Summary
Equitable Resources, Inc. (EQT) filed an 8-K on December 28, 2004, to report on changes to its deferred compensation plans. The company adopted two new plans, the 2005 Employee Deferred Compensation Plan and the 2005 Directors’ Deferred Compensation Plan, both effective January 1, 2005. These new plans will allow eligible employees and directors to defer a portion of their compensation and fees, respectively, until certain events like separation from service, death, or disability. Concurrently, EQT announced the suspension of its existing Employee Deferred Compensation Plan and Directors’ Deferred Compensation Plan, effective December 31, 2004. This suspension is a direct response to new deferred compensation requirements introduced by the American Jobs Creation Act of 2004. While suspended, the old plans will continue to operate solely for the administration of vested amounts already deferred prior to the suspension date.
Key Highlights
- 1EQT adopted the Equitable Resources, Inc. 2005 Employee Deferred Compensation Plan, effective January 1, 2005.
- 2The 2005 Employee Plan allows eligible employees to defer compensation and bonuses.
- 3EQT adopted the Equitable Resources, Inc. 2005 Directors’ Deferred Compensation Plan, effective January 1, 2005.
- 4The 2005 Directors’ Plan permits board members to defer director fees.
- 5The existing Employee Deferred Compensation Plan is suspended effective December 31, 2004.
- 6The existing Directors’ Deferred Compensation Plan is suspended effective December 31, 2004.
- 7The suspension of prior plans is due to new requirements from the American Jobs Creation Act of 2004.