Macy's 2013 Annual Report Download - page 79

Table of Contents
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The following benefit payments are estimated to be funded by the Company and paid from the supplementary retirement plan:

Fiscal year
2014 $59
2015 63
2016 62
2017 63
2018 59
2019-2023 277
Retirement Plans
The Company has a qualified plan that permits participating associates to defer eligible compensation up to the maximum limits allowable under the
Internal Revenue Code and beginning January 1, 2014, also has a non-qualified plan which permits participating associates to defer eligible compensation
above the limits of the qualified plan. The Company contributes a matching percentage of employee contributions under both the qualified and non-qualified
plans. Effective January 1, 2014, the Company's matching contribution to the qualified plan was enhanced for all participating employees, with limited
exceptions. Prior to January 1, 2014, the matching contribution rate under the qualified plan was higher for those employees not eligible for the Pension Plan
than for employees eligible for the Pension Plan.
At February 1, 2014 and February 2, 2013, the liability under the qualified plan, which is reflected in accounts payable and accrued liabilities on the
Consolidated Balance Sheets, was $25 million and $14 million, respectively. Expense related to matching contributions for these plans amounted to $24
million for 2013, $14 million for 2012 and $10 million for 2011.
In connection with the non-qualified plan, the Company had mutual fund investments which are included in prepaid expenses and other current assets
on the Consolidated Balance Sheets.
The Company has an additional deferred compensation plan wherein eligible executives elected to defer a portion of their compensation each year as
either stock credits or cash credits. Effective January 1, 2014, no additional compensation will be deferred, with limited exceptions. The Company has
transfered shares to a trust to cover the number estimated for distribution on account of stock credits currently outstanding. At February 1, 2014 and
February 2, 2013, the liability under the plan, which is reflected in other liabilities on the Consolidated Balance Sheets, was $44 million and $44 million,
respectively. Expense for 2013, 2012 and 2011 was immaterial.
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