About the Plan
Plan features
Click the checkboxes on the left and then press the "View" button to see an overview of how the Komatsu Mining Corp. Deferred Compensation Plan works.
| Plan provision | How it works |
|---|---|
| When you can enroll | Each year, all eligible employees will have the opportunity to enroll during the annual enrollment
windows. There are two annual enrollment windows — one for base pay and one for bonus.
In November each year, the enrollment window will allow you to elect to defer from your base pay
for the coming year. As part of Komatsu’s fiscal year, a separate enrollment window in
August will allow you to elect to defer from your bonus earned for that fiscal year
(paid in June the year following). You will receive reminders
and additional information before each enrollment window opens, including the exact dates and how to enroll.
If you are newly hired or become eligible after the base pay enrollment window closes and before the bonus pay enrollment window opens, you can elect to defer between 1% and 50% of base pay during the first 30 days after your eligibility date. If you are newly hired or become eligible after the bonus enrollment window closes, during the first 30 days after your eligibility date you can elect to defer between 1% and 50% of base pay, and between 1% and 100% of any bonus pay you will earn in the coming year. Note: You cannot change your deferral percentage after the respective enrollment windows have closed; your next opportunity to change your deferral percentage will be during the next annual enrollment window. Also, your deferral elections do not carry over from year to year, so if you wish to defer you will need to make an election each year. How to enroll. |
| What you can defer | You can elect to defer between 1% and 100% of your bonus and/or between 1% and 50% of annual base pay
(in 1% increments) each year that you are eligible.
|
| Changes to your deferral percentage | Your deferral elections are irrevocable — they remain in effect for the entire plan year. Your next opportunity to change your deferral percentage will be during the next annual enrollment window. |
| When you are vested | You are immediately 100% vested in both your deferrals and any Komatsu contributions. |
| Taking a distribution | Payments will automatically begin six months following separation from service.
You decide how your account balances are paid:
Note: The distribution elections you make for any future employee deferrals and company contributions do not apply to any contributions before May 1, 2012. Those will be paid as a lump sum, six months after separation from service, per the terms of the plan. Please refer to "Changing your distribution elections" for important information. |
| Changing your distribution elections | You have limited ability to change distribution elections you have already made:
|
| Withdrawals for unforeseen emergencies | Withdrawals of your prior contributions can be made if you have an unforeseeable emergency, but company contributions are not available for withdrawal. Withdrawal requests due to unforeseen emergencies will be evaluated on a case-by-case basis and must receive Committee approval. Note that withdrawals from the DCP are subject to more restrictive criteria than withdrawals from the Retirement Savings Plan. Your distribution will be limited to the amount necessary to meet your financial need and your deferral election for the remainder of the plan year will be cancelled. |