This past weekend the Obama administration asked GM’s CEO Rick Wagoner to step down as part of its restructuring plan.
The Treasury Department has banned GM from issuing any severance packages to its executives, but that doesn’t mean that Wagoner can’t receive millions in retirement benefits. Wagoner has worked for GM for nearly 32 years and according to documents Wagoner could receive a $20.2 million pension package.
According to GM spokeswoman Julie M. Gibson, most of Wagoner’s benefits will be paid out as an annuity over the next five years. But if GM is forced to file bankruptcy, Wagoner could get a lot less, since less than $1 million of his pension package is guaranteed.
Full Story: ABC News
Related Stories:
BREAKING NEWS: GM’s Rick Wagoner Steps Down!
