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HBI » Topics » Pension Benefits - 2008

This excerpt taken from the HBI DEF 14A filed Mar 12, 2009.
Pension Benefits — 2008
 
                             
            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       272,710       —  
    SERP     13.75       1,139,089       —  
E. Lee Wyatt Jr.(2)
  —     —       —       —  
William J. Nictakis(2)
  —     —       —       —  
Gerald W. Evans Jr. 
  Pension Plan     22.50       272,410       —  
    SERP     22.50       574,831       —  
Kevin W. Oliver(3)
  Pension Plan     3.00       72,334       —  
    SERP     3.00       84,043       —  


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Table of Contents

 
(1) Present values for the Pension Plan are computed as of January 3, 2009, using the FAS discount rate of 6.1% and the FAS healthy mortality table (the sex-specific RP 2000 mortality table projected for mortality improvement to 2015 with a white-collar adjustment). A participant’s total benefit payable pursuant to the Pension Plan consist of two parts: a pension benefit and a retirement benefit. Different optional forms of payment are available for each benefit. The assumed payment form election for the pension benefit is a single life annuity. For the retirement benefit, we assume that there is a 60% probability that the participant will elect a seven year certain only annuity and a 40% probability that the participant will elect a single life annuity. If a participant has both a pension benefit and a retirement benefit, the payment form assumption is applied to each benefit amount separately, in all cases assuming the participant commences each portion of the benefit 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 4.75% (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 January 3, 2009 of the SERP lump sum are determined using the FAS discount rate of 6.40%. 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 the Pension Plan for the pension benefit 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, (ii) the portion of the benefit that is payable as an unreduced benefit at age 65, the earliest unreduced commencement age under the Pension Plan for the retirement benefit, was valued at age 65 assuming the named executive officer survives until that age in order to become eligible to receive the retirement benefit unreduced and (iii) 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, are the same as those we use for financial reporting purposes under generally accepted accounting principles.
 
(2) Mr. Wyatt and Mr. Nictakis do not have any pension benefits because they were not eligible to receive benefits prior to December 31, 2005.
 
(3) 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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