Visa 2007 Annual Report Download - page 184

Table of Contents
The proportion of total compensation in fiscal 2007 consisting of salary and bonus is displayed in the following table. However, it is important to note
that because fiscal 2007 represents a year in which three new named executive officers were hired and a number of changes in our compensation plans
occurred as part of the reorganization, the proportions may not be representative of our expected future compensation policies.
Name
2007 Proportion of Salary and
Bonus versus Total Compensation
(%)
Joseph W. Saunders
Byron H. Pollitt
John (Hans) C. Morris
William M. Sheedy
Joshua R. Floum
John M. Partridge
Pension Benefits
The table below shows the present value of accumulated benefits payable to our named executive officers, including the number of years of service
credited to each executive, under the Visa Retirement Plan and the Visa Excess Retirement Plan, determined using interest rate and mortality rate assumptions
consistent with those used in the consolidated financial statements of the applicable Visa entity.
(a) (b) (c) (d) (e)
Name Plan Name
Number
of Years
Credited
Service
(#)
Present
Value of
Accumulated
Benefit
($)
Payments
During
Last
Fiscal
Year
($)
Joseph W. Saunders
Visa Retirement Plan
Visa Excess Retirement Plan
0.3
0.3
11,543
29,570
—
—
Byron H. Pollitt(1)
Visa Retirement Plan
Visa Excess Retirement Plan
—
—
—
—
—
—
John (Hans) C. Morris
Visa Retirement Plan
Visa Excess Retirement Plan
0.2
0.2
5,381
48
—
—
William M. Sheedy
Visa Retirement Plan
Visa Excess Retirement Plan
14.3
14.3
332,000
302,031
—
—
Joshua R. Floum
Visa Retirement Plan
Visa Excess Retirement Plan
3.7
3.7
44,804
185,815
—
—
John M. Partridge
Visa Retirement Plan
Visa Excess Retirement Plan
8.0
8.0
1,407,939
1,007,089
—
—
(1) Mr. Pollitt joined Visa in September 2007.
Visa Retirement Plan
Under the Visa Retirement Plan, our U.S.-based employees generally earn the right to receive certain benefits upon retirement at the normal retirement
age of 65, upon early retirement on or after age 55 with 10 years of service (or age 50 with 10 years of service if hired prior to October 1, 2002), or upon an
earlier termination of employment if vested. Retirement benefits are calculated as the product of 1.25% times the years of service multiplied by the monthly
final average earnings for the last 60 consecutive months before retirement (or the product of 46.25% times the years of service divided by 25 years,
multiplied by the monthly final average earnings for the 36 highest consecutive months in the last 60 months before retirement, if hired prior to October 1,
2002). Eligible earnings include salary, overtime, shift differentials, special and merit awards and short-term incentive awards. The formula below provides an
illustration of how the retirement benefits are calculated.
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