UIS » Topics » Pension Benefits

This excerpt taken from the UIS 10-K filed Apr 29, 2008.

Pension Benefits

The Company’s officers participate in three pension plans sponsored by Unisys in the United States:

 

   

Unisys Pension Plan (“UPP”) – a qualified defined benefit pension plan available to all U.S. employees who met eligibility requirements by December 31, 2006.

 

   

Unisys Corporation Supplemental Executive Retirement Income Plan (“SERIP”) – a nonqualified excess defined benefit plan available to all U.S. employees who met eligibility requirements by December 31, 2006 and whose qualified plan benefits are limited by the Internal Revenue Code or limited because they have deferred compensation under non-qualified plans. The plan is designed to make up for the benefit shortfall created by the Internal Revenue Code limits and the non-qualified deferrals of compensation.

 

   

Unisys Corporation Elected Officer Pension Plan (“EOPP”) – a nonqualified defined benefit plan available to all elected officers who met eligibility requirements by December 31, 2006. The plan is designed to provide a minimum target of retirement income for executives.

 

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Effective December 31, 2006, each of these plans was frozen and benefits thereunder ceased to accrue. No new participants are now allowed.

The table below presents pension plan information as of December 31, 2007 for the Named Officers.

 

Name

   Plan Name    Number of
Years of
Credited
Service

(#)
   Present Value of
Accumulated
Benefit

($)
   Payments
During Last
Fiscal Year

($)

Joseph W. McGrath

   UPP
SERIP
EOPP
   8.000

8.000

8.000

   221,467

221,700

1,540,398

   —  

—  

—  

Janet B. Haugen

   UPP
SERIP
EOPP
   10.667

10.667

10.667

   231,036

103,041

815,884

   —  

—  

—  

Greg J. Baroni

   UPP
SERIP
EOPP
   5.250

5.250

5.250

   98,896

105,135

548,638

   —  

—  

—  

Randy J. Hendricks

   UPP
SERIP
EOPP
   5.167

5.167

5.167

   78,619

75,535

408,733

   —  

—  

—  

Brian T. Maloney

   UPP
SERIP
EOPP
   0.667

0.667

0.667

   —  

—  

28,266

   —  

—  

—  

The present value of the accumulated benefit has been determined assuming benefits commence as of the earliest date at which each executive is entitled to unreduced benefits in total from all three plans (the later of age 62 and achievement of vesting requirements). The calculations use the same actuarial assumptions used for financial disclosure requirements for the pension plans, except that the calculations assume that each of the above individuals will remain with the Company until such retirement date and therefore do not apply any decrements in respect of termination, disability and the like. Assumptions as to life expectancy are based on the RP2000 Mortality Table projected to 2010 for healthy males and females. The discount rate used is 6.38%. Where benefits are payable as a 50% contingent annuity without actuarial reduction, which is the case for EOPP participants who are married, benefits have been valued using actuarial factors assuming 80% of plan participants are married and assuming wives are three years younger than husbands.

Mr. Maloney did not meet the eligibility requirements of the UPP or the SERIP on or before December 31, 2006. He did, however, meet the EOPP eligibility requirements.

The following summarizes the benefits under the specific plans:

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