Rick Wagoner to get $8.2 million exit package from GM

In a payout package outlined in a regulatory filing today with the U.S. Securities and Exchange commission, former General Motors CEO will get almost $8.2 million under a pension agreement plus a $74,030 annual pension. While that may anger many of you taxpayers, the amount is far less than what Wagoner was originally supposed to get before GM made drastic cuts in pensions for former executives.

Wagoner originally had a pension with total benefits worth $22.1 million as of December 31. The pension was to be paid in five annual pension payments of an outstanding $4,523,400. Under the new agreement, Wagoner will now get $1,636,105 for five years and $74,030 a year for the rest of his life (still a lucky guy).

Fired by President Barack Obama in March, Wagoner will remain on GM’s payroll at $1/a year and will officially retire on August 1.

Other pension recipients who receive a yearly payment of $100,000 or less will lose nothing.

– By: Omar Rana

Source: Detroit News