Report: Ousted United Way CEO engineered ($2.1M) pension

[babylonsister]

Report: Ousted United Way CEO engineered pension
By Eric Frazier and Mark Price
Posted: Monday, Dec. 15, 2008


Former United Way CEO Gloria Pace King engineered her new $2.1 million pension two years ago after ignoring a lawyer's concerns that she was already highly paid and any new benefits might violate federal tax rules, a new report says.

Inattentive leaders on the United Way's board of directors failed to stop her, the report says, ultimately approving a plan that has crippled the agency's public standing, undermined its current campaign and cost King her job. News of the controversy has damaged public confidence in United Ways across the country, said the report's principal author, Charlotte attorney Bob Sink.

The board's compensation and executive committees acted “without sufficient information, attentiveness, independence and sensitivity, abetted by a flawed process in which authority and responsibility were ill-defined and broadly delegated,” says the report by Sink's committee.

“The pain, damage and embarrassment of recent events should linger long in the minds of future compensation committees and boards. They should be prepared to defend without apology the decisions they make – those that will be made public and those intended to remain confidential.”

Those stinging conclusions headline Sink's long-awaited study, which was commissioned by the United Way of Central Carolinas amid the furor that followed reports of King's deal.

more...

http://www.charlotteobserver.com/breaking/story/416564.html

[Ichingcarpenter]

1. The United Way raised $25.4 million this year -- $20 million shy of last year's $45 million.

A $2.1 million pension, is that for the 14 years she was there or is that what
she gets every year now that she is retired?

I didn't know charity and poverty paid this well.

[malaise]

2. How much is Liddy Dole receiving

from the Red Cross?

[stillcool]

3. I found it interesting that in the Blago tape....

when they were discussing where the money was..a charitable foundation and the Dept. of Energy were seen as lucrative. I guess there's lots of ways to dip as the money gets funneled through. Probably not as many of those pesky government controls to loophole through.

[malaise]

6. Ding ding

Thieves know where to find the money - always. :D

[Wickerman]

4. Didn't they have CEO troubles just a decade or so ago?

Maybe they are simply too big to not let fail. :shrug:

[babylonsister]

5. I know the Red Cross did, right around the time of 9/11. Don't

recall the United Way, but wouldn't be surprised.

[DemoTex]

7. William Aramony

Mid-1990s (1995 I think).

[Wickerman]

9. thats the one

I was doing a lot of volunteer stuff with UW close to that time, kinda annoyed me...

[LiberalFighter]

8. Additional information

This is The United Way of Central Carolinas.

Talking Points July 2008


The board needs to be removed as they were responsible for this too.

[FarCenter]

10. United Way is a slush fund, collected from employees, that corporations can use for influence

[burythehatchet]

11. The way they coerce employees to set up PAYCHECK DEDUCTIONS is infuriating