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What Jim Purcell gets…

April 27, 2011

Jim Purcell, the CEO of Blue Cross Blue Shield of Rhode Island, is retiring at the end of the year.  When I told Scott Mackay, my WRNI co-worker and one half of  our  “On Politics Blog,”  about Purcell leaving, his first question was  “how much money does he get?”

According to BCBS, he won’t get a severance package, but he does get something else called a “supplemental executive retirement plan benefit.”  What does that mean?  Here’s what the spokeswoman told me-

As a matter of policy, we do not typically disclose the amount of any employees’ retirement benefits.  However, given Jim’s longstanding efforts to increase transparency and act in accordance with the highest ethics and integrity, we are disclosing that Jim will be receiving a qualified defined benefit pension of about $55,000 a year (for life).

In addition, Jim will receive a non-qualified SERP of $3,311,149 paid in two lump-sum installments, about half in 2012 and the remaining half in 2014.  Jim’s retirement benefits are consistent with industry benchmarks and have been designed to be competitive, fair and equitable, as well as compliant with any applicable regulatory guidelines.

So there you go- 3.3 million dollars in not a severance package but something that seems sort of like one.

2 Comments leave one →
  1. Craig permalink
    April 27, 2011 6:05 pm

    That would buy a lot of medical care for the uninsured, man. thanks for reporting this!

  2. April 27, 2011 7:30 pm

    Thank God! For a second I thought it was a bloated seven figure severance package. What a relief that it’s only a bloated seven figure SERP.
    But to be fair, Mr. Purcell’s base salary was only a bit over $600,000 a year, so clearly this is a “make good” the earlier sacrifices he made for all of us…

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