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C » Topics » Estimated Annual Benefit Under All Retirement Plans

This excerpt taken from the C DEF 14A filed Mar 14, 2006.

Estimated Annual Benefit Under All Retirement Plans

The estimated annual benefit provided in total by all retirement plans described above, expressed in the form of a single life annuity, is as follows:

 

 

Name (A)  

Years of
Accrual
Service

Through
2005

  

Estimated
Annual

Benefit (B)

  

Sanford I. Weill

   19   $746,089 (C)

Charles Prince

   26   214,109  

Robert Druskin

   14   37,180  

Sallie Krawcheck

   3   39,756  

Robert E. Rubin

   6   7,894  

 

    (A) Mr. Willumstad retired from Citigroup in 2005 with 18 years of service. He received lump sum payments from the pension plans totaling $524,303, and commenced receiving a lifetime benefit of $20,673 annually.

 

    (B) These estimates are based on the following assumptions:

 

•   The benefit is determined as of age 65 (or as of January 1, 2006 if older).

 

•   Regulatory limits on compensation and benefits, and the Social Security Wage Base remain constant at 2006 levels.

 

•   The interest credit rate for cash balance benefits for 2006 (4.5%) remains constant.

 

•   The interest rate used to convert hypothetical account balances to annual annuities for 2006 (4.5%) remains constant.

 

•   For the three covered executives listed in the above table (Messrs. Prince and Druskin and Ms. Krawcheck) who have not attained normal retirement age, the Estimated Annual Benefit is their projected benefit at normal retirement age (age 65) assuming continuous employment with Citigroup until age 65. The projected value of the cash balance component of their benefit is determined by projecting their hypothetical account balance to normal retirement age using a constant rate of compensation and a constant interest rate.

 

•   Because of the decline in the plan’s interest credit rate (from 5.1% in 2005 to 4.5% in 2006), the Estimated Annual Benefit for certain of these covered executives has decreased since 2004.

 

(C) In addition, pursuant to his employment agreement, as described below, Mr. Weill is entitled to receive a supplemental pension benefit equal to a $350,000 annual lifetime annuity for a total pension benefit of approximately $1.1 million per year.

 

This excerpt taken from the C DEF 14A filed Mar 15, 2005.

Estimated Annual Benefit Under All Retirement Plans

 

The estimated annual benefit provided in total by all retirement plans described above, expressed in the form of a single life annuity, is as follows:

 

 

Name  

Years of
Accrual
Service

Through
2004

  

Estimated
Annual

Benefit (A)

  

Sanford I. Weill

   18   $731,930 (B)

Charles Prince

   25   220,249  

Robert Druskin

   13   40,018  

Robert E. Rubin

     5   7,120  

Robert B. Willumstad

   17   86,874  

 

    (A) These estimates are based on the following assumptions:

 

•   The benefit is determined as of age 65 (or as of January 1, 2005 if older);

 

•   Covered compensation for each covered executive remains constant at 2005 levels;

 

•   Regulatory limits on compensation and benefits, and the Social Security Wage Base remain constant at 2005 levels;

 

•   The interest credit rate for cash balance benefits for 2005 (5.1%) remains constant; and

 

•   The interest rate used to convert hypothetical account balances to annual annuities for 2005 (5.1%) remains constant.

 

•   For the three covered executives (Messrs. Prince, Druskin and Willumstad) who have not attained normal retirement age, the Estimated Annual Benefit is their projected benefit at normal retirement age. The projected value of the cash balance component of their benefit is determined by projecting their hypothetical account balance to normal retirement age using a constant interest rate. Because of the decline in the plan’s interest credit rate (from 5.3% in 2004 to 5.1% in 2005), the Estimated Annual Benefit for these covered executives has also decreased.

 

    (B) In addition, pursuant to his employment agreement, as described below, Sanford Weill is entitled to receive a supplemental pension benefit equal to a $350,000 annual lifetime annuity.

 

EXCERPTS ON THIS PAGE:

DEF 14A
Mar 14, 2006
DEF 14A
Mar 15, 2005

RELATED TOPICS for C:

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