Summary
Amgen Inc. (AMGN) filed an 8-K on September 14, 2006, reporting on a material amendment to its employee retirement and savings plan. The primary focus of this filing is the approved Third Amendment to the Amgen Retirement and Savings Plan, which formalizes the merger of the Abgenix, Inc. (acquired earlier) subsidiary's 401(k) plan into Amgen's main plan. The merger, effective October 2, 2006, will integrate the assets and participants of the Amgen Fremont 401(k) into the broader Amgen Retirement and Savings Plan. This action ensures that former Abgenix employees, now Amgen Fremont staff, will transition smoothly into Amgen's primary retirement savings program, with provisions for grandfathering certain existing loans and applying Amgen's plan benefits to the transferred balances. This move is a standard post-acquisition integration step.
Key Highlights
- 1Amgen Inc. has approved the Third Amendment to its Retirement and Savings Plan.
- 2The amendment officially merges the Retirement and Savings Plan of Amgen Fremont Inc. (formerly Abgenix, Inc. 401(k)) into the main Amgen Retirement and Savings Plan.
- 3The merger is effective October 2, 2006.
- 4Amgen Fremont 401(k) plan participants are eligible to participate in the main Amgen plan effective July 1, 2006.
- 5The Amgen Fremont 401(k) plan was frozen as of June 30, 2006, meaning no new participants or contributions are allowed.
- 6Assets from the Amgen Fremont 401(k) will be transferred to the main Amgen plan's trustee.
- 7The amendment includes provisions to grandfather certain existing loans within the Amgen Fremont 401(k) and generally applies Amgen's plan benefits to transferred balances.