Summary
State Street Corporation (STT) filed an 8-K on January 22, 2016, primarily concerning an amendment to its Executive Supplemental Retirement Plan. The Executive Compensation Committee approved the elimination of generally applicable annual defined contribution credits for the 2016 compensation year, effective January 19, 2016. This change specifically impacts the company's "named executive officers" as identified in its 2015 proxy statement. The amendment reduces both the $200,000 annual defined contribution credit and the $200,000 annual defined contribution deferred stock grant to zero for the 2016 plan year. These contributions were scheduled to be credited in the first quarter of 2017. It's important to note that this amendment does not affect contributions for plan years subsequent to 2016. Notably, similar eliminations for the 2015 plan year's contributions also occurred in December 2014.
Key Highlights
- 1Elimination of annual defined contribution credits for State Street's Executive Supplemental Retirement Plan for the 2016 compensation year.
- 2Amendment approved by the Executive Compensation Committee on January 19, 2016.
- 3Impacts all current "named executive officers" as defined in the 2015 proxy statement.
- 4Reduces the $200,000 annual defined contribution credit to zero for 2016.
- 5Reduces the $200,000 annual defined contribution deferred stock grant to zero for 2016.
- 6Contributions for the 2016 plan year were expected in Q1 2017.
- 7This is a continuation of a trend, as similar contributions for the 2015 plan year were also eliminated in December 2014.