His ego is bruised and the Republicans are screaming about overreach (as opposed to the public who are embracing the forced change) but Wagoner will be just fine. If one had to compare the safety and stability of his retirement plan to a line worker who was there for an equal period of time, Wagoner's plan looks attractive. Of course he made more money as CEO so his retirement will be higher but still, he will be able to sleep much easier at night while in retirement when compared to others. The GOP likes to talk about the high costs associated with union benefits but this retirement package looks quite regal to everyone else.
Former General Motors Corp. Chairman and Chief Executive Rick Wagoner won’t get a severance 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 last year. The actual amount Wagoner will receive 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 GM’s annual report.
