Company: TDY
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0001193125-25-054478
Chunk: 84

Company: TELEDYNE TECHNOLOGIES INC
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 84
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 Security covered compensation. This amount is then multiplied by the years of credited service completed by the participant, up to 30 years. In general, a participant who has achieved the age of 55 and has completed five years of service or has a vested accrued benefit is eligible for early retirement benefits under the Pension Plans. Early retirement benefits are reduced by an amount equal to 3 percent for each year that a participant’s early retirement date precedes the participant’s normal retirement date. Participants in the Pension Plans have the choice of different annuity types. Participants are prohibited from changing the annuity type elected once monthly benefit payments begin. In 2011, we approved a plan amendment to change the rate at which pension

| TELEDYNE TECHNOLOGIES INCORPORATED | 2025 Proxy Statement |     | 73 |

Pension Benefits (continued) benefits will accrue on or after March 1, 2012, to reduce our pension benefit obligations. The pension benefit formula was changed from a “final average pay” calculation to a “career average pay” approach. Dr. Mehrabian is currently eligible for normal retirement. Dr. Mehrabian’s benefit under the qualified Pension Plan commenced August 1, 2024 as a result of benefit limitations under Section 415 of the Internal Revenue Code (IRC) and the terms of his Pension Plan. A year of credited service is any year in which the participant has performed 1,000 or more service hours. None of the named executives have been granted extra years of credited service and it is our policy not to grant participants, including named executives, with extra years of credited service. Pension Equalization/Benefit Restoration Plan We have also adopted a Pension Equalization/Benefit Restoration Plan, which is designed to restore benefits which would be payable under the pension plan provisions but for the limits imposed by the Internal Revenue Code, to the levels calculated pursuant to the formulas contained in the pension plan provisions or for any monies deferred under the Teledyne Technologies Incorporated Executive Deferred Compensation Plan. The Pension Equalization/Benefit Restoration Plan provides that Teledyne will pay to the participant, without requirement for participant contribution upon the participant’s retirement, a retirement benefit equal to the difference between the maximum life annuity to which the participant would be entitled under the qualified Pension Plan upon the participant’s retirement, ignoring any limitations imposed by the Internal Revenue Code and including any compensation deferred under the Executive Deferred Compensation Plan, and the life annuity which is actually paid to the participant under the qualified Pension