Filing shows growth in Chesapeake Energy’s employee savings plan


Chesapeake Energy in Oklahoma City might be struggling to avoid bankruptcy, but a new SEC filing shows its employee savings plan appears to be healthy.

The Form 11-K filed this past week by the company showed 2019 investments under the company’s Savings and Incentive Stock Bonus plan totaled $603,404,022 at the end of 2019, an increase from the $513,641,672 reported at the end of 2018.

Investment income as of Dec. 31, 2019 totaled $98,740,191. Contributions from the company totaled more than $29 million while the contributions from employees were more than $30 million. Total contributions were $62,146,491.

Under the savings plan, Chesapeake matches 100% of participant contributions up to 15% of participant eligible compensation, which is what many companies follow.

Each year, participants may contribute up to 75% of pre-tax annual salary compensation and up to 75% of performance-related bonus compensation, as defined in the Plan document, subject to certain limitations ($19,000 in 2019). Participants who are age 50 and above may elect to make additional “catch-up” contributions ($6,000 in 2019).
Source: SEC filing