Fannie Mae 2008 Annual Report Download - page 254

are in the group of the 50 most highly-compensated officers. Withdrawals are not permitted from the
Supplemental Retirement Savings Plan while the participant is employed.
Elective Deferred Compensation Plans. Our Elective Deferred Compensation Plan II allowed eligible
employees, including our named executives, to defer up to 50% of their salary and up to 100% of their bonus
to future years, as determined by the named executive. Deferred amounts are deemed to be invested in mutual
funds or in an investment option with earnings benchmarked to our long-term borrowing rate, as designated by
the participants. The deferred compensation plan is an unfunded plan. The Elective Deferred Compensation
Plan II applies to compensation that is deferred after December 31, 2004. Effective November 5, 2008, we
determined not to permit additional elective deferrals under the plan.
The prior deferred compensation plan, the Elective Deferred Compensation Plan I, governs compensation
deferred under that plan on or prior to December 31, 2004. Similar to the Elective Deferred Compensation
Plan II, the Elective Deferred Compensation Plan I provides that deferred amounts are deemed to be invested
in mutual funds or in an investment option with earnings benchmarked to our long-term borrowing rate, as
designated by the participants, and is an unfunded plan. The Elective Deferred Compensation Plan I was
amended in October 2007 to provide that benefits that were not scheduled to be paid prior to January 1, 2009
would be governed by the terms of the Elective Deferred Compensation Plan II.
Deferred Payments under Performance Share Program. In 1997, we adopted guidelines under our Stock
Compensation Plan of 1993 that permitted participants in our performance share program to defer payment of
their awards until a later date or a specified event such as retirement. Under these guidelines, participants
could choose to have their deferred performance share program payments converted into a hypothetical
investment portfolio. This program has been frozen since December 31, 2004, and no new deferrals can be
made.
Nonqualified Deferred Compensation for 2008
Name of Executive
Executive
Contributions
in Last
Fiscal Year ($)
Registrant
Contributions in
Last Fiscal
Year ($)
Aggregate
Earnings in
Last Fiscal
Year ($)
(1)
Aggregate
Withdrawals/
Distributions ($)
Aggregate
Balance at
Last Fiscal
Year-End ($)
(2)
Herbert Allison . . . . . . . . . . . . . . . . . . . . . — — — — —
David Johnson . . . . . . . . . . . . . . . . . . . . . — — — — —
Kenneth Bacon
Elective Deferred Compensation Plan I . . — — 13,575 — 256,489
David Hisey . . . . . . . . . . . . . . . . . . . . . . . — — — — —
Thomas Lund
Elective Deferred Compensation Plan I . . — — 142,955 — 2,701,102
Elective Deferred Compensation Plan II . . 858,168 — 181,185 — 3,639,091
Michael Williams
Elective Deferred Compensation Plan I . . — — — (534,042) —
2001 Special Stock Award
(3)
. . . . . . . . . . — — (52,110) — 1,043
Daniel Mudd . . . . . . . . . . . . . . . . . . . . . . — — — — —
Stephen Swad
Elective Deferred Compensation Plan II . . 100,000 — (26,219) — 73,781
Enrico Dallavecchia. . . . . . . . . . . . . . . . . . — — — — —
Robert Levin
Deferred Performance Share Program. . . . — — (370,869) — 3,289,293
(1)
None of the earnings reported in this column are reported as 2008 compensation in the “Summary Compensation
Table” because the earnings are neither above-market nor preferential.
(2)
Of the amounts reported in this column, $932,960 was reported in our Summary Compensation Table as compensation
for Mr. Lund for 2005.
As permitted under a transition period for changes in the tax laws relating to deferred compensation, our conservator
approved a change to our Elective Deferred Compensation Plan I and Elective Deferred Compensation Plan II to
permit participants to make a one-time election to receive payment in early 2009 of amounts they deferred under those
plans that otherwise may have been paid later. As a result, Messrs. Bacon, Lund and Swad each elected to receive
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