Summary
Amgen Inc. (AMGN) filed an 8-K on May 15, 2006, reporting on amendments to several key employee benefit plans. The primary focus of these amendments is to extend participation in the Retirement and Savings Plan, the Supplemental Retirement Plan, and the Change in Control Severance Plan to eligible staff members of Amgen Fremont Inc. This subsidiary was established following Amgen's acquisition of Abgenix, Inc. The amendments clarify provisions related to hardship withdrawals, participant accounts, and eligibility for these plans, ensuring a more seamless integration of employees from the acquired entity. These changes are primarily operational and aimed at standardizing benefits for the expanded workforce.
Key Highlights
- 1Amgen is amending its Retirement and Savings Plan to include employees from Amgen Fremont Inc., a subsidiary formed after acquiring Abgenix, Inc.
- 2The amendments also extend participation in the Supplemental Retirement Plan to eligible Amgen Fremont Inc. staff.
- 3Eligibility for the Change in Control Severance Plan is also being expanded to include staff members of Amgen Fremont Inc.
- 4Specific changes to the Retirement and Savings Plan include revised definitions, clarified hardship withdrawal procedures, and provisions for lost participants.
- 5The Supplemental Retirement Plan amendments specifically address eligibility for employees affected by Internal Revenue Code compensation limits.
- 6The addition of Appendix C to the Retirement and Savings Plan facilitates the merger of the Immunex Corporation Profit Sharing 401(k) Plan.
- 7These plan amendments are effective on various dates, with some effective immediately or as of January 1, 2006, and others effective July 1, 2006.