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DVN » Topics » PENSION BENEFITS TABLE

This excerpt taken from the DVN DEF 14A filed Apr 28, 2008.
PENSION BENEFITS TABLE
 
                               
            Number of Years
     Present Value of
      
            Credited Service
     Accumulated Benefit
     Payments During Last
Name     Plan Name     (#)     ($)(1)     Fiscal Year ($)
  J. Larry Nichols(2)
   
Defined Benefit Plan

SRIP
      38

38 		      1,133,397

19,720,385 		      —

—
  John Richels(2)(3)(4)
   
Defined Benefit Plan

SRIP
      4

12 		      104,552

3,839,023 		      —

—
  Danny J. Heatly(2)
   
Defined Benefit Plan

SRIP
      19

19 		      289,975

798,872 		      —
—
  Stephen J. Hadden
   
Defined Benefit Plan

SRIP
      4

4 		      83,109

555,867 		      —
—
  Darryl G. Smette(5)
   
Defined Benefit Plan

SRIP
      21

21 		      664,914

5,602,885 		      —
—
                               
 
(1) We calculated the present value of each named executive officer’s accumulated benefits as of December 31, 2007 under our pension plans on a single life annuity basis. We assumed that each named executive officer began receiving payments at normal retirement age (age 65) and were vested in those payments. The present value is calculated using the RP 2000 mortality table (no collar) with projected improvements to 2015, and a discount rate of 6.25 percent. No pre-retirement decrements were used in this calculation.
 
(2) Messrs. Nichols, Smette and Richels are eligible for early retirement under the Defined Benefit Plan and the SRIP. See “Defined Benefit Plan - Early Retirement” below for a description of the eligibility requirements and benefits payable under our defined benefit plans.
 
(3) Years of Credited Service for Mr. Richels for the Defined Benefit Plan are determined based on time worked in the U.S. For the SRIP, Mr. Richels’ service is based on time worked in the U.S. and Canada while with the Company. Mr. Richels’ Canadian service is included for benefit eligibility purposes (vesting and early retirement) in both plans.
 
(4) Benefits payable to Mr. Richels under the SRIP are reduced by benefits payable to Mr. Richels under our Pension Plan for Employees of Devon Canada Corporation. Mr. Richels’ benefit under the Canadian Pension Plan is frozen and Mr. Richels’ future pension benefits are accruing under the Defined Benefit Plan and the SRIP.
 
37
Commitment Runs Deep

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