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This excerpt taken from the HAS DEF 14A filed Apr 17, 2006. Pension
Plan Benefits, As Amended January 1, 2000
Effective January 1, 2000, the Company amended the Pension
Plan as part of an overall redesign of its retirement programs.
The January 1, 2000 amendments to the Pension Plan
implemented a number of changes. Among the significant changes,
the amendments to the Pension Plan provided for a lump sum
benefit or an annual benefit, both determined primarily on the
basis of Average Compensation and actual years of service
(including years of service in excess of 30 years). Another
aspect of the amendments made the benefits under the Pension
Plan, as amended, portable after five years of service (defined
for vesting purposes) with the Company.
Until January 1, 2007, employees who were working for the
Company at the time of the January 1, 2000 amendment to the
Pension Plan and who remain continuously employed by the Company
will receive, upon retirement, the higher of the benefits
provided to them by the Pension Plan as so amended, and the
benefits described in the table above for the Pension Plan
before it was amended. For such employees retiring on or after
January 1, 2007, to compute their benefits the Company
determines what the employee’s benefits would have been
under the unamended Pension Plan as of December 31, 2006.
If the benefits under the unamended Pension Plan are higher than
the benefits provided for such employee under the Pension Plan
as amended, the employee’s pension benefits are computed by
adding the benefits accrued under the old Pension Plan as of
December 31, 2006 to the benefits accrued under the Pension
Plan, as amended, for periods of service after January 1,
2007.
For employees joining the Company after January 1, 2000,
benefits will only be computed with respect to the Pension Plan
as amended.
The following table shows the estimated annual benefits payable
upon retirement in specified remuneration and years of service
classifications under the Company’s Pension Plan and under
the Supplemental Plan, taking into account the January 1,
2000 amendment to the Pension Plan. While both the table above
and the table below reflect retirement benefits payable at
age 65, benefits shown in the table above will be reduced
for commencement of benefits prior to age 65. Benefits in
the table below are unreduced for commencement of benefits on or
after age 55.
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