UIL » Topics » Retirement Benefits

This excerpt taken from the UIL DEF 14A filed Apr 4, 2008.

Retirement Benefits

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:

 

 

 

The United Illuminating Company Pension Plan (the “UI Pension Plan”). This Plan was closed to new entrants effective as of May 1, 2005, with respect to non-unionized employees hired on or after that date. Mr. Torgerson and Ms. Randell were hired after that date and therefore are not covered by this plan.

 

 

 

The United Illuminating Company 401(k)/Employee Stock Ownership Plan (the “UI KSOP”). Like other non-unionized employees hired after May 1, 2005, because Mr. Torgerson and Ms. Randell are not eligible to participate in the UI Pension Plan or retiree medical plan, they are eligible for an annual employer contribution under the UI KSOP equal to 4% of salary (up to $225,000 in 2007) plus an additional $1,000.

Non-qualified plans:

 

 

 

The UIL Holdings Deferred Compensation Plan (the “DCP”)—designed to permit eligible executives to save for retirement in greater amounts than permitted under the UI KSOP.

 

 

 

The United Illuminating Company Supplemental Executive Retirement Plan (the “SERP”)—designed to provide benefits based on the UI Pension Plan formula, but calculated on compensation in excess of applicable qualified plan limits. Because Mr. Torgerson and Ms. Randell are not covered by the qualified Pension Plan, they are also not covered by the SERP.

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.

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