Summary
This 8-K filing from Newmont Mining Corporation, filed on July 17, 2005, reports on the approval and adoption of amended and restated Savings Equalization Plan and Pension Equalization Plan, effective January 1, 2005. These plans are designed to provide benefits to certain senior management and highly compensated employees that would otherwise be limited by Internal Revenue Code regulations on qualified 401(k) and defined benefit pension plans. Specifically, the Savings Equalization Plan allows eligible employees to defer a portion of their compensation when their contributions to the company's 401(k) plan are restricted by IRS limits. The company will provide matching contributions on these deferred amounts, up to 6% of compensation, as if there were no code limitations. The Pension Equalization Plan addresses benefits that might be denied due to code limitations on the company's qualified defined benefit pension plan. These are non-qualified deferred compensation plans intended to retain and incentivize key executive talent.
Key Highlights
- 1Newmont USA, a subsidiary of Newmont Mining Corporation, adopted amended and restated Savings and Pension Equalization Plans.
- 2These plans are effective as of January 1, 2005.
- 3The Savings Equalization Plan allows eligible employees to defer compensation when 401(k) contributions are limited by the IRS.
- 4Company matching contributions will be made on deferred savings, up to 6% of compensation.
- 5The Pension Equalization Plan compensates for benefits limited by IRS regulations on defined benefit pension plans.
- 6Both plans are primarily for designated salaried employees who are senior management or highly compensated.
- 7The filing includes the full text of both amended and restated plans as exhibits.