Fannie Mae 2008 Annual Report Download - page 252

bonuses paid under the 2008 Retention Program. For purposes of determining benefits under the 2003
Supplemental Pension Plan, the amount of an officer’s annual cash bonus and retention bonus taken into
account is limited in the aggregate to 50% of the officer’s base salary. Benefits under the supplemental
pension plans typically commence at the later of age 55, separation from service or the date elected in
advance by the participant. Officers who are eligible to participate in the Executive Pension Plan will receive
the greater of their Executive Pension Plan benefits or combined Supplemental Pension Plan and 2003
Supplemental Pension Plan benefits.
The table below shows information about years of credited service and the present value of accumulated
benefits for each named executive as of December 31, 2008. For Messrs. Williams, Mudd, Swad, Dallavecchia
and Levin, the table shows benefits under the Executive Pension Plan, but not our supplemental plans, because
we have assumed that as of December 31, 2008, upon the retirement of these named executives, the benefits
each would receive under the Executive Pension Plan will be greater than the combined benefits each would
receive under our supplemental plans, and that therefore these named executives will receive no benefits under
our supplemental plans. Even though a benefit amount as of December 31, 2008 is shown for them in the
table below, Mr. Swad and Mr. Dallavecchia terminated employment prior to vesting in our defined benefit
pension plans. For Mr. Hisey, the table shows benefits under the Supplemental Pension Plan and the 2003
Supplemental Pension Plan, and not the Executive Pension Plan, because Mr. Hisey does not participate in the
Executive Pension Plan. For Mr. Bacon and Mr. Lund, the table shows benefits under the Supplemental
Pension Plan and the 2003 Supplemental Pension Plan, and not the Executive Pension Plan, because these
named executives have a greater benefit under our combined supplemental plans.
Pension Benefits for 2008
Name of Executive Plan Name
Number of
Years
Credited
Service (#)
(1)
Present Value of
Accumulated
Benefit ($)
(2)
Herbert Allison . . . . . . . Not applicable
David Johnson. . . . . . . . Not applicable
Kenneth Bacon . . . . . . . Retirement Plan 16 342,011
Supplemental Pension Plan 16 476,381
2003 Supplemental Pension Plan 16 425,955
Executive Pension Plan
David Hisey . . . . . . . . . Retirement Plan 4 62,876
Supplemental Pension Plan 4 45,303
2003 Supplemental Pension Plan 4 57,628
Thomas Lund . . . . . . . . Retirement Plan 14 234,750
Supplemental Pension Plan 14 341,335
2003 Supplemental Pension Plan 14 300,814
Executive Pension Plan
Michael Williams . . . . . Retirement Plan 18 320,108
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 8 2,160,564
Daniel Mudd
(3)
. . . . . . . Retirement Plan 9 150,910
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 9 6,687,324
Stephen Swad
(4)
. . . . . . . Retirement Plan 2 25,155
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 2 337,403
Enrico Dallavecchia
(4)
. . Retirement Plan 3 37,544
Supplemental Pension Plan
2003 Supplemental Pension Plan
Executive Pension Plan 3 523,297
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