Did you know that many of the corporate executives who’ve slashed traditional worker pension coverage are spearheading the charge for federal budget cutbacks in Social Security?
Last fall, the Institute for Policy Studies looked at the 71 big-time CEOs pushing the “Fix the Debt” campaign to trim Social Security and other major federal “entitlement” programs. These 71 top execs have accumulated, on average, $9 million each in their own personal company pension plans.
A dozen of these CEOs have over $20 million in their pension accounts.
If at age 65 these dozen converted their assets to an annuity, the Institute for Policy Studies researchers note, “they would receive a monthly check for at least $110,000 for life.”
So when an exec asks the workers to tighten their belts, it might just be time to examine the exec’s own waist size.