U.S. Bank Pension Plan Summary Plan Description

U.S. Bank Pension Plan SPD Effective January 2011
termination of employment that produces the highest average. Years before 2001 and years that
you did not work at least 1,000 hours are not counted in determining your Final Average Base
Pay.
Base Pension Pay in your year of termination will be included if it produces a higher average.
Base Pension Pay includes only your base pay and the following items:
� shift differentials
� premium pay
� vacation and holiday pay
� short-term disability pay, and
� pre-tax elective contributions to a 401(k) plan, a cafeteria plan, or a qualified
transportation fringe benefit.
Like Total Pension Pay, Base Pension Pay does not include certain items of compensation,
including, but not limited to, expense reimbursements, imputed income, income from stock
option exercises, restricted stock, restricted stock units, retention bonuses, and amounts paid
under the U.S. Bancorp Incentive Cash Bonus and Retention Plan. It also does not include any
pay for service in a position that is not an eligible position (i.e., a position that is not eligible to
earn benefits under the Plan). In addition, Base Pension Pay does not include bonuses,
commissions and overtime.
If you earned a benefit in the Plan prior to January 1, 2010, but became a participant in the U.S.
Bank 2010 Cash Balance Plan on or after January 1, 2010 (by default or otherwise), your Final
Average Base Pay and your Base Pension Pay were frozen and compensation earned on and after
January 1, 2010 will not be considered for purposes of earning a benefit in the Plan. In addition,
your service performed on and after January 1, 2010 will not be considered for purposes of
determining the amount of your benefit under the Plan’s final average pay formula. (Note,
however, that your service will count for purposes of your vesting service.)
In addition, tax laws do not allow annual earnings over $245,000 (in 2011) to be considered in
determining pension benefits. This amount will be adjusted for increases in the cost of living as
required by federal law.
The following example illustrates the calculation of Final Average Base Pay and Final Average
Total Pay. Assume Jill was hired in 2002 and works the following number of hours and earns the
following salaries after January 1, 2002:
Year Hours
Worked
Base Pay Total Pay
2002 1800 $45,000 $50,000
2003 1800 $46,300 $51,800
2004 1800 $47,700 $53,600
2005 800 $21,900 $21,900
2006 1800 $50,600 $57,400
2007 1800 $52,200 $59,400
2008 900 $26,900 $30,800
2009 1000 $30,000 $32,800
2010 900 $26,900 $30,800
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