Retiring From A.I.G., but Staying on the Payroll

Today's NYTimes:

While the company noted back in March that Mr. Tse would serve as A.I.A.’s honorary chairman, it didn’t provide any details on the executive’s compensation. Nor did it mention that he would continue to have an active role in the company. But in the 10-Q that the company filed Thursday, A.I.G. included a copy of Mr. Tse’s services agreement and noted that Mr. Tse would serve as a “special adviser.”

Under the agreement, Mr. Tse will provide “advisory and other consulting services” and will be paid a $250,000 annual fee. The agreement also notes that Mr. Tse will be provided with office space, administrative support, a car and driver and first-class travel between Hong Kong and New York.