ASARCO terminates Directors' retirement plan.NEW YORK--(BUSINESS WIRE)--October 26, 1995--The Board of Directors of ASARCO ASARCO American Smelting and Refining Company Incorporated (NYSE NYSE See: New York Stock Exchange :AR) terminated the Asarco Retirement Plan for Non-Employee Directors as of year end 1995 and froze the vested benefits vested benefits Pension benefits that belong to an employee independent of his or her future employment. An employee usually becomes vested after five years of employment with the same firm, although there are numerous exceptions requiring longer employment. as of that date. Effective October 25, 1995, the Board adopted a new Deferred Payment Plan through which outside directors will receive a part of their compensation in Asarco common stock equivalents. At the Company's annual meeting in April, 1995, shareholders indicated that they wanted the Board to consider such a change in the compensation program in effect for Asarco Directors. In making this change, the Asarco Board of Directors decided that this new form of stock-based compensation would more directly link Directors' compensation with Company performance. Under the new Deferred Payment Plan, an amount equal to 75% of the annual retainer will be credited to a Deferred Payment account up to a maximum of ten years of service. At least half of the amount under the Deferred Compensation Plan will be invested in Asarco common stock equivalents. Proceeds from this account will only be available following termination of Asarco Board service. ASARCO Incorporated, headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , is one of the world's leading integrated producers of nonferrous metals, principally copper, lead, zinc, silver, molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. and gold. Asarco also produces specialty chemicals and aggregates. CONTACT: ASARCO Incorporated, 212-510-1810 Jerry W. Cooper Jerry W. Cooper (born August 6, 1948 in McMinnville) is a Tennessee Democrat politician and a member of the Tennessee Senate for the 14th district, which encompasses Franklin, Bledsoe, Coffee, Grundy, Sequatchie, Van Buren, and Warren counties. , Corporate Communications |
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