DD » Topics » Benefits

This excerpt taken from the DD DEF 14A filed Mar 20, 2009.
Benefits
 
Our global benefit philosophy for employees, including the NEOs and other executive officers, is to provide a package of benefits consistent with local practices and competitive within individual markets.
 
NEOs participate in the same health and welfare and retirement programs on the same terms and conditions as other employees. For U.S. parent company employees, this offering consists of the following:
 
•   Standard range of medical, dental and vacation benefits, as well as life insurance and disability coverage
•   Participation in the DuPont Pension and Retirement Plan and either the DuPont Savings and Investment Plan (“SIP”) or the DuPont Retirement Savings Plan (“RSP”).
 
The Pension and Retirement Plan is a tax-qualified defined benefit plan under which benefits are based primarily on an employee’s years of service and final average pay. Employees hired after December 31, 2006 do not participate in the plan. Employees hired after December 31, 2006 participate in the RSP. All others participated in the SIP. Effective January 1, 2009, the SIP and RSP were merged into one plan named the RSP. The SIP, like the RSP, was a tax-qualified defined contribution plan with a 401(k) feature.
 
In addition to these tax-qualified retirement plans, executive officers may participate in nonqualified retirement plans we offer that restore those benefits that cannot be paid as a result of Internal Revenue Code (“IRC”) limits applicable to tax-qualified retirement plans, including:
 
•   The Pension Restoration Plan. The purpose of the plan is to restore those benefits that cannot be paid by the Pension Plan as a result of IRC limits applicable to tax-qualified pension plans.
•   The Salary Deferral and Savings Restoration Plan (“SDSRP”) or Retirement Savings Restoration Plan (“RSRP”). The purpose of these plans is to provide eligible employees the opportunity to defer salary and

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receive a Company match and savings contribution on compensation that is ineligible to be considered in calculating benefits under the SIP or RSP, as the case may be, due to IRC limits on compensation. A Company match and savings contribution is credited in an equivalent amount to what would have been provided under the tax-qualified savings plan absent IRC limits. Effective January 1, 2009, the SDSRP and RSRP were merged into one plan named the RSRP.
 
These plans, generally, apply to all eligible employees who exceed the IRC limits. Retirement benefits in excess of these limits are paid from our operating cash flows.
 
In 2009, NEOs will also be eligible to participate in the DuPont Management Deferred Compensation Plan (“MDCP”), which allows eligible participants to defer base salary, STIP awards and LTI awards. Under the MDCP, eligible employees were also permitted to defer STIP awards earned during 2008 and payable in 2009.
 
These excerpts taken from the DD DEF 14A filed Mar 20, 2008.
Benefits
 
Our global benefit philosophy for employees, including the NEOs and other executive officers, is to provide a package of benefits consistent with local practices and competitive within individual markets.
 
Our executive officers participate in the same health and welfare and retirement programs on the same terms and conditions as other employees. For U.S. parent company employees, this offering consists of the following:
 
•   Standard range of medical, dental and vacation benefits, as well as life insurance and disability coverage
•   Participation in the DuPont Pension and Retirement Plan and the DuPont Savings and Investment Plan
 
The Pension and Retirement Plan is a tax-qualified defined benefit plan under which benefits are based primarily on an employee’s years of service and final average pay. The Savings and Investment Plan is a tax-qualified defined contribution plan that includes a 401(k) feature.
 
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In August 2006, the Company announced major changes to the Pension and Retirement Plan. Effective January 1, 2008, eligible full-service employees on the rolls as of December 31, 2006 will continue to accrue benefits in the plan, but at a reduced rate of about one-third of its previous level. In addition, Company-paid postretirement survivor benefits for these employees will not continue to grow after December 31, 2007. Employees hired after December 31, 2006 do not participate in the plan.
 
As part of the retirement plan changes in August 2006, the defined contribution benefits for most U.S. parent company employees are in transition. Effective January 1, 2007, for employees hired on that date or thereafter and effective January 1, 2008, for active employees as of December 31, 2006, the Company will contribute 100% of the first six percent of the employee’s contribution election and also contribute three percent of each eligible employee’s eligible compensation regardless of the employee’s contribution. In addition, the definition of eligible compensation has been expanded to be similar to the definition of eligible compensation in the Pension and Retirement Plan.
 
In addition to these tax-qualified retirement plans, executive officers may participate in nonqualified retirement plans we offer that restore those benefits that cannot be paid as a result of Internal Revenue Code (“IRC”) limits applicable to tax-qualified retirement plans, including:
 
•   The Pension Restoration Plan. The purpose of the plan is to restore those benefits that cannot be paid by the Pension and Retirement Plan as a result of IRC limits applicable to tax-qualified pension plans.
 
•   The Salary Deferral and Savings Restoration Plan. The purpose of the plan is to provide eligible employees the opportunity to defer salary and receive a Company match on compensation that is ineligible to be considered in calculating benefits under the Savings and Investment Plan due to IRC limits on compensation. A Company match is credited in an equivalent amount to what would have been provided under the tax-qualified savings plan absent IRC limits.
 
These plans apply to all eligible employees who exceed the IRC limits. Retirement benefits in excess of these limits are paid from our operating cash flows.
 
Benefits


 



Our global benefit philosophy for employees, including the NEOs
and other executive officers, is to provide a package of
benefits consistent with local practices and competitive within
individual markets.


 



Our executive officers participate in the same health and
welfare and retirement programs on the same terms and conditions
as other employees. For U.S. parent company employees, this
offering consists of the following:


 























•  
Standard range of medical, dental and vacation benefits, as well
as life insurance and disability coverage
•  
Participation in the DuPont Pension and Retirement Plan and the
DuPont Savings and Investment Plan


 



The Pension and Retirement Plan is a tax-qualified defined
benefit plan under which benefits are based primarily on an
employee’s years of service and final average pay. The
Savings and Investment Plan is a
tax-qualified
defined contribution plan that includes a 401(k) feature.

 



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In August 2006, the Company announced major changes to the
Pension and Retirement Plan. Effective January 1, 2008,
eligible full-service employees on the rolls as of
December 31, 2006 will continue to accrue benefits in the
plan, but at a reduced rate of about one-third of its previous
level. In addition, Company-paid postretirement survivor
benefits for these employees will not continue to grow after
December 31, 2007. Employees hired after December 31,
2006 do not participate in the plan.


 



As part of the retirement plan changes in August 2006, the
defined contribution benefits for most U.S. parent company
employees are in transition. Effective January 1, 2007, for
employees hired on that date or thereafter and effective
January 1, 2008, for active employees as of
December 31, 2006, the Company will contribute 100% of the
first six percent of the employee’s contribution election
and also contribute three percent of each eligible
employee’s eligible compensation regardless of the
employee’s contribution. In addition, the definition of
eligible compensation has been expanded to be similar to the
definition of eligible compensation in the Pension and
Retirement Plan.


 



In addition to these tax-qualified retirement plans, executive
officers may participate in nonqualified retirement plans we
offer that restore those benefits that cannot be paid as a
result of Internal Revenue Code (“IRC”) limits
applicable to tax-qualified retirement plans, including:


 























•  
The Pension Restoration Plan. The purpose of the plan is to
restore those benefits that cannot be paid by the Pension and
Retirement Plan as a result of IRC limits applicable to
tax-qualified pension plans.
 
•  
The Salary Deferral and Savings Restoration Plan. The purpose of
the plan is to provide eligible employees the opportunity to
defer salary and receive a Company match on compensation that is
ineligible to be considered in calculating benefits under the
Savings and Investment Plan due to IRC limits on compensation. A
Company match is credited in an equivalent amount to what would
have been provided under the tax-qualified savings plan absent
IRC limits.


 



These plans apply to all eligible employees who exceed the IRC
limits. Retirement benefits in excess of these limits are paid
from our operating cash flows.


 




This excerpt taken from the DD DEF 14A filed Mar 19, 2007.
Benefits
 
The Company’s global benefit philosophy for employees, including the Named Executive Officers and other executive officers, is to provide a package of benefits consistent with local practices and competitive within individual markets.
 
The Company’s executive officers participate in the same health and welfare programs on the same terms and conditions as other employees. In the U.S., this offering consists of the standard range of medical, dental and vacation benefits, as well as life insurance and disability coverage.
 
Executive officers also participate in Company retirement programs on the same terms and conditions as other employees. Executive officers in the U.S. participate in the DuPont Pension and Retirement Plan (“DPRP”) and the Savings and Investment Plan (“SIP”). The DPRP is a tax-qualified defined benefit plan under which benefits are based primarily on an employee’s years of service and final average pay. The SIP is a tax-qualified defined contribution plan that includes a 401(k) feature.
 
In addition to the DPRP, the Company offers a Pension Restoration Plan. The Pension Restoration Plan is a nonqualified pension plan that restores those benefits that cannot be paid by the DPRP as a result of Internal Revenue Code (“IRC”) limits applicable to tax-qualified pension plans. The program applies to all employees who exceed the IRC limits. Pension benefits in excess of these limits are paid from the Company’s operating cash flows.
 
In addition to the SIP, the Company offers a nonqualified Salary Deferral and Savings Restoration Plan. The purpose of the plan is to provide eligible employees the opportunity to defer salary and receive a Company match on compensation that is ineligible to be considered in calculating benefits under the SIP due to IRC limits on compensation. All employees who are impacted by the IRC limits are eligible. A Company match is credited in an equivalent amount to what would have been provided under the tax-qualified savings plan absent IRC limits.
 
In August 2006, the Company announced major changes to the U.S. retirement programs. Effective January 1, 2008, eligible employees (including executives) as of December 31, 2006, will participate in an enhanced savings plan and will continue to accrue benefits in the pension plans, at one-third of the current rate and without continued growth of the Company-paid post-retirement survivor benefit.
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