, he worked for the Lawrence Livermore National Laboratory.
Under the negotiated deal, ABC moved into XYZ's offices, but the retiring
partners maintained their existing entity, into which their compensation was paid and in which they were the only remaining employees.
It would be good practice for the audit committee to require management or the board to advise it of any plans that the company has to appoint any retiring
partner to the board of directors.
Increasingly, however, more and more retiring
CEOs don't feel "used up" and are not ready for an indolent retirement.
According to figures from the Bureau of Labor Statistics, an average worker "at a medium or large-size firm" making $35,000 and retiring
at age 65 with 30 years service can expect about $10,800 a year in pension payments from his employer.
The reasons for a retiring
CEO to leave the board of directors have almost nothing to do with the concept that he or she would end up dominating the board agenda and decisions.
Part of the difference between the age when retirees report retiring
and when nonretirees expect to retire may be a generation gap, with current workers expecting to live longer and planning to continue working later in their lives.
in 1993, he worked on the Commission on Security and Cooperation in Europe and as a senior reviewer on the Systematic Declassification Review Program.
If a retiring
partner plans to continue to come to work, the firm and the partner should define what that work will be and what both should expect.
And if you are less than 10 years away from retiring
, income generating assets such as municipal bonds are probably the wisest choice.
In some cases, retiring
partners may elect to continue to have an interest in the partnership's investment program after retirement.
For some, retiring
early means taking on more work.