Salinas Valley Memorial Healthcare Officials Defend CEO's $4M Retirement Package

Salinas (Calif.) Valley Memorial Healthcare System officials are defending the retirement package offered to outgoing president and CEO Sam Downing, who officially leaves his post on Saturday, according to a Monterey Herald report.

Mr. Downing will collect nearly $4 million on top of his $150,000-per-year pension. The amount has drawn heavy criticism from union leadership, who say that the package is "outrageous" in a time when hospital district administration is looking to cut staff and reduce costs. Mr. Downing has previously received flack for his $668,000 base annual salary, which ranks third-highest in the state among public employees.

According to the report, Mr. Downing's retirement pay is one of the highest in the state for a public official. The retirement plan was reportedly split into several accounts to bypass IRS rules on the size of individual plans, a common structure for hospital executive retirement packages.

Salinas Valley Memorial Healthcare System officials have said Mr. Downing has worked hard and deserves a great retirement, having devoted his career to growing the organization from a small, community hospital to a top health system.

Read the Monterey Herald report on Sam Downing.

Related Articles on Compensation:
Hospital CEO's Supplemental Retirement Pay Under Fire in California
Medical Directorship Compensation Varies Based on Specialty
More Money, More Paperwork for Independent Locum Tenens Physicians

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars

>