Mercer Insurance Group (MIGP)

 

 

 

Footnotes:

 

 

In addition to the tax-qualified MIRSP (discussed above) that we maintain for the benefit of all eligible employees, our senior officers (including the named executive officers) are eligible to participate in the Executive Nonqualified Excess Plan and in the nonqualified 401(k) Mirror Plan. The Executive Nonqualified Excess Plan allows a participant to defer receipt of all or a portion of his salary, in addition to amounts deferred under the MIRSP. Amounts contributed to the 401(k) Mirror Plan are matched by the Company in the same amount and subject to the same vesting schedules as are deferrals to the MIRSP. To the extent that a named executive’s compensation exceeds the annual limitation under the Code discussed above (currently $220,000), the Company contributes for his benefit an amount equal to the additional amount which would have been contributed to the MIRSP in the absence of this ERISA limitation. Amounts in the plan, together with accumulated earnings, are distributed at the discretion of the participant as a lump sum or in installments over a period of not more than ten years. The 401(k) Mirror Plan is a plan that Mercer contributes to on behalf of executive officers to permit deferrals and Company contributions that are in excess of the limitations under the Code. The Company contributions made to these nonqualified deferred compensation plans for the benefit of each named executive officer are reported in the “All Other Compensation” column in the Summary Compensation Table which appears above. Balances in both nonqualified plans are invested in investment vehicles chosen by the participants from a selection of investment choices that are unrelated to the Company in any way.