NACCO Industries adopts new excess retirement plan effective Jan 2025; expands compensation definition

NACCO INDUSTRIES INC

Compensation Committee approved NACCO Natural Resources Excess Retirement Plan, effective Jan 1, 2025.
Excess 401(k), matching, and profit-sharing benefits restored for highly compensated employees affected by IRS limits.
New plan includes short-term incentive payments (bonuses) in compensation definition, a change from prior plan.
Eligibility requires Hay salary grade 25/NA Coal 13 or above and total compensation at least $140,000.
Benefits paid as single lump sum on March 15 following the plan year; no trust, assets subject to creditors.

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