|
source:
PRC Annual Report of The Securities Exchange Act-page 38(11/27/08)
Postmaster, Supervisor
Groups Reject Pay Freeze (PDF)
we cannot agree to either forego or
defer the upcoming NPA payouts scheduled for January 2009. The attorneys
with whom we have consulted on this issue believe that the Postal Service
does not have the right to demand that we re-open pay consultations
or change the pay agreement in any way -
(10/30/08)
Postmasters League President
Speaks Out On Pay Raises
-
While the management associations are committed to helping the Postal
Service find its way out of the predicament in which it finds itself, taking
a pay raise away from Postmasters and supervisors is not the right thing
to do. It is the position of Naps, Napus, and the League that the U.S. Code
prevents the Postal Service from unilaterally opening pay consultations,
and we have informed Postal Headquarters of our opinion. I absolutely don’t
foresee Postmasters and supervisors giving up their raises.
(10/30/08)
NAPS
and Postmaster Organizations Say “No” to Pay Concessions
Minutes of Meeting Between USPS HQ and Postal Management
Associations (10/30/08)
Big Pay Increases Approved For Top Postal Service
Officers (1/22/08)
|
|
Fiscal Year 2009 Executive Officer Compensation
Summary Compensation Table
|
Name and
principal position
|
Year
|
Salary ($)
|
Bonus ($)
|
Non-equity incentive plan compensation ($)
|
Change
in pension value and Nonqualified deferred compensation earnings
($)
|
All other compensation ($)
|
Total ($)
|
|
(a)
|
(b)
|
(c)
|
(d)
|
(g)
|
(h)
|
(i)
|
(j)
|
|
John E. Potter
|
FY09
|
$265,320
|
-
|
-
|
$393,054
|
$76,276
|
$734,650
|
|
Postmaster General, CEO
|
FY08
|
$263,575
|
-
|
$135,041
|
$381,496
|
$77,347
|
$857,459
|
|
Joseph Corbett
|
FY09
|
$150,385
|
$75,000
|
-
|
$ 11,891
|
$ 7,121
|
$244,397
|
|
Chief Financial officer & Executive
VP
|
FY08
|
-
|
-
|
-
|
-
|
-
|
-
|
|
H. Glen Walker
|
FY09
|
$ 93,077
|
-
|
-
|
$
3,279
|
$ 8,391
|
$104,747
|
|
Chief Financial Officer & Executive
VP
|
FY08
|
$218,654
|
-
|
$ 11,700
|
$ 30,352
|
$18,988
|
$279,694
|
|
Patrick R. Donahoe
|
FY09
|
$240,000
|
-
|
-
|
$317,538
|
$39,591
|
$597,129
|
|
Deputy Postmaster General & COO
|
FY08
|
$238,654
|
-
|
$ 36,000
|
$316,805
|
$ 8,567
|
$600,026
|
|
Anthony J. Vegliante
|
FY09
|
$230,000
|
-
|
-
|
$199,763
|
$10,627
|
$440,390
|
|
Chief Human Resources Officer & Executive
VP
|
FY08
|
$228,654
|
-
|
$ 32,200
|
$209,273
|
$12,693
|
$482,820
|
|
Robert F. Bernstock
|
FY09
|
$232,500
|
$85,000
|
-
|
$ 31,041
|
$13,415
|
$361,956
|
|
President, Shipping and Mailing Services
|
FY08
|
$ 58,125
|
$85,000
|
$ 15,500
|
$ 7,195
|
$ 3,041
|
$168,861
|
|
Note: Column
(c) Salaries for executive level officers were frozen for calendar
year 2009. The salary amounts vary from FY09 and FY08 because USPS
salaries are based on the calendar year and not the fiscal year.
Therefore, FY08 salary numbers include a portion of 2007 salary
figures. In addition, the values in the above table for Mr. Walker
are as of February 27, 2009, which was the end of his tenure as
CFO. Joseph Corbett assumed the position of Chief Financial Officer
as of January 31, 2009, and therefore did not earn FY08 salary.
Robert Bernstock assumed the position of President, Shipping and
Mailing Services, as of June 30, 2008.
Column (d) The
payment amounts listed for Mr. Corbett and Mr. Bernstock reflect
lump sum incentive compensation that was required to recruit and/or
retain these individuals. Any amounts that could not be paid to
these individuals due to the compensation cap have been deferred
for future payment. Pursuant to his contract with the Postal Service,
Mr. Corbett was awarded a recruitment amount of $75,000; he was
paid $50,000 of this award in FY09 and the remainder was deferred.
Pursuant to his contract with the Postal Service, Mr. Bernstock
was awarded a recruitment amount of $85,000 in FY08 and a retention
amount of $85,000 for FY09; he was paid the full amount of his recruitment
payment in FY08 and $35,000 of his retention payment in FY09, with
the remainder being deferred.
Column (g) Mr.
Potter’s non-equity incentive plan compensation was deferred for
FY08 due to the compensation cap and will be paid in ten annual
installments after he leaves postal employment. The $0 amounts in
this column reflect that, for FY09, no performance-based incentive
compensation was awarded to executive officers.
Column (h) Mr.
Potter, Mr. Donahoe, and Mr. Vegliante all participate in the Civil
Service Retirement System, which is a defined benefit plan. Mr.
Corbett and Mr. Bernstock (and Mr. Walker while he was a postal
employee) participate in the Federal Employees Retirement System,
a portion of which is a defined benefit plan. The calculation of
retirement annuities under CSRS and FERS is explained on page 39
in the Retirement Annuities section of this Compensation Discussion
and Analysis. The amounts shown in column (h) for each of these
individuals are the amounts by which the value of their annuities
has increased since the end of fiscal year 2008. “Nonqualified deferred
compensation earnings” is defined as above-market earnings on deferred
income. There were no reportable amounts of non-qualified deferred
compensation earnings for the named executive officers in 2009,
with the exception of Mr. Corbett whose above-market earnings on
deferred income is $106.
Column (i) For
all executive officers listed, the ‘All Other Compensation’ category
includes: financial planning services, Thrift Savings Plan employer
matching contribution for FERS employees, non-cash awards, parking,
physical examinations, life insurance premiums paid for by the Postal
Service, airline clubs, and spousal travel. Security costs valued
at $69,067 are also included for the Postmaster General. A relocation
payment valued at $30,335 is also included for the Deputy Postmaster
General. The amounts listed in this column for Mr. Corbett, Mr.
Walker and Mr. Bernstock include the amounts these individuals received
in TSP matching funds in FY09.
Name Grant Date
Estimated Future Payouts Under Non-Equity Incentive Plan
Awards
Threshold ($) Target ($) Maximum ($)
(a) (b) (c) (d) (e)
John E. Potter October 2009 $ 14,817 $ 33,422 $ 104,445
Joseph Corbett October 2009 $ 12,608 $ 28,440 $ 88,875
H. Glen Walker N/A - - -
Patrick P. Donahoe October 2009 $ 13,406 $ 30,240 $ 94,500
Anthony J. Vegliante October 2009 $ 12,821 $ 28,920 $ 90,375
Robert F. Bernstock October 2009 $ 12,874 $ 29,040 $ 90,750
Note: Columns (c)-(e). The USPS Pay-for-Performance (PFP)
program relies on a 15-point scale with clearly defined and
transparent corporate goals. The PFP plan target in any
given year is set at a rating of 6. Incentives are not paid
for any rating below or equal to 3 .The maximum threshold
for payment is set at a rating of 15. Individual ratings
vary but the corporate score is used as the regulator.
PENSION BENEFITS
The table below shows the present value of accumulated
pension benefits payable to the named executive officer.
Name Plan name Number of years credited service (#) Present
value of accumulated benefit ($)
(a) (b) (c) (d)
John E. Potter USPS Pension Benefit n/a $1,350,318
John E. Potter CSRS Annuity 31 Years $2,846,111
Joseph Corbett FERS Annuity 1 Year $
11,785
H. Glen Walker FERS Annuity 3 Years $ 63,981
Patrick R. Donahoe CSRS Annuity 34 Years $2,840,108
Anthony J. Vegliante CSRS Annuity 32 Years $2,371,464
Robert F. Bernstock FERS Annuity 1 Year $ 38,236
Note: Column (d) Mr. Potter is the only USPS officer who
also has a USPS Pension Benefit pursuant to contractual
agreement. The amount in the first line in column (d) above
for Mr. Potter is payable for his attainment of required
performance objectives over the six-year period from June
2001 – June 2007 and was not based on Mr. Potter’s years of
service to the Postal Service. Since 2007, the Board has not
continued the USPS Pension Benefit and has frozen the amount
of that benefit. Instead, since that time, Mr. Potter has
been eligible for a performance incentive each year if he
meets required performance objectives. The above amount of
USPS Pension Benefit will be paid to Mr. Potter in monthly
installments during his lifetime after he leaves postal
employment, with a survivor annuity equal to 55% of the
amount payable to Mr. Potter. All officers, including Mr.
Potter, are eligible for CSRS or FERS retirement benefits
available to career employees of the Federal Government.
These benefits are described in the Retirement Annuities
section of this Compensation Discussion and Analysis. The
present value of the accumulated CSRS or FERS benefit
represents the value of the pension over the actuarial
lifetime, as of September 30, 2009. Mr. Corbett, Mr. Walker
and Mr. Bernstock participate in FERS and the other named
executive officers participate in CSRS. The present value
for Mr. Walker is calculated as of February 27, 2009, which
was the end of his tenure as CFO. Mr. Potter and Mr. Donahoe
are eligible for early retirement, the calculation of which
is described in the Retirement Annuities section of the
Compensation Discussion and Analysis. The valuations for Mr.
Potter and Mr. Donahoe reflect reductions that would apply
for early retirement, as neither of these individuals has
reached the age required for optional retirement. The
valuations for Mr. Corbett, Mr. Walker and Mr. Bernstock
assume that they have satisfied vesting requirements for
retirement; however, because of their short tenure with the
Postal Service, their retirement annuities have not vested.
|
|
source:
http://www.usps.com/financials/_pdf/FY_2009_10K_Report_Final.pdf
|
| |
Fiscal Year 2008 Postal Executive Officer Compensation
Summary Compensation
Table
|
Name
and principal position
|
Year
|
Salary ($)
|
Bonus($)
|
Non-equity incentive plan compensation($)
|
Change in pension value and Nonqualified deferred
compensation earnings ($)
|
All other compensation($)
|
Total ($)
|
|
(a)
|
(b)
|
(c)
|
(d)
|
(g)
|
(h)
|
(i)
|
(j)
|
|
John E. Potter
|
FY08
|
$263,575
|
$0
|
135,041
|
$381,496
|
$77,347
|
857,459
|
|
Postmaster General, CEO
|
|
H. Glen Walker
|
FY08
|
$218,654
|
$0
|
$11,700
|
$30,352
|
$18,988
|
$279,694
|
|
CFO & Executive VP
|
|
Patrick R. Donahoe
|
FY08
|
$238,654
|
$0
|
$36,000
|
$316,805
|
$8,567
|
$600,026
|
|
Deputy Postmaster General & COO
|
|
Anthony J. Vegliante
|
FY08
|
$228,654
|
$0
|
$32,200
|
$209,273
|
$12,693
|
$482,820
|
|
Chief Human Resources Officer & Executive VP
|
|
Mary Anne Gibbons
|
FY08
|
$218,654
|
$0
|
$26,400
|
$82,875
|
$10,388
|
$338,317
|
|
Sr. VP, General Counsel
|
Note: Column (g) The amount listed
for Mr. Potter in this column reflects the pay-for-performance amount the
Governors awarded to Mr. Potter based on the Postal Service’s overall national
NPA performance ($18,300) plus the amount of incentive compensation the
Governors awarded to Mr. Potter pursuant to his employment agreement ($116,741).
Mr. Potter’s non-equity incentive plan compensation is deferred due to the
compensation cap and will be paid in ten annual installments after he leaves
postal employment. The amounts listed for the other named executive officers
are the amount Mr. Potter awarded to these individuals based on the NPA
score and individual performance.
Column (h) Mr. Potter, Mr. Donahoe,
and Mr. Vegliante all participate in the Civil Service Retirement System,
which is a defined benefit plan. Mr. Walker and Ms. Gibbons participate
in the Federal Employees Retirement system, a portion of which is a defined
benefit plan. The calculation of retirement annuities under CSRS and FERS
is explained on pages 36 and 37 in the Retirement Annuities section of this
Compensation Discussion and Analysis. The amounts shown in column (h) for
each of these individuals are the amounts by which the value of their annuities
has increased since the end of fiscal year 2007. "Nonqualified deferred
compensation earnings" is defined as above-market earnings on deferred income.
There were no reportable amounts of non-qualified deferred compensation
earnings for the named executive officers in fiscal year 2008.
Column (i) For all executive officers listed, the
‘All Other Compensation’ category includes: financial planning services,
Thrift Savings Plan employer matching contribution for FERS employees, non-cash
awards, parking, physical examinations, life insurance premiums paid for
by the Postal Service, airline clubs, spousal travel. Security costs valued
at $ 69,253 are also included for the Postmaster General .
More Info On Executive Officer Compensation 2008
Excerpts from report:
After reviewing data provided
by the consulting firm and recommendations from the Compensation Committee
and the Postmaster General, the Board approved for fiscal year 2007 salary
ranges for the Postmaster General, other executive officers and other high-level
Postal Service officers commensurate with their scope of responsibility
and within the confines of the statutory compensation caps. The Board determined
that the Postmaster General’s salary should be set at the legislative salary
cap, and that the Deputy Postmaster General and the other executive officer
salary bands should be based on salary relationships of comparable executive
officers in the comparator marketplace. The Board authorized the Postmaster
General to establish actual salaries for the other executive officers, within
the confines of the salary ranges established by the Board. After experience
with the salaries for fiscal year 2007, the Board again reviewed recommendations
from the Compensation Committee and the Postmaster General and increased
salary ranges by 2.5% for fiscal year 2008
Determinations on salary increases are made after the end of the fiscal
year and new salaries become effective for the following calendar year.
For calendar year 2008, based on fiscal year 2007 performance, the Postmaster
General increased the other named executive officers’ salaries by an average
of 2.25%.
To remain competitive with the comparator marketplace, the Postal Service
also offers the following additional benefits to its executive officers:
periodic physical examinations, parking, financial counseling services,
employer-paid life insurance premiums, and membership in up to two airline
clubs per year.
The Postal Service currently has nine
executive officers. The executive officers are:
|
Name
and Age
|
Positions and Experience
|
|
John (Jack) E. Potter, Age 53
|
72nd Postmaster General, Chief Executive Officer
and member of the Board of Governors since June 2001. Chief Operating
Officer and Executive Vice President from October 2000 to June 2001
and Senior Vice President, Operations from February 1999 to October
2000.
|
|
Patrick R. Donahoe, Age 52
|
19th Deputy Postmaster General, Chief Operating Officer
and a member of the Board of Governors since April 2005. Chief Operating
Officer and Executive Vice President during the years 2001 to 2005.
Senior Vice President Operations from February 2001 to September 2001.
|
|
Robert F. Bernstock, Age 57
|
President, Shipping and Mailing Services since June
2008. Chairman and Chief Executive Officer, Securesheet Technologies,
a private software company, from September 2006 to June 2008. President
and Chief Operating Officer and prior to that Executive Vice President,
The Scotts Miracle-Gro Company, a marketer of branded consumer products
for lawn and garden care, from 2003 to 2006. Senior Vice President and
General Manager, The Dial Corporation, a leading manufacturer of consumer
products, from 2002 to 2003. Mr. Bernstock serves as a director on the
Boards of the following public companies: Nutri System Inc., The Pantry,
Inc., and KBL Acquisition Corp. IV.
|
|
Mary Anne Gibbons, Age 58
|
Senior Vice President and General Counsel since December
2003. Vice President and General Counsel from 1999 to December 2003.
|
|
Stephen M. Kearney, Age 52
|
Senior Vice President, Customer Relations since July
2008. Vice President of Pricing and Classification from September 2001
to July 2008.
|
|
Linda A. Kingsley, Age 46
|
Senior Vice President of Strategy and Transition
since January 2007. Vice President of Strategic Planning from August
2003 to January 2007.
|
|
Ross Philo, Age 56
|
Executive Vice President and Chief Information Officer
since February 2008. Director of Global Energy Solutions from December
2006 to February 2008 at Cisco Systems. President and Chief Executive
Officer from August 2006 to December 2006 of Visean Inc., a global startup
company providing remote data communication services for the oil and
gas industry. Senior Vice President and Chief Information Officer at
Halliburton from December 2003 to April 2006.
|
|
Anthony J. Vegliante, Age 57
|
Chief Human Resources Officer and Executive Vice
President since April 2005. Vice President, Labor Relations from February
1999 to April 2005.
|
|
Harold Glen Walker, Age 56
|
Chief Financial Officer and Executive Vice President
since August 2006. Vice President of Finance and Chief Financial Officer
for Invensys Controls, a company specializing in making parts for heating,
cooling and safety products, from September 2001 to October 2002. Vice
President of Finance and Chief Financial Officer for Europe, the Middle
East and Africa of the appliance manufacturer Whirlpool Corporation
from September 1990 to March 2001.
|
|
|
