EX-10.11






EXHIBIT 10.11




Summary Description




Management Performance Plan 2009 Payable 2010




Effective January 1, 2009




Objective



The objective of the Management Performance Plan is to provide incentive to all eligible employees
of FBL Financial Group, Inc., in the form of an annual cash payment, for the achievement of a
predetermined set of corporate goals. The goals may apply to operations and results of the entire
enterprise or may apply to a segment of the business or the operations within a geographical area
of the business. Payment of cash incentives pursuant to achievement of the goals will be subject to
the Company meeting triggers pre-established by the Management Development and Compensation
Committee. Triggers may relate to profitability, stability, positive surplus and levels of
capital, among other matters, and may be applied across the Company or by defined groups within the
Company. In addition, the Management Development and Compensation Committee retains negative
discretion to limit or eliminate payment of cash incentives to any or all Tiers, Groups, segments,
teams or individuals in its sole discretion.




Administration



The Management Performance Plan is approved annually by the Board of Directors through the
Management Development and Compensation Committee. The program will be administered under the
sponsorship of the company’s Goals Committee, to consist of the FBL Management Team, subject to
oversight of the Management Development and Compensation Committee.




Corporate Goals



Each plan year, the Board of Directors through the Management Development and Compensation
Committee will authorize a set of corporate goals as the measure of performance necessary to
receive the cash incentive. The performance goals will focus on key metrics for growth, efficiency,
and profitability. The goals and weighting of goals may differ for various business segments, teams
or individuals within the overall Company, as deemed appropriate by the Management Development and
Compensation Committee.




Attainment of Goals



Each goal will be measured separately in the determination of the attainment level. The actual
value assigned to each goal (which determines the cash incentive eligible to employees) depends on
the level of achievement of each corporate goal.



Employees are divided in Tiers and Groups, based upon salary grade, as defined below. For Tier I,
Group IV and Tiers II and III, if 75 percent or more of a goal is achieved, then its actual value
can range from 75 to 150 percent of the base value, depending on the level of attainment.




     Threshold — The minimum level of achievement at which a cash incentive is provided.




	 	•	 	75% of base value paid at threshold level




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     Target — The level of achievement that is targeted for each goal.




	 	•	 	100% of base value paid at target level





     Cap — The level of achievement at or above which the maximum cash incentive is provided.




	 	•	 	150% of base value paid at cap level




For Tier I, Groups I, II and III, if 75 percent or more of a goal is achieved, then its actual
value can range from 50 to 200 percent of the base value, depending on the level of attainment.




     Threshold — The minimum level of achievement at which a cash incentive is provided.




	 	•	 	50% of base value paid at threshold level





     Target — The level of achievement that is targeted for each goal.




	 	•	 	100% of base value paid at target level





     Cap — The level of achievement at or above which the maximum cash incentive is provided.




	 	•	 	200% of base value paid at cap level





Tiers, Groups and base salary target




     Tier I



     Group 1 — 90% target



     Chief Executive Officer



     Tier I Group II — 60% target




Chief Financial Officer; Executive Vice President, Farm Bureau Life; Executive Vice President, Farm
Bureau Mutual; Executive Vice President, EquiTrust Life



     Tier I



     Group III — 45% target



     Balance of FBL Management Team



     Tier I



     Group IV — 33 % target



     Executive Group — Grade 50 employees



     Tier II — 15% target



     Grade 45



     All participants



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     Tier III — 12% target



     Grade 44



     All participants



Eligible Participants



Participation in the Management Performance Plan includes full-time, salary grade 44 and above
employees of FBL Financial Group, Inc. who are classified as active employment status as of the
last working day of the plan year. The plan does not cover employees participating in an employee
incentive plan, crop insurance incentive plan or any other incentive-eligible program.





	 	1.	 	Part-time or high-time, salary grade 44 and above employees of FBL Financial Group, Inc. are
not eligible to participate in the Management Performance Plan.
	 
	 	2.	 	Agents, Agency Managers, temporary employees, independent contractors, per diem adjusters,
and leased employees are not eligible to participate in the Management Performance Plan.
	 
	 	3.	 	For employees who transfer from full-time, grade 44+ to part-time or high-time during the
year, the cash incentive will be prorated based upon completed service as an eligible employee
during the plan year. For employees who transfer from full-time, grade 44+ to temporary, all
rights to a cash incentive will be forfeited.
	 
	 	4.	 	Cash incentive payments for eligible newly hired employees or current employees who become
eligible for the Management Performance Plan during the plan year will be prorated based upon
completed service as an eligible employee during the plan year.
	 
	 	5.	 	In the event an employee’s active employment terminates prior to the last working day of the
plan year by reason of retirement, reduction in complement, transfer to Farm Bureau agent or
Agency Manager status, company transfer to a multi-line state Farm Bureau affiliate, military
leave, permanent disability, or death, the cash incentive payment will be prorated based upon
completed service as an eligible employee during the plan year, assuming all other criteria
have been met.
	 
	 	6.	 	Payment for deceased employee’s cash incentive pay will be made to the beneficiary on record
for group life insurance, if living; otherwise to surviving spouse, if living; otherwise to
employee’s estate.
	 
	 	7.	 	In the event an employee’s active employment terminates prior to the last working day of the
plan year for any other reason not included in bullet #5, all rights to a cash incentive will
be forfeited.




Participation in the Management Performance Plan does not guarantee employment, nor does
participation at any time guarantee ongoing participation. In addition, the Management Development
and Compensation Committee retains negative discretion to limit or eliminate payment of cash
incentives to any or all Tiers, Groups, segments, teams or individuals in its sole discretion.




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Base Salary



Cash incentive payments are made based on a percentage of the participant’s base salary, based on
the level of achievement of corporate goals as determined by the Management Development and
Compensation Committee. For this purpose, base salary consists of the employee’s regular monthly
rate of pay, including any retro pay adjustments, during the plan year. Cash payments for unused
vacation at termination are not included in base salary.




Payments of Cash Incentives



Subject to the negative discretion of the Management Development and Compensation Committee to
limit or eliminate payment of cash incentives, payments will be made annually to each eligible
participant, subject to the attainment level of the goals, on or before March 15 for the prior plan
year. For example, payment based upon attainment of 2009 goals will be made no later than March 15,
2010.



Cash incentive payments made under the Management Performance Plan are considered compensation for
purposes of calculating group life, accidental death & dismemberment, and disability income
benefits. In addition, this cash incentive payment will be included in the calculation of
retirement benefits.



Cash incentive payments will be made in a single, separate, lump sum payment and are subject to
federal and state taxes. Cash incentive payments may also be subject to court-ordered child
support, garnishments, wage assignments and tax levies. Cash incentive payments are not subject to
voluntary payroll deductions, including but not limited to 401(k) loan payments, United Way,
insurance premium and flex deductions. Cash incentive payments for active employees are eligible
for the 401(k) deduction and 401(k) match provision.



Employees Grade 50 and above may elect to defer cash incentive payments in accordance with all
terms and conditions of the FBL Financial Group, Inc. Executive Salary and Bonus Deferred
Compensation Plan.




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