Adjustments to Shaw Communications executive fund leave plan nearly fully funded [Toronto Globe and Mail (Ontario, Canada)]
Shaw Communications Inc. (SJR)
Last shaw communications inc. earnings: 4/9 04:30 pm
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Source: Toronto Globe and Mail
Adjustments to Shaw Communications executive fund leave plan nearly fully funded The death of former Shaw Communications Inc. chief executive Jim Shaw meant the company was no longer responsible for his pension – removing an $85-million liability from the company’s books. The adjustment means the company’s plan, which still owes $429-million, is very nearly fully funded, and frees Shaw Communications from making tens of millions of cash payments in coming years. Shaw – still controlled and run by the Shaw family – started its Supplemental Executive Retirement Plan, or SERP, in 22 and quickly accumulated $378-million in benefits for 15 executives in just 1 years. It was closed in June, 212, to new participants, but the members in the plan continue to accrue benefits as long as they work for the company. Story continues below advertisement Shaw founder and executive chair JR Shaw, Mr. Shaw’s father, had an accumulated benefit of nearly $95-million as of Aug. 31, the close of the company
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