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This excerpt taken from the PBG DEF 14A filed Mar 31, 2006. Pension Plan Table.
The Company has adopted the PBG Salaried Employees Retirement
Plan, the PBG Pension Equalization Plan and The PepsiCo
International Retirement Plan. The annual benefits payable under
these pension plans to employees with five or more years of
service at age 65 are, for the first 10 years of
credited service, 3% of the employee’s highest consecutive
five-year average annual earnings plus an additional 1% of the
employee’s highest consecutive five-year average annual
earnings for each additional year of credited service over ten
years, less .43% of final average earnings not to exceed Social
Security covered compensation multiplied by years of service
(not to exceed 35 years) in the case of the PBG Salaried
Employees Retirement and Pension Equalization Plans. The PepsiCo
International Retirement Plan is offset by any other pension
benefit PBG has provided or contributed to on the
employee’s behalf, including PBG contributions to local
social security plans. Under PBG’s plans, when an executive
retires at the normal retirement age (65), the approximate
annual benefits payable after January 1, 2006, for the
following pay classifications and years of service are expected
to be:
The pay covered by the pension plans noted above is based on the salary and bonus shown in the Summary Compensation Table on page 11 for each of the named executive officers with the exception of Mr. Rebolledo who does not participate in any of the Company’s retirement plans. The years of credited service as of January 1, 2006 for these named executive officers with the exception of Mr. Rebolledo are as follows: 17 years for Mr. Cahill; 24 years for Mr. Foss; 18 years for Mr. Petrides; and 24 years for Mr. Wandschneider. 15
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