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                                  Exhibit 10.5

                           1997 DEFERRED COMPENSATION/

                     CAPITAL ACCUMULATION PLAN-PLAN DOCUMENT

Wallace Computer Services, Inc. (the "Company") and its subsidiaries hereby
establish a non-qualified deferred compensation program for certain of their
employees as described herein. The following shall constitute the terms and
conditions of the Wallace Computer Services, Inc. 1997 Deferred
Compensation/Capital Accumulation Plan (the "Plan"), effective January 1, 1997
(the "Effective" Date). The Company and its subsidiaries are referred to below
collectively as the "Employers" and individually as an "Employer."



1.   ADMINISTRATION. Full power and authority to construe, interpret and
     administer the Plan shall be vested in the Compensation Committee of the
     Board of Directors of the Company (the "Committee"). The Committee shall
     have the authority to make determinations provided for or permitted to be
     made under the Plan, to interpret the Plan, and to promulgate such rules
     and regulations, if any, as the Committee considers necessary and
     appropriate for the implementation of the Plan.

2.   ELIGIBILITY AND PARTICIPATION. The Committee, in its sole discretion, shall
     establish eligibility qualifications for participation in the Plan.
     Participation shall be limited to key executives and a select group of
     highly compensated employees of the Employers.

3.   DEFERRED COMPENSATION.

          A.   Each Participant may make an irrevocable election in writing to
               defer up to 20% of Compensation, as defined in Subsection 3B,
               paid during the period January 1, 1997 through December 31, 1997
               (the "Deferral Amount"). Such amount shall not be less than
               $1,000. Deferred compensation at the deferral percentage will be
               deducted from all Compensation payable to the Participant during
               the deferral period.

          B.   "Compensation" means salary, bonuses, and commission of the
               Participant before reduction pursuant to this or any other
               employee benefit plan.

          C.   The Employer shall establish and maintain a bookkeeping account
               in the name of each Participant, which shall be known as the
               "Deferral Account." It shall be credited with the Deferral Amount
               and interest at the rate established by the Committee compounded
               annually from January 1, 1997. As provided in Sections 4, 5, 6
               and 7 of the Plan, the interest rate on lump sum payments caused
               by certain events will differ from the rate established by the
               Committee. Amounts paid to the Participant or his/her Beneficiary
               pursuant to this Plan, shall be deducted from the account balance
               as of the first day of the month in which such payment is made.

          D.   The Participant's Deferral Account shall at all times be
               reflected on the Employer's books in accordance with generally
               accepted accounting practices as a general unsecured and unfunded
               obligation of the Employer and the Plan shall not give any person
               any right or security interest in any asset of the Employer nor
               shall it imply any trust or segregation of assets by the
               Employer. Payments from the Participant's Deferral Account shall
               be made from the general assets of the

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               Employer.

4.   TIME AND MANNER OF PAYMENT. The Participant's Deferral Account shall be
     distributed as follows:

          A.   Installment Payments.

               (1)  A Participant shall be entitled to fifteen (15) equal annual
                    installment payments commencing at age sixty-five (65) if
                    one of the following conditions is met:

                    a.   the Participant remains in the continuous employ of the
                         Employers during the period from January 1, 1997 until
                         the Participant reaches age sixty-five (65); or

                    b.   after a period of continuous employment with the
                         Employers beginning on or before January 1, 1997 the
                         Participant retires as defined in Subsection 4D.

               (2)  A Participant who attained age fifty-five (55) as of January
                    1, 1997 may elect, at the time of making the deferral
                    election pursuant to Subsection 3A, to receive ten (10)
                    equal annual installments commencing at age seventy (70) in
                    lieu of installment payments under Subsection 4A(1) if
                    he/she becomes eligible for such payments.

                    Installment payments shall be calculated to amortize fully
                    the accumulated value of the Deferral Amount over the
                    payment period. For purposes of this Subsection A, the
                    interest rate to be credited in this calculation of the
                    accumulated value of the Deferral Amount shall be the
                    rate(s) established by the Committee at its sole discretion
                    prior to the beginning of the deferral period.

          B.   Interim Payments. A payment equal to the Participant's Deferral
               Amount shall be paid to the Participant within a reasonable time
               after January 1, 2004 if installment payments under Subsection A
               have not then commenced and will not commence during the 2004
               calendar year. In addition, a payment equal to the Participant's
               Deferral Amount shall be paid to the Participant within a
               reasonable time after January 1, 2005 if installment payments
               under Subsection A have not then commenced and will not commence
               during the 2005 calendar year. These payments shall be charged to
               the Participant's Deferral Account as of the first day of the
               month in which the payment is made. This Subsection does not
               apply to Participants terminated under Subsection C or Sections
               5, 6, or 7B.

         C.    Payment Upon Termination. A Participant whose employment with the
               Employers is voluntarily or involuntarily terminated prior to the
               Participant's Retirement for reasons other than those described
               in Sections 5 and 6 below, shall receive, as soon as practicable
               after such termination, a lump sum payment in the amount of the
               accumulated value of the Deferral Amount. For purposes of this
               Subsection C, the rate to be credited in the calculation of the
               accumulated value of the Deferral Amount shall be six percent
               (6%). However, if a Participant terminates during the deferral
               period, no interest shall accrue on the deferral amount.

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         D.    Retirement. Retirement shall mean leaving the active employ of
               the Employer at or after age sixty (60) or age fifty-five (55)
               with at least twenty (20) years of service.

5.   NON-COMPETITION. Notwithstanding any other provision of this Plan, if the
     Committee at any time determines that a Participant, without having
     obtained the prior written consent of the Committee or its designee, has
     engaged in Competition with an Employer, as defined below, the sole amount
     payable to Participant hereunder shall be a lump sum payment of the
     accumulated value of the Deferral Amount, payable as soon as practicable
     after such determination. For purposes of this Section 5, the simple rate
     of interest applied to determine the accumulated value of the Deferral
     Amount shall be two percent (2%) annually, without compounding. A
     Participant shall be considered to have engaged in "Competition with an
     Employer" if, while employed by an Employer or within twenty- four (24)
     months of Participant's termination of employment with an Employer: (a) if
     the Participant is or has been employed by an Employer in a sales capacity,
     the Participant sells to, contacts, or deals with customers of an Employer
     that the Participant called upon, or whose account(s) the Participant
     directly or indirectly supervised on behalf of an Employer with respect to
     products or services of an Employer; (b) if the Participant is or has been
     employed by an Employer in a nonsales capacity, the Participant renders
     services for a new or existing competitor of an Employer with respect to
     products or services that are competitive with those of an Employer within
     the geographical area in which an Employer does business, except that the
     Participant may accept employment with a competitor of an Employer whose
     business is diversified and which part of its business is not a competitor
     of an Employer provided that prior to accepting such employment, the
     Participant provides and obtains for the Employers from such competitor,
     separate written assurances satisfactory to the Employers that the
     Participant will not render services directly or indirectly in connection
     with one or more products or services that are competitive with those of an
     Employer; and (c) the Participant hires, solicits, induces or attempts to
     induce any employee of an Employer to leave its employ, engage in any
     competing business, or to otherwise aid or assist any person or company
     that is or intends to be in competition with an Employer.

     The foregoing provision shall be deemed in addition to and not in lieu of
     any rights or remedies that an Employer might otherwise have with respect
     to the conduct of a Participant during or after employment that breaches
     any other contractual or common law duty to the Employer; this Section
     shall not preclude Employer from seeking injunctive relief or actual or
     punitive monetary damages, or both such relief and damages, with respect to
     any wrongful conduct of a Participant, either during or subsequent to
     his/her employment with an Employer.

6.   DISHONEST CONDUCT. Notwithstanding any other provision of this Plan, if
     Participant's employment with an Employer is terminated at any time for
     reason of dishonest or fraudulent conduct injurious to the Employer, the
     sole amount payable to or on behalf of Participant hereunder shall be a
     lump sum payment of the accumulated value of the Participant's Deferral
     Amount, payable as soon as practicable after such termination of
     employment. For purposes of this Section 6, the simple rate of interest to
     be credited in the calculation of the accumulated value of the Deferral
     Amount shall be zero percent (0%).

7.   PAYMENT UPON DEATH OF PARTICIPANT.

          A.   If a Participant dies after age sixty-five (65), the Employer
               shall pay any unpaid annual Installment Payments due the
               Participant under Subsection 4A to the Participant's Beneficiary,
               commencing with the next such payment due following

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               the date of Participant's death.

         B.    If a Participant dies prior to age sixty-five (65), Installment
               Payments described in Subsection 4A(1) shall be payable to the
               Participant's Beneficiary, commencing at the time of the
               Participant's death. Interim Payments described in Subsection 4B
               will not be made.

8.   BENEFICIARY DESIGNATION. A Participant may, from time to time designate any
     legal or natural person or persons (who may be designated contingently or
     successively) as his/her Beneficiary to whom payments are to be made if the
     Participant dies before receiving payment of all amounts due hereunder, by
     signing a form approved by the Committee. A beneficiary designation form
     shall be effective only after the signed form is filed with the Committee
     while the Participant is alive. A properly filed designation shall cancel
     all beneficiary designation forms filed earlier. If a Participant fails to
     designate a Beneficiary as provided above, or if all designated
     Beneficiaries of a Participant die before the Participant, or before
     complete payment of all amounts due hereunder, the Committee, in its
     discretion, may direct the Employers to pay the unpaid amounts to one or
     more of such Participant's relatives by blood, adoption or marriage in any
     manner permitted by law which the Committee considers to be appropriate,
     including but not limited to payment to the legal representative or
     representatives of the estate of the last to die of Participant and
     Participant's designated Beneficiaries.

9.   DISABILITY. If Participant's employment with the Employers is terminated
     prior to Participant's Retirement by reason of Participant's Disability,
     Participant's employment with the Employers, for purposes of the Plan,
     shall be deemed to continue until the earliest of his/her death, the date
     his/her Disability ceases, or the date the Participant would have first
     been eligible for Retirement and the provisions of the Plan shall be
     applicable to such Participant to the same extent as if Participant were,
     in fact, employed by the Employers during that period. However, if such
     termination of employment occurs prior to December 31, 1997, the
     Participant's benefit will be determined taking into account only the
     amount actually deferred by the Participant during the Deferral Period.

     A Participant shall be deemed to incur a Disability if, in the opinion of a
     physician selected by the Committee, the Participant is no longer capable
     of performing a substantial portion of the duties of his/her employment
     because of a physical or mental disability which is likely to be permanent
     and continuous during the remainder of the Participant's lifetime.

10.  PAYMENT UPON A MATERIAL CHANGE OF CONTROL.

         A.    For purposes of this Plan, a "Material Change" shall be deemed to
               have occurred if any of the following should occur:

               (1)  the acquisition (in one or more transactions) of beneficial
                    ownership of twenty percent (20%) or more of the outstanding
                    shares of Common Stock of the Company by any person or
                    entity (or by any group of persons or entities acting in
                    concert for the purpose of acquiring, voting, holding or
                    disposing of shares of the Company's Common Stock). The
                    Board of Directors may reduce the ownership threshold to a
                    percentage not less than ten percent (10%);

               (2)  individuals who, as of September 6, 1995, constitute the
                    Board of Directors of the Company (the "Incumbent Board")
                    cease for any

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                    reason to constitute at least a majority of such Board;
                    PROVIDED, HOWEVER, that any individual who becomes a member
                    of the Board of Directors of the Company subsequent to such
                    date whose election, or nomination for election by the
                    stockholders of the Company, was approved by a vote of at
                    least the majority of the directors then comprising the
                    Incumbent Board shall be deemed to be a member of the
                    Incumbent Board; and provided further, that no individual
                    whose election or initial assumption of office as a director
                    of the Company occurs as a result of an actual or threatened
                    election contest (as such terms are used in Rule 14a- 11 of
                    Regulation 14A promulgated under the Securities Exchange Act
                    of 1934, as amended) with respect to the election or removal
                    of directors, or any other actual or threatened solicitation
                    of proxies or consents by or on behalf of any person other
                    than the Board of Directors of the Company, shall be deemed
                    to be a member of the Incumbent Board; or

               (3)  the occurrence of any other event or state of facts that the
                    Board of Directors of the Company may determine (by the
                    adoption of a resolution) has, does, or would constitute a
                    Material Change for the purposes of this Section 10.

          B.   At the time of a Material Change, the Company shall remit to an
               independent Trustee, an amount equal to the lump sum payment,
               payable upon the termination of a Participant, determined in
               accordance with Section 10E.

               At all times after the Material Change occurs, the exercise of
               authority and responsibility in the administration of the Plan
               with respect to each individual who was a Participant in the Plan
               immediately prior to the date that the Material Change occurs (a
               "Protected Participant"), or with respect to the Beneficiary of a
               Protected Participant, shall be subject to a DE NOVO standard of
               review by a court in any action brought under Title I of ERISA.
               At all times after the Material Change occurs, a bank that is
               organized under the laws of the United States of America or one
               of its States, that has a combined capital and surplus in excess
               of $250,000,000, and that is otherwise independent of and has no
               material business relationships with the Company or Related
               Company (as defined in Section 10C) shall be the Trustee of the
               Trust and the authority to manage, acquire, and dispose of all
               assets of the Trust shall be vested in that Trustee to the extent
               not vested in one or more investment managers (as defined in
               Section 3(38) of ERISA) who are selected by that Trustee and
               otherwise independent of, and have no material business
               relationships with, the Company or a Related Company.

         C.    The term "Related Company" means any corporation, trade, or
               business during any period that it is, along with the Company, a
               member of a controlled group of corporations, a controlled group
               of trades or businesses, or an affiliated service group, as
               described in Section 414(b), 414(c), or 414(m), respectively, of
               the Internal Revenue Code.

         D.    Any Protected Participant (or a Beneficiary of a Protected
               Participant) who brings any legal action after a Material Change
               to enforce the provisions of this Section 10 or any other
               provisions of the Plan or the Trust shall be entitled to recover
               from the Company any and all attorneys' fees and other costs and
               expenses

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               incurred in enforcing such provisions for his/her benefit or for
               the benefit of any or all Protected Participants (or
               Beneficiaries of Protected Participants).

         E.    Notwithstanding any other Section except Section 6, if the
               Participant's employment with the Employer terminates, for any
               reason other than death, within the two-year (2) period beginning
               on the date that a Material Change of the Company (as described
               above) occurs, payment shall be made to the Participant as soon
               as practical after termination in a single lump sum in lieu of
               any other subsequent payment under the Plan. The lump sum payment
               shall be equal to the sum of the amounts determined by
               discounting, at an 8% rate of interest, to the lump sum payment
               date, each payment that the Participant would have received under
               the Plan (determined without regard to Sections 5 and 6) after
               the date of such termination if employment had continued without
               change through the date that the Participant would have first
               been eligible for Retirement. Such amount shall be determined by
               the Trustee (described in Section 10B), who in his/her own
               discretion may use an independent third party to calculate such
               amount. If the Participant dies after termination of employment
               but before payment of any amount under this Section, then such
               amount shall be paid to the Beneficiary as soon as practical
               after the Participant's death.

          F.   Notwithstanding any other provision of the Plan, except as may
               otherwise be provided in a resolution of the Board of Directors
               of the Company adopted prior to the occurrence of a Material
               Change, the provisions of this Section 10 may not be amended and
               shall continue to apply, without amendment, in any successor
               plan.

11.  FACILITY OF PAYMENT. If, in the Committee's opinion, a Participant or other
     person entitled to benefits under the Plan is under a legal disability or
     is in any way incapacitated so as to be unable to manage his/her financial
     affairs, then the Committee may, until claim is made by a conservator or
     other person legally charged with the care of his/her person or of his/ her
     estate, direct the Employer to make payment to a relative or friend of such
     person for his/her benefit. Thereafter, any benefits under the Plan to
     which such Participant or other person is entitled shall be paid to such
     conservator or other person legally charged with the care of his/her person
     or his/her estate.

12.  INSURANCE. An Employer may, in its sole discretion, purchase a policy or
     policies of insurance on the life of any Participant or disability
     insurance with respect to any Participant, the cash value, if any, and
     proceeds of which may, but need not, be used by the Employer to satisfy
     part or all of its obligations, hereunder. The Employer will be the owner
     of any such policies and neither the Participant nor any other person or
     entity claiming through the Participant shall have any ownership rights in
     such policies or any proceeds thereof. The Participant, as a condition of
     receiving any benefits hereunder, on behalf of him/herself of any person or
     entity claiming through him/her, shall cooperate with the Employer in
     obtaining any such insurance that the Employer desires to purchase by
     submitting to such physical examinations, completing such forms, and making
     such records available as may be required by the Employer from time to
     time.

13.  EFFECT ON OTHER BENEFITS. The Deferral Amount of a Participant shall be
     included in the Participant's 1997 compensation for purposes of calculating
     the Participant's bonuses and awards under any incentive or similar
     compensation plan or program of the Employer, insurance, and other employee
     benefits, except that in accordance with the terms of any plan qualified
     under Section 401 or Section 423(b) of the Internal Revenue Code maintained
     by an Employer, the

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     amount deferred under Section 3 shall not be included as 1997 calendar year
     compensation in calculating the Participant's benefits or contributions by
     or on behalf of the Participant under such plan or plans. Payment under the
     Plan shall be excluded from compensation in years paid for purposes of
     calculating a Participant's bonuses and awards under any incentive or
     similar compensation plan or program of an Employer, insurance, and other
     employee benefits, except that in accordance with the terms of any plan
     qualified under Section 401 or Section 423(b) of the Internal Revenue Code
     maintained by an Employer, payments made while the Participant is an
     employee of an Employer shall be included as compensation in the year paid.

14.  NON-ALIENATION. Neither a Participant nor anyone claiming through him/her
     shall have any right to commute, sell, assign, transfer or otherwise convey
     the right to receive any payments hereunder, which payments and the rights
     thereto hereby are expressly declared to be non-assignable and non-
     transferable, nor shall any such right to receive payments hereunder be
     subject to the claims of creditors of a Participant or anyone claiming
     through him/her to any legal, equitable, or other proceeding or process for
     the enforcement of such claims.

15.  TAX WITHHOLDING. Notwithstanding the provisions of Section 13, an Employer
     may withhold from any payment made by it under the Plan such amount or
     amounts as may be required for purposes of complying with the tax
     withholding or other provisions of the Internal Revenue Code or the Social
     Security Act or any state or local income tax act or for purposes of paying
     any estate, inheritance or other tax attributable to any amounts payable
     hereunder.

16.  NON-SECURED PROMISE. The rights under this Plan of a Participant and any
     person or entity claiming through him/her shall be solely those of an
     unsecured, general creditor of the Employer. Any insurance policy or other
     asset acquired or held by an Employer shall not be deemed to be held by the
     Employer for or on behalf of a Participant, or any other person, or to be
     security for the performance of any obligations hereunder of the Employer,
     but shall, with respect to this Plan, be and remain a general, unpledged,
     unrestricted asset of the Employer.

17.  INDEPENDENCE OF PLAN. Except as otherwise expressly provided herein, this
     Plan shall be independent of, and in addition to, any other employment
     agreement or employment benefit agreement or plan or rights that may exist
     from time to time between the parties hereto. This Plan shall not be deemed
     to constitute a contract of employment between an Employer and a
     Participant, nor shall any provision hereof restrict the right of an
     Employer to discharge a Participant, or restrict the right of a Participant
     to terminate his/ her employment with an Employer.

18.  PARAGRAPH HEADINGS. The Paragraph headings used in this Plan are for
     convenience of reference only and shall not be considered in construing
     this Plan.

19.  RESPONSIBILITY FOR LEGAL EFFECT. Neither the Committee nor any Employer
     makes any representation or warranties, express or implied, or assumes any
     responsibility concerning the legal, tax, or other implications or effects
     of this Plan.

20.  COMMITTEE DETERMINATIONS FINAL. Each determination provided for in this
     Plan shall be made in the absolute discretion of the Committee. Any such
     determination shall be binding on all persons.

21.  AMENDMENT. The Company may in its sole discretion amend the Plan from time
     to time. No such amendment shall reduce a Participant's or Beneficiary's
     benefits under the Plan to an amount less than an amount that he/she would
     have been entitled to under the Plan on the later of the date the amendment
     is adopted or made effective if the Plan had been terminated on that date.

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22.  TERMINATION AT THE EMPLOYER'S OPTION. Notwithstanding any other provision
     of this Plan, the Company may terminate this Plan at any time if the
     Committee, in its sole and absolute discretion, determines that any change
     in federal or state law, or judicial or administrative interpretation
     thereof, has materially affected the Employer's cost of providing the
     benefits otherwise payable under this Plan, or for any other reason
     whatsoever. Upon such termination, the sole amount payable to Participant
     shall be a lump sum payment, as soon as practicable after such termination,
     of the accumulated value of the Deferral Amount. For purposes of this
     Section, the rate to be credited in the calculation of the accumulated
     value of the Deferral Amount shall be the rate specified for Installment
     Payments in Subsection 4A.

23.  BINDING ON SUCCESSORS. The provisions of this Plan shall be binding upon
     and shall inure to the benefit of the Company, any Related Company that
     adopts the Plan, the Participants, and their respective successors in
     interest and assigns, including, without limitation, the surviving
     corporation in any merger or consolidation with the Company or such Related
     Company and, to the extent provided in the Plan, the Beneficiaries of the
     Participants. After a Material Change, except as may otherwise be
     determined by a resolution of the Board of Directors of the Company adopted
     prior to the occurrence of the Material Change, a successor in interest to
     the Company or a Related Company that adopts the Plan shall be deemed to
     have adopted the Plan and shall have all of the liabilities and obligations
     of the Company or that Related Company under the Plan. Except as may
     otherwise be determined by a resolution of the Board of Directors of the
     Company adopted prior to the occurrence of a Material Change, the Company
     shall require any person or entity that becomes a successor in interest to
     the Company or a Related Company that adopts the plan to expressly assume
     the Plan and agree to perform all of the obligations of the Company or that
     Related Company, as the case may be, under the plan. For purposes of this
     paragraph 23, following a Material Change, a successor in interest to the
     Company or a Related Company that adopts the Plan shall include, without
     limitation, any person or entity (or group of related or affiliated persons
     or entities) that acquires (in a single transaction or a series of related
     transactions) any businesses or assets of the Company or such Related
     Company representing twenty-five percent (25%) or more of the Company's or
     such Related Company's sales, operating profits, or operating assets.

24.  CONTROLLING LAW. The Plan shall be construed in accordance with the laws of
     the state of Illinois to the extent not pre-empted by laws of the United
     States of America.