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This excerpt taken from the DVN DEF 14A filed Apr 24, 2009. PENSION BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2008
We maintain three defined benefit retirement plans in which our
named executive officers may participate:
The following table shows the estimated present value of
accumulated retirement benefits as provided under the Defined
Benefit Plan and the SRIP to the named executive officers. All
named executive officers are participants in the SRIP, therefore
BRP benefits are not included in the table below. SRIP benefits
vest after five years of service. Participants who are
terminated for cause lose their SRIP benefits and are instead
paid under the BRP. Amounts payable under the SRIP or the BRP
are reduced by the amounts payable under the Defined Benefit
Plan so there is no duplication of benefits. Retirement benefits
are calculated based upon years of service and “final
average compensation.” Final average compensation consists
of the average of the highest three consecutive years’
compensation out of the last 10 years. The definition of
compensation under the Defined Benefit Plan is the same as the
definition under the SRIP and BRP except nonqualified deferred
compensation is excluded and compensation is limited by Code
compensation limits.
37
Commitment Runs Deep
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