|CARNIVAL CORP filed this Form DEF 14A on 03/07/2019|
compensation plus 1.6% of earnings for the year in excess of covered compensation then multiplied by his years of service up to a maximum of 30 years of credited service, up to December 31, 1997. The elements of compensation to determine his benefits were his base salary and annual bonus. Mr. Perez was vested in his respective benefit in accordance with the terms of the Retirement Plan. As a result of the adoption of Section 457A, benefits under the Retirement Plan were $122,440, which was paid as a lump sum in December 2017.
Nonqualified Deferred Compensation in Fiscal 2018
Until December 31, 2008, Messrs. Bernstein and Perez could defer salary and/or bonus amounts into the Savings Plan, which is a nonqualified defined contribution plan for U.S. tax purposes. As described in the Pensions and Deferred Compensation Plans section of the Compensation Discussion and Analysis, effective January 1, 2009, they could no longer defer any salary or bonus amounts into the Savings Plan. Although the Savings Plan is unfunded, Carnival Corporation had established a rabbi trust that held any executive deferrals and company contributions to the Savings Plan.
Benefits were paid based on the participants form and timing elections made in accordance with applicable Section 409A Treasury Regulations. Benefits were based on the participants deferrals of cash compensation and associated earnings and losses based on the investment allocation selected by the participant. The investment options available to participants in the Savings Plan were identical to those available to participants in the 401(k) Plan, except for the Standard & Poors index fund and money market investment options. A participant could have changed his or her investment allocation at any time.
For every dollar Messrs. Bernstein and Perez deferred into the Savings Plan prior to January 1, 2009, Carnival Corporation matched 50% up to the lower of: