Big Lots 2015 Annual Report Download - page 61

For purposes of calculating benefits under the Pension Plan, compensation is defined to include the
monthly equivalent of the total cash remuneration paid for services rendered during a plan year prior to
salary reductions pursuant to Sections 401(k) or 125 of the IRC, including bonuses. The table below
illustrates the amount of annual benefits payable at age 65 to a person with the specified five year
average compensation and years of service under the Pension Plan combined with the Supplemental
Pension Plan; assuming working to age 65.
Final Average
Compensation
Years of Service
10 15 20 25
$100,000 $10,000 $15,000 $20,000 $25,000
$125,000 $12,500 $18,750 $25,000 $31,250
$150,000 $15,000 $22,500 $30,000 $37,500
$175,000 $17,500 $26,250 $35,000 $43,750
$200,000 $20,000 $30,000 $40,000 $50,000
$225,000 $22,500 $33,750 $45,000 $56,250
$250,000 $25,000 $37,500 $50,000 $62,500
The maximum annual benefit payable under the Pension Plan is restricted by the IRC ($210,000 for
calendar year 2015). At January 30, 2016, the maximum five year average compensation taken into
account for benefit calculation purposes was $255,000. The compensation taken into account for
benefit calculation purposes is limited by law ($265,000 for calendar year 2015), and is subject to
statutory increases and cost-of-living adjustments in future years. Income recognized as a result of the
exercise of stock options and the vesting of restricted stock is disregarded in computing benefits under
the Pension Plan.
Pension Benefits Table for Fiscal 2015
The following table reflects the number of years of credited service and the present value of
accumulated benefits payable to Mr. Schlonsky under the Pension Plan and the Supplemental Pension
Plan. See Note 8 (Employee Benefit Plans) to the consolidated financial statements and the “Critical
Accounting Policies and Estimates – Pension” section of the MD&A in our Form 10-K regarding the
interest rate, mortality rate and other assumptions underlying the calculations in this table.
Name
Plan
Name
Number of Years
Credited Service
(#)
Present Value of
Accumulated Benefit
($)
Payments During
Last Fiscal Year
($)
(a) (b) (c) (d) (e)
Mr. Campisi N/A - - -
Mr. Johnson N/A - - -
Ms. Bachmann N/A - - -
Mr. Schlonsky Pension Plan 5 13,571 -
Supplemental Pension Plan 17 224,931 -
Mr. Stein N/A - - -
Mr. Chene N/A - - -
Nonqualified Deferred Compensation
Supplemental Savings Plan
All of our 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
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