VVC » Topics » Deferred Compensation Plans

This excerpt taken from the VVC DEF 14A filed Mar 19, 2008.

Deferred Compensation Plans

 

The Company has nonqualified deferred compensation plans, which permit eligible executives and non-employee directors to defer portions of their compensation and vested restricted stock. A record keeping account is established for each participant, and the participant chooses from a variety of measurement funds for the deemed investment of their accounts. The measurement funds are similar to the funds in the Company’s defined contribution plan and include an investment in phantom stock units of the Company. The account balance fluctuates with the investment returns on those funds. At December 31, 2007 and 2006, the liability associated with these plans totaled $29.0 million and $27.6 million, respectively, and is included in Deferred credits and other liabilities. Deferred compensation expense was $2.2 million, $0.7 million and $2.6 million in 2007, 2006, and 2005, respectively.

 

The Company has established certain investments to fund its deferred compensation liabilities that are currently funded primarily through corporate-owned life insurance policies. These investments, which are consolidated, are available to pay plan benefits and are subject to the claims of the Company’s creditors. The cash surrender value of these policies included in Other investments on the Consolidated Balance Sheets were $18.2 million and $16.6 million at December 31, 2007 and 2006, respectively. Earnings from those investments totaled $0.6 million in 2007, $0.8 million in 2006, and $1.8 million in 2005.

 

This excerpt taken from the VVC DEF 14A filed Mar 14, 2006.

Deferred Compensation Plans

 

The Company has nonqualified deferred compensation plans, which permit eligible executives and non-employee directors to defer portions of their compensation and vested restricted stock. A record keeping account is established for each participant, and the participant chooses from a variety of measurement funds for the deemed investment of their accounts. The measurement funds are similar to the funds in the Company’s defined contribution plan and include an investment in phantom stock units of the Company. The account balance fluctuates with the investment returns on those funds. At December 31, 2005 and 2004, the liability associated with these plans totaled $20.6 million and $16.8 million, respectively, and is included in Deferred credits and other liabilities. Deferred compensation expense was $2.6 million, $1.6 million and $1.3 million in 2005, 2004, and 2003, respectively.

 

The Company has established certain investments to fund its deferred compensation liabilities that are currently funded primarily through corporate-owned life insurance policies. These investments, which are consolidated, are available to pay plan benefits and are subject to the claims of the Company’s creditors. The cash surrender value of these policies included in Other investments on the Consolidated Balance Sheets were $16.1 million and $14.3 million at December 31, 2005 and 2004, respectively. Earnings from those investments totaled $1.8 million in 2005, $0.6 million in 2004, and $1.5 million in 2003.

 

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