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DVN » Topics » Early Retirement

This excerpt taken from the DVN DEF 14A filed Apr 24, 2009.
Early Retirement
 
Employees, including the named executive officers, are eligible for Early Retirement benefits under the Defined Benefit Plan after (i) attaining age 55, and (ii) earning at least 10 years of credited service. Early retirement benefits are equal to a percentage of the normal retirement income the participant would otherwise be entitled to if he or she had commenced benefits at age 65 depending on the participant’s age when he or she elects to begin receiving benefits:
 
           
      Percentage of
Age When
 		    Normal Retirement
Benefits Begin     Income
65
      100 %
64
      97 %
63
      94 %
62
      91 %
61
      88 %
60
      85 %
59
      80 %
58
      75 %
57
      70 %
56
      65 %
55
      60 %
           
 
This excerpt taken from the DVN DEF 14A filed Apr 28, 2008.
Early Retirement
 
Employees, including the named executive officers, are eligible for early retirement benefits under the Defined Benefit Plan after (i) attaining age 55, and (ii) earning at least 10 years of credited service. Early retirement benefits are equal to a percentage of the normal retirement income the participant would otherwise be entitled to if he or she had retired at age 65 depending on the participant’s age when he or she elects to begin receiving benefits:
 
           
      Percentage of
Age When
 		    Normal Retirement
Benefits Begin     Income
65
      100 %
64
      97 %
63
      94 %
62
      91 %
61
      88 %
60
      85 %
59
      80 %
58
      75 %
57
      70 %
56
      65 %
55
      60 %
           
 
This excerpt taken from the DVN DEF 14A filed Apr 27, 2007.
Early Retirement
 
Employees, including the named executive officers, are eligible for early retirement benefits under the Defined Benefit Plan after (i) attaining age 55, and (ii) earning at least 10 years of credited service. Early retirement benefits are equal to a percentage of the normal retirement income the participant would otherwise be entitled to if he or she had retired at age 65 depending on the participant’s age when he or she elects to begin receiving benefits:
 
             
    Percentage of
Age When
 		  Normal Retirement
Benefits Begin   Income
 
  65       100%  
  64       97%  
  63       94%  
  62       91%  
  61       88%  
  60       85%  
  59       80%  
  58       75%  
  57       70%  
  56       65%  
  55       60%  
 

EXCERPTS ON THIS PAGE:

DEF 14A
Apr 24, 2009
DEF 14A
Apr 28, 2008
DEF 14A
Apr 27, 2007

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