INTL FCStone 2012 Annual Report Download - page 111
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Please find page 111 of the 2012 INTL FCStone annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.INTL FCSTONE INC.Form10K 95
PART II
ITEM 8 Financial Statements and Supplementary Data
e following table summarizes the changes in the Company’s Level 3 pension assets for the years ended September30, 2012 and 2011:
(in millions)
Real Estate
Balance as of September30, 2010 $ 1.3
Sales (1.3)
Unrealized gains/(losses), net, relating to instruments still held at year end —
Balance as of September30, 2011 $
Purchases, sales, issuances and settlements, net —
Unrealized gains/(losses), net, relating to instruments still held at year end —
Balance as of September30, 2012 $
e Company expects to contribute $2.5 million to the pension plans during scal 2013, which represents the minimum funding
requirement. However, the Company is currently determining what voluntary pension plan contributions, if any, will be made in
scal 2013.
e following bene t payments, which re ect expected future service, are expected to be paid:
(in millions)
Year ending September30,
2013 $ 4.3
2014 3.7
2015 3.3
2016 3.2
2017 2.8
2018 - 2022 9.2
$ 26.5
Defi ned Contribution Retirement Plans
E ective December31, 2009, the Company discontinued its
Savings Incentive Match Plan for Employees IRA (“SIMPLE
IRA”), which allowed participating U.S. employees of INTL
FCStone to contribute up to 100% of their salary, but not
more than statutory limits. e Company contributed a dollar
for each dollar of a participant’s contribution to this plan, up
to a maximum contribution of 3% of a participant’s earnings.
Under the SIMPLE IRA, employees are 100% vested in both
the employee and employer contributions at all times.
U.K. based employees of INTL FCStone are eligible to participate
in a de ned contribution pension plan. e Company contributes
double the employee’s contribution up to 10% of total base
salary for this plan. For this plan, employees are 100% vested
in both the employee and employer contributions at all times.
e Company o ers participation in the INTL FCStone Inc.
401(k) Plan (“401(k) Plan”), a de ned contribution plan providing
retirement bene ts, to all domestic employees who have reached
21 years of age, and provided four months of service to the
Company. Employees may contribute from 1% to 80% of their
annual compensation to the 401(k) Plan, limited to a maximum
annual amount as set periodically by the Internal Revenue
Service. e Company makes matching contributions to the
401(k) Plan in an amount equal to 62.5% of each participant’s
eligible elective deferral contribution to the 401(k) Plan, up to
8%. Matching contributions vest, by participant, based on the
following years of service schedule: less than two years – none,
two to three years – 20%, three to four years – 40%, four to ve
years – 60%, and greater than ve years – 100%.
For scal years ended 2012, 2011 and 2010, the Company’s
contribution to these de ned contribution plans were $3.7
million, $2.8 million and $2.1 million, respectively.
Employee Stock Ownership Plan
e FCStone Group Employee Stock Ownership Plan (“the
Plan”) was a de ned contribution plan which was available to
all full-time employees of FCStone and wholly subsidiaries who
met established criteria of age and service, prior to the FCStone
transaction. In connection with the FCStone transaction, the
Board of Directors of FCStone elected to terminate the Plan as
of December31, 2009 (the “termination date”). As a result of
an amendment to the Plan in 2009, no new participants were
admitted to the Plan, and no additional contributions were
made to the Plan for services performed by participants after
the termination date. All participant account balances became
100% vested as of the termination date, and are not subject to
forfeiture. During scal 2011, FCStone, the plan sponsor, received
a favorable determination letter from the IRS with respect to the
Plan, and has directed the trustee to distribute to the participants
all remaining assets of the Plan which are distributable on account
of the Plan’s termination. All participant accounts were fully
liquidated and distributed by October13, 2011.