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Knife River Corporation
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"Benefits"
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Executive Benefits and Payments upon Termination or Change of Control | Voluntary or Not for Cause Termination ($) | Death ($) | Disability ($) | Change of Control (With Termination) ($) | Change of Control (Without Termination) ($) | Brian R. Gray | Compensation: | Restricted Stock Units | — | 1,417,213 | 1,417,213 | 4,202,318 | 4,202,318 | Benefits and Perquisites: | Disability Benefits | — | — | 527,390 | — | — | — | 1,417,213 | 1,944,603 | 4,202,318 | 4,202,318 | Nathan W. Ring | Compensation: | Restricted Stock Units | — | 549,002 | 549,002 | 1,341,383 | 1,341,383 | Benefits and Perquisites: | Disability Benefits | — | — | 686,296 | — | — | — | 549,002 | 1,235,298 | 1,341,383 | 1,341,383 | Trevor J. Hastings | Compensation: | Restricted Stock Units | — | 888,359 | 888,359 | 1,948,159 | 1,948,159 | Benefits and Perquisites: | Disability Benefits | — | — | 459,489 | — | — | — | 888,359 | 1,347,848 | 1,948,159 | 1,948,159 | Karl A. Liepitz | Compensation: | Restricted Stock Units | — | 1,313,681 | 1,313,681 | 2,689,209 | 2,689,209 | Benefits and Perquisites: | Disability Benefits | — | — | 741,085 | — | — | — | 1,313,681 | 2,054,766 | 2,689,209 | 2,689,209 | Nancy K. Christenson | Compensation: | Restricted Stock Units | 179,479 | 372,121 | 372,121 | 839,249 | 839,249 | Benefits and Perquisites: | Disability Benefits | — | — | — | — | — | 179,479 | 372,121 | 372,121 | 839,249 | 839,249 |
(3) | Amounts shown for 2023 represent the change in the actuarial present value for the named executive officers’ accumulated benefits under the pension plan and SISP. There were no above-market earnings on deferred compensation in 2023. | Name | Accumulated Pension Change ($) | Above Market Earnings ($) | Brian R. Gray | — | — | Nathan W. Ring | — | — | Trevor J. Hastings | 58,062 | — | Karl A. Liepitz | 8,525 | — | Nancy K. Christenson | 5,280 | — | (4) | All Other Compensation for 2023 is comprised of: | Name | 401(k) Plan ($)(a) | Nonqualified Deferred Compensation Plan ($)(b) | Life Insurance Premium ($) | Matching Charitable Contributions ($) | Total ($) | Brian R. Gray | 26,400 | 40,000 | 748 | 1,200 | 68,348 | Nathan W. Ring | 26,400 | 31,658 | 611 | 160 | 58,829 | Trevor J. Hastings | 39,600 | 42,000 | 722 | — | 82,322 | Karl A. Liepitz | 33,000 | 47,000 | 728 | 1,700 | 82,428 | Nancy K. Christenson | 43,500 | 29,260 | 505 | 1,950 | 75,215 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name (a) | Plan Name (b)(1) | Number of Years Credited Service (#) (c)(2) | Present Value of Accumulated Benefit ($) (d) | Brian R. Gray | Pension | n/a | — | SISP | n/a | — | Nathan W. Ring | Pension | n/a | — | SISP | n/a | — | Trevor J. Hastings | Pension | 13 | 288,340 | SISP | 10 | 364,378 | Karl A. Liepitz | Pension | 6 | 37,149 | SISP | n/a | — | Nancy K. Christenson | Pension | 32 | 1,042,277 | SISP | 10 | 812,537 | (1) | Messrs. Gray and Ring do not participate in the pension plan or SISP. Mr. Hastings and Ms. Christenson participate in the KRC pension plan and the SISP. Mr. Liepitz is a vested term participant in the MDU Resources pension plan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | Years of credited service related to the pension plan reflects the years of participation in the plan as of December 31, 2009, when the pension plan was frozen. Years of credited service related to the SISP reflects the years toward full vesting of the benefit which is 10 years. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years | Pension Benefits | Other Postretirement Benefits | (In thousands) | ||||||||||||||||||||||||||||||||||
2024 | $ | 2,890 | $ | 695 | 2025 | 2,780 | 867 | 2026 | 2,740 | 1,053 | 2027 | 2,680 | 1,136 | 2028 | 2,620 | 1,235 | 2029-2033 | 12,200 | 6,507 |
2024 | 2025 | 2026 | 2027 | 2028 | 2029-2033 | ||||||||||
(In thousands) | |||||||||||||||
Nonqualified benefits | $ | 1,620 | $ | 1,720 | $ | 1,700 | $ | 1,650 | $ | 1,690 | $ | 5,600 |