CBS » Topics » CBS Pension Plan Table

This excerpt taken from the CBS DEF 14A filed Apr 14, 2006.

CBS Pension Plan Table

 
  Years of Benefit Service
Average Annual Compensation

  15
  20
  25
  30
$250,000   $ 61,973   $ 82,630   $ 103,288   $ 123,946
  500,000     127,598     170,130     212,663     255,196
  750,000     193,223     257,630     322,038     386,446

              The number of years of benefit service that have been credited for Messrs. Redstone, Moonves, Reynolds, Briskman and Ms. Gordon are approximately 2.83 years, 1.5 years, 0.4 years, 0.3 years, and 24.3 years, respectively.

              Mr. Redstone's participation in the CBS Pension Plans commenced in May 2003. Mr. Redstone must receive certain minimum payments from the CBS Retirement Plan on an annual basis.

              CBS also maintains the CBS Combined Pension Plan (the "CCPP"), a tax-qualified defined benefit plan for all eligible employees who satisfy age and service requirements. Participation in the CCPP is limited to eligible employees whose employment commenced prior to April 1, 1999. The CCPP contains five separate components, each with its own benefit formula and payment options: (i) the former CBS Inc. Pension Plan component, (ii) the Group W component, (iii) the Midwest component, (iv) the Westinghouse Pension Plan component and (v) the Cash Balance component. Employees are fully vested in their accrued benefit upon completion of five full years of service. The Company pays the entire cost of the benefits provided by the CCPP.

              Compensation for purposes of the CCPP is limited by federal law to $210,000 for 2005. This amount is adjusted each year in accordance with the Internal Revenue Code. The Company maintains the CBS Supplemental Executive Retirement Plan to provide benefits to certain employees who are participants in the CCPP and whose annual base salary and commissions exceed the annual compensation limitation. The Company also maintains the CBS Bonus Supplemental Executive Retirement Plan to provide benefits based on bonus earnings, and the Westinghouse Executive Pension Plan to provide benefits based on base salary and bonus earnings to certain employees who are participants in the CCPP.

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              Effective as of June 1, 2004, Mr. Moonves became a participant in the CBS Pension Plans. He received credit in those plans for his service with CBS Broadcasting Inc. prior to June 1, 2004 for purposes of eligibility and vesting, but not for benefit accrual. Mr. Moonves had previously been a participant in the Cash Balance component of the CBS Combined Pension Plan, the CBS Supplemental Executive Retirement Plan and the CBS Bonus Supplemental Executive Retirement Plan (collectively, the "CBS Plans"). His active participation in the CBS Plans ended on May 31, 2004. His accrued benefit under the CBS Plans as of December 31, 2005 is approximately $18,530 a month, assuming he receives benefits beginning at age 65 in the form of a single life annuity. The amount of this benefit may be adjusted since the benefit attributable to the Cash Balance component of the CBS Combined Pension Plan and the CBS Supplemental Executive Retirement Plan will continue to receive interest credits as defined by these two plans until his retirement.

              Effective August 15, 2005, Mr. Reynolds became a participant in the CBS Pension Plans. He received credit in those plans for his service with the former CBS Corporation and CBS Broadcasting Inc. prior to August 15, 2005 for purposes of eligibility and vesting, but not for benefit accrual. Mr. Reynolds had previously been a participant in the Cash Balance component of the CCPP and the CBS Supplemental Executive Retirement Plan. His active participation in these plans ended on July 29, 2005. His aggregate accrued benefit under these plans as of December 31, 2005 is approximately $3,230 a month, assuming he receives benefits beginning at age 65 in the form of a single life annuity. The amount of this benefit may be adjusted since the benefit attributable to the Cash Balance component of the CCPP and the CBS Supplemental Executive Retirement Plan will continue to receive interest credits as defined by these two plans until his retirement. Mr. Reynolds had also previously been a participant in the Westinghouse Executive Pension Plan. His active participation in this plan ended on March 31, 1999. His aggregate accrued benefit under this plan as of December 31, 2005 is approximately $5,870 per month, assuming he receives benefits beginning at age 65 in the form of a single life annuity.

              Effective as of September 6, 2005, Mr. Briskman became a participant in the CBS Pension Plans. He received credit in those plans for his service with the former CBS Corporation prior to September 6, 2005 for purposes of eligibility and vesting, but not for benefit accrual. Mr. Briskman had previously been a participant in the Group W Component of the CCPP and the Westinghouse Executive Pension Plan. His active participation in these plans ended on December 31, 2001. Mr. Briskman received a lump sum payment from the CCPP in 2002 and is currently receiving monthly payments of $746.85 from the CCPP and monthly payments of $13,243.38 from the Westinghouse Executive Pension Plan. He is also receiving monthly supplemental pension payments in the amount of $43,437.43 pursuant to an agreement dated March 2, 1999, as amended on May 3, 2000, with the former CBS Corporation.

              In addition, the Company maintains the CBS 401(k) Plan, a tax-qualified defined contribution plan, for all eligible employees. Full-time employees who have attained age 21 are eligible to participate immediately upon their date of hire. Participants may defer between 1% and 15% of their eligible compensation on a before tax or after tax basis. The Company matching contribution is calculated using a performance-based formula. For 2005, the Company matching contribution was 60% of the amount deferred (up to the first 5% of eligible compensation) for each participant. Employees become vested in their benefit in the CBS 401(k) Plan according to a schedule over a five-year period.

              Compensation for purposes of the CBS 401(k) Plan is limited by federal law to $210,000 for 2005. This amount is adjusted each year in accordance with the Internal Revenue Code. CBS maintains supplemental 401(k) plans to provide benefits to employees who are eligible to participate in the CBS 401(k) Plan and whose annual compensation exceeds the annual compensation limitation. Matching contributions made by the Company to the CBS 401(k) Plan and the supplemental 401(k) plans

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together will not be made with respect to compensation in excess of $750,000. (For any participant who is also a participant in the new Viacom 401(k) plan and either the new Viacom Excess 401(k) Plan or the new Viacom Excess 401(k) Plan for Designated Senior Executives following the Separation, which includes Mr. Redstone, the maximum amount of compensation with respect to which matching contributions will be made is limited to $375,000.) Amounts deferred under the supplemental 401(k) plans track the investment performance of the funds selected by the participant for amounts contributed to the CBS 401(k) Plan. Information on the Company's matching contributions to the named executive officers is contained in footnote (6) to the Summary Executive Compensation Table.

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