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This excerpt taken from the DVN DEF 14A filed Apr 24, 2009. Deferred Vested
Pension
Participants in the Defined Benefit Plan are fully vested in
their accrued benefits after five years of service. If the
participant’s employment is terminated after attaining five
years of service but before eligibility for Early Retirement,
the participant is entitled to a deferred vested pension based
on his or her accrued benefit on the date of termination. An
unreduced deferred vested pension is payable at age 65.
Alternatively, the participant may elect to receive a reduced
benefit as early as age 55. The benefit payable prior to
age 65 is a percentage of his or her normal retirement
benefit based on his or her age at the time the benefit begins,
as shown in the table below:
39
Commitment Runs Deep
Table of Contents
If a participant is:
then the participant may elect to have his or her benefits under
the Defined Benefit Plan paid at any time on or after the age of
55 subject to the same percentage reduction in benefits as set
forth under “Early Retirement” applicable to the
participant.
This excerpt taken from the DVN DEF 14A filed Apr 28, 2008. Deferred Vested
Pension
Participants in the Defined Benefit Plan are fully vested in
their accrued benefits after five years of service. If the
participant’s employment is terminated after attaining five
years of service but before eligibility for Early Retirement,
the participant is entitled to a deferred vested pension based
on his or her accrued benefit on the date of termination. An
unreduced deferred vested pension is payable at age 65.
Alternatively, the participant may elect to receive a reduced
benefit as early as age 55. The benefit payable prior to
age 65 is a percentage of his or her normal retirement
benefit based on his or her age at the time the benefit begins,
as shown in the table below:
38
Commitment Runs Deep
Table of Contents
If a participant is (i) involuntarily terminated for any
reason other than death or “cause,” is between the
ages of 50 and 55 and has at least 10 years of credited
service, or (ii) involuntarily terminated for any reason
other than “cause” within two years following a change
in control and has at least 10 years of credited service
regardless of the participant’s age, then the participant
may elect to have his or her benefits under the Defined Benefit
Plan paid at any time on or after the age of 55 subject to the
same percentage reduction in benefits as set forth under
“Early Retirement” applicable to the participant.
This excerpt taken from the DVN DEF 14A filed Apr 27, 2007. Deferred
Vested Pension
Participants in the Defined Benefit Plan are fully vested in
their accrued benefits after five years of service. If the
participant’s employment is terminated after attaining five
years of service but before eligibility for Early Retirement,
the participant is entitled to a deferred vested pension based
on his or her accrued benefit on the date of termination. An
unreduced deferred vested pension is payable at age 65.
Alternatively, the participant may elect to receive a reduced
benefit as early as age 55. The benefit payable prior to age 65
is a percentage of his or her normal retirement benefit based on
his or her age at the time the benefit begins, as shown in the
table below:
Table of Contents
If a participant is (i) involuntarily terminated for any
reason other than “cause,” between the ages of 50 and
55 and has at least 10 years of credited service, or
(ii) involuntarily terminated for any reason other than
“cause” within two years following a change in control
and has a least 10 years of credited service regardless of
the participant’s age, then the participant may elect to
have his or her benefits under the Defined Benefit Plan paid at
any time after the age of 55 subject to the same percentage
reduction in benefits as set forth under “Early
Retirement” applicable to the participant.
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