Companies drop pensions, pay execs $350 million: watchdog

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http://www.reuters.com/article/ousivMolt/idUSTRE5AI4DY20091119
Companies drop pensions, pay execs $350 million: watchdog
Thu Nov 19, 2009 1:01pm EST
By Kim Dixon and Ross Kerber
WASHINGTON/BOSTON (Reuters) – Ten large U.S. companies paid senior executives a total of $350 million in the few years prior to dropping traditional pension plans for employees, a Congressional watchdog said on Thursday.
Forty executives in a range of industries received the compensation in base salaries, bonuses, severance and perks in the five years before the pension plans failed, the non- partisan Government Accountability Office said in a new report.

Published in Reuters November 19, 2009 by Kim Dixon and Ross Kerber

Ten large U.S. companies paid senior executives a total of $350 million in the few years prior to dropping traditional pension plans for employees, a Congressional watchdog said on Thursday.

Forty executives in a range of industries received the compensation in base salaries, bonuses, severance and perks in the five years before the pension plans failed, the non- partisan Government Accountability Office said in a new report.

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