Reply #18: CalPERS Asks Insurers to Cut Exec Bonuses [View All]

[UpInArms]

http://www.newsday.com/business/nationworld/wire/sns-ap-pacificare-united-health,0,928300.story?coll=sns-ap-business-headlines

SACRAMENTO, Calif. -- California Public Employees Retirement System board members urged PacifiCare Health Systems Inc. and UnitedHealth Group Inc. on Monday to trim a proposed $345 million executive bonus package included in the companies' planned merger.

Under the proposed $8.1 billion deal, the Minnesota-based United Health would acquire PacifiCare Health Systems. If approved, the combined companies would have about 25 million customers.

State Treasurer Phil Angelides, a CalPERS trustee, urged the board to oppose the bonus package, which would include $230 million in accelerated stock options and payments for PacifiCare executives -- plus another $85 million in "signing bonuses" for top executives who stayed with the company.

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