Summary
This 8-K filing by BB&T Corporation (the "Company") on December 14, 2010, relates to amendments made to its Non-Qualified Defined Benefit Plan and Target Pension Plan, effective January 1, 2011. These amendments primarily affect the lump sum death benefit payable to beneficiaries of executive officers who die while actively employed. The key change is the increase in the lump sum death benefit from the actuarial equivalent of a 50% joint and survivor annuity to a 100% joint and survivor annuity. Consequently, the estimated in-service death benefit for Named Executive Officers is expected to approximately double, though the exact increase will vary based on individual accrued benefits.
Key Highlights
- 1Amendments to BB&T's Non-Qualified Defined Benefit Plan and Target Pension Plan were adopted by the Board of Directors.
- 2The amendments are effective as of January 1, 2011.
- 3The primary change impacts the lump sum death benefit for participants.
- 4The death benefit will increase from the equivalent of a 50% joint and survivor annuity to a 100% joint and survivor annuity.
- 5This change is expected to approximately double the in-service death benefit for Named Executive Officers.
- 6The precise increase in death benefits will vary for each executive officer.
- 7The plans provide supplemental retirement benefits to offset limitations in the Company's tax-qualified Pension Plan.