8-KMaterial Agreements

Elevance Health, Inc. 8-K Report, Material Agreement (Nov 3, 2005)

Filed November 3, 2005For Securities:ELV

Summary

This 8-K filing from WellPoint, Inc. (now Elevance Health) on November 3, 2005, announces the approval of the WellPoint, Inc. Comprehensive Non-Qualified Deferred Compensation Plan, effective January 1, 2006. This new plan will consolidate several existing non-qualified retirement and deferred compensation plans, aiming for administrative efficiency. It allows key executives and highly compensated employees to defer a significant portion of their compensation and bonuses, and also includes features for supplemental pension benefits and savings. The establishment of this comprehensive plan signifies a strategic move to streamline executive compensation and benefits administration. Investors should note that this is a plan for select employees and not a change in the company's overall financial performance or operational strategy. The plan's structure, allowing for substantial deferrals and supplemental benefits, is designed to retain and incentivize top talent within the organization.

Key Highlights

  • 1WellPoint, Inc. approved a new Comprehensive Non-Qualified Deferred Compensation Plan, effective January 1, 2006.
  • 2The new plan will merge five existing non-qualified retirement and deferred compensation plans into a single, unified structure.
  • 3The plan is designed for executives and select highly compensated employees.
  • 4Participants can defer up to 60% of their compensation and 80% of their annual bonus.
  • 5The plan includes features for supplemental pension benefits to offset IRS limitations on qualified plans.
  • 6A supplemental savings feature allows deferrals above qualified plan limits with a company match.
  • 7The move is intended to simplify administration of these executive benefit programs.

Frequently Asked Questions

The primary purpose of the new plan is to consolidate several existing executive deferred compensation and retirement plans into a single, comprehensive program for administrative efficiency and to offer enhanced deferral and benefit features to key employees.

The plan is available to executives and other select highly compensated employees of WellPoint, Inc. and its subsidiaries.

No, this plan is specifically for a select group of executives and highly compensated employees. It does not impact the compensation or benefits of the general employee population.

The plan allows participants to defer a significant portion of their compensation and bonuses. It also provides for supplemental pension benefits to compensate for limitations in qualified plans and a supplemental savings feature with a company match on certain deferrals.