- Released November 27, 2012
- Fortune on November 26, 2012
- The (San Francisco) Beyond Chron on November 27, 2012
- Mother Jones on November 27, 2012
- Think Progress on November 27, 2012
- CNN Money on November 28, 2012
- The Washington Post on November 28, 2012
- The Nation on November 28, 2012
- Thom Hartmann Show on November 29, 2012
- The Examiner on December 1, 2012
- The Liberty (TX) Vindicator on December 2, 2012
- The Huffington Post on December 3, 2012
- Pittsburgh Post-Gazette on December 4, 2012
- The Los Angeles Times on December 5, 2012
- The Miami Herald on December 13, 2012
- Albany Times Union on January 2, 2013
A Pension Deficit Disorder: The Massive CEO Retirement Funds and Underfunded Worker Pensions at Firms Pushing Social Security Cuts
This report analyzes the retirement policies of the U.S. corporations leading the â€śFix the Debtâ€ť campaign, which is calling for reduced spending on senior citizensâ€™ benefits as part of a deal on the national debt.
A major player in the national debt debate, the “Fix the Debt” campaign, is arguing that cuts to Social Security and Medicare are necessary to avoid economic disaster. Meanwhile, the corporations leading this campaign are contributing to Americans’ retirement insecurity by funneling enormous sums into their CEO retirement accounts while underfunding their employee pension funds.
- The 71 Fix the Debt CEOs who lead publicly held companies have amassed an average of $9 million in their company retirement funds. A dozen have more than $20 million in their accounts. If each of them converted their assets to an annuity when they turned 65, they would receive a monthly check for at least $110,000 for life.
- The Fix the Debt CEO with the largest pension fund is Honeywell’s David Cote, a long-time advocate of Social Security cuts. His $78 million nest egg is enough to provide a $428,000 check every month after he turns 65.
- Forty-one of the 71 companies offer employee pension funds. Of these, only two have sufficient assets in their funds to meet expected obligations. The rest have combined deficits of $103 billion, or about $2.5 billion on average. General Electric has the largest deficit in its worker pension fund, with $22 billion.
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