JCPenney 2015 Annual Report Download - page 92
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Table of Contents
The Savings Plan includes a non-contributory retirement account. Participants who are hired or rehired on or after January 1, 2007 and who have completed
at least 1,000 hours of service within an eligibility period receive a Company contribution in an amount equal to 2% of the participants’ annual pay. This
Company contribution is in lieu of the primary pension benefit that was closed to employees hired or rehired on or after that date. Participating employees are
fully vested after three years.
In addition to the Savings Plan, we sponsor the Mirror Savings Plan, which is a non-qualified contributory unfunded defined contribution plan offered to
certain management employees. This plan supplements retirement savings under the Savings Plan for eligible management employees who choose to
participate in it. The plan’s investment options generally mirror the traditional Savings Plan investment options. Similar to the supplemental retirement
plans, the Mirror Savings Plan benefits are paid from our operating cash flow and cash investments.
The expense for these plans, which was predominantly included in SG&A expenses in the Consolidated Statements of Operations, was $56 million in 2015,
$53 million in 2014 and $52 million in 2013.
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