This excerpt taken from the PRK DEF 14A filed Mar 14, 2005.
PENSION PLAN TABLE
The annualized average monthly compensation shown above is the annual equivalent of an average of monthly rates of total compensation (salary and bonus, including elective deferral contributions). The benefits shown above are based on the sum of the highest five consecutive and complete annual total compensation during the ten years preceding retirement, divided by sixty. The benefits shown in the table will not be reduced by Social Security or other amounts received by a participant. A participant will be fully vested in the participants benefits under the Park pension plan upon the completion of five years of credited service.
The 2005 monthly rate of total compensation used to determine benefits is limited to $210,000, which is the equivalent of an annual total compensation of $17,500 per month. Total compensation in excess of this amount will not be taken into account for benefit calculation purposes. Similarly, years of credited service in excess of 35 years will not be taken into account for benefit calculation purposes.
The Park pension plan covers employees of Parks Principal Subsidiaries who have attained age 21 and completed one year of credited service.
The table shown above does not take into account certain additional minimum benefits. Specifically, the employees of certain of Parks bank subsidiaries participated in pension plans maintained for their benefit prior to the banks being acquired by Park and the merger of the pension plan into the Park pension plan. Benefits provided by the Park pension plan cannot be less than the sum of the benefit provided under the merged pension plan and the benefit earned under the Park pension plan based on years of credited service since the date of merger of the two plans.
The projected annualized average monthly compensation as of January 1, 2005 was at least $189,000 for each of Messrs. DeLawder, Trautman and Kozak. Messrs. DeLawder, Trautman and Kozak had approximately 33, 21 and 25 years of credited service, respectively, under the Park pension plan as of October 1, 2004.