– The 71 Fix the Debt CEOs of public companies have average retirement assets of $9.1 million. Of these 71 CEOs, 54 participate in their company‘s retirement programs and have collective pension assets of $649 million, or more than $12 million per CEO — enough to generate a $65,873 pension check each month for life. In contrast, the average monthly Social Security check for retired workers is $1,237.
– A dozen of the Fix the Debt executives have more than $20 million in their individual company retirement accounts. If each of these CEOs converted their assets to an annuity when they turned 65, they would receive a monthly check for at least $110,000 for life.
Blankfein has nearly $12 million in retirement assets, while Bertolini has $1.5 million. Adding insult to injury, many of the CEOs calling for cuts to the social safety net areunderfunding their workers’ retirement accounts:
Of the 71 publicly held Fix the Debt member companies, 41 provide employee pension funds for their workers. Of these, only two have sufficient assets in their pension funds to meet their expected obligations. The rest have underfunded their worker pension funds by $103 billion, or about $2.5 billion on average.
Since 1985, 84,000 pension plans have been eliminated. And now these CEOs are coming after the government programs upon which the elderly, and many others, depend.