New York City Employees' Retirement System trustees will send a letter to board members of MarketSpan expressing their displeasure about the $67 million in severance payments to former Long Island Lighting Co. executives who will have similar jobs at MarketSpan, said Deputy Comptroller Richard Halvorsen.
LILCO was broken apart earlier this year. Some of its assets were merged with KeySpan Energy, which then formed MarketSpan. MarketSpan Chairman William Catacosinos, formerly chairman and CEO at LILCO, is set to receive $42 million in severance.
The $38 billion NYCERS owns about $13 million of MarketSpan stock, said Mr. Halvorsen.