Exhibit 10.29
SUMMARY OF THE SALARIES
FOR THE NAMED EXECUTIVE OFFICERS
OF REINSURANCE GROUP OF AMERICA, INCORPORATED
BASE SALARY (2) (3) (4) (5)
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NAME AND TITLE OF NAMED EXECUTIVE OFFICER (1) 2004 2003
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A. Greig Woodring
President and Chief Executive Officer $ 626,000 $ 560,000
David B.Atkinson
Executive Vice President and Chief Operating Officer 400,000 380,000
Jack B. Lay
Executive Vice President and Chief Financial Officer 330,000 307,115
Paul A. Shuster
Executive Vice President, U.S. Operations 330,000 295,192
Graham Watson
Executive Vice President, International 390,000 250,000
(1) The named executive officers were determined by reference to the
Company's Proxy Statement, dated April 12, 2004
(2) Under the RGA Reinsurance Company Executive Deferred Savings Plan
(the "Plan"), executive officers of the Company participating in the
Plan may defer up to 50% of his or her annual base salary and up to
100% of any incentive compensation awarded to such participant under
an incentive compensation plan maintained by the Company. The amount
of compensation to be deferred by each participant will be
determined in accordance with the Plan based on elections made by
the participant. The amount of compensation deferred under the Plan
will be paid in one to fifteen installments upon the participant's
retirement, termination, death, disability or other dates determined
in accordance with the Plan. Mr. Watson, as a non-U.S. citizen, is
not eligible to participate in the Plan
(3) In March of each year, the Compensation Committee of the Board of
Directors of the Company (the "Compensation Committee") meets to
determine whether, based on market data, the performance of each
executive officer and the performance of the Company during the
preceding fiscal year, base salaries for the named executive
officers should be increased. Additionally, base salaries for the
named executive officers will generally increase concurrent with an
officer's promotion or an increase in an officer's responsibilities,
as may be determined by the Compensation Committee from time to
time.
(4) All of the Company's executive officers participate in the
Management Incentive Plan ("MIP"), which provides incentive
compensation based on a participant's individual performance as well
as their division's and the Company's achievements. The Company's
results are measured primarily on annual operating earnings (net
income from continuing operations less realized capital gains and
losses and certain other non-operating items) per share and
secondarily on annual consolidated revenues; divisional results are
based on the division's revenues and operating earnings. Based on
these criteria, the Compensation Committee approves a schedule of
specific incentives set for each participant, with a minimum level
of performance that must be met before any payment to the individual
can be made, a target and a maximum. The Company's performance must
meet certain levels, as determined in advance by the Committee,
before any awards are made under the MIP. Awards are based on a
specified percentage of salary, which varies for each participant.
(5) All employees of RGA Reinsurance Company who meet the eligibility
requirements participate in the profit sharing plan. Effective
January 1, 2001, the Company adopted a safe harbor design for the
plan that provides for a match of up to 4% of compensation. All
eligible employees also are entitled to receive a profit sharing
award ranging from 0% to 6% of compensation depending on whether the
Company meets or exceeds its minimum performance level and targets,
regardless of their 401(k) participation. A minimum performance
level must be met before the profit sharing award can be made. The
minimum performance level and targets for each year are established
at the beginning of the year. A participant may elect to receive up
to one-half of his profit sharing award in cash.