Progress Energy 2008 Annual Report Download - page 187

Progress Energy Proxy Statement
51
PENSION BENEFITS TABLE
Name
(a) Plan Name (b)
Number of
Years
Credited
Service
(#)
(c)
Present
Value of
Accumulated
Benefit1
($)
(d)
Payments
During Last
Fiscal Year
($)
(e)
William D. Johnson,
Chairman, President and Chief
Executive Officer
Progress Energy Pension Plan 16.3 $382,841 $0
Supplemental Senior Executive
Retirement Plan 23.32$6,213,8103$0
Peter M. Scott III,
Executive Vice President and
Chief Financial Officer (retired
effective September 1, 2008)
Progress Energy Pension Plan 10.0 $207,825 $234,658
Supplemental Senior Executive
Retirement Plan 17.04$5,882,9845$0
Mark F. Mulhern,
Senior Vice President and
Chief Financial Officer (as of
September 1, 2008)
Progress Energy Pension Plan 12.8 $222,763 $0
Restoration Retirement Plan — ($29,297)6
Supplemental Senior Executive
Retirement Plan 12.8 $821,5817$0
John R. McArthur,
Executive Vice President and
Corporate Secretary (as of
September 1, 2008)
Progress Energy Pension Plan 7.1 $116,596 $0
Restoration Retirement Plan 7.1 $82,897 $0
Jeffrey J. Lyash,
President and Chief Executive
Officer, PEF
Progress Energy Pension Plan 15.6 $226,167 $0
Supplemental Senior Executive
Retirement Plan 15.6 $1,223,0898$0
Lloyd M. Yates,
President and Chief Executive
Officer, PEC
Progress Energy Pension Plan 10.1 $124,502 $0
Restoration Retirement Plan — ($29,498)9
Supplemental Senior Executive
Retirement Plan 10.1 $789,99710 $0
1 Actuarial present value factors as provided by our actuarial consultants, Buck Consultants, based
on FAS mortality assumptions post-age 65 and FAS discount rates as of December 31, 2008, for computation of
accumulated benefit under the Supplemental Senior Executive Retirement Plan and the Progress Energy Pension
Plan was 6.30%. Additional details on the formulas for computing benefits under the Supplemental Senior Executive
Retirement Plan and Progress Energy Pension Plan can be found under the headings “Supplemental Senior Executive
Retirement Plan” and “Other Broad-Based Benefits,” respectively, in the CD&A.
2 Includes seven years of deemed service. Without these seven years, Mr. Johnson’s benefit multiplier
was reduced in prior years under the plan. As of 2008, Mr. Johnson’s benefit multiplier is not reduced without the
deemed years of service, and his benefit augmentation for deemed service is $0.
3 Based on an estimated annual benefit payable at age 65 of $980,525.
4 Includes seven years of deemed service. As of 2008, Mr. Scott met the minimum 10 years of service
required for vesting in the Supplemental Executive Retirement Plan. However, without these seven years, Mr. Scott’s
benefit multiplier is reduced from 62.0% to 40.05% under the plan. Therefore, his benefit augmentation for deemed
years of service is $2,230,850.
5 Based on an estimated annual benefit payable at age 65 of $727,052.
6 Mr. Mulhern’s Restoration Retirement Plan benefits were forfeited upon his vesting in the