One day after announcing strict limits on salaries and bonuses for its top tier of executives, American International Group, the insurer bailed out by the US government, revealed that some of those executives will receive millions in “retention bonuses” next year, according to the Financial Times.

In a regulatory filing yesterday, AIG disclosed that Jay Wintrob, an executive vice-president, had put off receiving the first instalment of his $3 million retention bonus from December to April 2009.

Mr Wintrob will receive the second instalment, originally scheduled to be paid out in December 2009, in April 2010. David Herzog, AIG’s chief financial officer, also opted for the later payment schedule.

The retention bonuses for 130 key executives were disclosed by AIG in September, after the US government rescued the firm from bankruptcy by purchasing 79.9 per cent of the company for $85 billion. After the government takeover, Edward Liddy, the former Allstate chairman, was named chief executive and AIG offered retention bonuses to Mr Wintrob, head of AIG’s retirement services division, among others.

Among the business operations of AIG is a private bank. The US firm, meanwhile, has managed a number of funds that have recently been hit by the credit crunch. High net worth individuals have invested $8.8 billion in AIG’s Enhanced fund, the majority of which was put into corporate bonds that have now plummeted in value as a result of the crisis.

AIG suspended withdrawals from its Enhanced fund in September, just prior to its nationalisation by the US government. Days later, it announced that the fund would close to new business in December.