ABC News: GM’s Rick Wagoner will receive no balloon payment but a $20 million retirement plan.

ABC News reports that Rick Wagoner, outgoing CEO of General Motors, will be eligible to collect $20 million in retirement benefits from GM, the company that lost tens of billions of dollars under Wagoner’s leadership:

Upon his departure, Wagoner becomes eligible for both a “Salaried Retirement Plan” and an “Executive Retirement Plan” with General Motors. The combined value of the plans at the end of last year was $20.2 million, a GM spokesperson confirmed.

“Most of that will be paid out as an annuity over five years, the remainder is a small lifetime annuity,” said GM spokeswoman Julie M. Gibson.

However, the Washington Post reported this morning that Wagoner would not be leaving GM immediately, “because if he leaves the company he is entitled to a multimillion-dollar pension that the government does not want to pay.”

Additionally, under the already-standing TARP agreement between GM and the Treasury Department, GM Is not allowed to pay severence fees to senior executives. “That ban does not appear to apply to retirement benefits, however.”