"I wonder what they will think about a pay package worth $1.6 million. [ICMA-RC]"

"That’s what Joan McCallen, the president and chief executive officer of International City Management Association Retirement Corp., made last year, according to the nonprofit organization’s IRS Form 990.

Kathryn McGrath, ICMA-RC’s secretary and general counsel, made $1.4 million. Wayne Wicker, senior vice president and chief investment officer, made almost $1.3 million. Another six employees made more than $500,000. In all, 231 of its 689 employees each earned $100,000 or more in 2009.

Created by the International City/County Management Association in 1972, the ICMA-RC provides retirement services for local governments and administers $35 billion, most of which is in proprietary funds, and the rest managed by third parties.

...numbers contained in the ICMA- RC’s IRS Form 990, which showed the head of the corporation had compensation of $6.8 million in 2007 and $4.4 million in 2008.

...In the 990 form for 2007, the organization spelled this out, and said this accounted for $4.1 million of the $6.8 million in compensation listed....

...[ICMA-RC is] a creation of the ICMA, and its 10-member board includes four current or retired government officials and the executive director of the ICMA, who also is a retired government official. The ICMA-RC pays the ICMA a licensing fee..."


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