Olander v. Bucyrus-Erie Co‪.‬

Argued October 2, 1998 Ray Olander sued his former employer, Bucyrus-Erie Company (""Bucyrus"") for certain benefits under a supplementary pension benefit plan (the ""Supp plan"") which he had drafted for Bucyrus as its chief legal officer. The central issue in the case is whether a number of payments made to Olander in 1988 were properly excluded from the calculation of his benefits under the Supp plan. With respect to all but one of those payments, we affirm. Olander worked for Bucyrus from 1961 to 1993. After a leveraged buyout of Bucyrus in 1988, he became vice chairman, chief commercial and legal officer, and a director of the company. He resigned as an officer and director in December 1992 and retired on March 1, 1993. At that time he was covered by the Bucyrus-Erie Salaried Employees Retirement Plan (""BSERP"") as well as by the ""new"" Supp plan, intended as an additional benefit for higher-salaried employees. The new Supp plan was drafted by Olander himself and was effective October 1, 1988. The new Supp plan replaced the ""old"" Supp plan, which had covered Olander until it was terminated in February 1988.