Kodak 2004 Annual Report Download - page 153

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Compensation
44
2 0 0 5 ฀ N O T I C E ฀ O F ฀ A N N U A L ฀ M E E T I N G ฀ A N D ฀ P R O X Y ฀ S T A T E M E N T
RETIREMENT฀PLAN
The฀Company฀funds฀a฀tax-qualified฀defined฀benefit฀pension฀plan฀for฀virtually฀all฀U.S.฀employees.฀Effective฀January฀1,฀2000,฀the฀Company฀amended฀the฀
plan฀to฀include฀a฀cash฀balance฀feature.฀Mr.฀Carp฀is฀the฀only฀named฀executive฀officer฀who฀participates฀in฀the฀non-cash฀balance฀portion฀of฀the฀plan.฀The฀cash฀
balance฀feature฀covers฀all฀new฀employees฀hired฀after฀March฀31,฀1999,฀including฀Messrs.฀Perez,฀Brust,฀Langley฀and฀Masson.
Retirement฀income฀benefits฀are฀based฀upon฀an฀employee’s฀average฀participating฀compensation฀(APC).฀The฀plan฀defines฀APC฀as฀one-third฀of฀the฀sum฀of฀the฀
employee’s฀participating฀compensation฀for฀the฀highest฀consecutive฀39฀periods฀of฀earnings฀over฀the฀10฀years฀ending฀immediately฀prior฀to฀retirement฀or฀ter-
mination฀of฀employment.฀Participating฀compensation,฀in฀the฀case฀of฀the฀named฀executive฀officers,฀is฀base฀salary฀and฀EXCEL฀awards,฀including฀allowances฀
in฀lieu฀of฀salary฀for฀authorized฀periods฀of฀absence,฀such฀as฀illness,฀vacation฀or฀holidays.
For฀an฀employee฀with฀up฀to฀35฀years฀of฀accrued฀service,฀the฀annual฀normal฀retirement฀income฀benefit฀is฀calculated฀by฀multiplying฀the฀employee’s฀years฀of฀
accrued฀service฀by฀the฀sum฀of฀a)฀1.3%฀of฀APC,฀plus฀b)฀0.3%฀of฀APC฀in฀excess฀of฀the฀average฀Social฀Security฀wage฀base.฀For฀an฀employee฀with฀more฀than฀
35฀years฀of฀accrued฀service,฀the฀amount฀is฀increased฀by฀1%฀for฀each฀year฀in฀excess฀of฀35฀years.
The฀retirement฀income฀benefit฀is฀not฀subject฀to฀any฀deductions฀for฀Social฀Security฀benefits฀or฀other฀offsets.฀The฀normal฀form฀of฀benefit฀is฀an฀annuity,฀but฀a฀
lump฀sum฀payment฀is฀available฀in฀limited฀situations.
Pension฀Plan฀Table฀฀฀฀฀฀฀฀฀฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀ ฀
Annual฀Retirement฀Income฀Benefits — Straight฀Life฀Annuity฀Beginning฀at฀Age฀65
฀Years฀of฀Service
฀ Remuneration฀ 3฀ 20฀ 25฀ 30฀ 35฀ 40
฀ $฀฀ 500,000฀ $฀23,190฀ $฀ 154,600฀ $฀ 193,250฀ $฀ 231,900฀ $฀ 270,550฀ $฀ 284,078
฀ ฀ 750,000฀ ฀ 35,190฀ ฀ 234,600฀ ฀ 293,250฀ ฀ 351,900฀ ฀ 410,550฀ ฀ 431,078
฀ ฀ 1,000,000฀ ฀ 47,190฀ ฀ 314,600฀ ฀ 393,250฀ ฀ 471,900฀ ฀ 550,550฀ ฀ 578,078
฀ ฀ 1,250,000฀ ฀ 59,190฀ ฀ 394,600฀ ฀ 493,250฀ ฀ 591,900฀ ฀ 690,550฀ ฀ 725,078
฀ ฀ 1,500,000฀ ฀ 71,190฀ ฀ 474,600฀ ฀ 593,250฀ ฀ 711,900฀ ฀ 830,550฀ ฀ 872,078
฀ ฀ 1,750,000฀ ฀ 83,190฀ ฀ 554,600฀ ฀ 693,250฀ ฀ 831,900฀ ฀ 970,550฀ ฀ 1,019,078
฀ ฀ 2,000,000฀ ฀ 95,190฀ ฀ 634,600฀ ฀ 793,250฀ ฀ 951,900฀ ฀ 1,110,550฀ ฀ 1,166,078
฀ ฀ 2,250,000฀ ฀ 107,190฀ ฀ 714,600฀ ฀ 893,250฀ ฀ 1,071,900฀ ฀ 1,250,550฀ ฀ 1,313,078
฀ ฀ 2,500,000฀ ฀ 119,190฀ ฀ 794,600฀ ฀ 993,250฀ ฀ 1,191,900฀ ฀ 1,390,550฀ ฀ 1,460,078
฀ ฀ 2,750,000฀ ฀ 131,190฀ ฀ 874,600฀ ฀1,093,250฀ ฀ 1,311,900฀ ฀ 1,530,550฀ ฀ 1,607,078
฀ ฀ 3,000,000฀ ฀143,190฀ ฀ 954,600฀ ฀ 1,193,250฀ ฀ 1,431,900฀ ฀ 1,670,550฀ ฀ 1,754,078
฀ ฀ 3,250,000฀ ฀ 155,190฀ ฀ 1,034,600฀ ฀1,293,250฀ ฀ 1,551,900฀ ฀ 1,810,550฀ ฀ 1,901,078
NOTE:฀For฀purposes฀of฀this฀table,฀Remuneration฀means฀APC.฀To฀the฀extent฀that฀an฀employee’s฀annual฀retirement฀income฀benefit฀exceeds฀the฀amount฀payable฀from฀the฀
Company’s฀funded฀plan,฀it฀is฀paid฀from฀one฀or฀more฀unfunded฀supplementary฀plans.