Pension plans will likely draw attention, too. Whereas regular workers typically retire on one-half.

Pension
plans will likely draw attention, too. Whereas regular workers typically retire
on one-half to two-thirds of their average salary in their last three to five
years, some CEOs get far more. Pfizer’s deal with McKinnell was unusually rich:
in calculating his final pay, Pfizer counted not only salary and bonus, but
stock awards that vested through 2004. That notched his annual pension up from
roughly $3.5 million to $6.6 million. The company says it stopped including new
stock awards in pension calculations in 2001, but earlier grants were
grandfathered in. Huge bonuses issued just
»

Pension
plans will likely draw attention, too. Whereas regular workers typically retire
on one-half to two-thirds of their average salary in their last three to five
years, some CEOs get far more. Pfizer’s deal with McKinnell was unusually rich:
in calculating his final pay, Pfizer counted not only salary and bonus, but
stock awards that vested through 2004. That notched his annual pension up from
roughly $3.5 million to $6.6 million. The company says it stopped including new
stock awards in pension calculations in 2001, but earlier grants were
grandfathered in. Huge bonuses issued just before retirement can also pump up
pensions. “It’s the gift that keeps on giving,” says Kevin J. Murphy, a
professor at the University of Southern California’s Marshall School of
Business.

»

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