A new report finds that the top five executives at S&P 500 firms held a combined $8.9 billion in their special tax-deferred accounts at the end of 2021.
What kind of executives are bringing home the biggest retirement checks? Are their workers similarly well-provided for? Our findings are eye-popping:Low-wage employers have among the largest deferred compensation accounts while many of their workers can’t even afford to contribute to their 401 plans.
Median pay at Walmart is $27,136, meaning half of the company’s 2.1 million employees make less than that amount. Hyatt Hotels Board Chair and billionaire Thomas Pritzker is sheltering $91 million from taxes in his deferred pot, while 36 percent of the hotel chain’s employees have not been able to set aside any funds in their 401 accounts. Half of Hyatt employees make less than $40,395.
A majority of eligible participants in Home Depot’s 401 plan have zero balances. Meanwhile, former CEO and current Board Chair Craig Menear is sitting on $14.8 million in deferred compensation — enough to generate a monthly retirement check three times larger than the company’s median worker pay of just $30,100.As ordinary families struggle with rising housing costs, real estate executives are sitting on massive tax-sheltered funds.
The $488 million in Saville’s account at the end of 2022 is enough to generate a $3 million retirement check every month for the rest of his life. That’s 1,514 times as much as a typical American retiree could expect to receive every month, based on the average U.S.
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