Summary
State Street Corporation (STT) filed an 8-K on January 20, 2017, to report a significant change to its Executive Supplemental Retirement Plan. Effective for the 2017 compensation year and thereafter, the company has eliminated the generally applicable annual defined contribution retirement credits for its named executive officers. This amendment, approved by the Executive Compensation Committee, excludes Mr. Jeffrey N. Carp, whose retirement benefits are governed by separate employment arrangements. This change signifies a shift in executive compensation strategy, moving away from providing defined contribution credits under this specific plan. While this benefit was also removed for the 2015 and 2016 compensation years, its formal elimination for future years reinforces the company's updated approach. The filing also notes the retirement of Mr. James S. Phalen, Vice Chairman, on January 20, 2017, a separate event from the compensation plan amendment.
Key Highlights
- 1Elimination of generally applicable annual defined contribution credits under the Executive Supplemental Retirement Plan for the 2017 compensation year and beyond.
- 2The amendment impacts all current named executive officers, with the exception of Jeffrey N. Carp.
- 3Mr. Carp's retirement benefits are subject to separate, previously disclosed employment arrangements.
- 4The defined contribution benefit had already been eliminated for the 2015 and 2016 compensation years, except for Mr. Carp.
- 5The plan includes a frozen supplemental defined benefit component, which is not affected by this amendment.
- 6This change reflects an adjustment in the company's executive compensation structure.
- 7The filing coincides with the retirement of Vice Chairman James S. Phalen on January 20, 2017.