MOLX » Topics » 2005 Molex Supplemental Executive Retirement Plan (SERP)

This excerpt taken from the MOLX DEF 14A filed Sep 10, 2007.

2005 Molex Supplemental Executive Retirement Plan (SERP)

The SERP is a combined non-qualified defined contribution and deferred compensation plan available to participants in the Profit Sharing Plan who are affected by the IRS contribution limit. As noted above, we contribute to the SERP the excess of eligible compensation that we were not able to contribute to the Profit Sharing Plan due to IRS contribution limits. Amounts that we contribute may be invested in a variety of mutual funds, including money market, bond, fixed income, large-,mid-, and small-cap equity funds, international equity funds and life-style funds. Earnings on such investments were in the range of 4.29% to 23.67% during fiscal year 2007. Molex stock is not an investment option and “above market” crediting rates are not offered. A participant may transfer investments among the various investment alternatives on a daily basis.

Amounts that we contribute under the SERP vest in the same manner as contributions to the Profit Sharing Plan. Vested amounts are distributed to a participant upon termination of employment. Participants may elect to receive their distributions in either a single lump sum payment or five annual installments. To the extent permitted under Section 409A of the Internal Revenue Code, distributions may be accelerated in the event of an unforeseeable emergency or financial hardship that we approve. Distributions to a Named Executive Officer due to termination of employment cannot begin earlier than six months after separation.

Additional information about the non-qualified deferred compensation component of the SERP is included with the “Nonqualified Deferred Compensation Table.”

 

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