- One-time lump sum payout rolled over to an IRA or another employer’s qualified plan (if permitted by that plan);
- One-time lump sum payout in cash payable in September 2014;
- Monthly annuity payment (single life or joint and survivor) commencing in September 2014; or
- Take no action (remain in the Vishay Retirement Plan as a deferred vested participant).
Participants will make their election by mail. Participants may contact the Merrill Lynch Retirement & Benefits Contact Center (RBCC) at 1-866-657-3847. The RBCC will be available for questions regarding the voluntary lump sum payment offer once the offer opens on July 1, 2014.As of the last fiscal year end measurement date (December 31, 2013), the Vishay Retirement Plan was fully-funded on a U.S. generally accepted accounting principles (GAAP) basis. Settlements pursuant to this offer will be funded from plan assets and not from Company cash balances. Vishay continues to seek methods to de-risk its pension exposures, especially given the frozen status of the U.S. plans and the current funded status. Such actions could result, for the short-term, in increased net periodic pension cost due to lower expected rates of return on plan assets and/or possible changes to recognize unamortized actuarial items if all or a portion of the obligations were to be settled. The accounting impacts of such actions will vary greatly depending on the number of plan participants who accept the lump sum settlement offer. About Vishay Vishay Intertechnology, Inc., a Fortune 1,000 Company listed on the NYSE (VSH), is one of the world's largest manufacturers of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supplies, and medical markets. Vishay’s product innovations, successful acquisition strategy, and “one-stop shop” service have made it a global industry leader. Vishay can be found on the Internet at http://www.vishay.com. Statements contained herein that relate to the Company’s expected management of its pension obligations, including statements with respect to the Vishay Retirement Plan, expected voluntary lump sum payment funding sources and short-term pension costs, are forward-looking statements within the safe harbor provisions of Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should,” or other similar words or expressions often identify forward-looking statements. Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; changes in U.S. prevailing interest rates; and other factors affecting our operations that are set forth in our filings with the Securities and Exchange Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.