Execs From Cos. With Depleted Pensions Got $350M

Law360, New York (November 19, 2009, 3:41 PM EST) -- Executives at 10 large U.S. companies received $350 million in pay and other compensation in the five years before the government was forced to take over their underfunded employee pension plans, a U.S. Government Accountability Office report has found.

The GAO said it prepared the report to determine how much executives received while their employees had their pension benefits reduced due to underfunding, and the resources of the Pension Benefit Guaranty Corp. were depleted by taking over the pension plans.

Rep. George Miller, D-Calif., said in...
To view the full article, register now.