Amendments to Remington Arms Company, Inc. Pension and Supplemental Pension Plans
Remington Arms Company, Inc.'s Board of Directors approved changes to its Pension and Retirement Plan and Supplemental Pension Plan. Effective January 1, 2008, future benefit accruals under both plans will be frozen for all eligible employees not covered by the Ilion, New York collective bargaining agreement. Employees will still accrue service years for early retirement eligibility, but no additional pension benefits will accumulate after 2007. These changes also apply to the company's Named Executive Officers.
Exhibit 10.45
Amendments to The Remington Arms Company, Inc. Pension and Retirement Plan and
Supplemental Pension Plan
The Board of Directors of Remington Arms Company, Inc. (the “Company”), upon the recommendation of the Company’s Benefit and Investment Committee, approved amendments to the Remington Arms Company, Inc. Pension and Retirement Plan (the “Defined Benefit Plan”) and the Remington Supplemental Pension Plan (the “Supplemental Plan”) on October 9, 2006.
As a result of the amendment to the Defined Benefit Plan, future accrued benefits will be frozen as of January 1, 2008. The amendment is effective for all pension eligible employees who are not covered under the collective bargaining agreement in Ilion, New York. For service accrued through 2007, the pension calculation will not change. Years of service will continue to accrue for eligibility for early retirement. Additionally, as a result of the amendment to the Supplemental Plan, for affected employees, including each of the Named Executive Officers, future accrued benefits will be frozen as of January 1, 2008.
