Jack Welch's gut told him it was time to give up his lavish retirement perks, and investors can only hope that his decision is contagious.

Its chief executive, Lawrence A. Hough, earns $1.1 million, along with stock options and retirement perks.

General Electric's former chief executive, John F. Welch Jr., who was criticized 24 months ago for his lavish retirement perks, is again revered.

Although he was deprived of some retirement perks, the bonus was criticized in light of the circumstances, which was exactly the wrong reason to complain about such a big payday.

In taking the retirement perks over the bonus, Mr. Welch said "I sacrificed millions of dollars."

After being told by the board he would have to give up some retirement perks, Mr. Weill chose to stay.

Furthermore, the huge pension benefit packages and other retirement perks that chief executives are demanding come at a time when many corporations are severely reducing pension benefits for employees.

EVEN now, though, not all of Mr. Raines's retirement perks are fully disclosed in public filings.

The action of the board, which includes many longtime loyalists to Mr. Weill, was taken in part to show good corporate governance by not giving the chairman numerous retirement perks early.

Federal pensions are extremely generous, and often given as early retirement perks to people in their 50's.