Summary
Boston Scientific Corporation (BSX) filed an 8-K report on July 5, 2005, disclosing the adoption of an Excess Benefit Plan and a related Trust Agreement, effective June 29, 2005. This non-qualified deferred compensation plan is designed to provide supplemental retirement benefits to eligible employees that exceed the current limits set by the Internal Revenue Code. The plan is a response to a special one-time contribution made to the company's 401(k) Retirement Savings Plan in September 2004. It is important for investors to note that the obligations under this Excess Benefit Plan are not secured and are subject to the claims of Boston Scientific's creditors in the event of insolvency. The filing includes the form of the Excess Benefit Plan and the Trust Agreement with Vanguard Fiduciary Trust Company as exhibits. This action primarily impacts key employees by offering a way to receive deferred compensation beyond statutory limits.
Key Highlights
- 1Boston Scientific adopted an Excess Benefit Plan and a related Trust Agreement, effective June 29, 2005.
- 2The plan is a non-qualified deferred compensation arrangement.
- 3It is designed to provide supplemental benefits to eligible employees exceeding IRS limits.
- 4This initiative is linked to a special contribution made to the 401(k) plan in September 2004.
- 5Obligations under the plan are not secured and are subject to creditors in case of insolvency.
- 6The company has established a Trust Agreement with Vanguard Fiduciary Trust Company for the plan.
- 7The filing includes the forms of the Excess Benefit Plan and the Trust Agreement as exhibits.