Average Fortune 500 CEO gets a pension of $253,088 every month until they die


#1

Originally published at: https://boingboing.net/2017/10/04/richard-smith-got-18-mil.html


#2

“They feel they’re held to a higher performance standard than other employees.”

Yeah, that’s why the Equifax guy just threw some poor IT slob under the bus.


#3

This can’t be true - I’ve read numerous times that the private sector no longer has pensions.


#4

Very true that for most companies there are no pensions (DB plans) any longer; however, executives do get non qual DC plans outside of the standard dc plan. It allows them to squirrel away more money for their retirement based on rules governing them that are independent of the standard 401(k) rules. Additionally they ofc have their stock option plans that they pull from upon retiring.

Fore the most part, the only true pensions (DB) plans left are in government and social service roles (Fire, Police, Teaching, etc).


#5

giphy-downsized


#6

Damn. I could backpack the world for a decade on 250 grand.


#7

“They feel they’re held to a higher performance standard than other employees.”

Complete Bullshit. Higher standards? When you are pulling in so much money there are no consequences to these standards. You fail? You are still set for life. Where as an average worker, they fail, they stand to loose their home, their livelihood. Tell me how the Exec already set for life is being held to a higher standard.


#8

Gettin’ near time to eat the rich


#9

I believe I’ve mentioned this before on bbs, but I would very much like to have a million dollars.

However I will settle for two million if I have to.

Hit me up if you have a couple million lying around you don’t need.

thanks.


#10

Unfortunately my doctor said to avoid rich food.


#11

Mmmmmmm. And you know they’re fatty and marbled.


#12

And too rancid to consume, unless you’re really, really desperate. Come to think of it though, they’re not on a particularly productive course for their own well-being right now, what with desperation being on the rise.


#13

C’mon, ‘trickle down’!!

Still waiting.

Where are you?

???


#14

Aged too long.


#15

BOARDROOM standards… wherein all agree that everyone within a desk length is worth the dough. Sort of like an ill-made 12" scale proclaiming itself to be an accurate instrument.


#16

The problem is that their only standard for job performance is to guide their companies to make more money every year (or make it look like they did). Since many CEOs serve on boards of directors for other companies, if they fail as CEO they’ve got side income and places to network for another job.


#17

Meat is murder.

We’re gonna compost them and use it to grow vegetables.


#18

Right, that’s because those roles are still unionized for the most part. But Wisconsin’s governor, of course, is trying to dismantle that too. If I’m not wrong, he’s been successful to some degree.


#19

Speaking of pensions (defined benefit plans), I would be suspicious of them anyway, since until you start to receive pension payouts, and of course even after you you start getting them, the money is still under the control of the corporation, right? As long as they are ‘holding’ that money for the retirees, present and future, it’s susceptible to theft by the corporation. Doesn’t that frequently happen?

What I kinda like about 401k’s is that the money is mine, even the part of it that is contributed by the company, my employer, after vesting. I don’t believe there is a way for them to go in and steal it since they are not ‘holding’ it for me. Of course, the downside is that people who switch jobs look at that money as a ‘bonus’ when they quit, instead of leaving it there or rolling it into an IRA. It should be more difficult for people to withdraw it than it currently is.


#20