This excerpt taken from the HAS DEF 14A filed Apr 17, 2006.
Estimated Annual Retirement
Benefit by Years of Service Classification(2)
Covered compensation under the Pension Plan and the Supplemental
Plan includes the average of salaries and bonuses paid for the
five highest consecutive years during the ten years preceding
retirement (Average Compensation). The salary and
bonus information reflected in the preceding Summary
Compensation Table shows salaries and bonuses for the years in
which they are earned, not paid. For example, under the
Companys bonus plans bonuses earned for performance in one
year are generally paid in the beginning of the following year.
As such, a bonus earned for performance in fiscal 2005 is
reflected in the 2005 bonus column in the Summary Compensation
Table. However, that bonus would generally be paid in the
beginning of 2006 and thus is reflected in 2006 compensation for
purposes of computing benefits under the Pension Plan and the
Supplemental Plan. In addition, to the extent compensation
earned for a given year is deferred, its payment to the
individual will occur in future years. The aggregate salary and
bonus paid to each of the individuals included in the Summary
Compensation Table in fiscal 2005 were as follows: $1,815,000
for Mr. Hassenfeld; $1,815,000 for Mr. Verrecchia;
$1,098,550 for Mr. Goldner; $950,000 for Mr. Wilson;
and $730,000 for Mr. Hargreaves.
Estimated retirement benefit amounts shown are prior to
reduction by an Internal Revenue Service designated amount keyed
to a participants Social Security entitlement. Amounts
shown are computed on the single straight-life annuity option.
Commencement of benefits prior to age 65
election of other payment options will reduce the annual benefit
amount shown. Payments from the Supplemental Plan, which is
unfunded, are not subject to provisions of the Code that limit
benefits under the Pension Plan. As set forth in the above table
and subject to the foregoing, the retirement benefit after
thirty years of credited service is generally 50% of Average
For purposes of determining annual benefits under the Pension
Plan and the Supplemental Plan in the table above credited years
of service cannot exceed 30.