Word: payouts
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...being forced to take early retirement and had been offered a lump sum settlement of approximately $100,000, of which she would be obliged to make an immediate payment of 40% in taxes, leaving roughly $60,000. I prepared for her a proposal for a 10-year payout that would more than double the value to her at no added cost to Harvard, except for the administrative expense of ten payments...
...Price's response, in which she characterized a negotiated termination settlement for an employee forced to take early retirement as a "retirement plan" was, in my opinion, disingenuous. Prior to my suggesting the 10-year payout plan, I had discussed with Phil Lima of the Benefits Administration the procedure followed in arriving at termination settlements. I specifically asked if multi-year payouts were permissible. His reply was that "FAS could strike any deal it wanted" and he went on to point out that negotiated settlements do not involve the use of restricted pension funds...
...method of payout is of overriding importance in termination packages. Attached is a detailed comparison of two payout plans as follows...
Type: Ten-year payout...
Next comes the settlement stage and the big payout and the nolo plea, along with the letter to shareholders that often winds up in the papers as a full- page ad. The letter writer, usually the CEO, refers to "problems" and "mistakes" and emphasizes that these mistakes were in the past and entirely the work of rogue individuals. The company announces concrete steps to ensure that whatever they haven't admitted to doing will never happen again...