CE » Topics » Pension Benefits Table

This excerpt taken from the CE DEF 14A filed Mar 26, 2007.
Pension Benefits Table
 
The following table shows the estimated present value of the accumulated benefit based on pay and service as of December 31, 2006 payable under three pension benefit plans, the Celanese Americas Retirement Pension Plan (“CARPP”), the Celanese Americas Management Supplemental Pension Plan (“CAMSPP”), and the Celanese AG Board Pension Plan (“CABPP”). For descriptions of the terms of these plans, see “Compensation Discussion and Analysis — Benefits.”
 
                         
        Number of
  Present
    Payments
 
        Years
  Value of
    During
 
        Credited
  Accumulated
    Last Fiscal
 
        Service
  Benefit
    Year
 
Name
  Plan Name
  (#)
  ($)
    ($)
 
(a)
 
(b)
  (c)   (d)     (e)  
 
David N. Weidman
  Celanese Americas Retirement Pension Plan   6.0000   $ 149,448 (4)   $ 0  
    Celanese Americas Management Supplemental Pension Plan   6.0000   $ 1,248,395 (4)   $ 0  
John J. Gallagher III
  Celanese Americas Retirement   1.3333   $ 18,264 (5)   $ 0  
    Pension Plan                    
Lyndon E. Cole
  Celanese AG Board Pension Plan   3.0000   $ 1,009,872 (1)(4)   $ 0  
Andreas Pohlmann(3)
  Celanese AG Board Pension Plan   17.0000   $ 4,907,836 (2)(4)   $ 0  
Curtis S. Shaw
  Celanese Americas Retirement
Pension Plan
  1.6667   $ 20,728 (5)   $ 0  
 
 
(1) Valued at €764,938 under the plan and reflects a Euro to Dollar exchange ratio of 1.3202 on December 31, 2006.
 
(2) Valued at €3,717,494 under the plan and reflects a Euro to Dollar exchange ratio of 1.3202 on December 31, 2006.
 
(3) Under Dr. Pohlmann’s separation agreement, he will be considered to have worked through December 31, 2007 for the purpose of pension benefits. Please see “Potential Payments Upon Termination and Change of Control — Andreas Pohlmann” for the amounts to which Dr. Pohlmann is entitled.
 
(4) The present values are based on an annual pension benefit prior to offsets of $221,044 under both plans for Mr. Weidman, $69,981 for Dr. Cole and $418,380 for Dr. Pohlmann.
 
(5) The present values for Mr. Gallagher and Mr. Shaw are based on a cash balance account balance of $21,968. Mr. Gallagher and Mr. Shaw are not yet vested in their benefit under these plans.
 
The present value is the amount needed today that, with interest, would provide the employees’ future retirement benefit. Assumptions used to determine the present value of benefits under the CAMSPP and for benefits earned for employees hired prior to January 1, 2001 in the CARPP are based on a 5.875% discount rate and mortality from the 1994 Group Annuity Mortality Table. Benefits earned for employees hired on or after January 1, 2001 in the CARPP are based on an assumed future interest crediting rate of 5.00% to age 65 and an interest only discount rate of 5.875%. Retirement in the CAMSPP is assumed to occur at age 60 and at age 65 in the CARPP. Assumptions used to determine the present value of benefits under the CABPP are based on a 4.625% discount rate and mortality from the Heubeck Richttafeln mortality table.


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