This excerpt taken from the UIL DEF 14A filed Apr 4, 2008.
The Company offers both qualified and non-qualified retirement benefits designed to provide savings opportunities to plan participants and help ensure adequate income replacement upon retirement.
Qualified retirement plans:
In limited instances in the past, the Company has agreed to provide enhanced supplemental executive retirement benefits to certain executives as part of a competitive compensation package. At present, only Mr. Vallillo is eligible for these enhanced benefits. For Mr. Vallillo, the enhancement calls for a benefit in the form of a single life annuity, which is the excess of 2% of his highest 3-year average Base Salary and incentive times his years of service (up to 30) minus his qualified Pension Plan benefit. The Company has not offered individually negotiated SERP benefits in contract negotiations over the last several years.