U.S. Bank Pension Plan Summary Plan Description

U.S. Bank Pension Plan SPD Effective January 2011
OVERVIEW
The U.S. Bank Pension Plan (the "Plan") is an important part of your total compensation. It
allows you to earn a monthly retirement income based on your pay and years of service. The
Plan offers flexible retirement dates, a variety of payment options and survivor benefits. Plus,
these benefits cost you nothing. U.S. Bank pays the full cost. When you combine your U.S.
Bank Pension Plan benefits with social security and your savings in the U.S. Bank 401(k) Savings
Plan, you are well on your way to a secure retirement.
Effective November 15, 2009, participation in the Plan was frozen so that no new participants
became entitled to benefits in the Plan. On and after November 15, 2009, employees who satisfy
the eligibility requirements of the U.S. Bank 2010 Cash Balance Plan will become participants in
that plan with an opportunity to receive pay and interest credits. The U.S. Bank 2010 Cash
Balance Plan, a component of the Plan, is referenced in Appendix I to the Plan.
This Summary is one of two summaries for the Plan. This summary describes benefits earned by
individuals who elected to continue accruing benefits under the final average pay formula of the
Plan and the benefit accrued by individuals prior to January 1, 2010. The other summary
describes the pay and interest credits participants earn under the U.S. Bank 2010 Cash Balance
Plan, which is the benefit accrued by those who were not participants in the Plan as of
November 15, 2009 and by those who elected or were defaulted into the U.S. Bank 2010 Cash
Balance Plan as of January 1, 2010.
Relationship to Prior Plans
The Plan is the result of the merger of the Firstar Employees' Pension Plan and the U.S. Bancorp
Cash Balance Pension Plan. If you earned a benefit under either of those plans, your total
retirement benefit will be the sum of your benefit earned prior to January 1, 2002 (sometimes
referred to as the “A” portion of your benefit) and your benefit earned after January 1, 2002
(sometimes referred to as the “B” portion of your benefit). If you first began earning pension
benefits on or after January 1, 2002, you will only have the "B" benefit. For Mercantile
employees, the "B" portion began January 1, 2003.
Information about Prior Plan Benefits
Special rules that apply to Plan participants who have "A" benefits are summarized in three
Attachments at the end of this Summary. If you have an "A" benefit, refer to the Attachment that
describes your "A" benefit:
If you earned a benefit under this plan: This Summary And the summary of your
refers to you as a: "A" benefit can be found in:
U.S. Bancorp Cash Balance Pension Plan ("Cash Cash Balance
Attachment 1
Balance Plan")
Participant
Firstar Employees' Pension Plan ("Firstar Plan")* Firstar Participant Attachment 2
Mercantile Bancorporation Inc. Retirement Plan Mercantile
Attachment 3
("Mercantile Plan")*
Participant
* Although the Mercantile Plan was technically a part of the Firstar Employees' Pension Plan prior to 2002,
references to the Firstar Plan in this Summary and the Attachments refer only to the non-Mercantile part of
that plan.
The provisions of this Summary other than the Attachments generally apply regardless of whether
you have an "A+B" benefit or a "B" benefit only.
2