OXY » Topics » (c) Contributions

These excerpts taken from the OXY 11-K filed Jun 27, 2008.

(c)      Contributions

 

Participant Contributions – Each year, participants may contribute up to the maximum contribution percentage of compensation to the Plan on a before- or after-tax basis, or in any combination thereof, subject to certain Internal Revenue Code (IRC) limitations. For 2007, the deferral percentage limits were 27.0% for non-Highly Compensated Employees (non-HCEs) and 14.0% for Highly Compensated Employees (HCEs). For 2006, the deferral percentage limits were 30.7% for non-HCEs and 14.0% for HCEs. Participants age 50 or older by the end of the Plan year were permitted to contribute before-tax catch-up contributions to the Plan up to $5,000 for the 2007 and 2006 Plan years.

 

Employer Matching Contributions – For noncollectively bargained employees, the Company contributes an amount equal to 100% of a participant’s contribution up to the first 6% of eligible compensation. For collectively bargained employees, the Company contributes 50%, 65%, 75%, 90%, or 100% as negotiated by their respective unions, of the first 6% of eligible compensation that a participant contributes to the Plan. All Employer contributions are invested in the Occidental Petroleum Corporation Common Stock Fund (the Oxy Stock Fund).

 

(continued)

 

4



 

OCCIDENTAL PETROLEUM CORPORATION
SAVINGS PLAN

Notes to Financial Statements

December 31, 2007 and 2006

 

(d)       Participant Accounts

 

Each participant’s account is credited with the participant’s elected contribution, the Employer’s respective matching contribution, and allocations of Plan earnings, and charged with an allocation of Plan investment losses, investment manager fees and Trustee fees. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

 

(c)      Contributions



 



Participant Contributions
– Each year, participants may contribute up to the maximum contribution percentage
of compensation to the Plan on a before- or after-tax basis, or in any
combination thereof, subject to certain Internal Revenue Code (IRC)
limitations. For 2007, the deferral percentage limits were 27.0% for non-Highly
Compensated Employees (non-HCEs) and 14.0% for Highly Compensated Employees
(HCEs). For 2006, the deferral percentage limits were 30.7% for non-HCEs and
14.0% for HCEs. Participants age 50 or older by the end of the Plan year were
permitted to contribute before-tax catch-up contributions to the Plan up to
$5,000 for the 2007 and 2006 Plan years.



 



Employer Matching Contributions
– For noncollectively bargained employees, the Company contributes an amount
equal to 100% of a participant’s contribution up to the first 6% of eligible
compensation. For collectively bargained employees, the Company contributes
50%, 65%, 75%, 90%, or 100% as negotiated by their respective unions, of the
first 6% of eligible compensation that a participant contributes to the Plan.
All Employer contributions are invested in the Occidental Petroleum Corporation
Common Stock Fund (the Oxy Stock Fund).



 



(continued)



 



4
















 



OCCIDENTAL PETROLEUM
CORPORATION

SAVINGS PLAN



Notes to Financial Statements



December 31,
2007 and 2006



 



(d)       Participant Accounts



 



Each participant’s account is credited with the
participant’s elected contribution, the Employer’s respective matching
contribution, and allocations of Plan earnings, and charged with an allocation
of Plan investment losses, investment manager fees and Trustee fees.
Allocations are based on participant earnings or account balances, as defined.
The benefit to which a participant is entitled is the benefit that can be
provided from the participant’s vested account.



 



EXCERPTS ON THIS PAGE:

11-K (2 sections)
Jun 27, 2008
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