|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the DRC DEF 14A filed Mar 30, 2009. Pension
Benefits for 2008
The following table sets forth the present value of accrued
pension plan benefits for each of our eligible named executive
officers as of the end of 2008.
Other than Mr. Volpe, none of the other named executive
officers are eligible to participate in any defined benefit
pension plans sponsored by the Company. As of December 31,
2008, Dresser Rand Company sponsored the Pension Plan for
Employees of Dresser-Rand Company (“Dresser-Rand Pension
Plan”) and the Supplemental Executive Retirement Plan of
Dresser-Rand Company (“SERP”) for salaried employees.
The benefits under these plans were based on final average pay
and service at retirement, subject to applicable offsets.
Effective March 31, 1998, Dresser-Rand Company amended both
plans to cease benefit accruals for non-bargaining unit
employees as
Table of Contents
of that date. That is, for non-bargaining unit employees hired
prior to March 31, 1998, their accrued benefits under the
Dresser-Rand Pension Plan were frozen and no additional accruals
due to service and or pay were granted.
Mr. Volpe has accrued benefits under both of these plans.
As of December 31, 2008, Mr. Volpe has an estimated
monthly accrued pension benefits of $1,638. The benefit amounts
are payable at age 65 as a single life annuity and
represent the benefit payable from both the Dresser-Rand Pension
Plan and the SERP Plan. These benefit amounts are fixed
obligations and will not increase with future pay
and/or
service levels. Other actuarial equivalent distribution options
are available to them under the qualified pension plan, such as
a 100% Joint & Survivor option, 50% Joint &
Survivor option and 10 Year Period Certain. Only the 50%
Joint & Survivor option is available under the SERP
Plan.
The normal retirement age is 65 for both the Dresser-Rand
Pension Plan and the SERP Plan. The Dresser-Rand Pension Plan
permits participants who possess at least 9 years of
benefit credit service upon termination of employment to begin
receiving pension benefits anytime on or after their
55th birthday. Mr. Volpe is not yet eligible for
payment under the terms of either of these plans.
Balances and earnings attributable to these plans are disclosed
as applicable in the Summary Compensation Table and the
Non-Qualified Deferred Compensation Table.
The retirement reduction factors for both the Dresser-Rand
Pension Plan and the SERP Plan are as follows:
Table of Contents
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||
