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 employees highest consecutive five-year average annual earnings plus an additional 1% of the employees 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 employees behalf, including PBG contributions to local social security plans. Under PBGs 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 Companys 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.