Summary
U.S. Bancorp (USB) filed a Current Report (8-K) on December 21, 2005, disclosing the adoption of final versions of its 2005 Outside Directors Deferred Compensation Plan and 2005 Executive Employees Deferred Compensation Plan. These plans, originally established in December 2004, have been updated to comply with the American Jobs Creation Act and related regulations, specifically Internal Revenue Code Section 409A. For investors, the key takeaway is that the company is taking steps to ensure its executive and director compensation plans remain compliant with current tax legislation. While the core provisions remain similar to previous plans, the amendments are essential for regulatory adherence and maintaining the intended benefits of these deferred compensation arrangements. The full details of these plans are available as exhibits to the filing.
Key Highlights
- 1US BancORP adopted final versions of the 2005 Outside Directors Deferred Compensation Plan and 2005 Executive Employees Deferred Compensation Plan.
- 2The plans were originally established in December 2004 and finalized in December 2005.
- 3Key changes in the plans are to ensure compliance with the American Jobs Creation Act.
- 4The plans also comply with regulations under Internal Revenue Code Section 409A.
- 5The core provisions of the new plans are substantially similar to prior plans.
- 6The full plan documents are included as exhibits to the 8-K filing.