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HAS » Topics » Pension Plan Table

This excerpt taken from the HAS DEF 14A filed Apr 17, 2006.
Pension Plan Table
 
                                                 
Average
 		  Estimated Annual Retirement Benefit by Years of Service Classification(2)  
Compensation(1)
  5     10     15     20     25     30(3)  
 
$  800,000
  $ 66,667     $ 133,333     $ 200,000     $ 266,667     $ 333,333     $ 400,000  
 1,200,000
    100,000        200,000       300,000       400,000       500,000       600,000  
 1,600,000
    133,333       266,667       400,000       533,333       666,667       800,000  
 2,000,000
    166,667       333,333       500,000       666,667       833,333       1,000,000  
 2,400,000
    200,000       400,000       600,000       800,000       1,000,000       1,200,000  
 2,800,000
    233,333       466,667       700,000       933,333       1,166,667       1,400,000  
 3,200,000
    266,667       533,333       800,000       1,066,667       1,333,333       1,600,000  
 3,600,000
    300,000       600,000       900,000       1,200,000       1,500,000       1,800,000  
 
 
(1) 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 Company’s 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.


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(2) Estimated retirement benefit amounts shown are prior to reduction by an Internal Revenue Service designated amount keyed to a participant’s Social Security entitlement. Amounts shown are computed on the single straight-life annuity option. Commencement of benefits prior to age 65 and/or 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 Compensation.
 
(3) 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.
 
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