Fannie Mae 2006 Annual Report Download - page 206

The table below shows information about years of credited service and the present value of accumulated
benefits for each named executive under each of our pension plans. The Executive Pension Plan supplements
the benefits payable to named executives under the Fannie Mae Retirement Plan; amounts are shown for both
these plans in the table. Amounts are not shown for our supplemental pension plans, except for Mr. Blakely,
because no benefits would be paid under these plans if a named executive’s benefit under the Executive
Pension Plan, together with the named executive’s benefit under the Retirement Plan, exceeded his or her
combined benefits under the supplemental plans and the Fannie Mae Retirement Plan. At the time that a
named executive other than Mr. Blakely retires, we expect the Executive Pension Plan will always pay a
greater benefit. As a result, we have included only the values that would be payable under the Retirement Plan
and the Executive Pension Plan. Because Mr. Blakely has advised us of his intention to step down as Fannie
Mae’s Chief Financial Officer during 2007, before he becomes entitled to receive benefits under the Executive
Pension Plan, his benefits will be greater under our supplemental plans and, as a result, we have included
values for Mr. Blakely under those plans rather than under our Executive Pension Plan.
Pension Benefits for 2006
Name of Executive Plan Name
Number of Years Credited
Service
(#)
(1)
Present Value of Accumulated
Benefit
($)
(2)
Daniel Mudd
(3)
. . . . . . . . . Fannie Mae Retirement Plan 7 $ 101,102
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 7 4,066,367
Robert Blakely
(4)
. . . . . . . Fannie Mae Retirement Plan 1 45,022
Supplemental Pension Plan 1 93,441
2003 Supplemental Pension Plan 1 70,624
Executive Pension Plan
Robert Levin . . . . . . . . . . Fannie Mae Retirement Plan 26 461,776
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 17 2,758,908
Peter Niculescu. . . . . . . . . Fannie Mae Retirement Plan 8 108,689
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 4 631,129
Beth Wilkinson. . . . . . . . . Fannie Mae Retirement Plan 1 11,818
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 1 186,595
Michael Williams . . . . . . . Fannie Mae Retirement Plan 16 245,231
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 6 1,151,288
Julie St. John
(4)
. . . . . . . . . Fannie Mae Retirement Plan 16 379,149
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 7 2,259,133
(1)
Mr. Levin, Mr. Niculescu, Mr. Williams, and Ms. St. John each have fewer years of credited service under the
Executive Pension Plan than under the Retirement Plan because they worked at Fannie Mae prior to becoming
participants in the Executive Pension Plan.
(2)
The present value has been calculated for the Executive Pension Plan assuming the named executives will remain in
service until age 60, the normal retirement age under the Executive Pension Plan, and assuming the named executives
will remain in service until age 65, the normal retirement age under the Retirement Plan. The values also assume that
benefits under the Executive Pension Plan will be paid in the form of a monthly annuity for the life of the named
executive and the named executive’s surviving spouse and benefits under the Retirement Plan will be paid in the form
of a single life monthly annuity for the life of the named executive. The post-retirement mortality assumption is based
on the RP 2000 white collar mortality table projected to 2010. For additional information regarding the calculation of
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