The 100 largest retirement account savings among Fortune 500 CEOs as of the end of last year were worth $4.9 billion. That’s equal to the combined retirement account savings of 50 million American families, according to a report released Wednesday by the Center for Effective Government and the Institute for Policy Studies.
While nearly half of working Americans have no access to any work-sponsored retirement plan, the average payout for those top CEOs amounts to $277,686 in monthly retirement checks. For American workers who did have 401(k) retirement plans, the median balance at the end of 2013 was $18,433 — enough for a monthly check of $104.
Two advocacy groups published a report “A Tale of Two Retirements,” calling for an end to the unlimited tax-deferred compensation for corporate executives that exempts them from the annual contribution limits placed on ordinary 401(k) retirement plans. The report also recommends capping tax-deferred corporate-sponsored retirement accounts at $3 million.
The report includes information about pensions, deferred compensation and total retirement assets for the CEOs at 383 of the Fortune 500 firms.