PPG » Topics » PENSION PLAN TABLE

This excerpt taken from the PPG DEF 14A filed Mar 2, 2006.

PENSION PLAN TABLE

 

Base and

Incentive

5-Year Avg.

Total

Compensation


  

Credited Years-of-Service


    

15


  

20


  

25


  

30


  

35


$    500,000

   106,268.00    143,103.00    179,938.00    216,733.00    253,607.00

750,000

   163,968.00    220,803.00    277,638.00    334,473.00    391,307.00

1,000,000

   221,668.00    298,503.00    375,338.00    452,173.00    529,007.00

1,250,000

   279,368.00    376,203.00    473,038.00    569,873.00    666,707.00

1,500,000

   337,068.00    453,903.00    570,738.00    687,573.00    804,407.00

1,750,000

   394,768.00    531,603.00    668,438.00    805,273.00    942,107.00

2,000,000

   452,468.00    609,303.00    766,138.00    922,973.00    1,079,807.00

2,250,000

   510,168.00    687,003.00    863,838.00    1,040,673.00    1,217,507.00

2,500,000

   567,868.00    764,703.00    961,538.00    1,158,373.00    1,355,207.00

 

The compensation covered by the Company’s qualified retirement plan for salaried employees, which is compulsory and noncontributory, is the salary of a participant as limited by applicable Internal Revenue Service (“IRS”) regulations. The compensation covered by the Company’s nonqualified retirement plan, which is available only to those employees who participate in the qualified retirement plan for salaried employees and in the PPG Industries, Inc. Executive Officers’ Annual Incentive Compensation Plan, the PPG Industries, Inc. Incentive Compensation and Deferred Income Plan for Key Employees or the PPG Industries, Inc. Management Award and Deferred Income Plan, is the compensation paid under the latter three plans, which for Mr. Bunch and the Named Executives in the Summary Compensation Table on page 14 is shown in the “Bonus” column under “Annual Compensation.” Additional benefits may be paid to certain participants under the Company’s nonqualified retirement plan equal to any benefit which cannot be paid under the Company’s qualified retirement plan for salaried employees because of the restrictions of any applicable IRS regulations. The benefit payable under the Company’s qualified retirement plan for salaried employees is a function of a participant’s highest consecutive five-year average annual covered compensation during the ten years immediately prior to retirement and credited years-of-service while a plan participant. The benefit payable under the Company’s nonqualified retirement plan is a function of the participant’s five-year average annual covered compensation for the highest five years out of the final ten years immediately prior to retirement and credited years-of-service. The highest five-year average annual covered compensation under both plans through 2005 for Messrs. LeBoeuf, Bunch, Hernandez, Diggs, Sullivan and Goudy is $2,436,000.00, $1,190,000.00, $816,000.00, $732,000.00, $576,553.00 and $596,018.00, respectively. For comparison purposes only, the figures used for Mr. LeBoeuf’s 2005 compensation were annualized even though he retired on July 1, 2005 and, therefore, did not receive his entire 2005 compensation. The annual benefits payable under the plans as shown in the table above are estimated on the basis of a straight-life annuity, notwithstanding the availability of a joint and survivor annuity or lump sum benefit, and are not subject to reduction for social security benefits. For purposes of the plans, Mr. LeBoeuf had twenty-four years and eight months of service upon his retirement, and Messrs. Bunch twenty-six and one-half years, Hernandez fifteen years, Diggs nine years, Sullivan thirty-two and one-half years and Goudy thirty-one years. Following his retirement on July 1, 2005, Mr. LeBoeuf received a lump sum benefit in accordance with the terms of the PPG Industries, Inc. Nonqualified Retirement Plan in lieu of a straight-life or a joint and survivor annuity. The lump sum benefit was paid in two installments, one upon his retirement on July 1, 2005 in the amount of $8,662,642.59, and the other on January 3, 2006 in the amount of $2,426,395.77, plus interest of $33,362.94 for the period July 1, 2005 to January 3, 2006.

 

19


Table of Contents
This excerpt taken from the PPG DEF 14A filed Mar 4, 2005.

PENSION PLAN TABLE

 

Base and

Incentive

5-Year Avg.

Total

Compensation


  

Credited Years-of-Service


    

15


  

20


  

25


  

30


  

35


$    500,000

   107,460.00    144,452.00    181,444.00    218,435.00    255,427.00

750,000

   165,560.00    222,552.00    279,544.00    336,535.00    393,527.00

1,000,000

   223,660.00    300,652.00    377,644.00    454,635.00    531,627.00

1,250,000

   281,760.00    378,752.00    475,744.00    572,735.00    669,727.00

1,500,000

   339,860.00    456,852.00    573,844.00    690,835.00    807,827.00

1,750,000

   397,960.00    534,952.00    671,944.00    808,935.00    945,927.00

2,000,000

   456,060.00    613,052.00    770,044.00    927,035.00    1,084,027.00

2,250,000

   514,160.00    691,152.00    868,144.00    1,045,135.00    1,222,127.00

 

The compensation covered by the Company’s qualified retirement plan for salaried employees, which is compulsory and noncontributory, is the salary of a participant as limited by applicable Internal Revenue Service (“IRS”) regulations. The compensation covered by the Company’s nonqualified retirement plan, which is

 

16


available only to those employees who participate in the qualified retirement plan for salaried employees and in the PPG Industries, Inc. Executive Officers’ Annual Incentive Compensation Plan, the PPG Industries, Inc. Incentive Compensation and Deferred Income Plan for Key Employees or the PPG Industries, Inc. Management Award and Deferred Income Plan, is the compensation paid under the latter three plans, which for the Named Executives in the Summary Compensation Table on page 13 is shown in the “Bonus” column under “Annual Compensation.” Additional benefits may be paid to certain participants under the Company’s nonqualified retirement plan equal to any benefit which cannot be paid under the Company’s qualified retirement plan for salaried employees because of the restrictions of any applicable IRS regulations. The benefit payable under the Company’s qualified retirement plan for salaried employees is a function of a participant’s highest consecutive five-year average annual covered compensation during the ten years immediately prior to retirement and credited years-of-service while a plan participant. The benefit payable under the Company’s nonqualified retirement plan is a function of the participant’s five-year average annual covered compensation for the highest five years out of the final ten years immediately prior to retirement and credited years-of-service. The highest five-year average annual covered compensation under both plans through 2004 for Messrs. LeBoeuf, Bunch, Hernandez, Diggs and Goudy is $1,990,000.00, $925,000.00, $709,000.00, $642,000.00, and $519,418, respectively. The annual benefits payable under the plans as shown in the table above are estimated on the basis of a straight-life annuity, notwithstanding the availability of a joint and survivor annuity or lump sum benefit, and are not subject to reduction for social security benefits. For purposes of the plans, Mr. LeBoeuf has twenty-four years of service, Mr. Bunch twenty-five and one-half years, Mr. Hernandez fourteen years, Mr. Diggs eight years and Mr. Goudy thirty years.

 

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Crane Company (CR)
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