Bank of America (NYSE:BAC) CEO Ken Lewis will be able to make ends meet after all when he retires. Unlike his shareholders, the outgoing BofA chief is set to walk away fat, collecting a cool $53 million pension plan.
According to a Fortune report, that should give him about $3.5 million a year in pension payouts for the rest of his life. But that’s not all Lewis will be walking away with.
In addition to retirement benefits and $63 million in pay and perks Lewis has been able to chalk up over the past three years, there are also additional millions in accumulated stock and other comps. Lewis has $10 million in deferred compensation owed to him, notes Fortune, and another $8 million in restricted stock and stock options that will continue to vest over coming years.
At retirement, top execs also typically receive perks such as secretarial services, cars and health care coverage. It is unclear what perks Lewis might receive, if any. What is clear however, is that Ken Lewis is looking forward to his retirement package worth $125 million (this Reuters piece puts Lewis’ total at $125 million), unlike his long-suffering shareholders who bought the stock when he took the reins in 2001 and remain underwater on their investments.