GM's Former Boss can expect $23 million in Company Pension and other Benefits

Former Boss can expect $23 Million in Company Pension, and Other Benefits

Former General Motors Corp. Chairman and Chief Executive Rick Wagoner won't get a serverance payment from the automaker, but he'll still get a pension and other benefits worth an estimated $23 million. In nearly 32 years with the company, Wagoner accrued pension benefits that the company valued at $22.1 million at the end of the year.

The actual amount Wagoner will recieve could vary because it will be paid in installments over the rest of his life.

Wagoner, 56, also is entitled to $366,602 in unvested stock awards and $534,627 in deferred compensation as of Dec. 31, according to General Motors' annual report. "From the perspective of the average person, most of these payouts are going to seem like alot of money," said Alexander Cwirko-Godycki, research manager at Equilar Inc., an information services firm that specializes in researching executive compensation. "

But from the perspective of executive pensions, there have been other cases where ther's been a lot more moneyinvolved."

Wagoner also gets to keep about 3 million stock options, which allow him to buy GM shares at prices ranging from about $20 to $76. With GM 's stock price now less than $3 per share , however, the options have little value unless the stock price reaches those levels before the options expire.

by the Associated Press