You Might Want to Add “Well-Paid” to the Motto…
Two of the top 25 highest-paid charity executives in the United States have ties to North Texas nonprofits, says a report from the American Institute for Philanthropy that was released a few minutes ago. Guess what helped push them over the top: That’s right, deferred retirement and severance pay. Follow the jump to see who they are and for whom they work.
David J. Ross II, as assistant chief scout executive at the Irving-based Boy Scouts of America, earned just over $2 million, thanks to a $1.1 million payout in deferred retirement. He ranked third in the top 25. Ross no longer works for the scouts. Next comes M. Cass Wheeler, executive director and CEO of the American Heart Association, who took home about $785,000. That includes $146,000 from his retirement plan, but not the $245,000 in other retirement payouts that he still anticipates. Wheeler landed 17th on the list. They expect him to retire at the end of this year.
And who finished on top? Dr. Harold Varmus, the president and CEO of Memorial Sloan-Kettering Cancer Center in New York. He nabbed $3 million without a nickel of retirement pay.
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How many years did these people serve within their organization?
Yes, that does seem like a big number; however, if we divide that over 50 years of service that comes to $22,000 in retirement earnings a year (after accumulated interest).