Page 76 - Martin Marietta - 2022 Proxy Statement

PENSION BENEFITS / EXECUTIVE COMPENSATION

Pension Benefits
The table below shows the present value of accumulated benefits payable to each of the named executive officers,
including the number of years of service credited to each such named executive officer, under our Pension Plan and SERP,
determined using interest rate and mortality rate assumptions consistent with those used in Martin Marietta’s financial
statements.
Pension Benefits Table

Number of Present Value of Payments
Years Credited Accumulated During Last
Service Benefit Fiscal Year
Name Plan Name (#) ($) 1 ($)
(a) (b) (c) (d) (e)
C. Howard Nye Pension Plan 15.417 846,396
SERP 15.417 14,088,268
James A. J. Nickolas Pension Plan 4.417 187,689
SERP 4.417 736,133
Roselyn R. Bar Pension Plan 27.5 1,699,946
SERP 27.5 8,195,384
CraigM. LaTorre Pension Plan 3.5 169,094
SERP 3.5 523,975
John P. Mohr Pension Plan 6.167 318,959
SERP 6.167 693,472

1 Amounts in column (d) reflect the valuation method and use the assumptions that are included in Notes A and K to Martin Marietta’s audited financial
statements for the fiscal year ended December 31, 2021, included in Martin Marietta’s Annual Report on Form 10-K filed with the SEC on February 22,
2022.
The Pension Plan is a defined benefit plan sponsored by Martin Marietta and covers all of Martin Marietta’s executive
officers, including the named executive officers, and substantially all of the salaried employees of Martin Marietta on a
non-contributing basis. Compensation covered by the Pension Plan generally includes, but is not limited to, base salary,
executive incentive compensation awards, lump sum payments in lieu of a salary increase, and overtime. The normal
retirement age under the Pension Plan is 65, but unreduced early retirement benefits are available at age 62 and reduced
benefits are available as early as age 55. The calculation of benefits under the Pension Plan is generally based on an annual
accrual rate, average compensation for the highest consecutive five years of the ten years preceding retirement, and the
participant’s number of years of credited service (1.165% of average compensation up to social security covered
compensation for service up to 35 years and 1.50% of average compensation over social security covered compensation
for service up to 35 years and 1.50% of average compensation for service over 35 years). Benefits payable under the
Pension Plan are subject to current Internal Revenue Code limitations, including a limitation on the amount of annual
compensation for purposes of calculating eligible remuneration for a participant under a qualified retirement plan
($290,000 in 2021). Martin Marietta’s SERP is a restoration plan that generally provides for the payment of benefits in
excess of the Internal Revenue Code limits, which benefits vest in the same manner that benefits vest under the Pension
Plan. The SERP provides for a lump sum payment of the vested benefits provided by the SERP subject to the provisions of
Section 409A of the Internal Revenue Code. Of the named executive officers, Mr. Nye, Ms. Bar and Mr. Mohr are each
eligible for early retirement, which allows for payment to employees who are age 55 or older with at least five years of
service at a reduced benefit based on the number of years of service and the number of years prior to age 62 at which the
benefits began. Mr. Nickolas is not yet eligible for early retirement, but would be eligible for payments at age 55 at a
reduced benefit based on the number of years of service and the number of years prior to age 65 at which the benefits
began. Mr. LaTorre is not yet eligible for early retirement, but would be eligible for payments after 5 years of service at a
reduced benefit based on the number of years of service and the number of years prior to age 65 at which the benefits
began. The present value of the Pension Plan and SERP benefit, respectively, for Mr. Nye, Mr. Nickolas, Ms. Bar,
Mr. LaTorre, and Mr. Mohr, if they had terminated on December 31, 2021 and began collecting benefits at age 55 or
current age if older would be as follows: Mr. Nye, $878,359 and $14,894,087, respectively; Mr. Nickolas, $0 and $0,
respectively, since he has less than five years of service with Martin Marietta and therefore is not vested in the plans;
Ms. Bar, $1,699,946 and $8,195,384, respectively; Mr. LaTorre, $0 and $0, respectively, since he has less than five years of

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