WFT » Topics » Pension Benefits

This excerpt taken from the WFT DEF 14A filed Apr 26, 2007.
Pension Benefits
The following table shows information regarding the named executive officers’ benefits under our nonqualified executive retirement plan. For more information regarding our executive retirement plan, see “Retirement Plan” in the Compensation Discussion and Analysis section of this proxy statement.
    Number of
    Present Value
    During Last
    Fiscal Year
  (#)(1)     ($)(2)     ($)  
Bernard J. Duroc-Danner
    20       33,216,580        
Andrew P. Becnel
    5       1,383,587        
E. Lee Colley, III
    11       5,955,591        
Stuart E. Ferguson
    6       1,488,825        
Burt M. Martin
    9       3,241,814        
Lisa W. Rodriguez(3)
John R. King(4)
Jon R. Nicholson(5)
(1) Years of credited service shown above are rounded up to the next whole year as required by the plan.
(2) Includes amounts that the officer may not currently be entitled to receive because such amounts are not vested. Values were determined using the projected unit credit actuarial cost method. Material assumptions used in the valuations include a discount rate of 5.5% and an inflation rate of 3%. For purposes of the table, all participants are assumed to retire at the normal retirement age, as defined by the executive retirement plan (see “Retirement Plan” in the Compensation Discussion and Analysis section of this proxy statement). Mortality rates used were from the 1994 Group Annuity Mortality, Male and Female.
(3) For purposes of the table, the benefit amount due Ms. Rodriguez is being shown in the payments column as it was payable upon termination but was deferred for six months in compliance with the Internal Revenue Code Section 409A. The benefit amount shown in the table will be paid in May 2007.
(4) As of December 31, 2006, Mr. King was removed from the plan in connection with his termination as an executive officer. He was not vested on such date.
(5) Mr. Nicholson received a benefit payment in 2006 in connection with his termination on March 31, 2006.
Compensation under the plan is based on the sum of (a) the highest base salary in the last five years of employment, increased by any amounts that could have been received in cash in lieu of deferrals made pursuant to a cash or deferred arrangement or a cafeteria plan, and (b) the greater of the bonus amount potentially payable under the Company’s management incentive plan for the last year of employment and the highest bonus paid in the last five years of employment.
Upon electing to participate in the plan, the participant agrees to a 10% reduction in his or her base salary as of the time of electing to participate. Our Chief Executive Officer has sole discretion to credit participants, other than himself, with additional years of service under the plan. The officers named in the Summary Compensation Table may be credited an additional three years of service or years of age upon termination of employment for any reason (except for termination by the Company for Cause or voluntary termination by the participant for any reason other than for Good Reason, death, disability or retirement).


Table of Contents

A participant’s interest in the plan is generally distributed either in a lump sum or in the form of a monthly annuity for life, at the participant’s option. If the participant elects to receive monthly benefits, the participant’s beneficiaries will receive upon the participant’s death a lump sum payment equal to 120 monthly installments of the participant’s benefit.
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