This excerpt taken from the DBD DEF 14A filed Mar 19, 2007.
Supplemental Executive Retirement Plan II
SERP II provides a restoration benefit only prior to age 60. This means that the benefit is equal to the difference between what the Qualified Retirement Plan would have paid if there were no IRS limits on compensation ($220,000 in 2006) or benefits and what the Qualified Retirement Plan actually paid. At age 60, it provides a supplemental monthly retirement benefit in an amount such that a participants total retirement benefit from the Qualified Retirement Plan and SERP II plus one-half of the participants anticipated Social Security benefit payable at age 65, equals 50% of the participants final average compensation received from the Corporation during the highest five consecutive full calendar years of the last ten full calendar years of employment. This amount is prorated for less than 30 years of service. Compensation is defined for this purpose as salary plus bonus accrued for each such calendar year.
SERP II benefits are payable at age 65 as a straight life annuity. Joint and survivor options are available on an actuarially equivalent basis. A participant may also elect to receive benefits accrued as of December 31, 2004, in a lump sum payment at retirement. Benefits are available to participants electing to retire early at age 60 (on an actuarially reduced basis). Participants who have at least 15 years of service and who become disabled while employed are eligible for an immediate benefit. Benefits are also available to participants whose employment is involuntarily terminated with no service requirement.
Accrued benefits under SERP II are fully vested in the event of a change in control of the Corporation.
SERP II replaced SERP I for newly eligible executives through December 31, 2006.