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Donald Felsinger, chief executive of Sempra Energy, "is way overpaid," says Graef (Bud) Crystal, former San Diegan who is one of the world's ranking experts on executive compensation. The recent proxy statement for the San Diego-based utility listed Felsinger's total compensation last year at just shy of $21 million. Of that figure, $12.6 million came from SERP, or Supplemental Executive Retirement Plan, says Crystal, adding that SERPs "create a class of senior executives akin to British royalty. And in most instances, they are, in my view, morally wrong." Some people call SERPs "top hat plans."

Crystal recently put together Bloomberg/Business Week's compilation of last year's compensation for 271 chief executives, 189 of whom had SERPs, or plans for top executives providing benefits above those of other retirement plans. The executives getting SERPs got, on average, an extra $1.8 million in the present value of pensions. Five really stood out. The second most egregious was Felsinger's $12.6 million. In coming in second, Felsinger beat out numbers three, four, and five, the chief executives of some big companies: AT&T, Boeing, and Johnson & Johnson.

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Comments

MURPHYJUNK May 12, 2010 @ 12:36 p.m.

the guys that climb the power poles do more to earn their money than Felsinger !

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Don Bauder May 12, 2010 @ 2:08 p.m.

Response to post #1: And the power pole climbers don't enjoy hefty pay. Best, Don Bauder

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a2zresource May 20, 2010 @ 2:34 p.m.

Apparently, Felsinger was paid about $21 million more than Sempra Energy had to contribute to SDG&E's work putting all county power lines underground.

Waiting on 2063 and the end of the wildfires...

NB - a google search of "bloomberg SERP" spit back a link for something I've never seen before, respectfully submitted for your reading pleasure:

BLOOMBERG LAW REPORTS® Executive Compensation

http://www.bloomberg.com/blaw/eclr_20080701.pdf

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a2zresource May 20, 2010 @ 2:39 p.m.

On empirical observation of your avatar, you look just like MURPHYJUNK.

Perhaps nan should be so informed...

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nan shartel May 20, 2010 @ 3:27 p.m.

a2zzresource thx for informing me

and it saddens me even more that such an adroit whistle blowing shotgunner is so poorly portrayed

i therefore offer him my old avatar of a squirrel in a military police uniform

~~lookin' all tuff in stuff at the ready to defunct all political psychobabble into the "just plain smelly crap it really is~~

the MP displayed on the front can be considered to mean MILITANT POLICE

good afternoon pooh bear

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Don Bauder May 20, 2010 @ 7:31 p.m.

Response to post #3: Don't look at me. I won't be around n 2063. Best, Don Bauder

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Don Bauder May 20, 2010 @ 7:32 p.m.

Response to post #4: MURPHYJUNK is my doppelganger. Best, Don Bauder

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Don Bauder May 20, 2010 @ 7:34 p.m.

Response to post #5: That's the first time I have seen "defunct" used as a verb. Best, Don Bauder

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Don Bauder May 20, 2010 @ 7:35 p.m.

Response to post #6: Sick of you? Oh no. You brighten my day. Best, Don Bauder

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nan shartel May 20, 2010 @ 7:53 p.m.

OK so defunct is an adjective or noun...but not in Pooh Land!!!

tanks for letting me stay

i thought perhaps i should tell u now i'm not a child...altho i often act like one and ur spending so much time in Cleveland is what has upended me

~~blush~~

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Burwell May 20, 2010 @ 8:51 p.m.

I feel that there is a flaw in this blog. Bauder should have made an affirmative statement to let the readership know that Felsinger does not have to pay income taxes on his SERP windfall until such time as he is fired, or retires from the company.

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Burwell May 20, 2010 @ 9:01 p.m.

According to the article below, Felshyster can engage in a "SERP Swap" and completely avoid any taxes on his windfall. Is it any wonder Uncle Sam is running a $1.5 trillion annual deficit?

http://www.journalofaccountancy.com/Issues/2000/Oct/TheInsAndOutsOfSerpSwaps.htm

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SurfPuppy619 May 20, 2010 @ 9:49 p.m.

Felshyster can engage in a "SERP Swap" and completely avoid any taxes on his windfall.

There are 42K "lobbyists" in DC, for 535 members of the Congress-they are there to do one thing-get tax breaks for the special interests that pay them.

The country is one giant toilet of special interest money, backroom deals, fraud and corruption-that is why this country is so screwed up.

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SurfPuppy619 May 20, 2010 @ 9:51 p.m.

tanks for letting me stay

Don, don't mess with her...those guns of hers are from serious training, and can do serious damage :)

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Don Bauder May 21, 2010 @ 10:31 a.m.

Response to post #11: You yourself revealed that you weren't a child when you said you had worked for a department store in San Francisco in the late 1950s. People can do math. Best, Don Bauder

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Don Bauder May 21, 2010 @ 10:41 a.m.

Response to post #12: There are several variations on SERPs. I went over the Sempra proxy to see if what you say is correct, and couldn't find it. On what page does the proxy spell this out? Best, Don Bauder

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Don Bauder May 21, 2010 @ 10:43 a.m.

Response to post #13: Interesting info. But the article is from the year 2000. Are these ploys still in effect? Best, Don Bauder

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Don Bauder May 21, 2010 @ 10:45 a.m.

Response to posst #14: No argument there. Read David Cay Johnston. Best, Don Bauder

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Don Bauder May 21, 2010 @ 10:47 a.m.

Response to post #15: Is she a soldier of fortune with Blackwater? Best, Don Bauder

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nan shartel May 21, 2010 @ 11:54 a.m.

16

rub it in why don't ya ....hahahahahahahahaha

listen to surfpuppy

lifting weights as we speak ;-)

ssssssshhhhhhhhhhh don't b lettin' out my Blackwater affiliation

have a good weekend Don

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Don Bauder May 22, 2010 @ 6:36 a.m.

Response to post #21: If you were a gunner for Blackwater, it will make the international headlines soon. Best, Don Bauder

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Don Bauder May 22, 2010 @ 6:40 a.m.

Response to post #22: Those bulging biceps suggest that your San Francisco retail job in the late 1950s was lugging 500-pound crates of merchandise. Best, Don Bauder

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Burwell May 22, 2010 @ 9:47 a.m.

I think that Nan is a man pretending to be a woman to amuse himself.

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David Dodd May 22, 2010 @ 12:08 p.m.

@ #25: Bet you you're wrong about that. In fact, I'm a little surprised that you've offered the opinion. Very few men that I know could volunteer Pablo Naruda up as inspiration, and even less show such obvious empathetic tendencies. You should take a peek at her weblog in here, that'd likely change your mind. Now if y'all will excuse me cough I have a baby shower to attend to...

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nan shartel May 22, 2010 @ 1:13 p.m.

that's Ok Refried..i don't think Don has ever read one of my blogs either

altho i'm hopeful as he is a POOH FAN

i wonder if Pooh...who has written about the Tao...has written anything about the DOW???

and Refried..how come i didn't get invited to that shower???

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SurfPuppy619 May 22, 2010 @ 1:28 p.m.

Nan, I just "friended" your in-law Brian Bilbray on Facebook! Will I see you under his friends list??? In fact I am going to have to go check that right now!

Nope, you're not in there Nan, but Loren "Nan"carrow is! He used to work out at my gym.

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nan shartel May 22, 2010 @ 2:15 p.m.

Loren Nancarrow is a very cool guy...does he still work in broadcasting

let me explain my Facebook dilemma to u Puppy...because he's related thru marriage (my niece that i raised is married to his older brother Bill)i would be very cautious to visit his Facebook account

also i had an account there once and it was one of many that i got hacked and that i lost completely...i never re-uped it

i also had a My Space Poetry Blog for 4 years and during that time i often had my work in the top 50 writers for the day and occasionally in the top 10

i wrote poetry nearly everyday...that blog was deleted and i lost 4 years of writing by the same hacker...as well as my hotmail address..gmail address..and yahoo address

every folder was hacked and all saved writing everywhere was deleted...most of my pictures in Photobucket was emptied

here i write messages thru the Reader only...and rarely...and rarely ever give out my e-mail addresses

once burned twice shy..i would never want Brians Facebook account compromised by my hacker who still lurks...so u won't see me there

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Don Bauder May 22, 2010 @ 3:39 p.m.

Response to post #25: Cross dressing is IN this year. Best, Don Bauder

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Don Bauder May 22, 2010 @ 3:40 p.m.

Response to post $26: And you might get the hell beaten out of you for having done so. Best, Don Bauder

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Don Bauder May 22, 2010 @ 3:43 p.m.

Response to post #26: Are you standing up for the wedding? Or do you intend to be too schnockered to stand up? Best, Don Bauder

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Don Bauder May 22, 2010 @ 3:45 p.m.

Response to post #27: Over the last ten years, there has been one word for the Dow: pooh! Best, Don Bauder

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Don Bauder May 22, 2010 @ 3:48 p.m.

Response to post #29: I don't do facebook, although I do get invitations. Best, Don Bauder

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SurfPuppy619 May 22, 2010 @ 5:24 p.m.

i wrote poetry nearly everyday...that blog was deleted and i lost 4 years of writing by the same hacker...as well as my hotmail address..gmail address..and yahoo address

Oh, that's no good. I am surprised if you wrote poetry it was not done on a home PC and saved to the HDD at home. Too bad about gettign hacked.

I have never been hacked, not yet anyway, I am sure that day will eventually come.

Yes, Loren Nancarrow sure did contribute to the stations he worked at-I have used his ant killing home remedy a few times (the Borax ant mix!!). He was in San Franssisco a few years but he came back to San Diego and that was nice.

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MsGrant May 22, 2010 @ 5:38 p.m.

Sorry, Don, but your blog is being high-jacked by everyday people, yeah, yeah.

Being the ant-slaying type, would you mind giving me that recipe, SP? We are inundated with ants every summer.

Nan, how the hell does that happen?

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SurfPuppy619 May 22, 2010 @ 5:56 p.m.

Cross dressing is IN this year. Best, Don Bauder

I heard JW and JF were caught cross dressing each other at the fire station while talking about their pensions :)

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SurfPuppy619 May 22, 2010 @ 6:04 p.m.

Being the ant-slaying type, would you mind giving me that recipe, SP?

I don't recall exaclty how it went, but SOMETHING like this-you buy a little jar of the Borax at the store, and then mix 1 part Borax, 1 part sugar and then I think like 8 parts water (??) all together and make a sugar/water/Borax mxiture. You then get an old discarded plastic container, and you poke little holes at the bottom of the container so the ants can get in, then you spread the Borax mix inside and put the lid on, and then put the trap out where the ants are. The ants take the bait back to the colony and the Borax is feed to the entire colony and they all die.

Something liek that. Have not used it recently.

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MsGrant May 22, 2010 @ 6:09 p.m.

Thanks, I'll give it a whirl. I hate killing anything directly, therefore would rather they bring it on home.

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Burwell May 22, 2010 @ 9:45 p.m.

Cross dressing is IN this year. Best, Don Bauder

================

If you attempt an assignation with "Nan" you're going to be in for a rude awakening.

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SDaniels May 23, 2010 @ 1:15 a.m.

"Sorry, Don, but your blog is being high-jacked by everyday people, yeah, yeah."

Hee hee. ;)

...speaking of everyday people, Burwell: I think you'd better keep your day job, because moonlighting as a sleuth seems to aim your steps too often towards a dinner establishment called "Lips."

Don't get me wrong, though--I agree, nan would look cute dressed as a man dressed as herself. Viva Felicity Huffman :)

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Don Bauder May 23, 2010 @ 6:12 a.m.

Response to post #36: We're obsessed with someone hacking poetry. Nobody's talking about hack poetry. Best, Don Bauder

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Don Bauder May 23, 2010 @ 6:15 a.m.

Response to posts #37-42: I would rather discuss excessive CEO pay. Best, Don Bauder

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nan shartel May 23, 2010 @ 2:09 p.m.

just remove my unrelated comments Don...no worries

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Don Bauder May 23, 2010 @ 9:11 p.m.

Response to post #45: No, I won't remove them. Many get a kick out of them, including me. Best, Don Bauder

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nan shartel May 24, 2010 @ 10:28 a.m.

i must admit i'm best known for my comic relief

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Don Bauder May 26, 2010 @ 7:08 p.m.

Response to post #47: And those Charles Atlas muscles. Best, Don Bauder

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