BSX » Topics » PENSION BENEFITS

This excerpt taken from the BSX DEF 14A filed Mar 27, 2007.
PENSION BENEFITS
 
The table below shows the present value of accumulated benefits payable to each of our NEOs, including the number of years of services credited to each NEO, under our Executive Retirement Plan as of December 31, 2006.
 
 
                             
        Number of Years of
    Present Value of
    Payments During
 
        Credited Service
    Accumulated
    Last Fiscal Year
 
Name
  Plan Name (1)   (#)(2)     Benefits ($)(3)(4)     ($)  
 
James R. Tobin
  BSC Executive Retirement Plan     7.79     $ 1,504,568     $ 0  
Lawrence C. Best
  BSC Executive Retirement Plan     14.42     $ 1,980,149     $ 0  
Paul A. LaViolette
  BSC Executive Retirement Plan     12.96     $ 1,274,165     $ 0  
Fredericus A Colen
  BSC Executive Retirement Plan     7.38     $ 687,439     $ 0  
Paul W. Sandman
  BSC Executive Retirement Plan     13.67     $ 1,310,118     $ 0  
 
 
(1) We maintain an Executive Retirement Plan which covers executive officers. The plan provides retiring executive officers with a lump sum benefit (payable on the 181st day following retirement) equal to 2.5 months of salary for each completed year of service, up to a maximum of 36 months. Participants may retire with unreduced benefits once the retirement conditions have been satisfied. Mr. Tobin, Mr. Best and Mr. Sandman are currently eligible for retirement under the plan. For further discussion of our Executive Retirement Plan, please refer to the Compensation Discussion and Analysis beginning on page 27.
 
(2) The number of years of credited service reflect the NEO’s actual service with us. We do not credit additional years of service under the plan. Rather, the plan provides that the number of years of credited service is calculated through the executive officer’s last day worked. Partially completed years of service will be pro-rated based on calendar days, and calculated to the second decimal point.
 
(3) The amounts reflected in this column represent the benefit the NEO has accrued based upon his salary and the number of years of credited service as of December 31, 2006.
 
(4) The amounts attributable to Mr. LaViolette and Mr. Colen in this column have been discounted from the earliest retirement age to December 31, 2006, using a discount rate of 5.75%. Mr. LaViolette and Mr. Colen are not currently entitled to receive these benefits because they have not met the 55 years of age threshold for retirement under this plan.
 
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