Spiegel’s Retirement Not Included

Did Thomas Spiegel, the chief executive of Columbia Savings, earn $5.46 million or $3.96 million last year?

The Times reported in last Saturday’s editions that Spiegel earned the higher figure, but that included $1.5 million in contributions to his supplemental executive retirement program (SERP). However, the human resources consulting firm of Mercer Meidinger Hansen, which compiled The Times’ compensation survey, does not include contributions to SERPs or other pension-oriented plans, such as 401(k) plans, as part of annual income. That is because executives don’t actually receive those contributions in that year.

Accordingly, Spiegel is listed on today’s survey with the lower figure.