Summary
Boston Scientific Corporation (BSX) filed an 8-K on August 1, 2011, reporting an amendment to its Executive Retirement Plan, effective August 1, 2011. The primary change restricts eligibility for the plan, requiring participants to have served as a Division President and/or on the Executive Committee for the year immediately preceding retirement. This amendment also establishes two tiers of retirement benefits based on the length of service on the Executive Committee.
Key Highlights
- 1Amendment to the Executive Retirement Plan approved and effective August 1, 2011.
- 2Eligibility for the plan is now restricted to employees who have served as a Division President and/or on the Executive Committee for the preceding year.
- 3The amendment introduces a tiered benefit structure within the retirement plan.
- 4Higher retirement benefits are contingent upon serving on the Executive Committee for the one year immediately preceding retirement.
- 5Employees qualifying for the plan but without the required Executive Committee service will receive lower-tier benefits.
- 6The filing includes Exhibit 10.1, the Second Amendment to the Executive Retirement Plan, as a compensatory arrangement.
Frequently Asked Questions
The main purpose of the amendment is to modify the eligibility criteria and benefit structure for the company's executive retirement plan, specifically by restricting participation to a narrower group of senior executives and introducing tiered benefit levels.
Following the amendment, only employees who have actively served as a Division President and/or on the Executive Committee for the one year period immediately preceding their retirement are eligible to participate.
Retirement benefits will now be determined by a tiered system. Participants who have served on the Executive Committee for the one year preceding retirement will receive higher-tier benefits. Those who qualify as participants but have not met this specific Executive Committee service requirement will receive lower-tier benefits.
No, this amendment specifically targets the Executive Retirement Plan and its participants, who are typically senior executives. It does not appear to affect the retirement plans or benefits of the general employee population.