SAN FRANCISCO — While Pacific Gas & Electric Co. hopes to pay millions of dollars in bonuses to retain its current managers, dozens of retired high-ranking PG&E executives have lined up as creditors in the utility's bankruptcy case, saying part of their pensions have stopped coming.
The retirees--ranging from chief executive officers to vice presidents--are upset to find themselves among those owed money by the company they once ran, their attorney said.
"Some are more so than others, depending on how it has affected them financially," John T. Hansen said. "They think the company . . . should have done something to avoid this situation. Most were career employees . . . and represent close to 1,000 years' service to a company they felt owed them better treatment than this."
A company spokesman said a portion of the executives' pensions was not guaranteed and "unfortunately" had to be suspended once the company filed for bankruptcy protection.
PG&E filed for Chapter 11 protection from creditors April 6, declaring $9 billion in debts related to the energy crisis. The company identified thousands of creditors, including vendors, banks and energy companies that supplied power to the utility's customers.
But because of their longtime service to PG&E, the 33 former executives are perhaps the most unlikely group to band together and hire an attorney to ensure they receive their due as the company's financial affairs are reorganized.
Among them are onetime CEOs Frederick Mielke, Richard A. Clarke and Stanley T. Skinner. Former PG&E presidents George Maneatis and Barton W. Shackelford also are claimants, along with former vice presidents who oversaw such areas as natural gas and electricity supplies, engineering, customer service and human resources.
Court records list them as the Committee of PG&E Retirees and Survivors, which was formed to seek their benefits under what is known as the Supplemental Executive Retirement Plan. The plan was designed to provide additional retirement benefits to PG&E's highest-paid employees.
Unlike the pensions of rank-and-file workers, the supplemental plan was not secured, or guaranteed, under federal retirement rules.
"Part of their pensions are protected, but in many cases that is a small part of their pensions," lawyer Hansen said. "The more you make, the greater part of your pension is not qualified, or protected."
