Interesting most the employees I know had declines higher than %40. What a "generous" gesture from management making millions ... and trying to improve stock price with layoffs and stock buy back.. which is a sign that you have no idea how to grow the company....
http://www.bloomberg.com/news/articles/2016-04-07/state-street-ceo-pay-declined-40-to-11-3-million-last-year
In my previous post I should clarify that the payout was not subject to the 10% Fed tax. The 401K payment was still subject to the regular income taxes.
The one thing I do like about my pension (small as it is) is that SSB still has to contribute 5% per year to my pension.
Could be an obscure fact. Fidelity told me when I went for a withdrawal of my 401K that anything I took after I turned age 55 was not taxable, but it was only a one time offer. Since I was so close to age 55 (surprise, surprise) obviously I waited.
@To Early Retirement
I feel your pain I been having to survive on temp jobs when I can get them. Most companies do not
what workers over the age of 53yr. Between my few and are temp jobs, I had to tap my pension
to try and make ends meet.
As a former State Street employee who is still struggling to find another position, I agree that it is ridiculous to pay Hooley this compensation when they have had numerous layoffs for at least the past decade. It has been a few years since I was laid off from State Street and was unemployed for a while and are currently underemployed. I also can't collect early retirement for about 10 years and really want to work until I receive full retirement. I am extremely discouraged about my chances of finding another good paying position with any company.
You have to realize when your the Ceo, President and Vice President and other higher up Executives.
You actually get to write your own Severance package ,stating if what you get if you are laid off, fired or you resign.
Pretty nice you get a golden parachute, while the average worker gets the scraps.
After 24 years of faithful service when I was dumped all I get was 48 weeks severance, and yes I was
very grateful to have gotten it. But when the severance stopped so did my health insurance.
What people do not realize is when they say you can stay on your company health plan under COBRA,
you pall the FULL COST of the health insurance.
I had to drop it since I could not afford the $650.00 monthly charge
I just had an "aha moment" --- I cannot understand, no matter how hard i try, how Hooley can be awarded or accept $11.3 million as compensation for the job he has done as CEO of the company. The stock price has collapsed, numerous scandals involving the company and or its executives have been reported and job cuts of up to 7000 hard working employees are being targeted. At best this can be described as shameful.
I don't know how Hooley will survive on only $11.3 million per year. I suggest we start to pass the hat tomorrow and see how much we can gather from the working class of State Street for Hooley. Or better yet--lets finally get this done:
Hey hey ho ho Jay Hooley has got to go
Do you think Hooley could survive on a VP salary - probably, he does not even need to work. Wish he would step aside and stop the demise of a once great company. Too Late.