Take a deep breath because this one is going to spike your blood pressure!

Grandma skips meals. Her house is always cold. She barely skimps by, subsisting on just Social Security because of a bunch of pension-killing CEOs and self-dealing financial “advisers.”

The U.S. Labor Department offered some rules last week to help grandma with half the reason she’s got no pension or 401(k) retirement account to help pay those heating bills. The regulations will require financial advisers to put their clients’ interests first, instead of their own.

That’s good, but working people wouldn’t be messing with flimflam financial advisers if corporations hadn’t squirmed out of providing traditional pensions and stuffed all of the money instead into the pockets of CEOs. Over the past three decades, corporations virtually eliminated secure pensions, forced workers into risky, self-pay plans and handed hundreds of millions in tax-free retirement benefits to the top dogs. Pensions aren’t dead; they’re just exclusive now.
The McKesson Corporation provides a perfect example of this. McKesson froze its employee pension in 1996, and barred workers who were hired after that from participating. By contrast, several years later, McKesson established an executive retirement account for CEO John Hammergren. It put $114 million in there for him, which when added to Hammergren’s other McKesson pension benefits, gives him a total of $145,513,853.
Pensions: For CEOs Only