Rayovac 2015 Annual Report Download - page 141

SPECTRUM BRANDS HOLDINGS, INC.
SB/RH HOLDINGS, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS—(CONTINUED)
NOTE 12—EMPLOYEE BENEFIT PLANS
Pension Benefits
The Company has various defined benefit pension plans covering some of its employees in the United States
and certain employees in other countries, primarily the United Kingdom and Germany. Plans generally provide
benefits of stated amounts for each year of service. The Company funds its U.S. pension plans in accordance with
the requirements of the defined benefit pension plans and, where applicable, in amounts sufficient to satisfy the
minimum funding requirements of applicable laws. Additionally, in compliance with the Company’s funding
policy, annual contributions to non-U.S. defined benefit plans are equal to the actuarial recommendations or
statutory requirements in the respective countries. 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.
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