General Motors has reached a settlement with former CEO Rick Wagoner, who was forced out by the Obama administration’s auto taskforce this spring. Previously due over $20 million for his retirement, Wagoner will now get $8.2 million and a yearly pension of $74,000, the Detroit News reports.
Wagoner, a 32-year veteran of GM, had a pension with total accrued benefits of $22.1 million as of Dec. 31. The retirement package was to be paid in five annual pension payments of $4,523,400, with the first monthly installment due upon his retirement.
Under an arrangement reached between Wagoner, 56, and the old GM, he will get $1,636,105 for five years and $74,030 a year for the rest of his life…
He also will receive personal umbrella liability insurance coverage until Jan. 1, 2010 — which is consistent with what other executives are receiving from the old GM. He also will get an existing life insurance policy or its cash value of $2.57 million.