| A Regal Retirement for the Sun King?
As highlighted in our annual April Fool's Day prank, executive compensation is a hot-button issue of late. In addition to blanket legislation pending in the U.S. House of Representatives, "say on pay" proposals have been filed at more than 60 companies this proxy season, according to Institutional Shareholder Services. Such proposals, which are on the ballot at companies such as Coca-Cola (NYSE: KO), Citigroup (NYSE: C), and Valero Energy (NYSE: VLO), seek to institute annual advisory shareholder votes on executive compensation schemes. Advisory, or non-binding, votes on pay have already been implemented in the U.K., Australia, and Sweden. These votes are far from a simple rubber stamp. In 2003, the first year of such votes in the U.K., shareholders balked at GlaxoSmithKline's (NYSE: GSK) severance payment to its outgoing chief.
Law Firms Deal With the 'R' Word
After William D. Bailey Jr. joined his law firm in 1960, he came to favor a mandatory retirement policy as a way to keep fresh blood pumping through the Wilmington, Del., office. Four decades later, he was on the other side of that policy. "I wasn't ready to retire, but I voted for it, along with a lot of other attorneys," said Bailey, 71. Retiring from the 20-lawyer The Bayard Firm in November 2005, he took his eminent domain practice a year later to a small Wilmington law firm, where he now works "mostly full time" with the other seven attorneys. "I didn't want to stop," said Bailey, of counsel to Biggs and Battaglia. Bailey's move illustrates the career transition that hundreds of thousands of lawyers will be making in the next few years as baby boomers become senior citizens.
Health care an issue in choosing new city pension plan
AUGUSTA, Ga.---New changes may be on the way for those of you planning to retire from the city of Augusta. An information meeting was held tonight to discuss changes to the current pension plan. It's an issue that has been up in the air for a few years now, and the city is getting close to making a decision on which plan works best. Tonight was the last information meeting before the Commission votes on the future of Augusta's retirees and their benefits. The decision will affect about two thousand city employees. You could see the concerned looks and puzzled faces of the Augusta firefighters who attended the meeting. Commissioners received an overview of a proposed "combined" pension plan. What's at stake is health care and insurance for city employees once they retire.
PPL Susquehanna's Vice President Of Nuclear Operations Announces ...
BERWICK, Pa., April 19 /PRNewswire/ -- Bob Saccone, vice president-Nuclear Operations for PPL Corporation's Susquehanna nuclear power plant near Berwick, Pa., will retire later this year after 34 years with the company. Neil Gannon, a 32-year veteran in the nuclear industry and most recently site vice president for Progress Energy in North Carolina, will join the Susquehanna management team on April 30 as Saccone's successor. Saccone will be working closely with Gannon for several months to ensure a smooth transition period. "Bob has been with Susquehanna since the plant was in .
After 40 Years Prosecuting Crimes, Retirement Is Scary Prospect
It's hard to picture Robert F. Horan Jr. as a defense attorney. But there was a time, in the mid-1960s, when the man who would become Fairfax County's chief prosecutor for 40 years worked on the other side of the courtroom. Then, in 1966, while he was representing a man charged with sexual assault, the Supreme Court ruled that suspects must be advised of their rights, a precursor to the Miranda case. Horan argued that his client's confession was illegal, a judge threw it out and the man ultimately was acquitted. .
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