The May Department Stores Company Credits $60 Million To 62,000 Associates Nationwide in Profit Sharing Plan; Matches 94% of Eli
April 11 2005 - 4:52PM
PR Newswire (US)
The May Department Stores Company Credits $60 Million To 62,000
Associates Nationwide in Profit Sharing Plan; Matches 94% of
Eligible Associate Contributions ST. LOUIS, April 11
/PRNewswire-FirstCall/ -- The May Department Stores Company
(NYSE:MAY), one of the country's leading department store
retailers, today announced it is crediting $60 million through its
Profit Sharing Plan to the 62,000 associates nationwide who
participate in the plan. The match rate is 94% of associates' $64
million in matchable contributions for 2004. May associates
contributed a total of $108 million to the plan in 2004. "We are
pleased that this year's match to our associates' Profit Sharing
Plan contributions is so substantial," said John L. Dunham, May's
chairman, president and chief executive officer. "This is a great
acknowledgement of our associates' hard work and efforts." The
match rate is determined by the earnings performance of the company
and the price of May stock. For 2004, May associate accounts in the
Profit Sharing Plan are being credited with company stock valued at
94 cents for every dollar of personal contributions up to 5 percent
of pay. This year's Profit Sharing match was boosted by an extra
allocation of May ESOP preferred shares in the final year of May's
ESOP. For 2004, the ESOP feature increased the company match - from
a base matching rate of 26% to an actual match rate of 94%. The
Profit Sharing Plan is an important part of May's overall
retirement program. It provides an opportunity for associates to
share in the company's earnings and offers several investment
options for their contributions. The company has offered a Profit
Sharing Plan for 36 consecutive years. In addition, May's
Retirement Plan features a company-paid pension benefit which,
along with Social Security, provides a basic level of financial
security during retirement. The May Department Stores Company
currently operates 492 department stores under the names of
Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's, Lord &
Taylor, L.S. Ayres, Marshall Field's, Meier & Frank,
Robinsons-May, Strawbridge's, and The Jones Store, as well as 240
David's Bridal stores, 449 After Hours Formalwear stores, and 11
Priscilla of Boston stores in its Bridal Group. May operates in 46
states, the District of Columbia, and Puerto Rico. For further
information, contact Sharon Bateman at 314-342-6494. DATASOURCE:
May Department Stores Company CONTACT: Sharon Bateman,
+1-314-342-6494 for May Department Stores Company
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