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OME » Topics » PENSION BENEFITS FOR FISCAL YEAR ENDED DECEMBER 31, 2008

This excerpt taken from the OME DEF 14A filed Apr 24, 2009.

PENSION BENEFITS FOR FISCAL YEAR ENDED DECEMBER 31, 2008

 

Name

   

Plan Name

    Number
of Years
Credited
Service(1)		    Present
Value of
Accumulated
Benefit as of
December 31,
2008
($)(2)		    Estimated
Early
Retirement
Annual
Benefit
as of
December 31,
2008
($)		    Payments
During
Last
Fiscal
Year
($)

Joseph L. von Rosenberg III

   

Omega Protein

Pension Plan

    4.33    $ 24,506      N/A    $ 0

Robert W. Stockton

   

Omega Protein

Pension Plan

    5.05    $ 47,222      N/A    $ 0

John D. Held

   

Omega Protein

Pension Plan

    2.38    $ 10,267      N/A    $ 0

J. Scott Herbert

   

Omega Protein

Pension Plan

    10.15    $ 22,332      N/A    $ 0

Thomas R. Wittmann

   

Omega Protein

Pension Plan

    17.30    $ 85,863    $ 7,715    $ 0

 

(1)

The number of years of credited service is less than each Named Executive Officer’s actual years of service because the Pension Plan was frozen in 2002 and no further years of service were accrued after that date. If

 

27

 

the actual years of service were to be the applicable criteria, then the number of years of credited service would be: Mr. von Rosenberg—12, Mr. Stockton—11, Mr. Held—8, Mr. Herbert—16, and Mr. Wittmann—23.

(2) The present values were calculated using the same interest rate and mortality assumptions as are used for valuations under FASB Statement No. 87 for financial reporting purposes. The present values as of December 31, 2008 were determined using: (i) a 6.25% discount rate, and (ii) the plan’s normal retirement age of 65. The present values reflect postretirement mortality rates based on the RP2000 Mortality Table with Blue Collar Adjustment Projected with Scale AA to 2010. No decrements were included for preretirement termination, mortality or disability.

"PENSION BENEFITS FOR FISCAL YEAR ENDED DECEMBER 31, 2008" elsewhere:

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