The Corporate Library said in a press release the data it collected showed almost three-quarters of CEOs in the S&P 500 were eligible for a Supplemental Executive Retirement Plan (SERP), while only a quarter of CEOs in Small Cap companies were.
In total, only two-fifths of CEOs were eligible for
SERPs, with by far the highest concentration in Large Cap
and S&P 500 companies, the release said. The total
benefits for individual CEOs ranged from over $90 million
The study also found that the provision of a pension benefit appeared to have no effect in retaining CEOs, as tenure for CEOs with SERPs was the same as for CEOs without the benefit.
The watchdog group looked at 1,829 proxy statements that had been filed under the new SEC disclosure regime, which for the first time requires companies to disclose the accumulated benefits or the lump sum pensions of CEOs and other officers.
The full report can be purchased in The Corporate Library’s online store at www.thecorporatelibrary.com .