Rupert Murdoch, who will step down as chairman of the board of Fox Corp. in November, has accumulated more than $140 million in pension benefits in his 70-year career, a figure equal to over 16% of the assets of the Fox Pension Plan with more than 2,000 active participants, retirees and beneficiaries.
According to the company's 2022 proxy statement, Murdoch accumulated $141.3 million in accumulated benefits through an individual supplemental executive retirement plan, a non-qualified plan, and $1.2 million in benefits through the company's qualified pension plan as of June 30, 2022. He can begin receiving his benefit upon his retirement, according to the proxy statement.
All of Fox Corp.'s qualified pension plan assets totaled $853 million as of Dec. 31, according to its most recent 10-K filing, while projected benefit obligations totaled $1.172 billion, for a funding ratio of 72.8%.
According to the company's most recent Form 5500 filing, the Fox Pension Plan, New York, had 1,548 active participants, 481 retirees receiving benefits and 38 beneficiaries as of Dec. 31, 2021.
Fox said in a Sept. 21 news release that Murdoch's retirement will be effective as of the upcoming shareholder meeting in mid-November, when he will be appointed chairman emeritus. Lachlan Murdoch will become sole chairman and continue as executive chairman and CEO of Fox.