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Retirement Plan for Senior Officers
The CEO participates in the Retirement Plan for Senior
Officers (“RPSO”). Participants in the RPSO receive full
compensation for the first 12 months after retirement.
Thereafter, a participant may elect to receive annual
lifetime retirement benefits equal to 60% of final
compensation, or 54% of such compensation with 50%
of such amount to be paid to a surviving spouse for a
specified period after death of the participant. Final
compensation is deemed to be the higher of either the
compensation paid during the last 12 months of active
employment with the Company or the highest
compensation received in any calendar year of the last
three years preceding the date of retirement.
Compensation under this plan is defined to be base
salary plus non-equity incentive award earned.
Generally, no benefits are payable until the participant
accumulates 10 years of credited service at age 60, or
20 years of credited service. Reduced benefits may be
paid to a participant who retires (other than for
disability) before age 65 with less than 20 years
credited service. The CEO is currently the only active
employee participating in the RPSO, and he has 42
years of credited service, meaning he is fully vested for
retirement benefits. The RPSO was frozen for
participation purposes on January 1, 2009, such that no
new participants will be added to the RPSO.
All benefits under the RPSO are subject to annual cost-
of-living increases as approved by the Compensation
Committee. Retired participants and their spouses are
also entitled to receive full medical expense benefits for
their lifetimes. The benefits payable under the RPSO
are not subject to Social Security or qualified Plan
offsets.
Assumed retirement age for all calculations was the earliest retirement age for unreduced benefits. Assumptions used to calculate
pension benefits are more fully described in Note 14, “Benefit Plans,” in the Notes to the Consolidated Financial Statements in the
Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2015.
Number
of Years Present Value Change Payments
Credited of Accumulated from Prior During Last
Name
Plan Name
Service
Benefit*
Year
Fiscal Year
(#)
($)
($)
($)
42
53,253,538 (7,861,452)
—
42
1,148,852
(2,212)
—
—
—
—
—
24
22,662,020
265,720
—
24
728,506
12,615
—
11
5,127,008
683,498
—
11
240,023
32,727
—
Daniel P. Amos
Retirement Plan for Senior Officers
Aflac Incorporated Defined Benefit Pension Plan
Frederick J. Cra
w
ford
Aflac Incorporated Defined Benefit Pension Plan
Kriss Cloninger III
Supplemental Executive Retirement Plan
Aflac Incorporated Defined Benefit Pension Plan
Paul S. Amos II
Supplemental Executive Retirement Plan
Aflac Incorporated Defined Benefit Pension Plan
Eric
M.
Kirsch
Aflac Incorporated Defined Benefit Pension Plan
4
96,992
26,174
—
2015 PENSION BENEFITS
The following table provides certain information the Company’s pension benefits at December 31, 2015 and for the
year then ended.
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