American International Group (AIG) has reported a dollar figure of $150 million for the employee retention program that its business units have adopted.
This program is separate from AIG's executive retention program through which it is paying $469 million to retain key personnel.
The figure for the business unit retention program was discussed yesterday during a meeting between AIG management and federal lawmakers, including Rep. Elijah Cummings, D-Md., who has criticized various AIG actions over the past few months and asked federal officials to provide more oversight.
Christina Pretto, AIG spokesperson, said the executive retention program and the retention plans adopted by several AIG business units were disclosed in the company's recent 10-Q filing.
She added that the $150 million is an accurate figure for the retention plans adopted by the AIG business units, and the $469 million figure, which was previously disclosed by the company, remains accurate for AIG's executive retention program.
A statement released by AIG reads: "We answered Congressman Cummings' questions about our retention plans, which are referenced in our most recent 10Q filing. These plans are not new, and our CEO, Ed Liddy, clarified various details of those plans in answer to Congressman Cummings' questions. It was a good, cordial meeting, in which Mr. Liddy reiterated the company's commitment to repay the government loan."
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