A suit has been filed against Wal-Mart Stores Inc. alleging Wal-Mart had covered employees with a corporate-owned life insurance policy all of which name the company as sole beneficiary, and all of which were unknown to the employees.
The suit claims that collectively, policies on other rank-and-file Wal-Mart workers were worth millions of dollars. There is no requirement to report such corporate policies, and when the employee dies, Wall-Mart collects the insurance, none of which goes to the families.
Companies commonly take "key-man" policies out on high-level employees, the loss of whom would affect the overall business. But companies also take out "janitors insurance" on lower-level employees, in whom they have less stake.
But the practice is coming under fire, and Courts are rendering decisions against the corporate-owned life insurance, or COLI, policy system as the Internal Revenue Service looks into $6 billion in possibly illegal tax deductions by 85 companies.
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Reader Comments
Posted by Elaine for John Wanko, SR.
on
I did receive the check flr $443.42. It is mine. The question I have is a long while back, John was supposed to receive a check for $3,000. It came to his old address at Lenore St. His son John, Jr. lives there & He got the check & CASHED IT and said it was his????? It was not. It was his dad John, Sr. who worked at Walmart for about 15 yrs.& he knew it was his dads & not his. What can be done about it. His attorney said he could keep it even though it was me, his wife. He has my $3,000, How can I get it back. No one here locally can get it back?? he took it illlegally.....By rights, it is mine.....Please help I am a widdow now & sure could us the money, living on a fixed income...(80) yrs. old Please help.
Posted by Deane Sandhoff
on
I was fired over a point system walmart has. You cannot accumulate 9 points in a 6 month period. I had 11.5 points, and felt like I would possible be fired. My points had been taken off in the past, so, I know it could be done. I have excuses for some of these excuses, because I have Copd and have been hospitalized twice for this condition. I did smoke for too many yrs. and am truly lucky, but, it would be hard to work to the back of the store sometimes. i still performed my job 150%. Most people wouldn't even know I had this. I would carry televisions and heavy equipment if it was required. There was a young man that told me he had 11 points. This was before I was fired. He is still there. His name is Gavin. I was contacted by my insurance company, about discrimination. My paycheck amounted to about 66%. That's how much I paid in insurance. I am also 61yrs. young. I say that because, I used to address the customer's as young lady or young man. No matter how old they were. They would tell me how old they were and I'd say, at least your not 100. That's old.Also, a lot of time's they want you to work over time. But, they wouldn't let you keep it. You would have to get rid of your extra hour's by Friday, because time goes in that day. Thank you for any help you can give me. My self esteem is at an all time low,even though I know it's in God's hands. It's still depressing, after being with this{Good} company,I thought for 11 yrs.
Posted by Helene Kale
on
My 16 yo daughter went to WM. Asked jewelry department service rep for a secondary ear piercing (both sides). I was not present. At 16, she is unable to give consent. The WM associate would have had to check her ID (didn't happen, obviously), realize she wasn't 18, then tell her to come back with consenting parent. Parental rights violated, AZ state law violated. Ears were pierced without my consent.
Posted by Margie Clark
on
I was treated harshly by pharmacy tech. Paid for prescription and tech refused to hand RX, waived prescription in the air in child-like behavior and yelled out privacy information violating HIPPA .
Posted by Kimberly Joyce
on
I worked at Walmart in 2011 2012 and was never notified about any of this
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