Windstream 2014 Annual Report Download - page 49

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(3) Shares vested on September 1, 2014 with a closing price of $11.31.
PENSION BENEFITS
The following table shows certain information regarding benefits under the Windstream Pension Plan and
Benefit Restoration Plan as of December 31, 2014 for the individuals named below.
Name Plan Name
Number of Years
Credited Service
(#) (1)
Present Value of
Accumulated Benefit
($) (2)
Payments During
Last Fiscal Year
($)
Anthony W. Thomas Pension Plan 7 113,143 -0-
Benefit Restoration Plan — 9,658 -0-
Robert E. Gunderman Pension Plan — — —
Benefit Restoration Plan — — —
John P. Fletcher Pension Plan — — —
Benefit Restoration Plan — — —
J. David Works, Jr. Pension Plan — — —
Benefit Restoration Plan — — —
John C. Eichler Pension Plan — — —
Benefit Restoration Plan — — —
Jeffery R. Gardner Pension Plan 12 373,132 -0-
Benefit Restoration Plan — 2,673,253 -0-
Brent Whittington Pension Plan 3.5 56,471 -0-
Benefit Restoration Plan — 7,996 -0-
(1) Each NEO’s number of years credited service recognizes prior years of service under the Alltel Corporation
Pension Plan and the Alltel Corporation Benefit Restoration Plan, for Messrs. Thomas and Whittington, as well
as service between 2006 and 2010 for Mr. Gardner.
(2) The present value of accumulated benefits includes the present value of the benefits transferred from the
Alltel Corporation Pension Plan and the Alltel Corporation Benefit Restoration Plan as part of the spin-off.
The present value of accumulated benefits was calculated based on retirement at age 60 with 20 years of
credited service, current compensation as of December 31, 2014, no pre-retirement decrements, the RP-2014
generational projection table using scale MP-2014, and a 4.14% discount rate, which is the same rate used for
preparing Windstream’s consolidated financial statements.
Windstream Pension Plan. Windstream maintains the Windstream Pension Plan (“Pension Plan”), which is
a tax-qualified defined benefit plan. The Pension Plan generally covers salaried and non-salaried employees of
Windstream and those subsidiary companies that have adopted the Pension Plan. Accruals are frozen for non-
bargaining employees. No named executive officers are eligible for continuing accruals under the Pension Plan as of
the end of 2014.
The Pension Plan’s accrued benefit is payable in the form of a monthly life annuity following normal retirement
at age 65 (or, if later, at five years of service or at the fifth anniversary of participation). The accrued benefit is also
payable in a monthly life annuity following early retirement at or after age 55 with at least 20 years of service (with
reduction in the life annuity of 0.25% for each month that commencement precedes age 60) or at or after age 60 with
15 years of service (with reduction in the life annuity of 0.25% for each month that commencement precedes age
65 for a participant whose benefit commences before age 62). As of the end of 2014, no named executive officers
satisfied the foregoing age and service requirements to commence receipt of an early retirement benefit under the
Pension Plan.
For deferred vested participants (i.e. those who terminate employment before early retirement), the accrued
benefit is payable in a monthly life annuity beginning at normal retirement age. If a deferred vested participant has
15 years of service, the accrued benefit is also payable in a monthly life annuity beginning as early as age 60 (with