Soon-To-Be-Ex Bank Of America CEO Has $53 Million Pension

Ken Lewis is probably a little bummed out that he will no longer be the CEO of Bank of America — but how sad can he be with a $53 million pension?

Fortune magazine got a little snarky about it:

That should give him about $3.5 million a year in pension payouts for the rest of his life — at a time when people who bought the stock when he took the reins in 2001 are underwater on their investments.

Although the bank swore off employment contracts and eliminated golden parachutes seven years ago, Lewis can thank a pension plan that dates back decades for his rich retirement rewards.

While this plan was open, certain top executives were eligible to accrue benefits they would receive following retirement in the form of annuity payments.

The article also mentions that Lewis has manged to rake in about $64 million over the past three years. So he’s pretty much set.

The stockholders, however, currently are stuck with investments that are worth less than half their year-ago price and remain below the level when Lewis took over in April 2001.

BofA CEO: $53 million retirement score [Fortune]