This excerpt taken from the APFC DEF 14A filed Jan 28, 2005.
PENSION PLAN TABLE
The credited years of service under the pension plan as of September 30, 2004 for each of the Companys Named Executive Officers is as follows: John R. Gibson, 13 years and David N. Keys, 14 years.
John R. Gibson also participates in the American Pacific Corporation Supplemental Executive Retirement Plan (the SERP). The SERP provides total annual retirement benefits, including annual retirement benefits provided under the Companys defined benefit pension plan, equal to 60 percent of average compensation. The SERP defines average compensation as the average of the employees earnings for the three consecutive years of employment during which the employees compensation was the highest. Vesting in the SERP occurs over a 10-year period subject to meeting certain age plus years of service requirements. As of September 30, 2004, and assuming ten years of service and meeting the age plus years of service requirements, annual benefits payable in the form of a single life annuity under the SERP at the age of 65 were approximately $175,000 to Mr. Gibson. At September 30, 2004, Mr. Gibson was 100 percent vested in the above annual SERP benefits.
David N. Keys also participated in the SERP and the Company made a lump sum payment to Mr. Keys in extinguishment of his interest therein in connection with the termination of his employment with the Company.
The SERP benefits referred to above are in addition to the annual benefits currently accrued under the Pension Plan and do not anticipate future changes in salary levels or inflation.