deferred-compensation

The long-term deferred-compensation packages are chilling the banker labor market, because unvested shares disappear when a banker switches jobs.

Believe It: Bankers' Pay Takes a Tumble Dennis K. Berman 2011

Washington Mutual gets to keep the Home Savings cash because there is no way to directly trace the Home Savings deferred-compensation contributions into the pool of money in the company's coffers, said Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del.

WaMu Wins Fight to Keep $69 Million in Retiree Savings Peg Brickley 2011

With WaMu on the ropes and home lenders toppling by the dozens, Washington Mutual leaders drew millions of dollars out of the Seattle company's deferred-compensation program, thanks to complex changes made to keep pace with tax law, court papers say.

WaMu Wins Fight to Keep $69 Million in Retiree Savings Peg Brickley 2011

Set up as tax shelters, deferred-compensation programs are special retirement vehicles that are vulnerable to creditors in bankruptcy.

WaMu Wins Fight to Keep $69 Million in Retiree Savings Peg Brickley 2011

The "extraordinary efforts" Washington Mutual made to guarantee its executives could reclaim their deferred-compensation contributions was in "stark contrast" to the company's treatment of former Home Savings workers, the judge said.

WaMu Wins Fight to Keep $69 Million in Retiree Savings Peg Brickley 2011

Court records show Mr. Killinger pulled more than $3 million out of Washington Mutual's deferred-compensation fund on two days in late July of 2008.

WaMu Wins Fight to Keep $69 Million in Retiree Savings Peg Brickley 2011

Canadian National, the country's largest railroad operator, said it asked a U.S. federal court to rule that suspending Mr. Harrison's deferred-compensation payments is "reasonable and lawful."

Canadian National Railway Files Case Against Former CEO Ben Dummett 2012

The ruling sends money they set aside in Home Savings' deferred-compensation retirement program into the general pool of money for Washington Mutual creditors.

WaMu Wins Fight to Keep $69 Million in Retiree Savings Peg Brickley 2011

Judge Walrath noted the deference paid to the retirement needs of executives of WaMu's former parent as the company scrambled to make sure its leaders could withdraw cash from a deferred-compensation program.

WaMu Wins Fight to Keep $69 Million in Retiree Savings Peg Brickley 2011

Besides Mr. Killinger, big takers from the Washington Mutual deferred-compensation program included Chief Legal Officer Fay Chapman , with more than $1.3 million withdrawals in July 2008; and Chief Human Resources Officer Daryl David , who pulled out more than $3 million that month alone.

WaMu Wins Fight to Keep $69 Million in Retiree Savings Peg Brickley 2011