Benefits & Executive Compensation News

Former Nonprofit Executive Wins $274,339 in Annual Benefits

Feb. 18, 2020, 4:12 PM

A New York nonprofit organization owes $274,339 per year in retirement benefits to its former chief financial officer, who said she was blocked from the executive retirement plan because of her sex, the Southern District of New York ruled.

Karen Wegmann is entitled to an annual annuity payable in monthly installments beginning on her 65th birthday in 2022, Judge Katherine Polk Failla ruled. Failla calculated the annuity using a 2008 amendment to the Young Adult Institute Inc.'s executive retirement plan, which produced a higher benefit than Wegmann would have received under the plan’s original formula from 1985.

Failla’s Feb. 14...

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