General Motors Corp. will significantly cut its senior executive pension plans as part of its bankruptcy restructuring, the company's president says.

GM President and CEO Fritz Henderson revealed the cuts during an appearance before a US House Energy and Commerce subcommittee meeting on Friday in Washington.

Henderson told reporters after the meeting that the reductions apply to certain plans for executive retirees making more than US$100,000 a year.

Those who get more will receive a third of what they had expected in excess of the cap money, he said.

Management retirees who make less will see a smaller 10-percent reduction in benefits once GM's restructuring is complete, according to details disclosed in a memo, Dow Jones reported.

There was no resolution yet, Henderson said, on the pension for former CEO Rick Wagoner, who was ousted two months ago by the Obama administration that is overseeing GM's Chapter 11 restructuring.

Wagoner, 56, a 32-year veteran of GM, had a pension with total accrued benefits of US$22.1 million as of December 31. The pension is to be paid in five annual payments of US$4.52 million, with the first monthly installment due upon his retirement.

Wagoner also is owed a US$68,900 annual pension. If he is docked two-thirds of the pension beyond the first 100,000 in his combined pensions, the former GM boss would lose US$2.99 million a year for five years -- or almost US$15 million.

(Xinhua News Agency June 14, 2009)