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Actionable news in GNW: GENWORTH FINANCIAL Inc,

Departure of Directors or Certain

On November13, 2015, a management benefits committee of Genworth Financial, Inc. (the Company) approved amendments to certain non-qualified retirement plans available to eligible executive officers, and in which our named executive officers participate, that are intended to make the plans more closely align with current market practices and reduce Company expenses. The amended plans include the Genworth Financial, Inc. Supplemental Executive Retirement Plan (the SERP), in which Kelly L. Groh, Kevin D. Schneider and Daniel J. Sheehan, IV, participate, the Genworth Financial, Inc. Retirement and Savings Restoration Plan (the Restoration Plan), in which Thomas J. McInerney, Kelly L. Groh, Lori M. Evangel, Kevin D. Schneider and Daniel J. Sheehan, IV, participate, and the Genworth Finan cial, Inc. Deferred Compensation Plan (the Deferred Compensation Plan) in which Thomas J. McInerney, Kelly L. Groh, Lori M. Evangel, Kevin D. Schneider and Daniel J. Sheehan, IV are eligible to participate, but in which only Kelly L. Groh and Lori M. Evangel have contributed amounts. The amendments to the SERP, the Restoration Plan, and the Deferred Compensation Plan, which are described below, will be effective as of January1, 2016.

SERP

The SERP is a non-qualified, defined benefit plan maintained to provide eligible executives with additional retirement benefits. In general, the annual SERP benefit is a life annuity equal to the product of: (x)a fixed percentage, multiplied by (y)a participants years of benefit service, multiplied by (z)the participants average annual compensation. This amount may not exceed 40% of the participants average annual compensation, and is further reduced by the annuitized value of the participants account balance that relates to the Retirement Account Feature in the Companys tax-qualified retirement plan, the Genworth Financial, Inc. Retirement and Savings Plan (the Qualified Plan).

The SERP was closed to new participants beginning in 2010, and the rate of benefit accruals under the SERP was reduced for any continuing participants beginning in 2011. The current amendments to the SERP freeze benefit accruals thereunder as of December31, 2020, and beginning January1, 2021, participants become eligible to receive retirement restoration contributions under the Retirement Account Feature of the Restoration Plan, as discussed below. In addition, under the amendments, participants in the SERP will be offered an opportunity to make an irrevocable...


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