Rayovac 2014 Annual Report Download - page 122

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SPECTRUM BRANDS HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
(Amounts in thousands, except per share figures)
The Company also sponsors or participates in a number of other non-U.S. pension arrangements, including
various retirement and termination benefit plans, some of which are covered by local law or coordinated with
government-sponsored plans, which are not significant in the aggregate and therefore are not included in the
information presented below. The Company also has various nonqualified deferred compensation agreements
with certain of its employees. Under certain of these agreements, the Company has agreed to pay certain amounts
annually for the first 15 years subsequent to retirement or to a designated beneficiary upon death. It is
management’s intent that life insurance contracts owned by the Company will fund these agreements. Under the
remaining agreements, the Company has agreed to pay such deferred amounts in up to 15 annual installments
beginning on a date specified by the employee, subsequent to retirement or disability, or to a designated
beneficiary upon death.
Other Benefits
Under the Rayovac postretirement plan, the Company provides certain health care and life insurance
benefits to eligible retired employees. Participants earn retiree health care benefits after reaching age 40 over the
next 10 succeeding years of service, and remain eligible until reaching age 65. The plan is contributory; retiree
contributions have been established as a flat dollar amount with contribution rates expected to increase at the
active medical trend rate. The plan is unfunded. The Company is amortizing the transition obligation over a 20-
year period.
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