Treasury sets pay limits on more GM executives

[rickaren]

Treasury sets pay limits on more GM executives

Posted on Friday, December 11th, 2009 at 3:14 PM EST.(Employee News)

The U.S. Treasury has unveiled pay rules for lower-ranking executives at General Motors Co. and GMAC, while Chrysler Group and Chrysler Financial were exempt because they fell below a $500,000 cutoff, the Detroit Free Press reported.

Kenneth Feinberg, the special master for executive compensation at Treasury, had already set limits on salary and other compensation for the top 25 executives at the four companies, the paper said. The new rules cover the next 75 highest-paid employees, so long as their total pay exceeds $500,000, the Free Press said.

Feinberg said he didn’t rule on individual pay at any company still under his purview—GM, GMAC, AIG and Citigroup—except for “less than a dozen cases” where the cash salary exceeds $500,000, the paper said. For GM employees covered by his rules, Feinberg required that no more than half of their total compensation come in cash. He also halted any additional payments from GM to supplemental retirement plans for affected employees, the story said. (Detroit Free Press)