Cablevision 2013 Annual Report Download - page 166
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COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except per share amounts)
F-57
NOTE 13. BENEFIT PLANS
Qualified and Non-qualified Defined Benefit Plans
Cablevision Retirement Plans (collectively, the "Defined Benefit Plans")
The Company sponsors a non-contributory qualified defined benefit cash balance retirement plan (the
"Pension Plan") for the benefit of non-union employees other than those of Newsday, as well as certain
employees covered by a collective bargaining relationship in Brooklyn. Under the Pension Plan, the
Company credits a certain percentage of eligible pay ("Pay Credits") into an account established for each
participant which is credited with a monthly market based rate of return.
The Company maintains an unfunded non-contributory non-qualified defined benefit excess cash balance
plan ("Excess Cash Balance Plan") covering certain employees of the Company who participate in the
Pension Plan, as well as an additional unfunded non-contributory, non-qualified defined benefit plan
("CSC Supplemental Benefit Plan") for the benefit of certain officers and employees of the Company
which provides that, upon retiring on or after normal retirement age, a participant will receive a benefit
equal to a specified percentage of the participant's average compensation, as defined. All participants are
100% vested in the CSC Supplemental Benefit Plan.
The Company amended the Pension Plan and the Excess Cash Balance Pension Plan to freeze
participation and future benefit accruals effective December 31, 2013 for all Company employees except
those covered by a collective bargaining relationship in Brooklyn. Therefore, after December 31, 2013,
no employee of the Company who was not already a participant may become a participant in the plans
and no further annual Pay Credits will be made for any future year. Existing account balances under the
plans will continue to be credited with monthly interest in accordance with the terms of the plans.
In May 2011, the Pension Plan was amended whereby all benefits earned by employees of AMC
Networks who participated in the Pension Plan were frozen as of the AMC Networks Distribution date.
Also, all active employees of AMC Networks that participated in the Pension Plan who were unvested as
of the AMC Networks Distribution date became fully vested as of the AMC Networks Distribution date.