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Savings Plan | 12 Months Ended
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Dec. 31, 2013
Savings Plan [Abstract] |
Savings Plan | SAVINGS PLAN We have a savings plan that allows eligible employees to voluntarily contribute a percentage of their compensation up to Internal Revenue Service (“IRS”) limitations. Effective January 1, 2007, the provisions of the savings plan provided the following benefits for salaried and certain hourly employees:
• | The company makes matching contributions to the savings plan of $1 for every $1 of employee contribution. The maximum matching contribution is currently 5% of base pay.
• | The savings plan includes immediate vesting for active employees of past matching contributions as well as future matching contributions when made (compared with the previous 5-year graded vesting) and automatic enrollment at 3% of base pay unless the employee opts out or elects a different percentage.
We also have a non-qualified plan that restores matching benefits for employees suspended from the savings plan due to certain limitations imposed by income tax regulations. Charges recognized for these plans were $2.6 million in 2013, $2.5 million in 2012 and $2.5 million in 2011. Our liability under the restoration plan was $2.2 million at December 31, 2013 (consisting of 75,726 phantom shares of common stock) and $1.6 million at December 31, 2012 (consisting of 78,615 phantom shares of common stock) and valued at the closing market price on those dates. The Tredegar Corporation Benefits Plan Trust (the “Trust”) purchased 7,200 shares of our common stock in 1998 for $0.2 million and 46,671 shares of our common stock in 1997 for $1.0 million, as a partial hedge against the phantom shares held in the restoration plan. There have been no shares purchased since 1997 except for re-invested dividends. The cost of the shares held by the Trust is shown as a reduction to shareholders’ equity in the consolidated balance sheets.

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- Definition Disclosure of defined contribution benefit plans. + References No definition available. + Details
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