U.S. CEO sets a record with $159 million pension

[marmar]

McKesson’s Chairman and CEO John Hammergren has set a new record in corporate America: Largest pension around.

The drug distribution company disclosed in a regulatory filing Friday that Hammergren was entitled to a $159 million (U.S.) lump-sum payment for his pension, had he voluntarily left the company on March 31. The size of his pension was first reported by the Wall Street Journal on Tuesday.

Several compensation consultants say it is by far the largest pension for a current executive of a public company.

.....(snip).....

Pensions used to be a common retirement benefit. Many companies have eliminated them and moved to defined contribution plans, such as 401(k)s, to control costs. But some still have special pension plans for executives. .........................(more)

The complete piece is at: http://www.thestar.com/business/personal_finance/2013/06/25/us_ceo_sets_a_record_with_159_million_pension.html

[liberal_at_heart]

1. How long are we going to put up with this?

[hobbit709]

2. +1,000,000

[SammyWinstonJack]

4. +159,000,000

[Lasher]

5. As long as we rely on the good will of Directors and senior management.

Corporate America is truly a cesspool that needs draining.

[warrant46]

7. Drain the pool ? Not in this life time

Try and you will to go to a Federal Prison ? The clowns in charge will waterboard anyone who tries.

[HiPointDem]

9. + 1 billlion

[Apophis]

14. No kidding.

[Initech]

15. Until we break out the pitchforks and torches.

But the Fox Opinion Channel is too busy keeping us divided enough so we can't unite as one and start arresting these Wall St criminals.

[txwhitedove]

3. Disgusting.

[BeyondGeography]

6. $149 million wasn't going to cut it

[antigop]

8. McKesson froze the pension plan for rank and file in 1997

https://materials.proxyvote.com/Approved/58155Q/20100601/AR_62494/PDF/mckesson-ar2010_0088.pdf

Eligible U.S. employees who were employed by the Company prior to December 31, 1996 are covered under the Company-sponsored defined benefit retirement plan. In 1997, we amended this plan to freeze all plan benefits based on each employee’s plan compensation and creditable service accrued to that date. The Company has made no annual contributions since this plan was frozen.

[HiPointDem]

10. so the execs can cream it off. disgusting.

[antigop]

11. While Executives See Their Pensions Grow, Regular Workers See Their Benefits Shrink

http://business.illinois.edu/doogar/ACCY493/Fa%2003%5C010621%20pension%20accounting%20and%20unintended%20consequences.pdf

It's also part of a little-known sideshow to the spectacle of surging executive compensation in recent years. Word of CEOs rewarded with millions of dollars for enhancing profits through layoffs has often provoked public indignation. But the ever-widening gap in retirement income between regular workers and executives has gone largely unnoticed by regulators, policy makers and investors. That's true even though in the past decade, many big companies have been setting up or improving special retirement packages for their highest-paid employees while freezing or trimming pension, medical and other retirement benefits for millions of lower- and middle-income
workers.

[HiPointDem]

12. so it *is* zero-sum, despite their claims it's not. our loss directly = their gain. same thing

regarding gov't programs, gov't jobs, and privatization of same.

[antigop]

17. yes, a very good book on the subject is "Retirement Heist" by Wall Street Journal reporter

Ellen Schultz.

[Initech]

16. We lock up petty offenders but the real criminals walk free.

Some (most) of these fuckers should be doing hard time, instead they're raking in the dough and screwing us over.

[antigop]

18. that's the problem...what they have done is perfectly legal. nt

[Initech]

13. While a good 80% of us will never know what getting a pension is like.