Summary of U.S. Bancorp Supplemental Executive Retirement Plan
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Summary
U.S. Bancorp offers a supplemental executive retirement plan for certain executive officers. This plan provides additional retirement benefits beyond what is allowed under federal pension limits, ensuring eligible executives receive a guaranteed total retirement benefit based on a percentage of their final average compensation, which includes salary, bonuses, and other awards. Eligibility and benefit amounts are determined by the Compensation Committee. Benefits are reduced by amounts received from other company pension plans and Social Security, and are paid as an annuity starting at age 65.
EX-10.10 7 c66817ex10-10.txt SUMMARY OF SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN EXHIBIT 10.10 SUMMARY OF THE U.S. BANCORP SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN U.S. Bancorp maintains a non-contributory, non-qualified retirement plan that pays the additional pension benefits that would have been payable under our current and prior qualified defined benefit pension plans if federal limitations on defined benefit pension plan payments were not in effect. Some of U.S. Bancorp's executive officers are eligible for an additional benefit that augments benefits under the U.S. Bancorp Pension Plan, the replacement benefits under this non-qualified retirement plan and certain other prior employer plans. The additional benefit ensures that eligible executives receive upon retirement a guaranteed total retirement benefit based on a percentage of the executive's final average compensation. For purposes of this additional benefit, final average compensation includes annual base salary, annual bonuses, and other compensation awards as determined by the Compensation Committee of U.S. Bancorp's Board of Directors. Eligibility for these additional benefits is determined by the Compensation Committee based on individual performance and level of responsibility. The additional benefits paid to executive officers are reduced by the amount of the benefits payable under U.S. Bancorp's qualified defined benefit pension plans and the replacement benefits payable under this non-qualified retirement plan. The additional benefits will be calculated as an annuity commencing at age 65. The additional benefits also are subject to offsets for Social Security benefits.
