NEW YORK (

TheStreet

) -- Dominique Strauss-Kahn will receive a one-time severance payment of $250,000 and not an exorbitant yearly pension following his resignation on rape charges, according to a statement from the International Monetary Fund on Friday.

DSK's Golden Parachute has been "grossly overestimated."

The IMF issued a statement saying that Strauss-Kahn will receive a single separation payment and his severance, pension and supplemental retirement would be much less than has been reported.

"Former Managing Director Strauss-Kahn's annual pension and related entitlements have been grossly over-estimated in media reports this week, and appear based erroneously on a one-off separation payment of $250,000," an IMG statement said. "The annual payments would be far, far less than that amount in subsequent years."

The statement did not reveal the total cost of those subsequent payments.

Earlier this week several news reports stated the former IMF managing director was eligible for over $300,000 in annual salary and benefits for the remainder of his life.

According to IMF documents, Strauss-Kahn was making $420,930 in 2007 and was given a living allowance of $73,350 a year. Both amounts have risen, due to inflation.

Strauss-Kahn was forced to resign from his post after allegations that he raped a hotel maid. He was released on $1 million cash bail has been placed on house arrest. He will be arraigned on June.

--Written by Maria Woehr in New York.

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