California Public Employees Retirement System board members urged PacifiCare Health Systems Inc. and UnitedHealth Group Inc. on Monday to trim a proposed $345 million executive bonus package included in the companies' planned merger.
Under the proposed $8.1 billion deal, the Minnesota-based United Health would acquire PacifiCare Health Systems. If approved, the combined companies would have about 25 million customers.
State Treasurer Phil Angelides, a CalPERS trustee, urged the board to oppose the bonus package, which would include $230 million in accelerated stock options and payments for PacifiCare executives - plus another $85 million in "signing bonuses" for top executives who stayed with the company.
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