AVT » Topics » Pension Plan

These excerpts taken from the AVT 10-K filed Aug 27, 2008.
Pension Plan
 
The Company’s noncontributory defined benefit pension plan (the “Plan”) covers substantially all domestic employees. Employees are eligible to participate in the Plan following the first year of service during which they worked at least 1,000 hours. The Plan provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit based upon a percentage of current salary, which varies with age, and interest credits. The Company uses June 30 as the measurement date for determining pension expense and benefit obligations for each fiscal year.
 
Not included in the tabulations and discussions that follow are pension plans of certain non-U.S. subsidiaries, which are not material.
 
Pension
Plan



 



The Company’s noncontributory defined benefit pension plan
(the “Plan”) covers substantially all domestic
employees. Employees are eligible to participate in the Plan
following the first year of service during which they worked at
least 1,000 hours. The Plan provides defined benefits
pursuant to a cash balance feature whereby a participant
accumulates a benefit based upon a percentage of current salary,
which varies with age, and interest credits. The Company uses
June 30 as the measurement date for determining pension expense
and benefit obligations for each fiscal year.


 



Not included in the tabulations and discussions that follow are
pension plans of certain
non-U.S. subsidiaries,
which are not material.


 




This excerpt taken from the AVT 10-K filed Aug 29, 2007.
Pension Plan
 
The Company’s noncontributory defined benefit pension plan (the “Plan”) covers substantially all domestic employees. Employees are eligible to participate in the Plan following the first year of service during which they worked at least 1,000 hours. The Plan provides defined benefits pursuant to a cash balance feature whereby a participant accumulates a benefit based upon a percentage of current salary, which varies with age, and interest credits. The Company uses June 30 as the measurement date for determining pension expense and benefit obligations for each fiscal year.
 
Not included in the tabulations and discussions that follow are pension plans of certain non-U.S. subsidiaries, which are not material.


66


Table of Contents

 
AVNET, INC. AND SUBSIDIARIES
 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
 

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