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BMY » Topics » Present Value of Accumulated Pension Benefits

This excerpt taken from the BMY DEF 14A filed Mar 24, 2008.

Present Value of Accumulated Pension Benefits

2007 Fiscal Year

 

Name

    Plan Name    # of
Years of
Credited
Service		   Present
Value of
Accumulated
Benefits(1)

James M. Cornelius

    Retirement Income Plan    1.72   72,758
   Benefits Equalization Plan    1.72   1,006,197

Andrew R. J. Bonfield

    Retirement Income Plan    5.59   101,068
   Benefits Equalization Plan    5.59   705,142

Lamberto Andreotti(2)(3)

    Retirement Income Plan    2.25   89,254
   Benefits Equalization Plan    2.25   816,379

Elliott Sigal, M.D., Ph.D.(3)

    Retirement Income Plan    10.39   373,374
   Benefits Equalization Plan    10.39   2,376,663

Anthony C. Hooper

    Retirement Income Plan    12.00   356,402
   Benefits Equalization Plan    12.00   1,486,659

 

(1) The present value of accumulated benefit was calculated based on the following assumptions which were used in the December 31, 2007 disclosure for the Retirement Income Plan and the Benefits Equalization Plan:

 

  •  

65% lump sum utilization for the Retirement Income Plan and 100% lump sum utilization for the Benefits Equalization Plan

 

  •  

6.75% discount rate for annuities and 5.75% discount rate for lump sums

 

  •  

the RP 2000 mortality table projected to 2015 for annuities

 

  •  

the 2008 lump sum mortality table under IRC Section 417(e)(3) (combined annuitant and nonannuitant RP 2000 mortality table with projections blended 50% male/50% female) for lump sums.

 

     These assumptions are the same as those disclosed in conformity with Generally Accepted Accounting Principles. Except for Mr. Cornelius, payments are assumed to begin at age 60, the earliest age that employees are eligible for an unreduced pension. Mr. Cornelius is assumed to begin his pension at age 65, the earliest age that he would be eligible for an unreduced pension. The actual benefit received will vary based on a number of factors including final pay, years of service and interest rates at the time of retirement. No pension payments were made to any Named Executive Officer under these plans in 2007.

 

(2) Does not include the value of participation in Italian government pension system. This government-mandated pension system compelled company contributions to the Italian government while Mr. Andreotti was in Italy and it is legally obliged to provide a pension benefit to Mr. Andreotti.

 

(3) Mr. Andreotti and Dr. Sigal have met the requirements for early retirement.
This excerpt taken from the BMY DEF 14A filed Mar 22, 2007.

Present Value of Accumulated Pension Benefits

2006 Fiscal Year

 

Name

    Plan Name    # of
Years of
Credited
Service		   Present
Value of
Accumulated
Benefits(1)

James M. Cornelius

    Retirement Income Plan    0.72   $ 27,178
   Benefit Equalization Plan    0.72   $ 137,530

Andrew R. J. Bonfield

    Retirement Income Plan    4.59   $ 81,702
   Benefit Equalization Plan    4.59   $ 518,890

Lamberto Andreotti(2)

    Retirement Income Plan    1.25   $ 44,840
   Benefit Equalization Plan    1.25   $ 310,243

Elliott Sigal, M.D., Ph.D.

    Retirement Income Plan    9.39   $ 308,366
   Benefit Equalization Plan    9.39   $ 1,363,676

Stephen E. Bear(3)

    Retirement Income Plan    19.41   $ 663,980
   Benefit Equalization Plan    19.41   $ 1,705,582

Peter R. Dolan(4)

    Retirement Income Plan    19.00   $ 635,998
   Benefit Equalization Plan    19.00   $ 9,058,071

Anthony C. Hooper

    Retirement Income Plan    11.00   $ 304,760
   Benefit Equalization Plan    11.00   $ 1,035,591
(1) Except for Mr. Dolan, the present value of accumulated benefit was calculated using a discount rate of 6% and the RP 2000 mortality table. These assumptions are the same as those disclosed in conformity with generally accepted accounting principles. Except for Mr. Cornelius and Mr. Dolan, payments are assumed to begin at age 60, the earliest age that employees are eligible for an unreduced pension. Mr. Cornelius is assumed to begin his pension at age 65, the earliest age that he would be eligible for an unreduced pension. The actual benefit received will vary based on a number of factors including final pay, years of service and interest rates at the time of retirement.

 

(2) Does not include the value of participation in Italian government pension system.

 

(3) Mr. Bear has met the requirements for early retirement.

 

(4) The present value of accumulated benefit for Mr. Dolan was calculated using a discount rate of 4.85% and the 94 GAR mortality table. These assumptions were used to calculate the lump sum value of his pension as of his termination date of 10/31/2006.

 

39

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EXCERPTS ON THIS PAGE:

DEF 14A
Mar 24, 2008
DEF 14A
Mar 22, 2007

RELATED TOPICS for BMY:

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