Word: loewe
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Dates: during 1940-1949
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...typical plan is that of Loew's Inc., which controls M.G.M. Fortnight ago, Loew's made eye-catching news with an announcement that all its top executives would voluntarily take huge pay reductions. M.G.M.'s Louis B. Mayer, who has been the highest paid executive...
President Nicholas M. Schenck (1943 pay: $512,391), Vice Presidents Sam Katz ($370,139) and Edgar J. Mannix, along with five other executives who in addition to their salaries, shared Loew's profits, would level off at $200,000 each. The cash saved ($1,450,000) would go into a pension fund for Loew's 4,300 eligible employes, including Stars Spencer Tracy and Clark Gable...
...income after taxes would be reduced by only $25,000. Meanwhile Loew's would drop $45,000 into the pension fund for him. Thus a big pay cut now, when taxes are skyhigh, means only a small net reduction in his income...
...corporation the pension plan may be just as shrewd business policy. On its books, Loew's will write down the pension cost as $2,000,000 a year, in addition to the cash saved in salaries. The actual cost will be far less. Loew's contribution will be deductible for tax purposes. Net cost to Loew's: $400,000 a year...
Money Talks Louis B. Mayer, M.G. Monarch just separated from his wife after 40 years of marriage, was separated from $560,000 of his proposed $1,060,000 salary for 1944 (his million-plus last year made him the U.S.'s highest-salaried swivel chairman). Loew's Inc., which signs M.G.M. pay checks, proposed the money-saving, as part of a program to provide a retirement plan for M.G.M.'s 4,300 workers (including William Powell, Clark Gable, Wallace Beery and Spencer Tracy, whose annual pensions would be $49,700 each...