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GIS » Topics » Defined Benefit Pension Plans

These excerpts taken from the GIS 10-K filed Jul 11, 2008.
Defined Benefit Pension Plans We have defined benefit pension plans covering most domestic, Canadian, and United Kingdom employees. Benefits for salaried employees are based on length of service and final average compensation. Benefits for hourly employees include various monthly amounts for each year of credited service. Our funding policy is consistent with the requirements of applicable laws. We made $14.2 million of voluntary contributions to these plans in fiscal 2008. Our principal domestic retirement plan covering salaried employees has a provision that any excess pension assets would vest in plan participants if the plan is terminated within five years of a change in control.
 
Defined Benefit Pension
Plans We have defined benefit pension plans
covering most domestic, Canadian, and United Kingdom employees.
Benefits for salaried employees are based on length of service
and final average compensation. Benefits for hourly employees
include various monthly amounts for each year of credited
service. Our funding policy is consistent with the requirements
of applicable laws. We made $14.2 million of voluntary
contributions to these plans in fiscal 2008. Our principal
domestic retirement plan covering salaried employees has a
provision that any excess pension assets would vest in plan
participants if the plan is terminated within five years of a
change in control.


 



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Jul 11, 2008

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