In 2010, Fred Rankin III, CEO of Fredericksburg, Va.-based Mary Washington Healthcare, earned more than $3 million in total compensation after he vested on his supplemental executive retirement plan, according to a Free Lance-Star report.
"Vesting" on a SERP for Mary Washington executives means an executive meets the plan's age and years-of-service requirements and then takes ownership of the money, while also paying taxes on it. Many SERP payments at other institutions do not go into effect until an executive actually retires.
In 2010, Mr. Rankin had a base salary of $638,659. Combined with the SERP payment of almost $2.4 million, his total compensation was approximately $3.03 million, according to the report. Mr. Rankin's base salary was higher in 2009 at $955,282 due to performance bonuses.
"Vesting" on a SERP for Mary Washington executives means an executive meets the plan's age and years-of-service requirements and then takes ownership of the money, while also paying taxes on it. Many SERP payments at other institutions do not go into effect until an executive actually retires.
In 2010, Mr. Rankin had a base salary of $638,659. Combined with the SERP payment of almost $2.4 million, his total compensation was approximately $3.03 million, according to the report. Mr. Rankin's base salary was higher in 2009 at $955,282 due to performance bonuses.
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