Pinnacol officials face Colorado lawmakers
June 7, 2010
DENVER (AP) – Colorado lawmakers are questioning huge salaries and bonuses paid to executives of the state-chartered workers’ compensation insurer Pinnacol Assurance.
A state audit released Monday found the quasi-governmental agency paid more than $1.9 million in bonuses to employees from 2007 to 2009.
Lawmakers also were stunned to learn that executives set up golden parachutes that require the company to pay them up to $4.3 million if lawmakers change the way the company is run, including guaranteed salaries, bonuses and benefits.
The state established what eventually became known as Pinnacol Assurance to provide workers compensation insurance to any company that needs it. It doesn’t pay any state or federal taxes.