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PBY > SEC Filings for PBY > Form 8-K on 17-Nov-2011All Recent SEC Filings

Show all filings for PEP BOYS MANNY MOE & JACK



Change in Directors or Principal Officers, Financial Statements and Exh

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On November 16, 2011, The Pep Boys - Manny, Moe & Jack (the "Company") entered into a Termination Amendment ("Amendment") to The Pep Boys - Manny, Moe & Jack Pension Plan ("Plan"). The Amendment serves to (i) reflect the pending termination of the Plan, (ii) add a temporary lump sum benefit that may be elected by certain participants in connection with the termination of the Plan and (iii) make certain other clarifying, conforming and other changes as may be necessary in connection with the termination of the Plan.

The Company expects to satisfy all of its obligations under the Plan, which has been frozen since December 31, 1996, by the end of fiscal 2012. In order to terminate the Plan, in accordance with Internal Revenue Service and Pension Benefit Guaranty Corporation requirements, the Company is required to fully fund the Plan on a termination basis and will commit to contribute the additional assets necessary to do so. The amount necessary to do so is not yet known, but is currently estimated to be between $13 and $18 million. Plan participants will not be adversely affected by the Plan termination, but rather will have their benefits either converted into a lump sum cash payment or an annuity contract placed with an insurance carrier.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

10.1 Termination Amendment, dated November 16, 2011, to The Pep Boys - Manny, Moe & Jack Pension Plan

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