AFL-CIO puts big CEO pensions under scope

[Jon8503]

By Edward Iwata, USA TODAY

Amid growing concern over a wave of cutbacks in corporate pension plans for employees, the CEOs of top U.S. companies would receive "golden pensions" that range from $2 million to $6.5 million a year, according to a study by the AFL-CIO union federation.

The study, "CEO Golden Years: The Top 25 Largest CEO Pensions," was done by the AFL-CIO and the Corporate Library, a corporate-governance research group.

Topping the list is Pfizer Chief Executive Hank McKinnell, whose estimated annual pension would be $6.5 million. No. 2 is recently retired ExxonMobil CEO Lee Raymond, also at $6.5 million. AT&T CEO Edward Whitacre ranked third at $5.5 million.

According to the AFL-CIO, 69% of Fortune 1,000 CEOs are covered by traditional defined-benefit plans, while 21% of private-sector workers are covered by the plans.

"CEOs have turned their pension plans into CEO wealth-creation devices," says AFL-CIO investment researcher Brandon Rees. "This undermines the goal of linking CEO pay to performance, and in fact rewards underperformance."


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http://www.usatoday.com/money/companies/management/2006-04-06-pensions-usat_x.htm


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[Deja Q]

1. They also support *'s immigration bill...

They can say all the words that make it sound great (respect ALL working people), but that's a load of tosh and they know it. They should be demanding fair pay for all workers before supporting this bill.

I know people in that union and they are fuming, big-time, right now.

They also know AFLCIO has sold out and they've got a few in the upper ranks bleeding the ranks dry while services reduced.

I'm... ambivalent. Nice to see the AFLCIO remind the world how skewed the upper 1% is.

[Jon8503]

2. Agree entirely with you; just looking to get whatever info & support

we can out there. Don't get me started on the way unions have handled worker issues over the years. They have been in bed with corporate management, been bought off, sold out the workers but we still need them & as in the political field, it is up to the union membership to throw those people out and put in someone willing to fight for their rights just as we all need to vote and throw out the bums that are hurting us.