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HAS » Topics » Pension Benefits

This excerpt taken from the HAS DEF 14A filed Apr 6, 2009.
Pension Benefits
 
                             
              Present Value of
 		       
        Number of
 		    Accrued Benefit
 		       
        Years of
 		    Payable at Normal
 		    Payments During
 		 
        Credited
 		    Retirement
 		    the Last Fiscal
 		 
Name
 
Plan Name
  Service     ($)(a)     Year($)  
 
Brian Goldner
  Pension Plan     8.0     $ 91,802     $ 0  
    Supplemental Plan     8.0     $ 690,540     $ 0  
Alfred J. Verrecchia
  Pension Plan     42.0     $ 874,774     $ 0  
    Supplemental Plan     42.0     $ 11,698,597     $ 0  
    Post-Employment Agreement     43.0     $ 9,608,936     $ 0  
David D.R. Hargreaves
  Pension Plan     15.0     $ 280,532     $ 0  
    Supplemental Plan     15.0     $ 928,816     $ 0  
    Retirement Agreement     26.0     $ 2,235,361     $ 0  
Barry Nagler
  Pension Plan     8.0     $ 133,108     $ 0  
    Supplemental Plan     8.0     $ 463,538     $ 0  
Duncan Billing
  Pension Plan     16.0     $ 204,849     $ 0  
    Supplemental Plan     16.0     $ 329,783     $ 0  
John Frascotti(b)
  Pension Plan     N/A       N/A       N/A  
 
 
(a) The “Present Value of Accrued Benefit” is the lump-sum value as of December 28, 2008 of the annual pension benefit earned as of December 28, 2008 payable under a plan for the executive’s life beginning on the date in which the named executive officer may commence an unreduced pension under the respective plan, reflecting current credited service, current five-year average compensation, and current statutory benefit and pay limits as applicable. Certain assumptions were used to determine the lump-sum values and are outlined below. These assumptions are consistent with those used for financial statement purposes under FAS 87, except that the named executive officer is assumed to continue to be employed until the assumed retirement age (i.e., there will


32

 

be no assumed termination for any reason, including death or disability). The assumptions are as follows: (i) the FAS 87 measurement date is December 28, 2008, (ii) it is assumed that 65% of participants will elect a lump sum payment and 35% will elect an annuity under the Pension Plan and the Supplemental Plan, that Mr. Verrecchia will elect a lump sum and that Mr. Hargreaves will elect an annuity for any benefits provided under the Post-Employment Agreement and Retirement Agreement, respectively, (iii) the discount rate is assumed to be 6.21% for the Pension Plan, 6.26% for the Supplemental Plan and 6.13% for the Post-Employment Agreement and Retirement Agreement, (iv) for the Pension Plan and the Supplemental Plan, the lump sum interest rate is assumed to be 5.50%; for the Post-Employment Agreement, lump sum payments are calculated using the IRS interest assumption required of qualified plans which includes an interest rate of 4.78% for the first five years, 5.45% for the next fifteen years and 5.45% thereafter, (v) for mortality (post-commencement) the RP-2000 mortality tables are used with separate rates for males and females for benefits paid as annuities and the IRS table promulgated in Revenue Ruling 2007-67 for benefits paid as lump sums, (vi) the earliest unreduced retirement age is age 65 for the plans prior to the January 1, 2000 amendment, and age 55 for the plans following such amendment and (vii) all values are estimates only; actual benefits will be based on data, pay and service at the time of retirement. Mr. Hargreaves is currently eligible for an unreduced retirement benefit. The values for Mr. Verrecchia reflect his actual lump sum determined as of January 1, 2009. Certain portions of the lump sum are subject to delay due to Section 409A of the Code. All payments deferred beyond January 1, 2009 will be paid with interest accrued at an annual rate of 5%.
 
(b) The Pension Plan was frozen prior to Mr. Frascotti joining the Company.
 
This excerpt taken from the HAS DEF 14A filed Apr 8, 2008.
Pension Benefits
 
                             
              Present Value of
 		       
        Number of
 		    Accrued Benefit
 		       
        Years of
 		    Payable at Normal
 		    Payments During
 		 
        Credited
 		    Retirement
 		    the Last Fiscal
 
Name
 
Plan Name
  Service     ($)(a)     Year($)  
 
Alfred J. Verrecchia
  Pension Plan     42.0     $ 823,309     $ 0  
    Supplemental Plan     42.0     $ 11,039,319     $ 0  
    Post-Employment Agreement     42.0     $ 5,727,345     $ 0  
Brian Goldner
  Pension Plan     8.0     $ 84,833     $ 0  
    Supplemental Plan     8.0     $ 651,600     $ 0  
David D.R. Hargreaves
  Pension Plan     15.0     $ 256,758     $ 0  
    Supplemental Plan     15.0     $ 865,625     $ 0  
    Expatriate Plan     25.0     $ 549,936     $ 0  
Barry Nagler
  Pension Plan     8.0     $ 124,007     $ 0  
    Supplemental Plan     8.0     $ 436,891     $ 0  
Frank Bifulco
  Pension Plan     5.0     $ 98,200     $ 0  
    Supplemental Plan     5.0     $ 228,174     $ 0  
 
 
(a) The “Present Value of Accrued Benefit” is the lump-sum value as of December 30, 2007 of the annual pension benefit earned as of December 30, 2007 payable under a plan for the executive’s life beginning on the date in which the named executive officer may commence an unreduced pension under the respective plan, reflecting current credited service, current five-year average compensation, and current statutory benefit and pay limits as applicable. Certain assumptions were used to determine the lump-sum values and are outlined below. These assumptions are consistent with those used for financial statement purposes under FAS 87, except that the named executive officer is assumed to continue to be employed until the assumed retirement age (i.e., there will be no assumed termination for any reason, including death or disability). The assumptions are as follows: (i) the FAS 87 measurement date is December 30, 2007, (ii) it is assumed that 65% of participants will elect a lump sum payment and 35% will elect an annuity under the Pension Plan and the Supplemental Plan, that Mr. Verrecchia will elect a lump sum and that Mr. Hargreaves will elect an annuity for any benefits provided


32

Table of Contents

under the Post-Employment Agreement and Expatriate Plan, respectively, (iii) the discount rate is assumed to be 6.35% for the Pension Plan, 6.24% for the Supplemental Plan and 6.00% for the Post-Employment Agreement and Expatriate Plan, (iv) for the Pension Plan and the Supplemental Plan, the lump sum interest rate is assumed to be 5.50%; for the Post-Employment Agreement, lump sum payments are calculated using the IRS interest assumption required of qualified plans which includes an interest rate of 5.02% for the first five years, 5.18% for the next fifteen years and 5.28% thereafter, (v) for mortality (post-commencement) the RP-2000 mortality tables are used with separate rates for males and females for benefits paid as annuities and the IRS table promulgated in Revenue Ruling 2007-67 for benefits paid as lump sums, (vi) the earliest unreduced retirement age is age 65 for the plans prior to the January 1, 2000 amendment, and age 55 for the plans following such amendment and (vii) all values are estimates only; actual benefits will be based on data, pay and service at the time of retirement. Mr. Verrecchia is currently eligible for an unreduced retirement benefit.
 
This excerpt taken from the HAS DEF 14A filed Apr 16, 2007.
Pension Benefits
 
                             
              Present Value of
 		       
        Number of
 		    Accrued Benefit
 		       
        Years of
 		    Payable at Normal
 		    Payments During
 		 
        Credited
 		    Retirement
 		    the Last Fiscal
 		 
Name
 
Plan Name
  Service     ($)(a)     Year($)  
 
Alfred J. Verrecchia
  Pension Plan     41.0     $ 766,461     $ 0  
    Supplemental Plan     41.0     $ 8,175,263     $ 0  
    Post-Employment Agreement     41.0     $ 3,343,233     $ 0  
Brian Goldner
  Pension Plan     7.0     $ 73,423     $ 0  
    Supplemental Plan     7.0     $ 390,500     $ 0  
David D.R. Hargreaves
  Pension Plan     14.0     $ 243,642     $ 0  
    Supplemental Plan     14.0     $ 769,150     $ 0  
    Expatriate Plan     24.0     $ 463,423     $ 0  
Barry Nagler
  Pension Plan     7.0     $ 103,648     $ 0  
    Supplemental Plan     7.0     $ 313,120     $ 0  
Simon Gardner
  (b)     —       —       —  
 
 
(a) The “Present Value of Accrued Benefit” is the lump-sum value as of September 30, 2006 of the annual pension benefit earned as of September 30, 2006 payable under a plan for the executive’s life beginning on the date in which the named executive officer may commence an unreduced pension under the respective plan, reflecting current credited service, current five-year average compensation, and current statutory benefit and pay limits as applicable. Certain assumptions were used to determine the lump-sum values and are outlined below. These assumptions are consistent with those used for financial statement purposes under FAS 87, except that the named executive officer is assumed to continue to be employed until the assumed retirement age (i.e., there will be no assumed termination for any reason, including death or disability). The assumptions are as follows: (i) the FAS 87 measurement date is September 30, 2006, (ii) it is assumed that 65% of participants will elect a lump sum payment and 35% will elect an annuity under the Pension Plan and the Supplemental Plan, and that Mr. Verrecchia and Mr. Hargreaves will elect an annuity for any benefits provided under the Post-Employment Agreement and Expatriate Plan, respectively, (iii) the discount rate is assumed to be 5.75%, (iv) the lump sum


29

Table of Contents

interest rate is assumed to be 5.50%, (v) for mortality (post-commencement) the RP-2000 mortality tables are used with separate rates for males and females for benefits paid as annuities and the IRS table promulgated in Revenue Ruling 2001-62 for benefits paid as lump sums, (vi) the earliest unreduced retirement age is age 65 for the plans prior to the January 1, 2000 amendment, and age 55 for the plans following such amendment and (vii) all values are estimates only; actual benefits will be based on data, pay and service at the time of retirement. Mr. Verrecchia is currently eligible for an unreduced retirement benefit.
 
(b) Mr. Gardner, who is based in the U.K., is not eligible to participate in the Pension Plan which is maintained for U.S. employees, nor is he eligible to participate in the 401(k) Plan or the Supplemental Plan. However, the Company does maintain the Hasbro Group Plan for its employees in the U.K. The Hasbro Group Plan is a defined contribution plan pursuant to which both the Company and the employee make contributions.
 

EXCERPTS ON THIS PAGE:

DEF 14A
Apr 6, 2009
DEF 14A
Apr 8, 2008
DEF 14A
Apr 16, 2007

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