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These excerpts taken from the DVN 10-K filed Feb 27, 2009. Revisions
to Retirement Plans
In the second quarter of 2007, Devon adopted an enhanced defined
contribution structure related to its 401(k) Incentive Savings
Plan (“401(k) Plan”) to be effective January 1,
2008. Participants in this enhanced defined contribution
structure continue to receive a discretionary match of a
percentage of their contributions to the 401(k) Plan. These
participants also receive additional, nondiscretionary
contributions by Devon calculated as a percentage of annual
compensation. The percentage varies based on the employees’
years of service.
On or before November 15, 2007, existing eligible employees
elected to either continue to participate in the defined benefit
plan or participate in the enhanced defined contribution
structure of the 401(k) Plan. Employees who elected to continue
participating in the defined benefit plans continue to accrue
benefits under the existing provisions of such plans. Employees
who elected to participate in the enhanced defined contribution
structure receive enhanced contributions to the 401(k) Plan and
retain the benefits that they had accrued under the defined
benefit plan as of December 31, 2007. However, such
employees are only entitled to the benefits that have accrued in
the defined benefit plans as of December 31, 2007, after
all applicable vesting requirements have been met. Employees
hired on or after October 1, 2007 do not have an election
and only participate in the 401(k) Plan and the enhanced defined
contribution structure.
For those employees who elected to participate in the enhanced
defined contribution structure, Devon’s pension benefit
obligation included $16 million related to projected future
years of service for these employees. Because this portion of
the employees’ benefits was curtailed upon their election,
Devon reduced its pension liabilities by $16 million in the
fourth quarter of 2007.
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
Revisions
to Retirement Plans
In the second quarter of 2007, Devon adopted an enhanced defined
contribution structure related to its 401(k) Incentive Savings
Plan (“401(k) Plan”) to be effective January 1,
2008. Participants in this enhanced defined contribution
structure continue to receive a discretionary match of a
percentage of their contributions to the 401(k) Plan. These
participants also receive additional, nondiscretionary
contributions by Devon calculated as a percentage of annual
compensation. The percentage varies based on the employees’
years of service.
On or before November 15, 2007, existing eligible employees
elected to either continue to participate in the defined benefit
plan or participate in the enhanced defined contribution
structure of the 401(k) Plan. Employees who elected to continue
participating in the defined benefit plans continue to accrue
benefits under the existing provisions of such plans. Employees
who elected to participate in the enhanced defined contribution
structure receive enhanced contributions to the 401(k) Plan and
retain the benefits that they had accrued under the defined
benefit plan as of December 31, 2007. However, such
employees are only entitled to the benefits that have accrued in
the defined benefit plans as of December 31, 2007, after
all applicable vesting requirements have been met. Employees
hired on or after October 1, 2007 do not have an election
and only participate in the 401(k) Plan and the enhanced defined
contribution structure.
For those employees who elected to participate in the enhanced
defined contribution structure, Devon’s pension benefit
obligation included $16 million related to projected future
years of service for these employees. Because this portion of
the employees’ benefits was curtailed upon their election,
Devon reduced its pension liabilities by $16 million in the
fourth quarter of 2007.
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
Revisions to Retirement Plans In the second quarter of 2007, Devon adopted an enhanced defined contribution structure related to its 401(k) Incentive Savings Plan (“401(k) Plan”) to be effective January 1, 2008. Participants in this enhanced defined contribution structure continue to receive a discretionary match of a percentage of their contributions to the 401(k) Plan. These participants also receive additional, nondiscretionary contributions by Devon calculated as a percentage of annual compensation. The percentage varies based on the employees’ years of service. On or before November 15, 2007, existing eligible employees elected to either continue to participate in the defined benefit plan or participate in the enhanced defined contribution structure of the 401(k) Plan. Employees who elected to continue participating in the defined benefit plans continue to accrue benefits under the existing provisions of such plans. Employees who elected to participate in the enhanced defined contribution structure receive enhanced contributions to the 401(k) Plan and retain the benefits that they had accrued under the defined benefit plan as of December 31, 2007. However, such employees are only entitled to the benefits that have accrued in the defined benefit plans as of December 31, 2007, after all applicable vesting requirements have been met. Employees hired on or after October 1, 2007 do not have an election and only participate in the 401(k) Plan and the enhanced defined contribution structure. For those employees who elected to participate in the enhanced defined contribution structure, Devon’s pension benefit obligation included $16 million related to projected future years of service for these employees. Because this portion of the employees’ benefits was curtailed upon their election, Devon reduced its pension liabilities by $16 million in the fourth quarter of 2007.
Table of ContentsDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) Revisions to Retirement Plans In the second quarter of 2007, Devon adopted an enhanced defined contribution structure related to its 401(k) Incentive Savings Plan (“401(k) Plan”) to be effective January 1, 2008. Participants in this enhanced defined contribution structure continue to receive a discretionary match of a percentage of their contributions to the 401(k) Plan. These participants also receive additional, nondiscretionary contributions by Devon calculated as a percentage of annual compensation. The percentage varies based on the employees’ years of service. On or before November 15, 2007, existing eligible employees elected to either continue to participate in the defined benefit plan or participate in the enhanced defined contribution structure of the 401(k) Plan. Employees who elected to continue participating in the defined benefit plans continue to accrue benefits under the existing provisions of such plans. Employees who elected to participate in the enhanced defined contribution structure receive enhanced contributions to the 401(k) Plan and retain the benefits that they had accrued under the defined benefit plan as of December 31, 2007. However, such employees are only entitled to the benefits that have accrued in the defined benefit plans as of December 31, 2007, after all applicable vesting requirements have been met. Employees hired on or after October 1, 2007 do not have an election and only participate in the 401(k) Plan and the enhanced defined contribution structure. For those employees who elected to participate in the enhanced defined contribution structure, Devon’s pension benefit obligation included $16 million related to projected future years of service for these employees. Because this portion of the employees’ benefits was curtailed upon their election, Devon reduced its pension liabilities by $16 million in the fourth quarter of 2007.
Table of ContentsDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) These excerpts taken from the DVN 10-K filed Jun 9, 2008. Revisions
to Retirement Plans
In the second quarter of 2007, Devon adopted an enhanced defined
contribution structure related to its 401(k) Incentive Savings
Plan (“401(k) Plan”) to be effective January 1,
2008. Participants in this enhanced defined contribution
structure will continue to receive a discretionary match of a
percentage of their contributions to the 401(k) Plan. These
participants will also receive additional, nondiscretionary
contributions by Devon calculated as a percentage of annual
compensation. The percentage will vary based on the
employees’ years of service.
On or before November 15, 2007, existing eligible employees
elected to either continue to participate in the defined benefit
plan or participate in the enhanced defined contribution
structure of the 401(k) Plan. Employees who elected to continue
participating in the defined benefit plans will continue to
accrue benefits under the existing provisions of such plans.
Employees who elected to participate in the enhanced defined
contribution structure will receive enhanced contributions to
the 401(k) Plan and will retain the benefits that they have
accrued under the defined benefit plan as of December 31,
2007. However, such employees will only be entitled to the
benefits that have accrued in the defined benefit plans as of
December 31, 2007, after all applicable vesting
requirements have been met. Employees hired on or after
October 1, 2007 will not have an election and will only
participate in the 401(k) Plan and the enhanced defined
contribution structure.
For those employees who elected to participate in the enhanced
defined contribution structure, Devon’s pension benefit
obligation included $16 million related to projected future
years of service for these
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
employees. Because this portion of the employees’ benefits
was curtailed upon their election, Devon reduced its pension
liabilities by $16 million in the fourth quarter of 2007.
Revisions to Retirement Plans In the second quarter of 2007, Devon adopted an enhanced defined contribution structure related to its 401(k) Incentive Savings Plan (“401(k) Plan”) to be effective January 1, 2008. Participants in this enhanced defined contribution structure will continue to receive a discretionary match of a percentage of their contributions to the 401(k) Plan. These participants will also receive additional, nondiscretionary contributions by Devon calculated as a percentage of annual compensation. The percentage will vary based on the employees’ years of service. On or before November 15, 2007, existing eligible employees elected to either continue to participate in the defined benefit plan or participate in the enhanced defined contribution structure of the 401(k) Plan. Employees who elected to continue participating in the defined benefit plans will continue to accrue benefits under the existing provisions of such plans. Employees who elected to participate in the enhanced defined contribution structure will receive enhanced contributions to the 401(k) Plan and will retain the benefits that they have accrued under the defined benefit plan as of December 31, 2007. However, such employees will only be entitled to the benefits that have accrued in the defined benefit plans as of December 31, 2007, after all applicable vesting requirements have been met. Employees hired on or after October 1, 2007 will not have an election and will only participate in the 401(k) Plan and the enhanced defined contribution structure. For those employees who elected to participate in the enhanced defined contribution structure, Devon’s pension benefit obligation included $16 million related to projected future years of service for these
Table of ContentsDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) employees. Because this portion of the employees’ benefits was curtailed upon their election, Devon reduced its pension liabilities by $16 million in the fourth quarter of 2007. These excerpts taken from the DVN 10-K filed Feb 28, 2008. Revisions
to Retirement Plans
In the second quarter of 2007, Devon adopted an enhanced defined
contribution structure related to its 401(k) Incentive Savings
Plan (“401(k) Plan”) to be effective January 1,
2008. Participants in this enhanced defined contribution
structure will continue to receive a discretionary match of a
percentage of their contributions to the 401(k) Plan. These
participants will also receive additional, nondiscretionary
contributions by Devon calculated as a percentage of annual
compensation. The percentage will vary based on the
employees’ years of service.
On or before November 15, 2007, existing eligible employees
elected to either continue to participate in the defined benefit
plan or participate in the enhanced defined contribution
structure of the 401(k) Plan. Employees who elected to continue
participating in the defined benefit plans will continue to
accrue benefits under the existing provisions of such plans.
Employees who elected to participate in the enhanced defined
contribution structure will receive enhanced contributions to
the 401(k) Plan and will retain the benefits that they have
accrued under the defined benefit plan as of December 31,
2007. However, such employees will only be entitled to the
benefits that have accrued in the defined benefit plans as of
December 31, 2007, after all applicable vesting
requirements have been met. Employees hired on or after
October 1, 2007 will not have an election and will only
participate in the 401(k) Plan and the enhanced defined
contribution structure.
For those employees who elected to participate in the enhanced
defined contribution structure, Devon’s pension benefit
obligation included $16 million related to projected future
years of service for these
Table of Contents
DEVON
ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS —
(Continued)
employees. Because this portion of the employees’ benefits
was curtailed upon their election, Devon reduced its pension
liabilities by $16 million in the fourth quarter of 2007.
Revisions to Retirement Plans In the second quarter of 2007, Devon adopted an enhanced defined contribution structure related to its 401(k) Incentive Savings Plan (“401(k) Plan”) to be effective January 1, 2008. Participants in this enhanced defined contribution structure will continue to receive a discretionary match of a percentage of their contributions to the 401(k) Plan. These participants will also receive additional, nondiscretionary contributions by Devon calculated as a percentage of annual compensation. The percentage will vary based on the employees’ years of service. On or before November 15, 2007, existing eligible employees elected to either continue to participate in the defined benefit plan or participate in the enhanced defined contribution structure of the 401(k) Plan. Employees who elected to continue participating in the defined benefit plans will continue to accrue benefits under the existing provisions of such plans. Employees who elected to participate in the enhanced defined contribution structure will receive enhanced contributions to the 401(k) Plan and will retain the benefits that they have accrued under the defined benefit plan as of December 31, 2007. However, such employees will only be entitled to the benefits that have accrued in the defined benefit plans as of December 31, 2007, after all applicable vesting requirements have been met. Employees hired on or after October 1, 2007 will not have an election and will only participate in the 401(k) Plan and the enhanced defined contribution structure. For those employees who elected to participate in the enhanced defined contribution structure, Devon’s pension benefit obligation included $16 million related to projected future years of service for these
Table of ContentsDEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) employees. Because this portion of the employees’ benefits was curtailed upon their election, Devon reduced its pension liabilities by $16 million in the fourth quarter of 2007. | EXCERPTS ON THIS PAGE:
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