Neiman Marcus 2009 Annual Report Download - page 70

Table of Contents
PENSION BENEFITS
The following table sets forth certain information with respect to retirement payments and benefits under the Retirement Plan
and the SERP for each of our named executive officers.
Name Plan Name
Number of Years
Credited Service
(#)(1)
Present Value
of Accumulated
Benefit
($)(2)
Payments During
Last
Fiscal Year
($)
Burton M. Tansky Retirement Plan 20 461,000 —
SERP 32(3) 8,386,000 —
Karen W. Katz Retirement Plan 25 334,000 —
SERP 25(4) 2,638,000 —
James E. Skinner Retirement Plan 7(5) 132,000 —
SERP 7(5) 414,000 —
James J. Gold Retirement Plan 17(5) 133,000 —
SERP 17(5) 366,000 —
Gerald A. Barnes Retirement Plan 27(6) 406,000 —
SERP 25(6) 911,000 —
Footnotes:
(1) Computed as of July 31, 2010, which is the same pension measurement date used for financial statement reporting purposes
with respect to our audited consolidated financial statements and notes thereto.
(2) For purposes of calculating the amounts in this column, retirement age was assumed to be the normal retirement age of the
later of age 65 or the fifth anniversary of the individual's date of hire, as defined in the Retirement Plan. A description of the
valuation method and all material assumptions applied in quantifying the present value of accumulated benefit is set forth in
Note 13 to the Notes to Consolidated Financial Statements beginning on page F-29 of this Annual Report on Form 10-K.
(3) The difference in years of service is a result of the provision in Mr. Tansky's employment agreement relating to the
calculation of his years of service under the SERP. Following his termination of employment with us, his years of service for
purposes of calculating his benefit under the SERP will be determined by multiplying his actual service for purposes of the
SERP by 2, subject to the 25-year maximum set forth in the SERP, and by then providing him with an additional credit for
each year of service to the Company following his attainment of age sixty-five (65) (disregarding the 25-year maximum set
forth in the SERP). The value of Mr. Tansky's actual years of service under the SERP is $4,886,000, so the value of the
additional years of service in excess of his actual service is $3,500,000. See the discussion of his employment agreement
under "Employment and Other Compensation Agreements" beginning on page 69 of this section.
(4) Pursuant to the terms of Karen W. Katz's employment agreement, she will be entitled to an additional one year of credit for
each full year of service after she has reached the 25-year maximum set forth in the SERP. In addition, if her employment is
terminated by us for any reason other than death, disability, cause, or for non-renewal of her employment term, or if she
terminates her employment with us for good reason, and she has not yet reached 65, her SERP benefit will not be reduced
solely by reason of her failure to reach 65 as of the termination date. The value of Ms. Katz's actual years of service under the
SERP is $2,623,000, so the value of the additional years of service in excess of her actual service is $15,000.
(5) Effective December 31, 2007, benefit accruals for Messrs. Skinner and Gold under the Retirement Plan and the SERP were
frozen, as further described below.
(6) Effective August 1, 2010, benefit accruals for Mr. Barnes under the Retirement Plan and the SERP were frozen, as further
described below.
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