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FL » Topics » Notes to Pension Benefits Table

This excerpt taken from the FL DEF 14A filed Apr 9, 2009.

Notes to Pension Benefits Table

 

(1)

  

 

  

In general, the present value of accumulated benefits was determined using the same measurement date (January 31, 2009) and assumptions used for financial reporting purposes. Expected retirement age for the Retirement Plan and the Excess Plan is equal to normal retirement age as defined by the plans. For the SERP, the age at which Participants become eligible for retirement under the plan is used as the expected retirement age. The following are the key assumptions that were used in calculating the values in the table:

 
•

  

 

  

FAS 87 Discount rate of 6.5 percent for the Retirement Plan and the SERP;
FAS 87 Discount rate of 6.4 percent for the Excess Plan.

 

•

  

 

  

Retirement age is assumed to be 65 for the Retirement Plan and the Excess Plan; for the SERP the retirement age is assumed to be when age plus years of service equal 65.

 

•

  

 

  

417(e) interest rate of 6 percent.

 

•

  

 

  

Form of payment for the Retirement Plan and the Excess Plan is a lump sum; the form of payment for the SERP is 12 quarterly installments.

 

•

  

 

  

Mr. Mina’s SERP amount reflects no credited service for fiscal year 2008.

The years of service for the SERP reflect the number of years that the executive has been approved by the Compensation Committee as a participant in that plan. Mr. Serra’s years of service under the Retirement Plan and the Excess Plan are less than the number of years of credited

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service under the SERP because of the requirement that an employee must complete a year of eligibility service before becoming eligible for participation in these plans.

This excerpt taken from the FL DEF 14A filed Apr 10, 2008.

Notes to Pension Benefits Table

 

(1)

  

 

  

In general, the present value of accumulated benefits was determined using the same measurement date (February 2, 2008) and assumptions used for financial reporting purposes. Expected retirement age for the Retirement Plan and the Excess Plan is equal to normal retirement age as defined by the plans. For the SERP, the age at which Participants become eligible for retirement under the plan is used as the expected retirement age. The following are the key assumptions that were used in calculating the values in the table:

 
•

  

 

  

FAS 87 Discount rate of 6.1 percent.

 

•

  

 

  

Retirement age is assumed to be 65 for the Retirement Plan and the Excess Plan; for the SERP the retirement age is assumed to be when age plus years of service equal 65.

 

•

  

 

  

417(e) interest rate of 6 percent.

 

•

  

 

  

Form of payment for the Retirement Plan and the Excess Plan is a lump sum; the form of payment for the SERP is 12 quarterly installments.

The years of service for the SERP reflect the number of years that the executive has been approved by the Compensation Committee as a participant in that plan. Mr. Serra’s years of service under the Retirement Plan and the Excess Plan are less than the number of years of credited service under the SERP because of the requirement that an employee must complete a year of eligibility service before becoming eligible for participation in these plans.

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EXCERPTS ON THIS PAGE:

DEF 14A
Apr 9, 2009
DEF 14A
Apr 10, 2008

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