Ex-IMF Chief Sex Case: Dominique Strauss-Kahn Released on Bail


Dominique Strauss-Kahn's Golden Parachute

With Strauss-Kahn's resignation as Managing Director of the IMF on Wednesday, the alleged rapist said he wanted, "to protect this institution which I have served with honor and devotion." It's likely he also insured hefty severance and pension payouts, assuming the IMF is standing by the contract.

According to his 2007 contract, the managing director of the International Monetary fund got a base salary and allowance totaling $496,280 when it went into effect in 2007. With the prescribed cost of living increases in both the salary and allowance, he was making nearly $530,000 a year in annual compensation as of last July, according to ABC News' calculations.

It is common practice for executives of big organizations to get golden parachutes when they retire or are terminated, and Strauss-Kahn's deal with the IMF is no different. The deal gives him a "separation allowance" of 60-65 percent of his take-home pay. That means with Wednesday's resignation letter, he is likely due $318,000 to $349,000 immediately.

The terms of the agreement do not seem to allow for the payment to be withheld for any reason, including being charged with or convicted of felony sexual assault.

The employment contract also sets up Strauss-Kahn with a lifetime of pension payments. He was required to participate in the fund's basic staff retirement plan - a traditional pension, which according to the IMF's web site can start paying out at age 50 and with only three years of service. Details on how much Strauss-Kahn gets under the basic plan are not publicly available.

But his Employment Agreement sets out the terms of his supplemental retirement payment where benefits are "continuing for the duration of your life" and equal to at least 60 percent of his annual take-home pay in the last year of his service. So, assuming the IMF is abiding by the terms of his original employment contract, he'll get at least $318,000 a year for life, either in or out of prison.

When asked for details on the former Managing Director's payout, IMF staff pointed ABC News to publicly available information about his contract and compensation, but said, "the Fund as an employer does not release other personnel information about current or former employees."

ABC News' Daniel Arnell, Chris Cuomo and Kevin Dolak contributed to this report

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