This excerpt taken from the DVN DEF 14A filed Apr 28, 2008.
Changes to Defined Contribution and Defined Benefit Retirement Plans
In 2007, we adopted an enhanced defined contribution structure related to our 401(k) Plan that became effective January 1, 2008. Participants in this enhanced defined contribution structure will continue to receive a discretionary matching contribution of six percent of their contributions to the 401(k) Plan, or three percent in the case of participants with less than five years of benefit service. These participants will also receive additional, nondiscretionary contributions by Devon calculated as a percentage of annual compensation. The percentage will vary based on the employees years of service.
On or before November 15, 2007, existing eligible employees elected to either continue to participate in the defined benefit plan or participate in the enhanced defined contribution structure of the 401(k) Plan. Employees who elected to continue participating in the Defined Benefit Plan will continue to accrue benefits under the existing provisions of such plans and will receive a matching contribution of six percent of their contributions to the 401(k) Plan. Employees who elected to participate in the enhanced defined contribution structure will receive enhanced contributions to the 401(k) Plan and will retain the benefits that they have accrued under the Defined Benefit Plan as of December 31, 2007. However, such employees will only be entitled to the benefits that they have accrued in the Defined Benefit Plan as of December 31, 2007, after all applicable vesting requirements have been met. Employees hired on or after October 1, 2007 will not have an election and will only participate in the 401(k) Plan and the enhanced defined contribution structure.