CEOs cut pensions, pad their own

[cyberpj]

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.

http://moneycentral.msn.com/content/P139870.asp?GT1=7620

[Coexist]

1. Jack Cafferty was just talking about how Congress and Senators

who would vote on allowing corporations to renege on their contracts with their employees that said employees had made long term financial plans around (i.e. pensions) could RETIRE AT 50 with amazing benefits.

One panelist thought that these politicians should be required to use the medicare they pass along to average Americans instead of their cushy benefits package.

[cyberpj]

2. Sounds good to me. But congressmen get pensions even if convicted

of crimes while in office. So until Americans educate themselves and demand reform, I think we're all in for nothing but more of the same from US congress.