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Reply #6: Rick will get a retirement plan that will pay him at least $4.6 million a year [View All]

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Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Sep-18-08 11:01 AM
Response to Reply #5
6. Rick will get a retirement plan that will pay him at least $4.6 million a year
How much of that loan to GM will pay for that?


The carmakers pension fund is under-funded by more than $45 billion, according to the Post. But Wagoner has nothing to worry about. He has a Supplemental Executive Retirement Plan, which allows a company to use after-tax dollars "that rightly belong to shareholders to shower riches on the CEO instead, the Post reports.

Best of all for Wagoner, this payout comes from funds that are separate from those underpinning the retirement programs of ordinary workers, which means hell pocket his $4.6 million-plus a year even if GM files for bankruptcy.

News of the CEOs big pension payday comes after Delphi Corp., GMs largest parts supplier, collapsed, jeopardizing the pension fund set up for the companys 30,000 workers.



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