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PBG » Topics » What other forms of compensation do we provide to our employees, including the Named Executive Officers, and why do we provide them?This excerpt taken from the PBG DEF 14A filed Apr 7, 2009. What other
forms of compensation do we provide to our employees, including
the Named Executive Officers, and why do we provide
them?
The Company provides a number of other employee benefits to its
employees, including the Named Executive Officers, that are
generally comparable to those benefits provided at similarly
sized companies. Such benefits enhance the Company’s
reputation as an employer of choice and thereby serve the
objectives of our compensation program to attract, retain and
motivate our executives.
Pension. During 2008, the Company maintained a
qualified defined benefit pension plan for essentially all
U.S. salaried and hourly non-union employees hired before
January 1, 2007, and a non-qualified defined benefit
pension plan (the “Excess Plan”) for such employees
with annual compensation or pension benefits in excess of the
limits imposed by the IRS. The Excess Plan provides for a
benefit under the same benefit formula as provided under the
qualified plan, but without regard to the IRS limits. The terms
of these plans are essentially the same for all participating
employees and are described in the Narrative to the Pension
Benefits Table. Our
U.S.-based
Named Executive Officers (Messrs. Foss, Drewes, King and
Crawford) have accrued pension benefits under these plans.
Mr. Petrides participates in a separate international
non-qualified defined benefit pension plan (the “PepsiCo
International Retirement Plan”), which is designed to
provide a pension benefit to senior executives who live and work
outside of the U.S. or their home country. The pension
benefit provided under this plan is essentially the same as that
provided to our U.S. employees under the above-referenced
qualified pension plan and Excess Plan and is offset by all
amounts paid to or on behalf of the executive by the Company
pursuant to any Company sponsored plan or government mandated
programs.
The Company does not provide any specially enhanced pension plan
formulas or provisions that are limited to our Named Executive
Officers.
Effective April 1, 2009, the Company amended its qualified
and non-qualified defined benefit pension plans to cease all
future accruals for salaried and non-union U.S. hourly
employees with the exception of employees who, on March 31,
2009 (i) met a Rule of 65 (combined age and years of
service equal to or greater than 65) or (ii) were at
least age 50 with five years of service. The Named
Executive Officers except for Mr. Crawford satisfy the Rule
of 65 and will continue to accrue pension benefits.
Mr. Crawford will cease to accrue pension benefits and will
be eligible to receive the Company Retirement Contribution
described below.
401(k) Savings Plan. Our
U.S.-based
Named Executive Officers participate in the same 401(k) savings
program as provided to other U.S. employees. This program
includes a Company match. The Company does not provide any
special 401(k) benefits to our Named Executive Officers.
In general, salaried and non-union U.S. hourly employees
hired on or after January 1, 2007 are eligible to receive a
company retirement contribution (“CRC”) under the
401(k) plan equal to 2% of eligible compensation (annual pay and
bonus). Effective April 1, 2009, salaried and non-union
U.S. hourly employees who ceased to accrue a benefit under
the defined benefit pension plans will be eligible to
Table of Contents
receive the CRC, and the CRC for all eligible employees with ten
or more years of service will be 3% of eligible compensation.
Deferred Income Program. The Company also
maintains an Executive Income Deferral Program (the
“Deferral Program”), through which all Company
executives, including the Named Executive Officers, paid in
U.S. dollars, may elect to defer their base salary
and/or their
annual cash bonus. The Company makes the Deferral Program
available to executives so they have the opportunity to defer
their cash compensation without regard to the limit imposed by
the IRS for amounts that may be deferred under the 401(k) plan.
The material terms of the Deferral Program are described in the
Narrative to the Nonqualified Deferred Compensation Table.
Health and Welfare Benefits. The Company also
provides other benefits such as medical, dental, life insurance,
and long-term disability coverage, on the same terms and
conditions, to all employees, including the Named Executive
Officers.
This excerpt taken from the PBG DEF 14A filed Apr 10, 2008. What other
forms of compensation do we provide to our employees, including
the Named Executive Officers, and why do we provide
them?
The Company provides a number of other employee benefits to its
employees, including the Named Executive Officers, that are
generally comparable to those benefits provided at similarly
sized companies. Such benefits enhance the Company’s
reputation as an employer of choice and thereby serve the
objectives of our compensation program to attract, retain and
motivate our executives.
Pension. The Company maintains a qualified
defined benefit pension plan for essentially all
U.S. salaried and hourly non-union employees hired before
January 1, 2007 and a non-qualified defined benefit pension
plan (the “Excess Plan”) for such employees with
annual compensation or pension benefits in excess of the limits
imposed by the IRS. The Excess Plan provides for a benefit under
the same benefit formula as provided under the qualified plan,
but without regard to the IRS limits. The terms of these plans
are essentially the same for all participating employees and are
described in the Narrative to the Pension Benefits Table. Our
U.S.-based
Named Executive Officers (Messrs. Foss, Drewes, King and
Rapp) participate in these plans.
Mr. Petrides participates in a separate international
non-qualified defined benefit pension plan (the “PepsiCo
International Retirement Plan”), which is designed to
provide a pension benefit to senior executives who live and work
outside of the U.S. or their home country. The pension
benefit provided under this plan is essentially the same as that
provided to our U.S. employees under the above-referenced
qualified pension plan and Excess Plan and is offset by all
amounts paid to or on behalf of the executive by the Company
pursuant to any Company sponsored plan or government mandated
programs.
The Company does not provide any specially enhanced pension plan
formulas or provisions that are limited to our Named Executive
Officers.
401(k) Savings Plan. Our
U.S.-based
Named Executive Officers participate in the same 401(k) program
as provided to other U.S. employees that includes a Company
match. The Company does not provide any special 401(k) benefits
to our Named Executive Officers.
Deferred Income Program. The Company also
maintains an Executive Income Deferral Program (the
“Deferral Program”), through which all Company
executives, including the Named Executive Officers, paid in
U.S. dollars, may elect to defer all or part of their base
salary
and/or their
annual cash bonus. The Company makes the Deferral Program
available to executives so they have the opportunity to defer
all or a portion of their cash compensation without regard to
the limit imposed by the IRS for amounts that may be deferred
under the 401(k) plan. The material terms of the Deferral
Program are described in the Narrative to the Nonqualified
Deferred Compensation Table.
Health and Welfare Benefits. The Company also
provides other benefits such as medical, dental, life insurance,
and long-term disability coverage, on the same terms and
conditions, to all employees, including the Named Executive
Officers.
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