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Employment Expenses and Benefit Plans
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Employment Expenses and Benefit Plans
Note 22 - Employment Expenses and Benefit Plans
For the year ended December 31, 2013, Synovus provided a 100% matching contribution on the first 4% of eligible employee 401(k) contributions for a total annual contribution of $9.1 million. For the years ended December 31, 2012 and 2011, Synovus did not make contributions to the 401(k) plan. Prior to 2013, Synovus had three separate non-contributory retirement and benefit plans consisting of money purchase pension, profit sharing, and 401(k) plans; these plans covered all eligible employees. Annual discretionary contributions to these plans were previously set each year by the CEO, but could not exceed amounts allowable as a deduction for federal income tax purposes. Effective January 1, 2013, Synovus made changes to the 401(k) plan and froze the money purchase pension plan; the money purchase pension plan was merged into the profit sharing plan on July 1, 2013. Synovus made an aggregate contribution for eligible employees to the money purchase pension plan of 3.0% of eligible salaries for the year ended December 31, 2012 and 3.0% of eligible salaries for the year ended December 31, 2011. The expense recorded for the years ended 2012 and 2011 was approximately $7.1 million and $7.4 million, respectively. For the years ended December 31, 2013, 2012, and 2011, Synovus did not make contributions to the profit sharing plan.
For the year ended December 31, 2013, Synovus had a stock purchase plan for directors and employees whereby Synovus made contributions equal to 15% of every $1 of employee and director voluntary contributions according to the years of service schedule, subject to certain maximum contribution limitations. Prior to 2013, Synovus made contributions equal to one-half of employee and director investments. The funds are used to purchase outstanding shares of Synovus Common Stock. Synovus recorded as expense $955 thousand, $4.1 million, and $4.6 million for contributions to these plans in 2013, 2012, and 2011, respectively.
Synovus has entered into salary continuation agreements with certain employees for past and future services which provide for current compensation in addition to salary in the form of deferred compensation payable at retirement or in the event of death, total disability, or termination of employment. The aggregate cost of these salary continuation plans and associated agreements is not material to the consolidated financial statements.