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U.S. markets recover from steep losses
NEW YORK, Nov. 15 (UPI) -- American International Group Inc. says it will distribute $503 million in deferred compensation to its employees, removing an incentive for them to quit.
In a statement released Friday, the troubled New York insurance giant said the payments to about 6,200 of its employees comes from its deferred-compensation programs, and were meant to be disbursed to employees when they quit, the Wall Street Journal reported Saturday.
The program was funded by employee contributions deducted from their paychecks, collected by the company and put into 14 deferred-compensation programs. AIG spokesman Nicholas Ashooh told the Journal that the money will paid out in the first quarter of next year to discourage employees from leaving the company, which is set to receive another $40 billion in U.S. government bailout funds.
AIG last month agreed with New York Attorney General Andrew Cuomo to refrain from distributing $600 million from separate deferred-compensation and bonus pools for its financial-products unit, the Journal said.
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