People that think pensions are a good thing want something for nothing, much like socialismThe golden goose is dead.... from company's to blue States it's time to pay the Piper .
What's killing Sears? Its own retirees, the CEO says
What's to blame for the problems at Sears? Amazon? Bad management?
CEO and primary shareholder Eddie Lampert has another idea: It's the company's own retirees.
Sears turned in another bleak quarterly earnings report on Thursday, and Lampert complained about the billions of dollars that Sears owes its former employees through pension plans.
Lampert said Sears has paid almost $2 billion into pension plans in the past five years, and $4.5 billion since Sears and Kmart merged in 2005 to form Sears Holdings (SHLD). The company pays retirees about $300 million a year, filings show.
If Sears could have put that money into operations, "we would have been in a better position to compete with other large retail companies, many of which don't have large pension plans," Lampert wrote in a blog post.
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The Sears corporation is as fault for failing to recognize the coming tidal wave of retirees within the pension plan.
The ones responsible are Sears management; Lampert is wrong to blame anything, or anyone else.
so, none of your family members ever received a pension?
Did you know that many pension funds are employee & company funded? That is nothing like socialism.
The companies that do have pensions set-up for employees are periodically reviewed by actuaries to ensure the pension fund is viable.
Do you know what any of that means? No? We didn't think you did.
You can go away now.