WLK » Topics » PENSION PLAN TABLE

This excerpt taken from the WLK DEF 14A filed Apr 3, 2006.

PENSION PLAN TABLE

 

The following table provides estimated annual pension benefits payable to one of our named executive officers, Wayne D. Morse, upon retirement at age 65 based on credited service as of January 1, 2006 under the provisions of the Westlake Salaried Employees’ Defined Benefit Plan. None of the other named executive officers participates in this plan.

 

Average Final

Earnings


 

Years of Service at Retirement (1)


 

15


 

20


 

25


 

30


 

35


 

40


$125,000

  $26,540   $35,387   $44,234   $53,081   $ 61,928   $ 69,115

$150,000

  $32,540   $43,387   $54,234   $65,081   $ 75,928   $ 84,553

$175,000

  $38,540   $51,387   $64,234   $77,081   $ 89,928   $ 99,990

$200,000

  $44,540   $59,387   $74,234   $89,081   $103,928   $115,428

$225,000

  $49,340   $65,787   $82,234   $98,681   $115,128   $127,778

$250,000

  $49,340   $65,787   $82,234   $98,681   $115,128   $127,778

$300,000

  $49,340   $65,787   $82,234   $98,681   $115,128   $127,778

$400,000

  $49,340   $65,787   $82,234   $98,681   $115,128   $127,778

$450,000

  $49,340   $65,787   $82,234   $98,681   $115,128   $127,778

$500,000

  $49,340   $65,787   $82,234   $98,681   $115,128   $127,778

(1) Mr. Morse had 38 estimated credited years of service as of January 1, 2006.

 

The amounts shown in the above table are necessarily based upon certain assumptions, including retirement of the employee at age 65 based on credited services as of January 1, 2006 and payment of the benefit under the basic form of allowance provided under the Westlake Salaried Employees’ Defined Benefit Plan (payment for the life of the employee five years certain). The amounts will change if the payment is made under any other form of allowance permitted by the retirement plan or if an employee’s actual retirement occurs after January 1, 2006 since the “annual covered compensation level” of such employee (one of the factors used in computing the annual retirement benefits) may change during the employee’s subsequent years of benefit service. The covered compensation for which retirement benefits are computed under the Westlake Salaried Employees’ Defined Benefit Plan is the average of the participant’s highest four consecutive years out of the last ten years of base salary plus annual bonus. Base salary and annual bonus amounts for 2005 are set forth under the “Salary” and “Bonus” headings in the Summary Compensation Table for Mr. Morse. The benefits shown are not subject to deduction for Social Security benefits or other offset amounts, including any offset for payments made from the Goodrich Corporation plan for certain former employees of Goodrich Corporation, including Mr. Morse.

 

This excerpt taken from the WLK DEF 14A filed Apr 1, 2005.

PENSION PLAN TABLE

 

The following table provides estimated annual pension benefits payable to one of our named executive officers, Wayne D. Morse, upon retirement at age 65 based on credited service as of January 1, 2005 under the provisions of the Westlake Salaried Employees’ Defined Benefit Plan. None of the other named executive officers participates in this plan.

 

Average Final

Earnings


 

Years of Service at Retirement(1)


 

15


 

20


 

25


 

30


 

35


 

40


$125,000

  $26,713   $35,617   $44,522   $53,426   $  62,330   $  69,518

$150,000

  $32,713   $43,617   $54,522   $65,426   $  76,330   $  84,955

$175,000

  $38,713   $51,617   $64,522   $77,426   $  90,330   $100,393

$200,000

  $44,713   $59,617   $74,522   $89,426   $104,330   $115,830

$225,000

  $47,113   $62,817   $78,522   $94,226   $109,930   $122,005

$250,000

  $47,113   $62,817   $78,522   $94,226   $109,930   $122,005

$300,000

  $47,113   $62,817   $78,522   $94,226   $109,930   $122,005

$400,000

  $47,113   $62,817   $78,522   $94,226   $109,930   $122,005

$450,000

  $47,113   $62,817   $78,522   $94,226   $109,930   $122,005

$500,000

  $47,113   $62,817   $78,522   $94,226   $109,930   $122,005

(1) Mr. Morse had 37 estimated credited years of service as of January 1, 2005.

 

The amounts shown in the above table are necessarily based upon certain assumptions, including retirement of the employee at age 65 based on credited services as of January 1, 2005 and payment of the benefit under the basic form of allowance provided under the Westlake Salaried Employees’ Defined Benefit Plan (payment for the life of the employee five years certain). The amounts will change if the payment is made under any other form of allowance permitted by the retirement plan or if an employee’s actual retirement occurs after January 1, 2005 since the “annual covered compensation level” of such employee (one of the factors used in computing the annual retirement benefits) may change during the employee’s subsequent years of benefit service. The covered compensation for which retirement benefits are computed under the Westlake Salaried Employees’ Defined Benefit Plan is the average of the participant’s highest four consecutive years out of the last ten years of base salary plus annual bonus. Base salary and annual bonus amounts for 2004 are set forth under the “Salary” and “Bonus” headings in the Summary Compensation Table for Mr. Morse. The benefits shown are not subject to deduction for Social Security benefits or other offset amounts, including any offset for payments made from the Goodrich Corporation plan for certain former employees of Goodrich Corporation, including Mr. Morse.

 

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