Former General Motors chief executive officer Rick Wagoner may be out of a job, but it doesn’t sound as if the one-time auto exec will be looking for another nine-to-five anytime soon. Despite the recent troubles of the Michigan-based automaker, Wagoner’s retirement package is worth $20.2 million.
According to ABC News, Wagoner is in line for both a â€Salaried Retirement Plan’ and an â€Executive Retirement Plan’. The combined value of both plans is $20.2 million. “Most of that will be paid out as an annuity over five years, the remainder is a small lifetime annuity,” GM spokeswoman Julie M. Gibson said of Wagoner’s retirement plan.
However, the final figure could change by the time it winds up in Wagoner’s hands. Gibson added that Wagoner’s retirement plan is “still being reviewed” as his age, 56, may prevent him from receiving the full amount. The U.S. Treasury Department has also barred GM from giving executive millions in retirement benefits.
