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HBI » Topics » Pension Benefits - 2007

This excerpt taken from the HBI DEF 14A filed Mar 10, 2008.
Pension Benefits — 2007
 
                             
              Present Value of
 		    Payments
 		 
        Number of Years
 		    Accumulated
 		    During Last
 		 
Name
 
Plan Name
  Credited Service (#)     Benefit ($)(1)     Fiscal Year ($)  
 
Richard A. Noll
  Pension Plan     13.75       242,386       —  
    SERP     13.75       1,010,819       —  
E. Lee Wyatt Jr.(2)
  —     —       —       —  
Lee A. Chaden(3)
  Pension Plan     13.50       476,253       —  
Gerald W. Evans Jr. 
  Pension Plan     22.50       239,741       —  
    SERP     22.50       512,628       —  
Kevin W. Oliver(4)
  Pension Plan     3.00       64,475       —  
    SERP     3.00       75,039       —  
 
 
(1) Present values for the Pension Plan are computed as of December 29, 2007, using the FAS discount rate of 6.4% and the FAS healthy mortality table (the sex-specific RP 2000 mortality table projected for mortality improvement to 2015 with a white-collar adjustment) and assuming the participant commences each portion of the benefit as a life annuity at the earliest unreduced age. Benefits under the SERP are payable as a lump sum, which lump sum has been computed using the SERP’s interest rate of 5.75% (120% of the October 30-year Treasury rate for each year, rounded to the nearest 1/4%) and the mortality prescribed under Revenue Ruling 2001-62. Present values as of December 29, 2007 of the SERP lump sum are determined using the FAS discount rate of 6.1%. For both the Pension Plan and the SERP, we also used the following assumptions: (i) the portion of the benefit that is payable as an unreduced benefit at age 62, the earliest unreduced commencement age under both the Pension Plan and the SERP, was valued at age 62 assuming the named executive officer continues to work until that age in order to become eligible for unreduced benefits, and (ii) the values of the benefits have been discounted assuming the named executive officer continues to live until the assumed benefit commencement age (no mortality discount has been applied). All of the foregoing assumptions, except for the assumption that the named executive officer lives and works until retirement, which we have used in light of Securities and Exchange Commission guidance,


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are that same as those we use for financial reporting purposes under generally accepted accounting principles.
 
(2) Mr. Wyatt does not have any pension benefits because he was not eligible to receive benefits prior to December 31, 2005.
 
(3) Mr. Chaden does not have a SERP benefit because the nonqualified benefits accrued by Mr. Chaden under Sara Lee’s nonqualified plan were funded with periodic payments made by Sara Lee to trusts established on his behalf and were not transferred to Hanesbrands as part of the spin off.
 
(4) A portion of Mr. Oliver’s benefit under each of the SERP and the Pension Plan is payable in the form of a lump sum at age 65 as a result of service credited under an alternative formula.
 

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