Sunoco 2015 Annual Report Download - page 121

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(3) The amounts shown in this column reflect the change in present value for all defined benefit pension plans and supplemental
executive retirement plans in which the NEOs participated. The applicable disclosure rules require the change in pension value be
shown as "$0" if the actual calculation of the change in pension value is less than zero (i.e., a decrease). The decrease in SCIRP
pension value for Messrs. Hennigan, Gvazdauskas and Lauterbach was $49,762, $1,955 and $3,339, respectively, for 2015. The
decrease in SCIRP pension value for Ms. Shea-Ballay was $2,100, which when added to her increase in Pension Restoration Plan
pension value of $666 resulted in a total decrease in pension value of $1,434 for 2015. The decrease in SCIRP pension value for Mr.
Chalson was $8,576, which when added to his increase in Pension Restoration Plan pension value of $492 resulted in a total
decrease in pension value of $8,084 for 2015.
The year-over-year change in actuarial present value of all NEOs' pension benefits under the Sunoco plans for 2015 was
negative because Sunoco terminated the SCIRP on October 31, 2014. All NEOs except Mr. Lauterbach elected to receive their
accrued SCIRP benefits in the form of a lump sum. Because the estimates of present value of SCIRP benefits at year-end 2014
assumed that Mr. Hennigan (under the Final Average Pay formula) had a 90 percent probability, and the other NEOs (under the
Career Pay formula) had an 85 percent probability, of electing a lump sum rather than an annuity (which would be transferred to an
insurance company with a premium of 47.5 percent for Mr. Hennigan, and 37.5 percent for the other NEOs) at December 1, 2015 as
part of the plan termination, the change in actuarial present value from the estimate at year-end 2014 for each NEO except Mr.
Lauterbach was negative because no such premium was paid, resulting in a lower present value of each benefit. Mr. Lauterbach
elected to defer his accrued SCIRP benefits until his next eligible benefit commencement date, and such benefits have been
transferred to an insurance company for management and payment at the applicable time. The present value of his benefits has been
set equal to his actual cash balance account as of December 31, 2015, which is equivalent to valuing the present value with a
discount rate of 4.22 percent, or the Career Pay Formula interest crediting rate, and which present value is lower than his estimate at
year-end 2014.
The year-over-year change in actuarial present value of Mr. Hennigan's and Ms. Shea-Ballay's pension benefits under the
Sunoco plans for 2013 was negative because the discount rate used in the assumptions to value the lump sum pension benefit was
higher in 2013 than it was in 2012. The assumed higher rate results in a lower present value of benefits. The decrease in pension
value for Mr. Hennigan and Ms. Shea-Ballay was $199,350 and $17,954, respectively, for 2013.
During 2012, certain NEOs had deferred amounts under the Sunoco, Inc. Savings Restoration Plan (the "Savings Restoration
Plan"), an excess 401(k) benefit plan available during 2012 to employees of Sunoco and its subsidiaries, including our general
partner. The Savings Restoration Plan was a nonqualified deferred compensation plan available to those participants in the Sunoco,
Inc. Capital Accumulation Plan, our prior defined contribution 401(k) plan that was merged into the ETP 401(k) Plan effective
January 1, 2014, subject to compensation and/or contribution limitations under the Code. Participants were able to contribute
amounts in excess of the applicable Code limits, up to five percent of base salary. Effective as of December 31, 2012, the Savings
Restoration Plan was terminated, amounts outstanding in participant accounts were liquidated, and the participating employees who
were affected by the plan’s termination received the cash value of their outstanding account balances from Sunoco. Ms. Shea-
Ballay received payment of her outstanding cash balance at February 2013.
The NEOs did not have any above-market or preferential payments on deferred compensation during 2015, 2014, or 2013.
During 2015, Mr. Hennigan had a loss of $139,657 under the ETP Deferred Compensation Plan for Former Sunoco Executives, and
Mr. Chalson had a loss $31,788 under the ETP DC Plan.
(4) The table below shows the components of this column for 2015:
Name Year
Company
Contribution
Under Defined
Contribution Plan (a)
($)
Perquisites
>$10,000
($)
Restricted Unit
Distribution
Rights Payments (b)
($) Total ($)
M. J. Hennigan 2015 11,538 — 1,225,956 1,237,494
P. Gvazdauskas 2015 10,984 — 69,379 80,363
K. Shea-Ballay 2015 11,321 — 147,287 158,608
K. Lauterbach 2015 11,301 — 364,477 375,778
D. Chalson 2015 11,363 — 85,884 97,247
M. Salinas, Jr. 2015 n/a n/a 26,699 26,699
(a) During 2015, our general partner was a participating employer in the ETP 401(k) Plan, which provides a matching
contribution equal to 100 percent on the first five percent of each participant’s elective deferrals.
(b) The amounts shown in this column reflect the cash payments made to each NEO during 2015, which were equal to each
cash distribution per common unit made by us on our common units during 2015 with respect to each common unit
subject to a restricted unit held by such NEO that has not either vested or been forfeited. Pursuant to the terms of the
awards granted prior to the Merger, these cash amounts accumulated through the vesting period and were paid upon
vesting. All remaining pre-Merger restricted units were fully vested on or prior to December 31, 2014, and the associated
payments were made in February 2015. For awards granted after the Merger, these cash amounts are paid quarterly.
(5) Compensation information for only fiscal year 2015 is provided for Mr. Gvazdauskas because he was not a NEO in fiscal years
2014 and 2013.