"When it comes to a job and retirement security, there is a double standard and workers are not the ones coming out on top," said Richard Trumka, secretary-treasurer of the AFL-CIO. "Corporate CEOs have been able to rig the rules of the game in their favor and leave workers and their families on the sidelines."
Six new case studies on CEO super-pension packages show how CEOs guaranteed their own pensions while undermining the retirement security of workers. Included in the six, with guaranteed annual pensions between $4 million and $6.5 million annually, are Pfizer Inc.'s Henry A. "Hank" McKinnell, Exxon Mobil Corporation's Lee R. Raymond, and IBM Corporation's Samuel J. Palmisano. In addition to these, the top 25 largest CEO pensions went to executives at AT&T, UnitedHealth Group, Home Depot, Colgate-Palmolive, Comcast, Bank of America, Union Pacific, Exelon, Conoco Phillips, Lockheed Martin, Robert Half International, BellSouth, Anheuser-Busch, Mattel, Coca-Cola, Prudential Financial, FPL Group, Eli Lilly and Company, General Electric, Valero Energy, Countrywide Financial and PepsiCo.
The AFL-CIO represents more than 9 million working men and women around the nation.