FY2021 10-K Document - FINAL 11 15 21 - Flipbook - Page 63
Table of Contents
Note 14 - Employee Benefit Plans
We maintain multiple employee benefit plans, covering employees at certain locations.
Our qualified U.S. defined benefit pension plan is not open to new entrants. New employees are not eligible to
participate in the pension plan. Instead, we make contributions for those employees to an employee-directed
investment fund in the Moog Inc. Retirement Savings Plan ("RSP"), which consists of two defined contribution options,
the RSP and the RSP(+). Effective January 1, 2020, all employees hired prior to January 1, 2019 are eligible to either
participate in the new RSP(+) or remain in the existing RSP. All employees hired after January 1, 2019 are
automatically enrolled in the new RSP(+). The Company’s contributions to both the RSP and RSP(+) are based on a
percentage of the employee’s eligible compensation and age and are in addition to the employer match on voluntary
employee contributions. The Company's contributions and the employer match were both enhanced under the new
RSP(+).
The RSP and RSP(+) includes an employee stock ownership feature. As one of the investment alternatives,
participants in the RSP and RSP(+) can acquire our stock at market value. Shares are allocated and compensation
expense is recognized as the employer share match is earned. At October 2, 2021, the participants in the RSP and
RSP(+) owned 1,644,078 Class B shares.
As of January 1, 2021, one of our non-U.S. defined benefit plans was replaced by a defined contribution plan. The
transaction eliminated balance sheet exposure for the plan, reducing the projected benefit obligation by $63,333, the
fair value of plan assets by $57,643 and resulted in a curtailment gain of $5,830.
On September 16, 2020, we entered into an agreement to purchase a single premium non-participating group annuity
contract and transferred the future benefit obligations and annuity administration for certain retirees and beneficiaries
in our qualified U.S defined benefit pension plan. This settlement reduced the projected benefit obligation and fair
value of assets by $486,615 and resulted in a one-time settlement charge of $121,324.
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