2008 Annual Report - Hubbell Wiring Device-Kellems

HUBBELL INCORPORATED AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)January 1, 2007 the defined benefit pension plan for Hubbell’s U.K. operations was closed to all new employeeshired on or after January 1, 2007. These U.S., Canadian and U.K. employees are eligible instead for definedcontribution plans. On December 3, 2002, the Company closed its Retirement Plan for Directors to all new directorsappointed after that date. Effective December 31, 2007, benefits accrued under this plan for eligible active directorswere converted to an actuarial lump sum equivalent and transferred to the Company’s Deferred Compensation Planfor Directors.The Company also has a number of health care and life insurance benefit plans covering eligible employeeswho reached retirement age while working for the Company. These benefits were discontinued in 1991 forsubstantially all future retirees, with the exception of Anderson Electrical Products which discontinued its plan forfuture retirees in 2004. The A.B. Chance and PCORE divisions of the Company have eliminated their limited retireemedical plans for future union retirees effective January 1, 2010 and February 11, 2009, respectively. The Companyanticipates future cost-sharing changes for its active and discontinued plans that are consistent with past practices.None of the acquisitions made in 2008 impacted the defined benefit pension or other benefit assets orliabilities. In connection with the acquisition of PCORE in October 2007, the Company acquired its pension plansand other post employment plans.The Company uses a December 31 measurement date for all of its plans. No amendments made in 2008 or 2007to the defined benefit pension plans had a significant impact on the total pension benefit obligation.54