Company: ADP
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001308179-25-000607
Chunk: 78

Company: AUTOMATIC DATA PROCESSING INC
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 78
---
 a present       
 value of the executive’s benefit using an interest crediting rate, a discount rate and a mortality assumption. We calculated               
 the actuarial present values of accumulated benefits as of June 30, 2025 under the Pension Retirement Plan and the Supplemental Officers   
 Retirement Plan using the Pri-2012 mortality table projected generationally using scale MP-2021 (with a white collar adjustment for        
 the Supplemental Officers Retirement Plan only), a 3.85% interest crediting rate for the Pension Retirement Plan, and a 5.35% discount     
 rate.                                                                                                                                      |
| (3) | Cash balances under the                                                                                                                    
 Pension Retirement Plan are included in the present values shown for the Pension Retirement Plan in column (d) and at June 30, 2025        
 are as follows: Ms. Black, $259,082; Mr. Bonarti, $407,262; Mr. DeSilva, $174,798; and Mr. Kutam $68,601. Mr. Ayala elected a distribution 
 of his full balance during fiscal year 2025, as reflected in column (e).                                                                   |
| (4) | The present values of                                                                                                                      
 accumulated benefits for the Pension Retirement Plan and the Supplemental Officers Retirement Plan were determined based on the retirement 
 at age of 65 (normal retirement age under these Plans).                                                                                    |

| Automatic Data Processing, Inc. – Proxy Statement   | | 78 |

| Compensation of Executive Officers |

Automatic Data Processing, Inc. Pension Retirement Plan The Pension Retirement Plan (“Pension Retirement Plan”) is a tax-qualified defined benefit plan covering U.S. employees of the company. The Pension Retirement Plan was closed to new participants as of January 2015 and was frozen as of July 1, 2020. Participants retained their accrued benefit as of June 30, 2020 with no future accruals due to pay and/or service. Accounts continue to earn interest based upon the ten-year U.S. Treasury constant maturity rates. A participant must have three years of service to receive any benefit. Prior to the freeze, the company credited participants’ notional accounts with annual contributions which were determined based upon base salary and years of service. The contributions ranged from 2.1% to 10% of base salary. Compensation used to determine the benefits in any given year is limited to calendar year base salary up to the IRS compensation limit in effect for the plan year. Effective as of July 1, 2020