Professor Norman Stein Questions GM Lump Sum Pension Offer in Detroit Free Press
June 14, 2012 — In a June 4 Detroit Free Press article, Professor Norman Stein discussed General Motor's recent move to offer retirees a lump sum payment in lieu of a monthly pension check.
Stein questioned the move claiming that, since the lump sum payment appears, at face value, to be a large sum of money, the odds are that most people will elect to take the payment without weighing the financial consequences of doing so. "It's a clever manipulation of people knowing that a lot of people will make a bad decision that will save GM and Ford money," said Stein.
Stein is a nationally recognized authority on pension law, employee benefits and tax law. In addition to producing a rich body of scholarship, he is a senior policy advisor to the Pension Rights Center and frequently testifies before Congress.
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