A reduction in salary has led a top executive at American International Group to resign, but she will receive $2.8 million in severance pay.

AIG announced that effective Dec. 30, 2009, Anastasia Kelly, the company’s vice chairman for legal, human resources, corporate affairs and corporate communications, would no longer work for the company. In a statement, AIG said Kelly resigned for “good reason,” based on a reduction in her salary mandated by the Special Master for Executive Compensation for TARP Recipients.

AIG received more than $180 billion in government aid between 2008 and 2009 amid a potential collapse of the company and has been working to repay taxpayers under new leadership, including president and chief executive officer Robert H. Benmosche.

The special master, Kenneth Feinberg, recently enacted pay caps for recipients of the U.S. Treasury’s program, limiting most salaries at $500,000, according to published reports. Feinberg also granted a few special exemptions from that pay cap, according to Reuters, including for several AIG executives, at the urging of the Federal Reserve and Treasury officials.

Reuters reported that under AIG’s executive severance plan, Kelly will be paid $2.8 million, citing a source familiar with her resignation and the compensation plan.

In a statement, Benmosche thanked Kelly for her more than three years of service with the insurer.

“We are exceedingly grateful for the work she has done to help AIG recover from its financial crisis and the excellent counsel she has provided the company, often during very difficult times,” he said. “We wish her well in her future endeavors.”

AIG also announced that Suzanne Folsom, its chief compliance and regulatory officer, has left the company “to pursue other opportunities,” according to a statement.

Benmosche said that AIG expects a “smooth transition” and has initiated a process to identify successors to both Kelly and Folsom.