Well, at least Bank of America's board did something right, sort of. CEO Kenneth Lewis, who bought Merrill Lynch a year ago even when he knew it would be terrible for Bank of America shareholders, is leaving. No surprise there. Here's what's unusual: Technically he gets no golden parachute. He has no employment contract with the bank. And, even more unusual, in 2002 Bank of America froze the "supplemental" pension that Lewis and other bigwigs get.

Lewis will still have an executive pension, but he hasn't accrued seniority benefits in it since then. The present pension policy at Bank of America is to have execs get more or less the same pension as everybody else -- a great idea.

This is not to say that Lewis will be in poverty. His pension will still be huge. The present value of the whole package grew by $854,256 last year alone. His total compensation for the last three years was $10 million, $24.8 million and $27.9 million, respectively. Sure, a big chunk of that was in stock options that are WAY underwater. (Strike prices were in the $50 and $40 ranges. The stock is now $17.) But under the bank's rules Lewis gets to hang onto his options even after he retires -- until they expire. That gives him up to 2014 or so to wait for the stock head back up.

Another good thing about Bank of America's exec pay is the relatively few perks that top dogs get. "We provide very few executive fringe benefits," the bank says. Of course, "very few" for corporate royalty still means tons to you and me. Last year Lewis got $14,000 in home-security and parking benefits, $220,000 of free personal travel on company jets and $18,000 in free financial and tax planning. But he can't head off to the golf course just yet. Dealing with the litigation over last year's decision to buy Merill Lynch will probably take years.