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This excerpt taken from the SMG DEF 14A filed Dec 19, 2008. Pension
Benefits Table
Scotts LLC maintains the Associates’ Pension Plan, a
tax-qualified, non-contributory defined benefit pension plan.
Eligibility for and accruals under the Associates’ Pension
Plan were frozen as of December 31, 1997. Monthly benefits
under the Associates’ Pension Plan upon normal retirement
(age 65) are determined under the following formula:
(a)(i) 1.5% of the individual’s highest average annual
compensation for 60 consecutive months during the ten-year
period ending December 31, 1997; times
(ii) years of benefit service through December 31,
1997; reduced by
(b)(i) 1.25% of the individual’s primary Social Security
benefit (as of December 31, 1997); times
(ii) years of benefit service through December 31, 1997
Compensation includes all earnings plus 401(k) contributions and
salary reduction contributions for welfare benefits, but does
not include earnings in connection with foreign service, the
value of a company car or separation or other special
allowances. An individual’s primary Social Security benefit
is based on the Social Security Act as in effect on
December 31, 1997, and assumes constant compensation
through age 65 and that the individual will not retire
earlier than age 65. No more than 40 years of benefit
service are taken into account.
Benefits under the Associates’ Pension Plan are
supplemented by benefits under the Excess Pension Plan. The
Excess Pension Plan was established October 1, 1993 and
also frozen as of December 31, 1997. The Excess Pension
Plan provides additional benefits to participants in the
Associates’ Pension Plan whose benefits are reduced by
limitations imposed under IRC § 415 and
§ 401(a)(17). Under the Excess Pension Plan, executive
officers and certain key employees participating in the Excess
Pension Plan will receive, at the time and in the same form as
benefits are paid under the Associates’ Pension Plan,
additional monthly benefits in an amount which, when added to
the benefits paid to each participant under the Associates’
Pension Plan, will equal the benefit amount such participant
would have earned but for the limitations imposed by the IRC.
Table of Contents
The following table shows information related to the
participation in the Associates’ Pension Plan and the
Excess Pension Plan by James Hagedorn and David C. Evans, the
only two NEOs who participate in either of the plans. Since both
the Associates’ Pension Plan and the Excess Pension Plan
were frozen as of December 31, 1997, no further years of
credited service may be earned after that date.
This excerpt taken from the SMG DEF 14A filed Dec 20, 2007. Pension
Benefits Table
Scotts LLC maintains the Associates’ Pension Plan, a
tax-qualified, non-contributory defined benefit pension plan.
Eligibility for and accruals under the Associates’ Pension
Plan were frozen as of December 31, 1997. Monthly benefits
under the Associates’ Pension Plan upon normal retirement
(age 65) are determined under the following formula:
(a)(i) 1.5% of the individual’s highest average annual
compensation for 60 consecutive months during the ten-year
period ending December 31, 1997; times
(ii) years of benefit service through December 31,
1997; reduced by
(b)(i) 1.25% of the individual’s primary Social Security
benefit (as of December 31, 1997); times
(ii) years of benefit service through December 31, 1997
Compensation includes all earnings plus 401(k) contributions and
salary reduction contributions for welfare benefits, but does
not include earnings in connection with foreign service, the
value of a company car or separation or other special
allowances. An individual’s primary Social Security benefit
is based on the Social Security Act as in effect on
December 31, 1997, and assumes constant compensation
through age 65 and that the individual will not retire
earlier than age 65. No more than 40 years of benefit
service are taken into account.
Benefits under the Associates’ Pension Plan are
supplemented by benefits under the Excess Pension Plan. The
Excess Pension Plan was established October 1, 1993 and
also frozen as of December 31, 1997. The Excess Pension
Plan provides additional benefits to participants in the
Associates’ Pension Plan whose benefits are reduced by
limitations imposed under Section 415 and 401(a)(17) of the
Internal Revenue Code. Under the Excess Pension Plan, executive
officers and certain key employees participating in the Excess
Pension Plan will receive, at the time and in the same form as
benefits are paid under the Associates’ Pension Plan,
additional monthly benefits in an amount which, when added to
the benefits paid to each participant under the Associates’
Pension Plan, will equal the benefit amount such participant
would have earned but for the limitations imposed by the
Internal Revenue Code.
The following table shows information related to the
participation in the Associates’ Pension Plan and the
Excess Pension Plan by James Hagedorn and David C. Evans, the
only two NEOs who participate in either of the plans. Since both
the Associates’ Pension Plan and the Excess Pension Plan
were frozen as of December 31, 1997, no further years of
credited service may be earned after that date.
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