This excerpt taken from the SYPR DEF 14A filed Mar 20, 2008.
One named former executive officer, John M. Kramer, is receiving a pension of $59,011 annually, with an aggregate present value of $657,391. There are no other named executive officers or corporate officers participating in defined benefit pension plans.
This excerpt taken from the SYPR DEF 14A filed Mar 23, 2007.
All employees, in the United States not covered by a collective bargaining agreement, are automatically enrolled in the Companys 401(k) retirement savings plan, a tax-qualified plan, at a pre-tax contribution rate of 3%. Employees may opt out of the plan or may elect to change their contribution in increments of 1% of pre-tax salary up to the lesser of (a) an annual amount established under the Internal Revenue Code ($15,000 for 2006) or (b) the limit prescribed for highly compensated employees based on Internal Revenue Code discrimination testing rules. All employees are subject to certain catch up contribution rules for employees at or over the age of 50. The Company may match up to 100% of the first 6% of eligible salary that is contributed to the plan on a pre-tax basis, which percentage may be reduced in the CEOs discretion based on local division performance. Historically, the Company has contributed a matching amount of 100% of the participating employees first 3% of eligible salary. Company contributions vest at the rate of 20% per year with 100% vesting attained at 5 years of service.
One named executive officer, John M. Kramer, participates in a defined benefit pension plan that is available only to salaried and non-bargaining unit employees of one acquired subsidiary who were employed prior to June 18, 1995. Accrued benefits for highly compensated employees, including Mr. Kramer, were frozen under the plan effective January 1, 2003. Benefits under the plan are based primarily on a participants years of service and average earnings. Average compensation is based on average monthly compensation during the 60 calendar months of employment in which the employee had the highest aggregate compensation, out of the last 120 consecutive months of employment prior to retirement or termination. Mr. Kramers benefit level was frozen effective January 1, 2003, is payable at the normal retirement age of 65, and will be $59,011 annually, with a present value of the accumulated benefit of $638,663. There are no other named executive officers or corporate officers participating in defined benefit pension plans.