8-KOther EventsExhibits & Filings

WASTE MANAGEMENT INC 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Jul 30, 2015)

Filed July 30, 2015For Securities:WM

Summary

Waste Management Inc. (WM) filed an 8-K on July 30, 2015, to report a temporary suspension of trading under its employee benefit plans, commonly known as a "blackout period." This suspension is a consequence of the upcoming merger and recordkeeper change for the Waste Management Retirement Savings Plan and the Waste Management Retirement Savings Plan for Bargaining Unit Employees, effective September 23, 2015. During this blackout period, participants in these plans will be temporarily unable to make changes to contributions, direct or diversify investments, or process loans, hardship withdrawals, or distributions. The blackout period is scheduled to commence on September 8, 2015, and conclude the week of September 23, 2015. Additionally, the company issued a notice to its directors and executive officers, as required by the Sarbanes-Oxley Act, informing them of restrictions on trading company equity securities acquired through their connection with the company during this period.

Key Highlights

  • 1The company is merging two retirement savings plans and changing recordkeepers, effective September 23, 2015.
  • 2A "blackout period" will be imposed on plan participants, restricting transactions related to their retirement accounts.
  • 3The blackout period is expected to start on September 8, 2015, and end the week of September 23, 2015.
  • 4During the blackout, participants cannot change contributions, direct investments (including company stock), or process loans/withdrawals.
  • 5Directors and executive officers are subject to trading restrictions on company equity securities acquired through their employment/service during the blackout period, as per Sarbanes-Oxley Act requirements.
  • 6The company provided notice of these changes and restrictions to affected parties on July 28-30, 2015.
  • 7Information on the exact start and end dates of the blackout period can be obtained by contacting the company's Corporate Secretary.

Frequently Asked Questions

This 8-K filing is to inform investors and plan participants about a temporary "blackout period" for Waste Management Inc.'s employee retirement savings plans. This period is necessary due to an upcoming merger of two plans and a change in the recordkeeper.

The blackout period is expected to begin at 4:00 p.m. ET on September 8, 2015, and is scheduled to end during the week of September 23, 2015. The exact end date will be communicated.

During the blackout period, participants will be unable to perform certain transactions within their retirement accounts. This includes changing contribution rates, directing or diversifying investments (including those in the company common stock fund), obtaining loans from the plan, or initiating hardship withdrawals or distributions.

Yes, as required by the Sarbanes-Oxley Act, directors and executive officers are restricted from buying or selling Waste Management equity securities that were acquired in connection with their service or employment during the blackout period.