Allstate 2013 Annual Report Download - page 61

service, and payments for short term disability, but does earned after December 31, 2004 (Post 409A SRIP
not include long-term cash incentive awards or income Benefits) are paid on the January 1 following termination
related to equity awards. Compensation used to of employment after reaching age 55 (a minimum six
determine benefits under the ARP is limited in accordance month deferral period applies), or following death, in
with the Internal Revenue Code. For final average pay accordance with the terms of the SRIP.
benefits, average annual compensation is the average Eligible employees are vested in the normal ARP and SRIP
compensation of the five highest consecutive calendar retirement benefit on the earlier of the completion of five
years within the last ten consecutive calendar years years of service or upon reaching age 65 (for participants
preceding the actual retirement or termination date. with final average pay benefits) or the completion of three
Payment options under the ARP include a lump sum, years of service or upon reaching age 65 (for participants
straight life annuity, and various survivor annuity options. whose benefits are calculated under the cash balance
The lump sum under the final average pay benefit is formula). The following SRIP payment dates assume a
calculated in accordance with the applicable interest rate retirement or termination date of December 31, 2012:
and mortality as required under the Internal Revenue • Mr. Wilson’s Pre 409A SRIP Benefit would become
Code. The lump sum payment under the cash balance payable as early as January 1, 2013, or following death
benefit is generally equal to a participant’s cash balance or disability. Mr. Wilson’s Post 409A SRIP Benefit
account balance. Payments from the SRIP are paid in the would be paid on July 1, 2013, or following death.
form of a lump sum using the same interest rate and Mr. Wilson will turn 65 on October 15, 2022.
mortality assumptions used under the ARP.
• Mr. Shebik’s Pre 409A SRIP Benefit would be payable
Timing of Payments as early as January 1, 2013, or following death or
disability. Mr. Shebik’s Post 409A SRIP Benefit would be
Age 65 is the earliest retirement age that a named paid on July 1, 2013, or following death. Mr. Shebik will
executive may retire with full retirement benefits under turn 65 on June 19, 2021.
the ARP and SRIP. However, a participant earning final
average pay benefits is entitled to an early retirement • Mr. Civgin’s Post 409A SRIP Benefit would be paid on
benefit on or after age 55 if he or she terminates January 1, 2017, or following death. Mr. Civgin will turn
employment after completing 20 or more years of vesting 65 on May 17, 2026.
service. A participant earning cash balance benefits who • Ms. Greffin’s Pre 409A SRIP Benefit would be payable
terminates employment with at least three years of as early as January 1, 2016, or following death or
vesting service is entitled to a lump sum benefit equal to disability. Ms. Greffin’s Post 409A SRIP Benefit would
his or her cash balance account balance. Currently, be paid on January 1, 2016, or following death.
Messrs. Shebik and Wilson are the only named executives Ms. Greffin will turn 65 on August 16, 2025.
eligible for an early retirement benefit.
• Mr. Gupta’s Post 409A SRIP Benefit is not currently
As defined in the SRIP, SRIP benefits earned through vested, but would become payable following death.
December 31, 2004 (Pre 409A SRIP Benefits) are Mr. Gupta will turn 65 on March 4, 2026.
generally payable at the normal retirement age of 65. Pre
409A SRIP Benefits may be payable at age 50 or later if • Mr. Winter’s Post 409A SRIP Benefit would be paid on
disabled, following early retirement at age 55 or older July 1, 2013, or following death. Mr. Winter will turn 65
with 20 years of vesting service, or following death, in on January 22, 2022.
accordance with the terms of the SRIP. SRIP benefits
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Executive Compensation Tables
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