For McKesson's CEO, A Pension of $159 Million

[OhioChick]

The Wall Street Journal – 18 hours ago

Executive pension plans sometimes grow to a hefty size, amounting to tens of millions of dollars, as extra retirement cushions for long-serving CEOs.

Then there's the record $159 million pension benefit of John Hammergren, the current chairman and CEO of drug distributor McKesson Corp. That's how much he would have received in a lump-sum payment had he voluntarily departed on March 31, McKesson disclosed in its annual proxy filing on Friday.

Compensation consultants say it's by far the largest pension on file for a current executive of a public company, and almost certainly the largest ever in corporate America. It's also more than double the value of the 54-year-old Mr. Hammergren's pension six years ago.

"I've never seen a pension that high," says James F. Reda, a New York executive-compensation consultant whose firm, Gallagher HR Consulting, helped analyze Mr. Hammergren's pension for The Wall Street Journal. He said the benefit is "excessive" given that Mr. Hammergren has been one of the highest-paid executives in the U.S. in recent years, averaging more than $50 million a year.

More: http://finance.yahoo.com/news/mckessons-ceo-pension-159-million-001400123.html

[avaistheone1]

1. That is why the American health care system doesn't work.

People like McKesson are sucking all the money out of it.