Big Lots 2008 Annual Report Download - page 54

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Pension Benefits Table for Fiscal 2008
The following table reflects the number of years of credited service and the present value of accumulated benefits
payable to Mr. Waite under the Pension Plan and the Supplemental Pension Plan. See Note 8 (Employee Benefit
Plans) to the consolidated financial statements and the “Critical Accounting Policies and Estimates – Pension”
section of the MD&A in our Form 10-K regarding the interest rate, mortality rate and other assumptions
underlying the calculations in this table.
Name
(a)
Plan
Name
(b)
Number
of Years
Credited
Service
(#)
(c)
Present Value of
Accumulated
Benefit
($)
(d)
Payments
During
Last Fiscal
Year
($)
(e)
Mr. Fishman N/A — — —
Mr. Cooper N/A — — —
Mr. Waite Pension Plan 20 25,784 —
Supplemental Pension Plan 20 118,079 —
Mr. Martin N/A — — —
Mrs. Bachmann N/A — — —
Nonqualified Deferred Compensation
Supplemental Savings Plan
All of the named executive officers, as well as substantially all other full-time employees, are eligible to participate
in the Savings Plan, our “401(k) plan.” The Supplemental Savings Plan is maintained for those executives
participating in the Savings Plan who desire to contribute more than the amount allowable under the Savings
Plan. The Supplemental Savings Plan constitutes a contract to pay deferred compensation and limits deferrals in
accordance with prevailing tax law. The Supplemental Savings Plan is designed to pay the deferred compensation
in the same amount as if contributions had been made to the Savings Plan. We have no obligation to fund the
Supplemental Savings Plan, and all assets and amounts payable under the Supplemental Savings Plan are subject to
the claims of our general creditors.
In order to participate in the Savings and Supplemental Savings Plans, an eligible employee must satisfy applicable
age and service requirements and must make contributions to such plans (“Participant Contributions”). Participant
Contributions are made through authorized payroll deductions to one or more of the several investment funds
available under the Savings and Supplemental Savings Plans and selected by the participant. All Participant
Contributions are matched by us (“Registrant Contributions”) at a rate of 100% for the first 2% of salary
contributed and 50% for the next 4% of salary contributed. Additionally, the amount of the Registrant Contribution
is subject to the maximum annual compensation that may be taken into account for benefit calculation purposes
under the IRC ($230,000 for calendar year 2008). Accordingly, the maximum aggregate Registrant Contribution
that could be made to a named executive officer participating in the Savings and Supplemental Savings Plans was
$9,200 for fiscal 2008.
Under the Savings Plan and the Supplemental Savings Plan, 25% of the Registrant Contributions vests annually
beginning on the second anniversary of the employee’s hiring. Under both plans, a participant who has terminated
employment with Big Lots is entitled to all funds in his or her account, except that if termination is for a
reason other than retirement, disability or death, then the participant is entitled to receive only the Participant
Contributions and the vested portion of the Registrant Contributions. All other unvested accrued benefits
pertaining to Registrant Contributions will be forfeited. Upon a change in control, the participant will receive a
lump sum payment of all amounts (vested and unvested) under the Supplemental Savings Plan.