Summary
Boston Scientific Corporation (BSX) announced an amendment to its 401(k) Retirement Savings Plan on September 24, 2004, effective with this 8-K filing. The primary change involves a one-time special contribution from the company to the plan, intended to benefit eligible employees based on their pay and years of service. This special retirement supplement is projected to result in a significant charge to earnings, estimated at approximately $110 million for the third quarter of 2004. In addition to the special contribution, the amendment also enhances the company's matching program for employee pre-tax contributions. The matching percentage will increase from 4% to 6% of eligible pay. These changes are presented as enhancements to the company's retirement savings plan, with a press release detailing these updates issued on September 28, 2004.
Key Highlights
- 1Company approved an amendment to its 401(k) Retirement Savings Plan.
- 2A one-time special contribution to the 401(k) plan will be made by the company.
- 3The special contribution will be allocated based on employee pay and years of service.
- 4An approximate $110 million charge to earnings is anticipated for the third quarter of 2004 due to this special contribution.
- 5The company's matching contribution for employee pre-tax contributions will increase from 4% to 6% of eligible pay.
- 6The amendment was approved by the Board of Directors on September 24, 2004.
- 7A press release announcing these enhancements was issued on September 28, 2004.