Summary
Charter Communications, Inc. (CHTR) filed an 8-K on September 2, 2011, reporting on the amendment and restatement of its Supplemental Deferred Compensation Plan. This non-qualified plan allows eligible employees, including Named Executive Officers, to defer a portion of their salary or annual bonus on a pre-tax basis. The plan was originally established in 1996 and has been frozen to new participants and additional contributions since January 1, 2008. The amendment and restatement is primarily a housekeeping measure to update the plan documents, with no immediate impact on current operations or executive compensation structures as it was already frozen.
Key Highlights
- 1Charter Communications amended and restated its Supplemental Deferred Compensation Plan as of September 1, 2011.
- 2The plan is a non-qualified deferred compensation plan for eligible employees, including Named Executive Officers.
- 3Participation in the plan is restricted to employees whose ability to contribute to the 401(k) plan is limited by IRS discrimination rules.
- 4Employees can defer up to 25% of their salary or annual bonus, with no company matching contributions.
- 5The plan has been frozen to new participants and additional contributions since January 1, 2008.
- 6Deferred amounts are subject to investment gains or losses based on participant-selected options.
- 7The payment timing of deferred amounts is determined by the participant at the time of election and can be changed annually.
Frequently Asked Questions
The amendment and restatement primarily serves as a procedural update to the plan's governing documents. Given that the plan has been frozen since 2008, this action likely ensures the plan remains compliant with current regulations and internal governance while maintaining its existing structure.
No, the filing indicates the plan has been frozen to new participants and additional contributions since January 1, 2008. Therefore, this amendment and restatement does not impact current compensation or bonus structures, as no new deferrals are being made under this specific plan.
Eligibility is limited to employees, including Named Executive Officers, whose participation in the company's 401(k) plan is restricted due to IRS discrimination rules for qualified plans. Essentially, it's a benefit for highly compensated employees whose 401(k) contributions are capped.
Deferred amounts are held in unfunded and unsecured company obligations. They are credited with investment gains or losses based on the investment options chosen by the participant. There are no company matching contributions. Rollovers to other retirement accounts upon termination are not permitted.