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APC » Topics » Pension Benefits

This excerpt taken from the APC DEF 14A filed Mar 27, 2009.
Pension Benefits
 
                             
        Number of
 		  Present Value of
 		  Payments
        Years of
 		  Accumulated
 		  During
        Credited Service
 		  Benefit
 		  2008
Name
 
Plan Name
  (#)   ($)   ($)
 
James T. Hackett(1)
  APC Retirement Plan     5.000       155,694       0  
    APC Retirement Restoration Plan     10.000       5,302,592       0  
R. A. Walker(2)
  APC Retirement Plan     3.000       77,884       0  
    APC Retirement Restoration Plan     11.000       1,328,177       0  
Karl F. Kurz
  APC Retirement Plan     8.000       161,965       0  
    APC Retirement Restoration Plan     8.000       685,758       0  
Charles A. Meloy(3)
  KMG Retirement Plan     26.583       696,678       0  
    KMG Restoration Plan     31.583       5,583,745       0  
Robert K. Reeves(2)
  APC Retirement Plan     5.000       123,654       0  
    APC Retirement Restoration Plan     10.000       1,024,175       0  
 
 
(1) The value of Mr. Hackett’s APC Retirement Restoration Plan benefit in the table includes the effect of the additional pension service credit provided under his employment agreement, which was originally effective as of December 2003. Mr. Hackett vested in these additional pension service credits on December 3, 2008.
 
(2) Messrs. Walker and Reeves will be provided additional pension service credits under the APC Retirement Restoration Plan if they remain employed until age 55. These additional pension service credits were provided in November 2007 to recognize that they were both mid-career hires that we would like to retain for the remainder of their careers. Providing them additional service credits recognizes a portion of their prior industry and service years, which directly benefits us and our stockholders. The value reflected in the APC Retirement Restoration Plan amount includes the effect of this additional pension credit, assuming its application as of December 31, 2008. However, as of December 31, 2008, Messrs. Walker and Reeves have not yet earned the right to this additional pension service credit. The value of Mr. Walker’s APC Retirement Restoration Plan benefit as of December 31, 2008 excluding the effect of the additional pension service credit is $305,587, for a total pension value of $383,471. The value of Mr. Reeves’ APC Retirement Restoration Plan benefit as of December 31, 2008 excluding the effect of the additional pension service credit is $450,260, for a total pension value of $573,914.
 
(3) Mr. Meloy has a retention agreement, which was entered into in August 2006, that will provide him with an additional pension service credit under the KMG Restoration Plan if he remains employed with the Company through August 10, 2009. The additional pension service credit was included in his retention


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agreement to compensate him for certain severance benefits he was otherwise entitled to receive under the change of control agreement he had with Kerr-McGee. The value reflected in the KMG Restoration Plan amount includes the effect of this additional pension credit assuming its application as of December 31, 2008. However, as of December 31, 2008, Mr. Meloy has not yet earned the right to this additional pension service credit. Mr. Meloy’s KMG Restoration Plan value as of December 31, 2008, excluding the effect of the additional pension service credit is $4,718,065, for a total pension value of $5,414,743.


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