This excerpt taken from the DLM DEF 14A filed Aug 8, 2007.
Del Monte Employees Retirement and Savings Excess Plan
The Retirement and Savings Excess Plan is an excess plan, designed to provide contributions that could not be provided under a related qualified plan. The plan was provided during the required two-year transition period in connection with Del Montes December 20, 2002 acquisition of certain former businesses of H.J. Heinz and after this transition period was frozen to additional contributions. The contributions provided under this plan were limited to employees who had been employees of H.J. Heinz prior to the acquisition and were intended to mirror contributions that had been provided to these employees when they were employees of H.J. Heinz.
No funds are set aside in a trust for payment of benefits under the Retirement and Savings Excess Plan. Rather, benefits are paid from Del Montes general assets. Accordingly, participants in the Retirement and Savings Excess Plan are general creditors of Del Monte with respect to the payment of these benefits.
Contributions. In connection with the transition period from the December 20, 2002 merger (in which Del Monte acquired various businesses of H.J. Heinz Company) through December 20, 2004, salaried employees who were former Heinz employees (including Mr. Lachman) were provided benefits, referred to as the Company Contribution Account, through both a qualified defined contribution plan (the H.J. Heinz Company Employees Retirement and Savings Plan in calendar 2003 and the Del Monte Savings Plan in calendar 2004) and a nonqualified defined contribution plan (the Del Monte Employees Retirement and Savings Excess Plan). Former Heinz employees did not receive benefits under any defined benefit plan during this period. The Company Contribution Account benefits under the qualified and nonqualified defined contribution plans were credited to employees plan accounts as a percentage of eligible compensation based on age. Eligible compensation included base salary, annual incentives, bonus, and sales incentives, but not
equity compensation. Amounts, in aggregate for both the qualified and nonqualified defined contribution plans, were credited as set forth in the schedule below:
Amounts which could not be credited to the qualified plan accounts due to IRS limitations were instead credited to the nonqualified defined contribution plan, the Del Monte Employees Retirement and Savings Excess Plan. Salaried employees who were former Heinz employees had their account balance from a similar Heinz nonqualified excess plan transferred as their opening balance under the Del Monte Employees Retirement and Savings Excess Plan when it was established effective December 20, 2002.
Del Monte stopped crediting additional Company Contribution Account amounts under the qualified defined contribution plan (the Del Monte Savings Plan) and the nonqualified defined contribution plan (the Del Monte Employees Retirement and Savings Excess Plan) as of December 31, 2004. Thereafter, effective as of January 1, 2005, the former Heinz employees instead began participating in the Del Monte Corporation Retirement Plan for Salaried Employees and the related portion of the Additional Benefits Plan. Such employees had begun participating in the Additional Benefits Plan Savings Portion effective as of January 1, 2004.
Earnings. Accounts are credited with earnings as if the account had been invested in the applicable investment options provided under the qualified plans referred to in Contributions above and in the percentage allocations selected by the employee in such qualified plan.
Distributions and Withdrawals. Lump sum cash payment of the account balance is made as soon as practicable after the employees termination of employment (regardless of cause), including death.