Summary
This 8-K filing from Aflac Inc. (AFL) on August 13, 2008, primarily details the approval of additional retirement benefits for Akitoshi Kan, a former named executive officer who retired as chairman of Aflac Japan and Aflac International on June 30, 2008. The Compensation Committee approved these benefits on August 12, 2008, recognizing Mr. Kan's 28 years of service. The additional benefits include a one-time lump-sum payment of $286,500 to be paid in 2008, and a lifetime monthly benefit of $3,459.65 starting January 1, 2009. Should Mr. Kan predecease his spouse, she will receive a monthly benefit of $1,729.83 for her lifetime. These arrangements are in addition to the full retirement benefits already provided under his employment agreement and supplemental executive retirement plan.
Key Highlights
- 1Aflac Inc. approved additional retirement benefits for former executive Akitoshi Kan.
- 2Mr. Kan retired as chairman of Aflac Japan and Aflac International on June 30, 2008.
- 3The additional benefits were approved by the Compensation Committee on August 12, 2008.
- 4A one-time lump-sum payment of $286,500 will be paid to Mr. Kan in 2008.
- 5Mr. Kan will receive a monthly lifetime benefit of $3,459.65 starting January 1, 2009.
- 6A survivor benefit of $1,729.83 per month will be paid to his spouse if Mr. Kan predeceases her.
- 7These benefits are in recognition of Mr. Kan's 28 years of service to Aflac.