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Cuts in bonuses and final payouts have exacerbated the situation, leaving many people facing sizeable shortfalls.
Mr. Feinberg's preliminary guidelines for the final payouts, for instance, say that "proximity" to the gulf will factor heavily in who gets paid and how much.
Standard Life is the latest in a line of insurers to announce cuts to bonus payments and final payouts, and its reductions were in line with expectations.
The S.E.C. approved that compensation plan backed by Mr. Becker in the fall of 2009, though final payouts and clawbacks from those who gained in the scheme are being determined in the court system.
They were told that increases in salary of up to 70% between 1999 and 2002 were "way out of line" when their policyholders were suffering as a result of deep cuts to policy bonuses and final payouts.
"Putting a Value on Lives" (editorial, Jan . 24 was right to take politicians to task for criticizing Kenneth R. Feinberg, the special master of the Sept. 11 Victim Compensation Fund, for deducting life insurance payments or pension benefits from final payouts under the fund.
Similar(51)
However, the amounts they forgo in the final payout will be considered a way of making good on their pledges.
An option to stick with current payments could reduce the final payout to nearer half a worker's final salary.
In retirement, Houston earned $42 million, the final payout from the six-year, $100 million contract he signed in 2001.
Objections to the final payout plan were the subject of hearings in Chicago last week and will undergo the final phase of hearings in New York next month.
According to the Wall Street Journal, the relationship paid around $403m to the two men, including the final payout, which partly covered outstanding bonuses.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com