A deferred compensation program designed to retain top talent and reward longevity means the outgoing CEO of Target has accumulated more than $140 million in deferred benefits over his four decades at the discount retailer, according to a filing with U.S. securities regulators.

Robert Ulrich, who began working at what is now the second largest discount retailer after Wal-Mart 41 years ago, will reach Target’s mandatory retirement age of 65 this month, is slated to retire as chief executive on May 1.

Ulrich will remain chairman of the board. Gregg Steinhafel, who joined Target in 1979 and is now its president, will succeed him as CEO.

In a regulatory filing, Target said Ulrich received much of his compensation in the mid-1980s and into the 1990s, amassing $140.79 million in accumulated savings, earnings and supplemental pension benefits, it said. The total represents money held in a combination of two plans. One of the plans was frozen to new deferrals in 1996.