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DVN » Topics » Retirement Benefits

This excerpt taken from the DVN DEF 14A filed Apr 24, 2009.
Retirement Benefits
 
Our named executive officers are entitled to participate in the following retirement benefits:
 
  •  A qualified 401(k) Plan with a 6% company match;
 
  •  A nonqualified Deferred Compensation Plan that allows executives to defer compensation beyond the limits placed on the 401(k) plan and the company to contribute a match to the extent that the match available under the qualified 401(k) Plan is limited;
 
  •  A qualified Defined Benefit Plan that provides annual retirement income of 60% of final average compensation (i.e., the average of the highest three consecutive years’ compensation out of the last 10 years), less any benefits due to the participant under Social Security, times a fraction, the numerator of which is credited years of service up to a maximum of 25 and the denominator of which is the greater of 25 or service projected to age 65 (where the fraction is no greater than one); and
 
  •  A nonqualified defined benefit plan (the Supplemental Retirement Income Plan or “SRIP”) that, among other things, provides retirement benefits calculated without certain limitations applicable to the Defined Benefit Plan, accrues over 20 years of service (rather than the 25 years applicable to the Defined Benefit Plan), with five-year vesting, and allows for payments in a lump sum upon a change in control of the Company.
 
For additional information on the Defined Benefit Plan and the SRIP and the present values of the accumulated benefits of our named executive officers under each plan, please refer to the Pension Benefits for the Year Ended December 31, 2008, section on page 37 and the Pension Benefits Table on page 38.
 

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