MSN Money - CEOs cut pensions, pad their own:
"Company Focus
CEOs cut pensions, pad their own
Some executives who slash workers' pensions are keeping or even padding their own fat retirement packages. And some even reap bigger bonuses as pension cuts boost profits.
By Michael Brush
When International Business Machines froze its pension plan in early January, thousands of its employees suddenly felt a lot less certain about their retirement security.
Samuel Palmisano, IBM chief executive, has no such worries. Palmisano, according to IBM's (IBM, news, msgs) regulatory filings, will receive an annual pension of $4 million when he retires at age 65. That works out to $75,000 a week -- or more than $10,000 a day, including weekends.
It's becoming a familiar theme, as witnessed by this week's announcement by Alcoa (AA, news, msgs) that it will not offer pensions to new hires. And as traditional pension plans disappear and are replaced by less-generous 401(k) plans, the very executives who cut those pensions are keeping their guarantees of retirement luxury.Start investing with $100."
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