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SMG » Topics » Non-Qualified Deferred Compensation Table

This excerpt taken from the SMG DEF 14A filed Dec 19, 2008.
Non-Qualified Deferred Compensation Table
 
The ERP is a non-qualified deferred compensation plan. The ERP provides executives, including the NEOs, the opportunity to (1) defer compensation above the specified statutory limits applicable to the RSP and (2) defer compensation with respect to Executive Incentive Pay (as defined in the ERP) awarded to such executives. The ERP is an unfunded plan and is subject to the claims of the Company’s general creditors. During the 2008 fiscal year, the ERP consisted of four parts:
 
  •  Compensation Deferral, which allowed continued deferral of salary and bonus (other than annual cash incentive compensation under the EMIP).
 
  •  Crediting of Company matching contributions that could not be made to the RSP due to certain statutory limits.
 
  •  Executive Incentive Plan Deferral, which allowed the deferral of up to 100% of any cash incentive compensation earned under the EMIP. Payouts earned under the SIP for the 2008 fiscal year were not eligible for deferral.
 
  •  Retirement contributions (referred to as “Base Retirement Contributions”), which were made by the Company to the ERP once the statutory compensation cap was reached in the RSP. A Base Retirement Contribution was made to the ERP regardless of whether deferral elections were made under the ERP.


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This excerpt taken from the SMG DEF 14A filed Dec 20, 2007.
Non-Qualified Deferred Compensation Table
 
The ERP is a non-qualified deferred compensation plan. The ERP provides executives, including the NEOs, the ability to defer compensation above the IRS limits applicable to the RSP. The ERP is an unfunded plan and is subject to the claims of the Company’s general creditors. The ERP consists of three parts:
 
  •  Compensation Deferral, which allows continued deferral of compensation and crediting of the Company matching contribution that could not be made to the RSP due to the IRS limits.
 
  •  Executive Incentive Plan Bonus, which allows for deferral of up to 100% of the EMIP bonus.
 
  •  Retirement contributions (referred to as “Base Retirement Contributions”), which are made by the Company to the ERP once IRS limits are reached in the RSP. A Base Retirement Contribution is made to the ERP whether or not deferral elections are made to the ERP.
 

EXCERPTS ON THIS PAGE:

DEF 14A
Dec 19, 2008
DEF 14A
Dec 20, 2007

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