Summary
This 8-K filing from Bank of America Corporation announces the upcoming retirement of Vice Chairman and Director, Mr. James H. Hance, Jr., effective at the end of January 2005. The report details the significant retirement benefits Mr. Hance has accrued from multiple company pension and supplemental executive retirement plans. The estimated annual benefit is substantial, with a total lump-sum value approaching $37 million. In addition to his accrued benefits, Mr. Hance will be eligible for 2004 and a pro-rated 2005 incentive awards, and his unvested equity awards will become fully vested upon retirement. The company will also continue providing financial planning, tax preparation services, and home security monitoring for a period post-retirement. This filing provides transparency regarding executive transitions and associated compensation disclosures.
Key Highlights
- 1Vice Chairman James H. Hance, Jr. is retiring effective January 31, 2005.
- 2Mr. Hance has accrued significant retirement benefits from three pension plans.
- 3The estimated annual retirement benefit is approximately $2.69 million (joint and 75% survivor annuity).
- 4The estimated lump-sum value of his retirement benefits is approximately $37.05 million as of November 30, 2004.
- 5Mr. Hance remains eligible for 2004 annual cash and equity incentive awards.
- 6He will also receive a cash incentive award reflecting his services during 2005.
- 7Outstanding unvested equity awards will become fully vested upon his retirement.