Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K report on December 14, 2005, detailing a change to its Supplemental Incentive Savings Plan. Effective January 1, 2006, the employer match for eligible participants in this non-qualified plan will be capped at an annual limit of $5,000 per participant. This change is part of the broader 'One PNC' cost-saving initiative previously announced and aims to reduce expenses. The limitation applies specifically to the supplemental plan and does not affect the employer match in PNC's qualified 401(k) plans. Executive officers of PNC are among the employees eligible for this supplemental plan. The current matching structure is dollar-for-dollar up to 6% of eligible compensation, with participant contributions allowed up to 20%. The new limit imposes a maximum dollar amount on this employer contribution.
Key Highlights
- 1PNC Financial Services Group, Inc. is implementing a cost-saving measure affecting its Supplemental Incentive Savings Plan.
- 2Effective January 1, 2006, the employer match for this non-qualified plan will be capped at $5,000 annually per participant.
- 3This change is part of the 'One PNC' initiative aimed at reducing overall company costs.
- 4The employer match for PNC's qualified 401(k) plans remains unchanged.
- 5Executive officers are eligible participants in the Supplemental Incentive Savings Plan.
- 6The new $5,000 annual limit is in addition to the existing 6% of eligible compensation limitation on employer matching contributions.
- 7The filing also clarifies that the Supplemental Incentive Savings Plan is a non-qualified plan for tax purposes.