This excerpt taken from the RF DEF 14A filed Mar 6, 2009.
Regions Qualified and Nonqualified Plans. All benefits earned under the Regions Financial Corporation Retirement Plan (the Regions Retirement Plan), a non-contributory qualified defined benefit plan, are based on years of credited service up to 30 and the annual average of the highest five consecutive years of base salary earned out of the last ten years worked.
The Regions Financial Corporation Post 2006 Supplemental Executive Retirement Plan (the Regions SERP) provides benefits that would otherwise be denied participants under the qualified Regions Retirement Plan because of tax code limitations on qualified plan benefits, as well as additional benefits that serve to attract and retain high quality senior executive talent for the organization. There are two types of retirement benefits in the Regions SERP: a regular benefit and a targeted benefit. The annual average covered compensation for both benefits is based on the highest three consecutive years of base salary plus bonus out of the last ten years worked. The amount of the regular Regions SERP benefit is determined by the length of the retirees credited service up to 35 years and the annual average covered compensation utilizing the Regions Retirement Plan formula. Participants vest in the Regions SERP benefit after five years of service or attainment of age 55. The regular Regions SERP benefit is available to all eligible SERP participants.
The targeted Regions SERP retirement benefit is available only to a select group of senior officers, including Mr. Ritter, Mr. Hall, Ms. Bagby, Mr. Edmonds and Mr. Wells. This targeted Regions SERP benefit provides a percentage of annual average covered compensation based on years of credited service ranging from 40% at 10 years up to a maximum of 65% at 35 years. These targeted Regions SERP benefits are offset by the qualified plan benefit, the Social Security benefit and any non-contributory retirement benefit earned from a prior employer. Participants vest in this benefit only after 10 years of service and the attainment of age 60, except in the case of death, disability or change-in-control. If a participant retires prior to meeting these vesting requirements, he or she will receive a regular SERP benefit. Regions merger with AmSouth was a change-in-control for purposes of the Regions SERP. Upon retirement from Regions within two years of the change-in-control, executives will receive the higher of the two benefits. Upon termination of employment in 2008, Ms. Bagby received the higher of the two benefits as required by her agreement and the plan. The All Other Compensation column of the Summary Compensation Table reflects the additional value of Ms. Bagbys SERP benefit as required including the amounts attributable to pay and service already accrued as well as the accelerated targeted SERP benefit under the Regions SERP. The following 2008 Pension Benefits table reflects the benefit from the Regions Retirement Plan and Regions SERP.
The table below sets forth the actuarial present value of each named executive officers accumulated benefit under the Regions qualified and nonqualified pension plans, but does not include the Regions 401(k) plans.
This excerpt taken from the RF DEF 14A filed Mar 12, 2008.
This excerpt taken from the RF DEF 14A filed Mar 19, 2007.
2006 PENSION BENEFITS
The Regions Retirement Plan (a qualified plan) caps the number of years of service for benefit accrual under the Plan at 40 years. The Company SERP caps participant service at 30.