McKesson 2005 Annual Report Download - page 161
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 |
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McKESSON CORPORATION
EXECUTIVE BENEFIT RETIREMENT PLAN
APPENDIX B
SAMPLE CALCULATION
SURVIVOR BENEFIT
Death age 57 with 20 Years of Service
A-2
Final Average Compensation: $ 500,000
Percentage of Final Average Compensation
specified under the Plan: 55.4% (20% + 1.77% for each of 20 years)
Income Objective (55.4% % x $500,000) $ 277,000
LESS: Early Retirement Reduction
(0.003 per month x 60 months = 18%) (49,860)
Subtotal $ 227,140
Application of 100% J&S Factor 80%
Adjusted Objective $ 181,712
LESS: Retirement Plan Spouse Allowance and
annuitized value of PSIP Retirement Share Plan Account (25,000)
Annual EBRP Survivor Benefi
t
$ 156,712
NOTE:
As intended, the Plan Survivor Benefit provides a supplement to the Retirement Plan and the PSIP so that the total of
these sources of Company-provided benefits equals the survivor’s adjusted income objective. This method would apply
even if the Retirement Plan Spouse Allowance were paid to a minor child, and the Plan benefit were paid to the spouse.