Sunoco 2014 Annual Report Download - page 130
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128
respectively. Benefits in excess of those permitted under the statutory limits are paid from the Pension Restoration Plan, as
described below.
The amounts presented in the table above are actuarial present values based on accrued annual benefits, using pay and
benefit service through June 30, 2010.
If the benefit is paid in a lump sum, the actual amount distributed would vary from the amount provided in the table
depending on the actual interest rate and the mortality assumptions used to calculate the distribution at the time of retirement.
The mortality table and interest rates to be used in determining a lump sum are set in accordance with the Pension Protection
Act of 2006.
Sunoco, Inc. Pension Restoration Plan
The Pension Restoration Plan is a non-qualified plan that provides retirement benefits that would be provided under the
SCIRP, but are prohibited from being paid from the SCIRP by the Code limits. See the discussion regarding the SCIRP, above,
for the limits. Participants in the SCIRP whose annual compensation exceeds the applicable Code limits are eligible to
participate in the Pension Restoration Plan. The benefit paid by the Pension Restoration Plan is the excess of the total benefit
accrued under the SCIRP over the amount of benefit that the SCIRP is permitted to provide under the Code. All benefits under
the Pension Restoration Plan that are paid in a lump sum are calculated using the same actuarial factors applicable under the
SCIRP. Payment of benefits is made upon termination of employment, except that payment of amounts subject to Code
Section 409A is delayed until six months after separation from service for any specified employee as defined under Code
Section 409A. No additional benefits are being accrued after June 30, 2010 under the Pension Restoration Plan.
Pursuant to his Offer Letter, Mr. Hennigan waived any future rights or benefits to which he otherwise would have been
entitled under the SERP and the Pension Restoration Plan, in return for which, the present value ($2,789,413) of such deferred
compensation benefits was credited to the ETP Deferred Compensation Plan for Former Sunoco Executives.