Irish Medical Organisation chief to retire with €1.5m pension lump sum
The chief executive of the Irish Medical Organisation (IMO) is to retire next March with a lump sum in excess of €1.5 million and a multimillion-euro pension fund, it has emerged.
George McNeice is retiring amid concerns among some members of the doctors’ representative body about its ability to continue funding his remuneration package.
Last month a member wrote to its executive requesting an extraordinary general meeting be convened to discuss the issue. It is unclear whether such a meeting, which requires the signature of 120 IMO members to go ahead, will take place.
In 2003 the IMO granted its chief officer, who has 30 years’ service, a salary of €250,000 plus a discretionary performance-related bonus of 30 per cent of salary. It also committed to making an annual pension contribution of 35 per cent. His current salary is €492,355.
However, while his pension plan was to be based on defined contributions, it has emerged that a former IMO president negotiated a defined-benefit arrangement with Mr McNeice.
The Irish Times understands that the financial implications of funding a defined-benefit pension from when its chief executive reaches his contractual retirement age of 55 had become a source of concern in recent months. Asked last night if the financial stability of the IMO was under threat, a spokesman declined to comment.
The IMO has a membership of more than 5,000 doctors.