|
|
 | | | |
- close
- close
- close
- close
| |||||||||
These excerpts taken from the NAVG 10-K filed Feb 21, 2008. Note 15.
Retirement Plans
The Company sponsors a defined contribution plan covering
substantially all its U.S. employees. Contributions are equal to
15% of each eligible employee’s gross pay (plus bonus of up
to $2,500) up to the amount permitted by certain Federal
regulations. Employees vest at 20% per year beginning at the end
of their second year and an additional 20% at the end of each
subsequent year until being fully vested after six years of
service. The expense recorded for the
F-30
Table of Contents
plan, was $3.0 million, $2.6 million and
$2.0 million in 2007, 2006 and 2005, respectively. The
Company sponsors a similar defined contribution plan under U.K.
regulations for its U.K. employees. Contributions, which are
fully vested when made, are equal to 15% of each eligible
employee’s gross base salary. The expense recorded for this
plan was $1.9 million, $1.4 million and
$1.0 million for 2007, 2006 and 2005, respectively. Such
expenses are included in other operating expenses.
The Company has a 401(k) Plan for all eligible employees. Each
eligible employee can contribute a portion of their salary
limited by certain Federal regulations. The Company does not
match any of the employee contributions.
Beginning in 2008, changes have been made to the U.S. defined
contribution plan and the 401(k) Plan. The annual contribution
to the defined contribution plan has been reduced from 15% to
7.5% and a 100% match has been established for the first 4% that
each eligible employee contributes to the 401(k) Plan. In
addition, the Company has the discretion of contributing an
additional 4% to each eligible employee’s 401(k) Plan.
Note 15. Retirement Plans The Company sponsors a defined contribution plan covering substantially all its U.S. employees. Contributions are equal to 15% of each eligible employee’s gross pay (plus bonus of up to $2,500) up to the amount permitted by certain Federal regulations. Employees vest at 20% per year beginning at the end of their second year and an additional 20% at the end of each subsequent year until being fully vested after six years of service. The expense recorded for the F-30 Table of Contentsplan, was $3.0 million, $2.6 million and $2.0 million in 2007, 2006 and 2005, respectively. The Company sponsors a similar defined contribution plan under U.K. regulations for its U.K. employees. Contributions, which are fully vested when made, are equal to 15% of each eligible employee’s gross base salary. The expense recorded for this plan was $1.9 million, $1.4 million and $1.0 million for 2007, 2006 and 2005, respectively. Such expenses are included in other operating expenses. The Company has a 401(k) Plan for all eligible employees. Each eligible employee can contribute a portion of their salary limited by certain Federal regulations. The Company does not match any of the employee contributions. Beginning in 2008, changes have been made to the U.S. defined contribution plan and the 401(k) Plan. The annual contribution to the defined contribution plan has been reduced from 15% to 7.5% and a 100% match has been established for the first 4% that each eligible employee contributes to the 401(k) Plan. In addition, the Company has the discretion of contributing an additional 4% to each eligible employee’s 401(k) Plan. | EXCERPTS ON THIS PAGE:
RELATED TOPICS for NAVG: |
| |||||||
