In a filing with the U. S. Securities and Exchange Commission on Tuesday, General Motors said that the company's former Chairman and CEO Rick Wagoner, who was ousted by the Obama administration in March, would get a retirement package of $8.6 million over the next five years.

While Wagoner, who had put in 32 years of service at the automaker, would get $1.64 million annually for the initial five years, as per an executive retirement plan; he would thereafter get $74,030 a year all his life under a salaried-employee retirement program.

Though Wagoner, whose retirement will be effective form August 1, was eligible for $20.2 million in retirement pay, GM's federally financed bankruptcy has cut his benefits considerably - by nearly 60 percent from what they could have been in 2008-end.

However, Wagoner will continue receiving personal liability insurance till January 1; along with a current life insurance policy or its cash value, which presently is almost $2.6 million.

The company said in its filing that its former top executive had worked out the retirement arrangement with the old GM - which has now been renamed Motors Liquidation Co
- on July 8, agreeing to take benefit cuts consistent with the other retirees. Wagoner's retirement package was one of pertinent questions before the Treasury when it formed the new GM from assets of the old GM last week.