12 23 2021 Moog Proxy - FY2021 - FINAL - Flipbook - Page 36
Non-U.S. Pension Benefits
Moog Ireland Pension and Death Benefits Plan
Moog Ireland Limited, a wholly-owned subsidiary of the Company, maintains the Moog Ireland Pension and Death Benefits Plan
(“Ireland Plan”), a defined benefit retirement plan funded by employer contributions. Under the Ireland Plan, benefits are usually
payable monthly upon retirement to participating employees of the Company. These benefits are based upon final pensionable
salary and credited years of service and subject to limitations imposed by the Taxes Consolidation Act 1997. The Ireland Plan is
administered by the Trustees of the Ireland Plan. The Ireland Plan was available to employees of Moog Ireland Limited until it
was closed to new entrants on July 1, 2011. New employees hired by Moog Ireland Limited on or after July 1, 2011 are not
eligible to participate in the Ireland Plan. New employees of Moog Ireland Limited hired on or after that date are covered under a
defined contribution plan.
A participant’s accrued benefit is equal to 1/60th of final pensionable salary for each year of service, where pensionable salary is
base salary less a reduction to recognize the Irish State Retirement Pension and final pensionable salary is the average of the
three highest calculations of pensionable salary in the last ten calculations of pensionable salary prior to the date of retirement or
earlier date of leaving the service of the employer. Pensionable salary excludes bonuses, overtime, and shift pay.
A participant generally may retire and begin receiving benefits under the Ireland Plan at normal retirement age (age 65). A
participant also may retire and begin receiving plan benefits on the first day of any month coincident with or next following the
participant’s 50th birthday, provided they have left the service of the employer. The amount of a participant’s monthly Ireland Plan
benefit, however, will be discounted or reduced by the actuary to the Ireland Plan, having regard to the solvency of the Ireland
Plan at the time of the retirement. The current discount rate being applied by the actuary to the Ireland Plan is 0.5% for each
month the early retirement benefit commences before normal retirement age. Mr. Roche is the only NEO who has benefits under
the Ireland Plan.
2021 Pension Benefits Table
The years of credited service and present value of accumulated benefits for the NEOs under the ERP and the PERI-SERP are:
Name
Number of
Years Credited
Service(1)
(#)
Plan Name
(3)
John R. Scannell
Jennifer Walter
18.167 $
PERI-SERP(4)
29.667
16,970,090
—
ERP
21.250
683,361
—
8.000
75,003
—
36.750
1,361,321
—
8.000
241,876
—
37.583
1,232,018
—
PERI-SERP
ERP
(4)
PERI-SERP
Maureen M. Athoe(3)
ERP
(4)
Patrick J. Roche
962,528 $
Payments
During Last
Fiscal Year
($)
ERP
(4)
Mark J. Trabert(3)
Present Value
of Accumulated
Benefits(2)
($)
—
PERI-SERP
6.000
224,676
—
Ireland Plan
21.000
3,426,202
—
21.750
3,064,017
—
(4)
PERI-SERP
(1) Credited service is determined in years and months as of October 2, 2021 and includes only service with the Company (or
certain acquired employers). In general, the Company does not grant extra years of credited service.
(2) The “Present Value of Accumulated Benefits” is based on the same assumptions as those used for the valuation of the plan
liabilities in the Company’s Annual Report on Form 10-K for the fiscal year ended October 2, 2021, and are calculated as of
the October 2, 2021 measurement date. The assumptions made in the calculations of these amounts may be found in Note
14 - Employee Benefit Plans to the audited financial statements in the Company's Annual Report on Form 10-K for the fiscal
year ended October 2, 2021.
(3) Eligible for early retirement under the ERP.
(4) Messrs. Scannell and Roche have accrued DB SERP benefits, while Mr. Trabert and Mses. Walter and Athoe have accrued
PERI benefits under the PERI-SERP.
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