WLL » Topics » 401(k) Plan

This excerpt taken from the WLL 10-Q filed Apr 30, 2009.
401(k) Plan—The Company has a defined contribution retirement plan for all employees.  The plan is funded by employee contributions and discretionary Company contributions.  Employees vest in employer contributions at 20% per year of completed service.
 
9.  
INCOME TAXES
 
Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the three months ended March 31, 2009 and 2008 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 35% to income before income taxes primarily related to state income taxes and estimated permanent differences.  
 
 
The following table summarizes the components of the provision for income taxes (in thousands):
 
   
Three Months Ended
March 31,
 
   
2009
   
2008
 
Current portion of income tax expense:
           
Federal
  $ -     $ 1,642  
State
    (539 )     67  
Deferred portion of income tax expense
    (25,505 )     34,759  
Total income tax expense
  $ (26,044 )   $ 36,468  
Effective tax rates
    37.3 %     36.9 %

The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year.  The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is acquired, additional information is obtained or as the tax environment changes.
 
10.  
RELATED PARTY TRANSACTIONS
 
This excerpt taken from the WLL DEF 14A filed Apr 1, 2009.
401(k) Plan
 
We maintain a 401(k) retirement savings plan for all salaried employees including our executive officers. Although the Compensation Committee makes an annual determination as to the company matching contribution to the 401(k) plan, we have historically matched 100% of the first 7.5% of compensation contributed by our participating employees including our executive officers. These matching contributions vest to participants in equal increments over the first five years of employment.
 
This excerpt taken from the WLL 10-Q filed Oct 30, 2008.
401(k) Plan—The Company has a defined contribution retirement plan for all employees.  The plan is funded by employee contributions and discretionary Company contributions.  Employees vest in employer contributions at 20% per year of completed service.
 
9.  
RELATED PARTY TRANSACTIONS
 
This excerpt taken from the WLL 10-Q filed Jul 31, 2008.
401(k) Plan—The Company has a defined contribution retirement plan for all employees.  The plan is funded by employee contributions and discretionary Company contributions.  Employees vest in employer contributions at 20% per year of completed service.
 
9.  
RELATED PARTY TRANSACTIONS
 
This excerpt taken from the WLL 10-Q filed May 5, 2008.
401(k) Plan—The Company has a defined contribution retirement plan for all employees.  The plan is funded by employee contributions and discretionary Company contributions.  Employees vest in employer contributions at 20% per year of completed service.
 
9.  
RELATED PARTY TRANSACTIONS
 
Prior to Whiting’s initial public offering in November 2003, it was a wholly-owned indirect subsidiary of Alliant Energy Corporation (“Alliant Energy”), a holding company whose primary businesses are utility companies.  When the transactions discussed below were entered into, Alliant Energy was a related party of the Company.  As of December 31, 2004 and thereafter, Alliant Energy was no longer a related party.
 
This excerpt taken from the WLL DEF 14A filed Apr 1, 2008.
401(k) Plan
 
We maintain a 401(k) retirement savings plan for all salaried employees including our executive officers. Although the Compensation Committee makes an annual determination as to the company matching contribution to the 401(k) plan, we have historically matched 100% of the first 7.5% of compensation contributed by our participating employees including our executive officers. These matching contributions vest to participants in equal increments over the first five years of employment.
 
This excerpt taken from the WLL DEF 14A filed Mar 30, 2007.
401(k) Plan
 
We maintain a 401(k) retirement savings plan for all salaried employees including our executive officers. Although the Compensation Committee makes an annual determination as to the Company matching contribution to the 401(k) plan, we have historically matched 100% of the first 7.5% of compensation


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contributed by our participating employees including our executive officers. These matching contributions vest to participants in equal increments over the first five years of employment.
 
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