pension gurus been sounding warnings about the unethical if not illegal behaviors?  What is the use of a Total Reward professional group that has no idea what is happening in its field?

On the other hand, if this book is simply a typical self-aggrandizing journalistic rant pillorying a tiny handful of individuals for the usual reckless abusers found as outliers in every human endeavor, then it's just a flash in the pan statistical aberration and unworthy of serious note... except to watch to confirm that the offenders get their just deserts  (NOT bailed out, as usual).