The May Department Stores Company Credits $53 Million to 52,000 Associates Nationwide in Profit Sharing Plan; Matches 91% of Eli
March 10 2004 - 2:27PM
PR Newswire (US)
The May Department Stores Company Credits $53 Million to 52,000
Associates Nationwide in Profit Sharing Plan; Matches 91% of
Eligible Associate Contributions ST. LOUIS, March 10
/PRNewswire-FirstCall/ -- The May Department Stores Company , one
of the country's leading department store retailers, today
announced it is crediting $53 million through its Profit Sharing
Plan to the 52,000 associates who participate in the plan
nationwide. The effective matching rate is 91% of associates' $57
million in matchable contributions for 2003. May associates
contributed a total of $94 million to the plan in 2003. "We are
genuinely pleased to provide such a substantial profit sharing
match for our associates," said Gene Kahn, chairman and chief
executive officer. "Their accomplishments during 2003 were
remarkable, and we are excited to acknowledge their efforts,
enthusiasm, and professionalism with this sizable matching
contribution to their profit sharing accounts." The effective
matching rate is determined by the earnings performance of the
company and the price of May stock. For 2003, May associate
accounts in the Profit Sharing Plan are being credited with company
stock valued at 91 cents for every dollar of personal contributions
up to 5 percentof pay. 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 35 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 442 department stores under the names of Lord
& Taylor, Famous-Barr, Filene's, Foley's, Hecht's, Kaufmann's,
L.S. Ayres, Meier & Frank, Robinsons-May, Strawbridge's, and
The Jones Store, as well as 210 David's Bridal stores,460 After
Hours Formalwear stores, and 10 Priscilla of Boston stores in its
Bridal Group. May operates in 46 states, the District of Columbia,
and Puerto Rico. For more information, contact Sharon Bateman at
314-342-6494. DATASOURCE: The May Department Stores Company
CONTACT: Sharon Bateman for The May Department Stores Company,
+1-314-342-6494
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