BEC » Topics » 2008 PENSION BENEFITS

This excerpt taken from the BEC DEF 14A filed Mar 5, 2009.

2008 PENSION BENEFITS

The following table presents information regarding the present value of accumulated benefits that may become payable to the named executive officers under our qualified and nonqualified defined benefit pension plans.

 

Name   Plan Name  

Number of Years

Credited Service

(1)(2)

 

Present Value of

Accumulated

Benefit

(1)(2)

  Payments During
Last Fiscal Year
(a)   (b)   (c)   (d)   (e)

Scott Garrett

  Pension Plan   4.543   $ 128,278  
  Supplemental Pension Plan   4.543   $ 349,360  

Charles P. Slacik

  Pension Plan     $ —        
  Supplemental Pension Plan     $ —        

Arnold A. Pinkston

  Pension Plan   1.129   $ 18,257  
  Supplemental Pension Plan   1.129   $ 13,374  

James R. Hurley

  Pension Plan   1.611   $ 51,443  
  Supplemental Pension Plan   1.611   $ 35,697  

Robert W. Kleinert

  Pension Plan   3.948   $ 89,538  
  Supplemental Pension Plan   3.948   $ 83,485  

 

(1) The years of credited service and present value of accumulated benefits are presented as of December 31, 2008 assuming that each named executive officer retires at normal retirement age and that benefits are paid out in accordance with the terms of each plan described below. For a description of the material assumptions used to calculate the present value of accumulated benefits shown above, see “Management’s Discussion and Analysis of Financial Condition and Results of Operation - Critical Accounting Policies and Estimates - Pension and Post Retirement Benefit Plans” and Note 15 (Retirement Benefits) to the Company’s Consolidated Financial Statements, included as part of the Company’s 2008 Annual Report filed on Form 10-K with the Securities and Exchange Commission, which sections are incorporated herein by reference.

 

(2) On December 29, 2006, the Pension Plan was amended to provide (i) for the cessation of benefit accruals under the plan, effective December 31, 2006, with respect to certain participants described in the next sentence, and (ii) that no new participants are permitted in the plan on or after January 1, 2007. Pursuant to the amendment, benefit accruals ceased, effective December 31, 2006, for any participant (i) whose date of birth is on or after January 1, 1967 or (ii) who has not completed at least five full years of credited service under the plan as of December 31, 2006. As a result of the amendment, Messrs. Garrett, Pinkston, Hurley and Kleinert will not accrue any further benefit under the Pension Plan after December 31, 2006 and, because he had not met the eligibility requirements under the plan as of that date, Mr. Slacik will not be eligible to participate in the Pension Plan. Because benefits under the Supplemental Pension Plan are determined with respect to benefits under the Pension Plan, Messrs. Garrett, Pinkston, Hurley and Kleinert will not accrue any further benefit under the Supplemental Pension Plan after December 31, 2006, and Mr. Slacik will not be eligible to participate in the Supplemental Pension Plan. Although Messrs. Garrett, Pinkston, Hurley and Kleinert will not accrue additional benefits under the Pension Plan and Supplemental Pension Plan, the present value of their accumulated benefit under the plans, as reported in Column (d) above, is expected to increase in future years because of actuarial factors.
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