SEX 'CHANGE' AT THE STOCK EXCHANGE

Former New York Stock Exchange honcho Dick Grasso has been called many, many things, but "a woman" has never been one of them - until now. Grasso, who resigned from the NYSE in September 2003 amid furor over his $190 million pay package, engaged in some gender-bending to grab a few extra million from his pension plan, according to documents obtained by The Post.

Buried in the fine print of Grasso's now-notorious August 2003 employment contract is the calculation for determining his life expectancy, a key component of his pension plan.

Dry stuff ordinarily, except for the fact that Grasso - or someone working for him - had his life expectancy calculated using a ratio of 50 percent male and 50 percent female life expectancies.

Given that women live an average of four to six years longer than men in the United States, it was a way for Grasso to get another two or three years added to his already large lump-sum pension payout when he left. Adding a female touch was something that Grasso did late in his NYSE tenure.

The Post obtained an earlier employment contract of Grasso's showing his pension from 1995 to 2000 was calculated using figures from the "Healthy Male Mortality Table."

The finagling and corner cutting added up handsomely in Grasso's favor, according to one investigator who spoke to The Post.

"This added a few million dollars, easily, into Grasso's pot on his way out the door," he said. Tottering on a pair of high heels, headed for the nearest bar, we hope.

http://www.nypost.com/news/regionalnews/the_sex_change_at_stock__exchange_regionalnews_roddy_boyd.htm