American International Group Inc. said it will still pay 130 managers "cash awards" to stay with the firm, including $3 million to retirement services chief Jay Wintrob.

The announcement came Wednesday, a day after the insurer said it scrapped bonuses for top executives after a U.S. bailout.

Mr. Wintrob, 51, will get the "retention" payment in two installments, the first in April 2009 and the rest a year later, the New York company said in a regulatory filing.

AIG previously disclosed the program in a Sept. 26 filing. It said Wednesday that Mr. Wintrob, the chief executive officer of AIG Retirement Services, and David Herzog, its chief financial officer, elected to get the payments four months later than planned.

Eward Liddy, the chief executive of American International Group, is encouraging top employees at AIG'ssubsidiaries to remain at the company so the units can retain their value until he can find buyers.

The insurer is selling businesses, including the U.S. retirement group that Mr. Wintrob heads, to repay a $60 billion loan included in the expanded government rescue package AIG got last month.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.