DAL » Topics » Pension Benefits Table

This excerpt taken from the DAL DEF 14A filed Apr 30, 2009.

Pension Benefits Table

The table below shows certain pension benefit information for Mr. Bastian, Mr. Halter and Mr. Macenczak as of December 31, 2008. The table does not include any information for Mr. Anderson, Mr. Campbell, Mr. Gorman, Mr. Hauenstein or Mr. Khoury because they are not eligible to participate in the Retirement Plan.

 

Name

  Plan Name   Number of
Years of
Credited
Service (as of
December 31,
2008) (1)
 

Present Value of
Accumulated
Benefits (2)

  Payments During
Last Fiscal Year

Mr. Bastian (3)

  Delta Retirement Plan   6 years,

10 months

 

FAE Formula: $98,557

Cash Balance Formula: $47,515

  0

Mr. Halter

  Delta Retirement Plan   7 years,

4 months

 

FAE Formula: $62,748 (4)

Cash Balance Formula: $39,590

  0

Mr. Macenczak

  Delta Retirement Plan   20 years,

11 months

 

FAE Formula: $295,252 (4)

Cash Balance Formula: $49,531

  0

 

(1) As discussed above, the Retirement Plan was frozen effective December 31, 2005, and no additional service credit will accrue after that date. All years of service reflected in this column include service until December 31, 2005.

 

(2) Benefits were calculated using interest rate and mortality rate assumptions consistent with those used in our financial statements (see “— Defined Benefit Pension, Other Postretirement, and Postemployment Benefit Plans — Assumptions” in Note 10 of the Notes to the Consolidated Financial Statements in Delta’s 2008 Form 10-K). In addition, certain individual data were used in developing these values. Benefits accrued under the FAE formula and the cash balance formula are listed separately. For purposes of the FAE formula benefit, the assumed retirement age is 62. The form of benefit payable under the FAE formula for Mr. Bastian, Mr. Halter and Mr. Macenczak is a single life annuity, based on the rules applicable to vested employees who terminate their service with Delta prior to early retirement age (Mr. Bastian and Mr. Macenczak) and single participants (Mr. Halter).

 

(3) Mr. Bastian resigned from Delta as of April 1, 2005 and rejoined Delta in July 2005, and his years of service include the 6 years, 5 months of service he had completed as of April 1, 2005. As a result, the portion of his benefit calculated under the FAE formula was determined under the rules applicable to vested employees who terminate their service with Delta prior to early retirement age instead of under the rules applicable to retirees at early retirement age. Accordingly, Mr. Bastian’s benefit is smaller than it would have been had he retired at early retirement age. All benefits earned by Mr. Bastian after he rejoined Delta in July 2005 are based solely on the cash balance formula.

 

(4) Mr. Halter and Mr. Macenczak each earned a larger benefit under the cash balance formula than under the FAE formula during the Cash Balance Period as a result of the assumptions required for purposes of this table by SEC rules. Mr. Halter and Mr. Macenczak also accrued an FAE benefit for their service through June 30, 2003 because each had been employed by Delta since 1998 and 1985, respectively. The total value of Mr. Halter’s and Mr. Macenczak’s FAE benefit exceeds their respective total cash balance benefit because the period of employment during which each accrued the FAE benefit exceeded the Cash Balance Period.

 

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This excerpt taken from the DAL DEF 14A filed Apr 24, 2008.

Pension Benefits Table

The table below shows the present value of the accumulated benefits under the Retirement Plan for Mr. Bastian, Mr. Macenczak, Mr. Grinstein and Mr. Whitehurst, including the number of years of service credited under the plan. Benefits were calculated using interest rate and mortality rate assumptions consistent with those used in our financial statements (see “— Defined Benefit Pension and Other Postretirement and Postemployment Benefit Plans — Assumptions” in Note 10 of the Notes to the Consolidated Financial Statements in Delta’s 2007 Form 10-K). In addition, certain individual data were used in developing these values. Benefits accrued under the FAE formula and the cash balance formula are listed separately. For purposes of the FAE formula benefit, the assumed retirement age is 62. The table does not reflect any information for Mr. Anderson, Mr. Campbell or Mr. Hauenstein because they are not eligible to participate in the Retirement Plan.

 

Name

  Plan Name   Number of
Years of
Credited
Service (as of
December 31,

2007) (1)
  Present Value of
Accumulated
Benefits (2)
  Payments During
Last Fiscal Year

Edward Bastian (3)

  Delta Retirement Plan   6 years,
10 months
  FAE: $94,105

Cash Balance: $50,678

  0

Lee Macenczak (4)

  Delta Retirement Plan   20 years,

11 months

  FAE: $303,209

Cash Balance: $55,475

  0

Gerald Grinstein

  Delta Retirement Plan   2 years   Cash Balance Only: $35,485   0

James Whitehurst (5)

  Delta Retirement Plan   4 years   FAE: $14,214

Cash Balance: $50,976

  0

 

(1) As discussed above, the Retirement Plan was frozen effective December 31, 2005, and no additional service credit will accrue after that date. All years of service reflected in this column include service until December 31, 2005. Mr. Bastian’s years of service reflect the 6 years, 5 months of service he had completed as of April 1, 2005, the date he resigned from Delta. All of Mr. Bastian’s retirement benefits earned after he rejoined Delta on July 20, 2005 are based on the cash balance formula.

 

(2) The form of benefit payable under the FAE formula for Mr. Macenczak is assumed to be a joint and survivor annuity. The form of benefit payable under the FAE formula for Mr. Bastian and Mr. Whitehurst is a single life annuity, based on the rules applicable to vested employees who terminate their service with Delta prior to normal retirement age.

 

(3) Mr. Bastian resigned from Delta as of April 1, 2005 and rejoined Delta in July 2005. As a result, the portion of his benefit calculated under the FAE formula was determined under the rules applicable to vested employees who terminate their service with Delta prior to early retirement age instead of under the rules applicable to retirees at early retirement age. Accordingly, Mr. Bastian’s benefit is smaller than it would have been had he retired at early retirement age. All benefits earned by Mr. Bastian after he rejoined Delta in July 2005 are based solely on the cash balance formula.

 

(4) Mr. Macenczak earned a larger benefit under the cash balance formula than under the FAE formula during the Cash Balance Period as a result of the assumptions required for purposes of this table by SEC rules. Mr. Macenczak also accrued an FAE benefit for his service through June 30, 2003 because he had been employed by Delta since January 2, 1985.

 

(5) Mr. Whitehurst earned a larger benefit under the cash balance formula than under the FAE formula during the Cash Balance Period. Mr. Whitehurst also accrued an FAE benefit for his service through June 30, 2003 because he had been employed by Delta since January 1, 2002. Mr. Whitehurst terminated his employment with Delta on August 31, 2007; as a result, his benefit under the FAE formula was determined under the rules applicable to vested employees who terminate their service with Delta prior to early retirement age instead of under the rules applicable to retirees at early retirement age. Accordingly, Mr. Whitehurst’s benefit is smaller than it would have been had he retired at early retirement age.

 

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