Moog Proxy - FY2022 - Host - Flipbook - Page 36
The Restoration Plan is intended to supplement benefits provided under the Company’s tax-qualified defined contribution plan by
providing employer matching and nonelective retirement contributions that are intended to generally equal what would have been
made by the Company under its tax-qualified defined contribution plan if not for the compensation and other limitations imposed
by the IRS. A Restoration Plan participant is 100% vested in his or her matching contribution benefits at all times and becomes
100% vested in his or her retirement contribution benefits after having performed three years of vesting service, except that a
Restoration Plan participant may vest earlier in his or her Restoration Plan benefit in the event of his or her termination on
account of death or disability or upon the occurrence of a change in control. In general, Restoration Plan benefits become
payable upon a participant’s separation from service, a change in control or a participant’s death. Upon a change in control or a
participant’s death, a participant’s Restoration Plan benefit is payable in a lump sum, while a participant may elect that any
Restoration Plan benefits that become payable upon his or her separation from service be paid in a lump sum or annual
installments.
Non-U.S. Pension Benefits
Moog Ireland Pension and Death Benefits Plan
Moog Ireland Limited, a wholly-owned subsidiary of the Company, maintains the Moog Ireland Pension and Death Benefits Plan
(“Ireland Plan”), a defined benefit retirement plan funded by employer contributions. Under the Ireland Plan, benefits are usually
payable monthly upon retirement to participating employees of the Company. These benefits are based upon final pensionable
salary and credited years of service and subject to limitations imposed by the Taxes Consolidation Act 1997. The Ireland Plan is
administered by the Trustees of the Ireland Plan. The Ireland Plan was available to employees of Moog Ireland Limited until it
was closed to new entrants on July 1, 2011. New employees hired by Moog Ireland Limited on or after July 1, 2011 are not
eligible to participate in the Ireland Plan. New employees of Moog Ireland Limited hired on or after that date are covered under a
defined contribution plan.
A participant’s accrued benefit is equal to 1/60th of final pensionable salary for each year of service, where pensionable salary is
base salary less a reduction to recognize the Irish State Retirement Pension and final pensionable salary is the average of the
three highest calculations of pensionable salary in the last ten calculations of pensionable salary prior to the date of retirement or
earlier date of leaving the service of the employer. Pensionable salary excludes bonuses, overtime, and shift pay.
A participant generally may retire and begin receiving benefits under the Ireland Plan at normal retirement age (age 65). A
participant also may retire and begin receiving plan benefits on the first day of any month coincident with or next following the
participant’s 50th birthday, provided they have left the service of the employer. The amount of a participant’s monthly Ireland Plan
benefit, however, will be discounted or reduced by the actuary to the Ireland Plan, having regard to the solvency of the Ireland
Plan at the time of the retirement. The current discount rate being applied by the actuary to the Ireland Plan is around 0.4% for
each month the early retirement benefit commences before normal retirement age. Mr. Roche is the only NEO who has benefits
under the Ireland Plan.
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