What's retirement? Well, as should be no surprise, the legendary former CEO of GE (NYSE: GE), Jack Welch, is redefining the concept. Basically, retirement means working on cool projects.

For example, he recently put together -- with his wife Suzy -- a reality show on MSN.com. It's about the travails of running a business. Oh, and it's also about branded content; that is, Microsoft (NASDAQ: MSFT) pitches its technology on the show.

As I contemplate General Electric Company (NYSE: GE) CEO Jeff Immelt's decision to go without his $12 million bonus, I wonder about what his predecessor, Jack Welch, would do if he had to decide the fate of his protege. With respect, I think the answer is Welch would fire Immelt.

Jack Welch was popular with investors because GE always seemed to post double-digit earnings growth that beat analysts' estimates by a penny. These steady results caused GE's stock price to beat the market averages every year. For Immelt, things have been different. Since taking over in September 2001, GE's stock has lost 73% of its value -- falling from $40 to $10.81.

Stockholders of publicly traded companies, as well as the general public, have recently become outraged with executive compensation and their hefty bonuses, especially in light of the mounting losses at some companies. It seems that no matter what happens or what they do, executives somehow always win. They win big during their employment, and sometimes even more as they retire. With all that money, you'd think that haggling over some perks in their package would be beneath them . . . but it isn't.

The recent outrageous perk award goes to Continental Airlines (NYSE: CAL) CFO Jeffrey Misner who asked for and was granted a free lifetime parking spot at Jacksonville International Airport. As long as the 54-year-old retiree lives within 200 miles of Jacksonville Airport, and providing Continental has operations at the airport, Misner will have a free parking place. Of course, that's just a perk that goes with a $2,997,000 retirement pay.

At the beginning of the year, many were shocked to hear that Countrywide Financial Corp. -- the poster child of the subprime mortgage meltdown, which has been bought by Bank of America (NYSE: BAC) -- CEO Angelo Mozilo was going to receive a $36.4 million cash severance payments, $400,000 per year for consulting services, and perks including the use of a private airplane. He walked away from most of these after a public outcry. Don't feel bad though, he still left with at least $23.8 million.

It just doesn't cease to amaze me how some people have the nerve to ask for certain perks in addition to their very fine salaries and severance pays. Here are some more examples:

• Hanmi Financial (NASDAQ: HAFC) President and CEO Dr. Sung Won Sohn requested and got a 2005 Mercedes Benz 430S, as well as the transfer of his membership to the Wilshire Country Club and the Jonathan Club. This was in addition to his $1,298,000 lump sum retirement pay.