WASHINGTON - The AFL-CIO, pushing for more federal regulation of lucrative corporate salaries and pensions, released information Thursday about some of the sweetest executive retirement deals in the country.
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"As corporate America is slashing workers' pensions left and right, we think investors and the public should know about the huge pensions these CEOs are raking in," said Richard Trumka, secretary-treasurer of the AFL-CIO.
The labor federation, which represents more than 9 million workers, posted updated information about executive salaries and pensions on its Web site.
Trumka said average executive pay at a company on the Standard & Poor's 500 is already more than 400 times the average worker's wages. And many executives now get multimillion-dollar "supplemental executive retirement plans" at a time that many companies are cutting back on reliable "defined benefit" retirement plans for workers, he said.
http://news.yahoo.com/s/ap/20060406/ap_on_bi_ge/afl_cio... ~snip~
The U.S. Securities and Exchange Commission is proposing a new rule to require companies to disclose a dollar estimate of their CEOs retirement benefits. While this rule will not go into effect until 2007, here is a sneak peek of what shareholders should expect.
http://www.aflcio.org/corporatewatch/paywatch/retirementsecurity/index.cfm
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