Industry News

Former NAR CEO among highest-paid association execs

McDermott received $2.6 million in total compensation in '04

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Terrence McDermott, who stepped down last year as CEO for the National Association of Realtors trade group, received total compensation in 2004 of about $2.63 million, which included annual salary as well as accrued merit bonuses and past earnings from a mutual fund program. He also received $119,211 in contributions to an employee benefit plan in 2004, according to a tax document filed by the trade group. American Banker, a news source for the financial services industry, reported that McDermott was the highest-paid executive in a survey of 11 real estate and financial trade association executives. According to the Realtor group's Form 990 filing with the Internal Revenue Service, which is required for some organizations that are exempt from income taxes, the group spent about $26.7 million on other salaries and wages in 2004, $2 million in pension plan contributions, and $3.2 million in other employee benefits in 2004. The 2004 form is the latest publicly available information for t...