McEvoy’s severance could equal $1.15 million

Outgoing CEO Larry McEvoy will receive a total severance package exceeding $1 million, under term of an agreement still to be finalized by the Memorial Health System Board of Trustees and McEvoy.

The agreement is more than his contract requires, and includes the 2007 Toyota Camry Hybrid with 45,000 miles on it, McEvoy’s unused vacation time, his Public Employees Retirement Association pension and 18 months salary.

It breaks down like this:

– !8 months salary worth $1,005,000

– 18 months COBRA (health insurance) worth $25,794, which is Memorial’s share only.

– PERA’s non-vested accrued at $11,733. Until 2011, employees didn’t have to be fully vested in order to receive the 4 percent employer contribution.

– Outplacement services worth $20,000 to help McEvoy find another position.

McEvoy said earlier this week he wanted to continue to work in the health care administration arena, building systems that benefit both the patients and the community.

“That’s the way to develop health care that is economically sound, ” he said. “I think I’ll continue to work in that sphere.”

To read more about McEvoy’s future plans and the response around his departure from Memorial, click here.

2 Responses to McEvoy’s severance could equal $1.15 million

  1. Get that hospital sold! The city’s PERA liabilities will skyrocket when the state’s unconstitutional taking of fully-vested retirement benefits (SB 10-001) is struck down in the courts!

    COLORADO PERA PENSION THEFT LAWSUIT SCHEDULE AND HOW TO HELP.

    The group fighting the Colorado Legislature’s theft of contracted pension benefits (saveperacola.com) posted a Colorado Court of Appeals schedule on their website today (as follows):

    “We have received notice of the following scheduled dates for the lawsuit:
    4/23/12 – Appellees to Supplement Record
    5/29/12 – Appellee’s Answering Brief
    6/12/12 – Appellant’s Reply Brief

    PERA and the State of Colorado are the appellees. Gary R. Justus et al are the appellants.”

    Saveperacola also posted a request for help from Colorado PERA members, retirees and any others who support the rule of law in the United States. Saveperacola is raising funds for attorney fees to combat the theft of retirement benefits that were earned by PERA members over decades.

    Are you a PERA member or retiree? Have you paid into PERA for many years? Do you expect the Colorado Legislature and Colorado PERA to honor their contractual obligations to you?

    Well, your expectations are not grounded in reality.

    It is pathetic, but the Colorado Legislature and Colorado PERA will not honor their legal commitments to you short of a court order. That has become quite clear during Colorado PERA’s political, legal and lobbying campaigns.

    If Colorado PERA members and retirees do not act, our interests will be brushed aside.
    In a nutshell, the Colorado Legislature and Colorado PERA are trying to avoid their debts to public employees. The Colorado Legislature has the ability to “define” a pension “crisis” into existence and then attempt to use that “crisis” to justify the breach of pension contracts.

    The Legislature can create a funding “crisis” by skipping its annual required contributions to the PERA trust funds. For a decade the Colorado Legislature has done just that. It has ignored the level of contributions that it must make every year to the PERA pension in order keep it financially sound. This level of annual contributions (called the ARC) is determined each year by Colorado PERA’s actuaries. To date, the skipped contributions exceed $3.5 billion. Just this week the Colorado Legislature is skipping in annual required pension contributions in order to provide $100 million in discretionary tax relief. Having ignored its obligations for years, the Legislature would like to compensate for its negligence by essentially stealing money from Colorado PERA members and
    retirees.

    The Colorado Legislature and Colorado PERA are also trying to use the volatility of investment markets to justify their breach of contracts. Remember that Colorado PERA members and retirees are members of a defined benefit plan. They do not bear any “market risk.” In a defined benefit pension, “market risk” is borne by the sponsors of the plan, that is, the State of Colorado and Colorado local governments. The Colorado Legislature and Colorado PERA want to retroactively change the terms of our statutory pension contract.

    Here’s a quote from the new post on the saveperaacola website:

    “Remember, the bottom line here is that unless we prevail in this lawsuit, PERA is off the hook for keeping the promises it made to every member and retiree.”

    What can you do? Go to the saveperacola.com website, click on the “Support” tab, and send them a contribution. Call or e-mail every PERA member and retiree you know and ask them send support. Call your public employee union representatives and ask them how they can stand idly by while the Colorado Legislature attempts to breach its contracts with public employees. Colleagues of our public sector union officials across the country are aggressively defending the pension rights of their union members. What has happened in Colorado is truly bizarre.

    To follow developments in the Colorado pension theft lawsuit sign up as a Friend of Save Pera Cola on Facebook.

    Have your friends sign up as Friends of Save Pera Cola. Copy this post and e-mail it to PERA members and retirees you know.

    Al Moncrief
    April 28, 2012 at 10:31 am

  2. COLORADO PERA PENSION THEFT LAWSUIT SCHEDULE AND HOW TO HELP.

    The group fighting the Colorado Legislature’s theft of contracted pension benefits (saveperacola.com) posted a Colorado Court of Appeals schedule on their website today (as follows):

    “We have received notice of the following scheduled dates for the lawsuit:
    4/23/12 – Appellees to Supplement Record
    5/29/12 – Appellee’s Answering Brief
    6/12/12 – Appellant’s Reply Brief

    PERA and the State of Colorado are the appellees. Gary R. Justus et al are the appellants.”

    Saveperacola also posted a request for help from Colorado PERA members, retirees and any others who support the rule of law in the United States. Saveperacola is raising funds for attorney fees to combat the theft of retirement benefits that were earned by PERA members over decades.

    Are you a PERA member or retiree? Have you paid into PERA for many years? Do you expect the Colorado Legislature and Colorado PERA to honor their contractual obligations to you?
    Well, your expectations are not grounded in reality.

    It is pathetic, but the Colorado Legislature and Colorado PERA will not honor their legal commitments to you short of a court order. That has become quite clear during Colorado PERA’s political, legal and lobbying campaigns.

    If Colorado PERA members and retirees do not act, our interests will be brushed aside.
    In a nutshell, the Colorado Legislature and Colorado PERA are trying to avoid their debts to public employees. The Colorado Legislature has the ability to “define” a pension “crisis” into existence and then attempt to use that “crisis” to justify the breach of pension contracts.

    The Legislature can create a funding “crisis” by skipping its annual required contributions to the PERA trust funds. For a decade the Colorado Legislature has done just that. It has ignored the level of contributions that it must make every year to the PERA pension in order keep it financially sound. This level of annual contributions (called the ARC) is determined each year by Colorado PERA’s actuaries. To date, the skipped contributions exceed $3.5 billion. Just this week the Colorado Legislature is skipping in annual required pension contributions in order to provide $100 million in discretionary tax relief. Having ignored its obligations for years, the Legislature would like to compensate for its negligence by essentially stealing money from Colorado PERA members and retirees.

    The Colorado Legislature and Colorado PERA are also trying to use the volatility of investment markets to justify their breach of contracts. Remember that Colorado PERA members and retirees are members of a defined benefit plan. They do not bear any “market risk.” In a defined benefit pension, “market risk” is borne by the sponsors of the plan, that is, the State of Colorado and Colorado local governments. The Colorado Legislature and Colorado PERA want to retroactively change the terms of our statutory pension contract.

    Here’s a quote from the new post on the saveperaacola website:

    “Remember, the bottom line here is that unless we prevail in this lawsuit, PERA is off the hook for keeping the promises it made to every member and retiree.”

    What can you do? Go to the saveperacola.com website, click on the “Support” tab, and send them a contribution. Call or e-mail every PERA member and retiree you know and ask them send support. Call your public employee union representatives and ask them how they can stand idly by while the Colorado Legislature attempts to breach its contracts with public employees. Colleagues of our public sector union officials across the country are aggressively defending the pension rights of their union members. What has happened in Colorado is truly bizarre.

    To follow developments in the Colorado pension theft lawsuit sign up as a Friend of Save Pera Cola on Facebook.

    Have your friends sign up as Friends of Save Pera Cola. Copy this post and e-mail it to PERA members and retirees you know.

    Al Moncrief
    April 29, 2012 at 4:00 pm