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This excerpt taken from the DVN DEF 14A filed Apr 27, 2007. Defined
Benefit Plan
The Defined Benefit Plan is a qualified defined benefit
retirement plan which provides benefits based upon employment
service with us. All of our employees become eligible to
participate in the Defined Benefit Plan when they earn one year
of service and attain the age of 21 years. Each eligible
employee who retires is entitled to receive monthly retirement
income, based upon their final average compensation and credited
years of service. Contributions by employees are neither
required nor permitted under the Defined Benefit Plan. Benefits
are computed based on straight-life annuity amounts and are
reduced by Social Security benefits payable to the employee.
Benefits under the Defined Benefit Plan are reduced for certain
highly compensated employees, including our named executive
officers, in order to comply with certain requirements of the
Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) and the Code.
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