Mantooth and ERflier
08-14-2016 | 09:08 PM
#61
Gets Weekends Off
Joined: Feb 2006
Posts: 6,248
Likes: 0
From: 767A (Ret)
I dont remember the exact details. But it was a bankruptcy proof offshore pension deal to retain top talent. Leo got 8 million and it went lower from there down to, IIRC vickie mascara got $2M. The most ridiculous one was $6M for the nitwit that went to United...fmr marine cant recall his name. Within a year all but 1 were gone.
Delta's Retention Program Fails To Stop Some Executive Departures - WSJ
Delta Deep-Sixes Executive Pension Plan Payments | PLANSPONSOR
08-14-2016 | 09:32 PM
#62
Da Hudge
Joined: Oct 2006
Posts: 17,473
Likes: 0
From: Poodle Whisperer
I dont remember the exact details. But it was a bankruptcy proof offshore pension deal to retain top talent. Leo got 8 million and it went lower from there down to, IIRC vickie mascara got $2M. The most ridiculous one was $6M for the nitwit that went to United...fmr marine cant recall his name. Within a year all but 1 were gone.
I was very impressed with the while still in bankruptcy mgmt types came and addressed us in my newhire class. I sat next to Dickson at lunch that first day. My ignorant self looked at him and said "I'm sorry, who are you?" His ID was flipped around like all our IDs seem to be weighted to do when you inevitably forget their name. He was very friendly. Meanwhile....
Kolshack... that piece of work... the moment he walked in the room I immediately sensed a snake in the grass.
08-15-2016 | 08:53 AM
#63
Works Every Weekend
Joined: Dec 2007
Posts: 3,506
Likes: 0
From: 737 ATL
The trusts were all fully funded and untouchable by the creditors.
Management said it was a "retention program" to keep top talent from leaving a bankrupt company. That's where "SERP" acronym comes from. "Supplemental Executive Retention Program".
Except, as soon as their trusts were funded, they all left.
08-15-2016 | 12:16 PM
#64
Sick of whiners
Joined: Jun 2015
Posts: 507
Likes: 0
From: 767 VEOP
The executives secretly set up what were called "Secular Trusts" to pay themselves millions right out of the Delta treasury just prior to declaring bankruptcy.
The trusts were all fully funded and untouchable by the creditors.
Management said it was a "retention program" to keep top talent from leaving a bankrupt company. That's where "SERP" acronym comes from. "Supplemental Executive Retention Program".
Except, as soon as their trusts were funded, they all left.
The trusts were all fully funded and untouchable by the creditors.
Management said it was a "retention program" to keep top talent from leaving a bankrupt company. That's where "SERP" acronym comes from. "Supplemental Executive Retention Program".
Except, as soon as their trusts were funded, they all left.
Not the precise definition. A SERP is a NQDC "top hat" plan typically granted to execs at larger companies. They do NOT conform to the 401(a) rules (thus the Non-Qualified part of NQDC). A SERP is a Supplemental Executive RETIREMENT PLAN. They typically have nothing to do with retention and are ubiquitous at large healthy companies.
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08-15-2016 | 12:41 PM
#65
Gets Weekends Off
Joined: Feb 2008
Posts: 20,870
Likes: 188
I dont remember the exact details. But it was a bankruptcy proof offshore pension deal to retain top talent. Leo got 8 million and it went lower from there down to, IIRC vickie mascara got $2M. The most ridiculous one was $6M for the nitwit that went to United...fmr marine cant recall his name. Within a year all but 1 were gone.
08-15-2016 | 12:41 PM
#66
Gets Weekends Off
Joined: Feb 2006
Posts: 6,248
Likes: 0
From: 767A (Ret)
.
Not the precise definition. A SERP is a NQDC "top hat" plan typically granted to execs at larger companies. They do NOT conform to the 401(a) rules (thus the Non-Qualified part of NQDC). A SERP is a Supplemental Executive RETIREMENT PLAN. They typically have nothing to do with retention and are ubiquitous at large healthy companies.
.
Not the precise definition. A SERP is a NQDC "top hat" plan typically granted to execs at larger companies. They do NOT conform to the 401(a) rules (thus the Non-Qualified part of NQDC). A SERP is a Supplemental Executive RETIREMENT PLAN. They typically have nothing to do with retention and are ubiquitous at large healthy companies.
.
Delta's Retention Program Fails To Stop Some Executive Departures - WSJ
One of the contributors to this WSJ article produced a book called Retirement Heist, which revealed nationwide looting of employee pension funds:
Retirement Heist - Pension Fraud Book - Ellen Schultz
