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Friday, November 20, 2009

Companies Drop Pensions, Pay Execs $350 Million




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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