Phoebe Putney discusses $7 million retirement for CEO

Board members met today to discuss the hospital's budget. (Source: WALB)
Board members met today to discuss the hospital's budget. (Source: WALB)
The IRS tax forms will be on the hospital's website. (Source: WALB)
The IRS tax forms will be on the hospital's website. (Source: WALB)

ALBANY, GA (WALB) - Board members of Phoebe Putney Memorial Hospital reviewed the year's tax filings Thursday morning, including their executive salaries and retirement funds.

"As soon as Mr. Wernick reached a certain level of knowledge, expertise and hair color, and also the age of 62, he became vested at reaching normal retirement age," said Phoebe Putney Memorial Hospital's Chief Financial Adviser Brian Church.

Seven million dollars that Joel Wernick has vested in his retirement plan as Phoebe CEO.

Phoebe board members reviewed the hospital's 2017 tax reports, they talked about the year's revenue, but the main take away from today's meeting is the $7 million Joel Wernick will be getting from the hospital to retire.

"The Senior Executive Program, as I mentioned, was started in 2007. There is a Phoebe Putney Health System Compensation Committee that uses independent advisers. Their names are SullivanCotter that meet with the board, separate from any executives, including Mr. Wernick, and advises the board on compensation elements," said Church.

Wernick's salary is listed at $765,000 a year. He worked for the hospital for 28 years, so he is receiving around $250,000 in retirement per year he worked.

The board did vote to approve the tax forms before Friday's deadline to submit them.

The IRS 990 filing also shows that the hospital provided $60 million worth of charity and indigent care for those in need.

The hospital will also be deciding on whether or not to keep the visitation restrictions from flu season all year round. They will vote on that next month.

The tax forms will be on the hospital's website in the next couple of days as well.

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