The former head of the International Monetary Fund (IMF) who was indicted on charges he sexually attacked a New York City hotel maid is guaranteed a $300,000 annual pension—regardless of how his court case turns out, the Toronto Star reports.
The IMF is contractually obligated to pay Dominique Strauss-Kahn, its former managing director who resigned Wednesday, May 18 , a pension for the rest of his life regardless of how the court case against him turns out.
Under the terms of the contract he signed in September 2007, Strauss-Kahn is entitled to payments under the same annual pension plan that all IMF employees are part of, as well as a “supplemental retirement allowance” that was set at 60% of his highest annual salary once he reached three years of service.
His salary was $420,930 when he was hired and, with annual cost-of-living increases tied to Washington’s Consumer Price Index, would have been approximately $530,000 when he resigned.
In addition to the annual pension, Strauss-Kahn’s contract also guaranteed him a one-time “separation allowance” payout of between 60% and 70% of his salary in the event of his termination or resignation.
Strauss-Kahn, who denies the allegations against him, is due to leave Rikers Island prison in New York on Friday, May 20 and will be confined to house arrest in a New York apartment under armed guard. He is due back in court on June 6.