No property of the Trust or contributions made by the Employers pursuant to the terms of the Plan shall revert to the Employers or be used for any purpose other than providing benefits to Eligible Employees or their Beneficiaries and defraying the expenses of the Plan and the Trust, except as follows: Each Participant who makes such contributions shall be eligible to share in the Employer Contributions under Section 3. Fortune Best Companies to Work For ranked Search for free - click here. Corporations and all Subsidiaries for any reason other than death or retirement at or after Normal Retirement Age, the Participant will receive the value of his or her vested Accounts determined as provided below in a single sum payment unless he or she elects a direct rollover under Section 8. The Board of Review, except where such are specifically reserved to the Board of Directors, shall have all powers, duties and obligations whether imposed, granted or reserved and whether explicit or implicit which are lodged in the Corporation under the Trust, or the Plan, or any supplement to the Plan or by law or regulations. One of a few companies that offers a pension.
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A all amounts may be converted if such Participant has participated in the Plan for at least 5 years, or B amounts maintained in the Plan for at least two years may be converted. The Employers shall make Employer Contributions to the Trust for the benefit of each Participant who is an Eligible Employee at any time during the payroll period and on whose behalf Basic Contributions have been made at any time during the payroll period. The amount of Employer Contributions made by the Employers for a payroll period shall be that amount allocated to the Plan under Section 1.
Except as otherwise expressly provided for, any Qualified Non-elective Employer Contribution shall be treated as a Pre-Tax Contribution for all purposes under the Plan. Qualified Non-elective Employer Contributions may be made pursuant to this Section 3. Notwithstanding any provision to the contrary, a Qualified Non-elective Employer Contribution may only be made if it complies with the requirements of the Regulations issued under Code sections k and m , including 1.
In addition, and subject to the limits provided in Section 3. Such contributions will be credited to the Employer Contribution Accounts or Pre-Tax Contribution Accounts, respectively, of Participants on whose behalf they. All contributions to this Plan are subject to the applicable limits set forth under Code sections k , m , g , , and , as further described in Article No property of the Trust or contributions made by the Employers pursuant to the terms of the Plan shall revert to the Employers or be used for any purpose other than providing benefits to Eligible Employees or their Beneficiaries and defraying the expenses of the Plan and the Trust, except as follows: No return of a contribution hereunder shall be made more than one year after the mistaken payment of the contribution, or disallowance of the deduction, as the case may be.
Notwithstanding any other provision of the Plan, the Administrator may, from time to time, impose additional limits on the percentages of Compensation which may be contributed to the Plan by, or on behalf of, Corporate Officers, provided that such additional limits are lower than the limits applicable to other Participants. The amount and terms of such limits shall be determined by the Administrator in its sole discretion, need not be the same for all Corporate Officers and may be changed or repealed by the Administrator at any time.
Except as hereafter provided in this Section 4. Investment elections and changes made pursuant to Section 5. The Plan shall provide a Company Stock fund as a permanent feature of the Plan. The Company Stock fund shall be invested exclusively in Company Stock other than for the purpose of maintaining sufficient liquidity to provide for distributions, withdrawals, and transfers under the Plan without regard to 1 the diversification of assets of the Plan and Trust, 2 the risk profile of Company Stock, 3 the amount of income provided by Company Stock, or 4 the fluctuation in the fair market value of Company Stock, unless the Investment Committee determines that there is a serious question concerning the short-term viability of the Company as a going concern.
A Participant may direct that some or all of his or her Employer Contributions, Basic Contributions, Supplemental Contributions, Rollover Contributions if applicable or Transfer Contributions if applicable be invested in shares of Company Stock. Company Stock shall be purchased and sold by the Trustee on the open market or from the Corporation in accordance with stock trading procedures established by the Investment Committee and agreed to by the Trustee.
Other than with respect to the Company Stock fund and subject to Section 5. A Participant may direct that some or all of his or her Basic Contributions, Supplemental Contributions, Rollover Contributions or Transfer Contributions be invested in one or more of the Investment Funds available under the Plan in such increments and in such manner as the Investment Committee and the Trustee establish in investment procedures.
A Participant may instruct the Trustee that amounts held in his or her Accounts that are invested in Company Stock be transferred to and invested in one or more of the Investment Funds established under this Section 5. Notwithstanding any other provision in the Plan to the contrary, and except as otherwise provided in this Section 5. A Participant may direct the Trustee to liquidate all or a portion of the Company Stock held in his or her Accounts and reinvest the proceeds in any of the other Investment Funds described in Section 5.
Subject to Sections 5. Such investment instructions shall be in writing or in such other form as is acceptable to the Trustee. The Administrator shall from time to time identify one or more of the Investment Funds as the default Investment Fund into which all contributions, for. Such contributions shall remain in the default Investment Fund until the Trustee receives investment instructions from the Participant in a form acceptable to the Trustee.
To the extent that this Article 5 does not prohibit a Participant, Beneficiary or Alternate Payee from directing the investment of his or her Accounts, the Plan is intended to be a participant-directed plan and to comply with the requirements of ERISA Section c and the Department of Labor Regulations To the extent this Section 5.
The Administrator shall prescribe the form upon which, or such other manner in which such instructions shall be made, as well as the frequency with which such instructions may be made or changed and the dates as of which such instructions shall be effective. The Board of Review reserves the right to amend the Plan to remove the right of Participants, Beneficiaries or Alternate Payees to give investment instructions with respect to their Accounts.
Nothing contained herein shall provide for the voting of shares of Company Stock by any Participant, Beneficiary or Alternate Payee, except as otherwise provided in the Trust. As further described in this Section 5. Each Participant or Beneficiary of a deceased Participant shall have the right to direct the Trustee with respect to the voting and the exercise of all other rights which a shareholder of record has with respect to shares of Company Stock allocated to his or her Account as provided in Section 5.
Dividends paid on shares of Company Stock shall be allocated or distributed as provided in Section 5. The following provisions of this subparagraph d shall apply only during periods when shares of Company Stock are not listed on a national securities exchange registered under section 6 of the Securities Exchange Act of and are not quoted on a system sponsored by a national securities association registered under Section 15A b of the Securities Exchange Act.
The period during which the put option is exercisable does not include any time during which the distributee is unable to exercise it because the party bound by the put option is prohibited from honoring it by applicable Federal or state law.
If payment is made in installments, adequate security and a reasonable rate of interest must be provided to the distributee. A Participant may direct the Trustee to transfer investments in the Company Stock to one or more of the investment funds otherwise offered under the Plan in accordance with Article 5 of the Plan. Except with respect to shares of Company Stock acquired during the Plan Year and held in the Unallocated Account, cash dividends on shares of Company Stock shall be: Cash dividends on such Stock which are not paid or distributed to Participants and Beneficiaries and cash proceeds from the sale of any rights or warrants received with respect to such Stock shall be invested in shares of Company Stock when such dividends or proceeds are received by the Trust, and thereafter such shares shall be credited to such Accounts based on the average cost of all shares purchased with such dividends or proceeds.
Cash dividends received with respect to shares of Company Stock held in the Unallocated Account and cash proceeds from the sale of rights or warrants received with respect to such Company Stock shall be reinvested in Company Stock and allocated under Section 3.
Each Participant or Beneficiary shall be entitled to direct the manner in which shares of Company Stock credited to his or her Account are to be voted, as provided in the Trust. In addition, for purposes of applying the withdrawal provisions set forth in this Section 6.
Subject to the foregoing, a Participant may elect to take a withdrawal from his or her After-Tax Contribution Accounts in accordance with the following conditions and order of priority: A Participant who has completed five or more Years of Credited Service and who has withdrawn all of his or her pre Supplemental and Basic After-Tax Contributions under subsection a may then withdraw from the Trust any or all of his or her Supplemental and Basic After-Tax Contributions made after and earnings thereon.
If the Participant elects to receive any withdrawal in Company Stock or cash from Company Stock, such amounts will be withdrawn i from the Company Stock in the Supplemental After-Tax Contribution Account until exhausted and ii then from the Company.
A Participant who has not completed five or more Years of Credited Service and who has withdrawn all of his or her pre After-Tax Contributions if any under subsection a may then withdraw from the Trust any or all of his or her Supplemental After-Tax Contributions made after and earnings thereon. A Participant, who has withdrawn all of his or her After-Tax Contributions available under subsections a , b and c in both Company Stock and in Investment Funds other than Company Stock , may then withdraw from the Trust any or all of the amount remaining in his or her After-Tax Contribution Accounts other than the Basic After-Tax Contribution Account, in the case of a Participant who has not completed five or more Years of Service.
If the Participant elects to receive his or her withdrawal in shares of Company Stock held in his or her After-Tax Contribution Accounts, whole shares shall be distributed and the value of a fractional share necessary to exhaust the Company Stock allocated to such Accounts shall be distributed in cash.
The foregoing provisions of this Section 6. The Participant shall indicate in his or her withdrawal request whether the withdrawal is to be made in cash or shares of Company Stock. Withdrawals under this Section 6. A Participant may withdraw funds from his or her Rollover Contribution Account other than his or her Roth Rollover Contribution Account in accordance with such administrative rules and practices as may be adopted by the Administrator.
Savings and Investment Plan to the Plan. Each distribution described in this Section 6. Notwithstanding anything contained in the Plan to the contrary, distributions will be made in accordance with final and temporary regulations under Section a 9 of the Code that were issued by the Internal Revenue Service on April 17, and June 15, , including Treasury regulation sections 1.
If a Participant receives a withdrawal under Section 6. Distribution to the Participant will be made or commence as soon as practicable after such consent is received by the Administrator. The Participant may waive the day notice period described in a above. In-service Withdrawals of Certain Employer Contributions.
Distributions While on Military Leave. A Participant who is on leave while performing military service as described in Section h 2 A of the Code for a period of at least 30 days may elect to withdraw all or any portion of the vested amounts credited to his eligible Accounts in accordance with Section u 12 of the Code, provided that such Participant may not make either Before-Tax Contribution or After-Tax Contribution to the Plan for a period of 6 months following the date of such withdrawal.
Upon the request of an Eligible Borrower on a form approved or procedure prescribed by the Administrator and subject to the conditions of this Article, the Administrator shall direct the Trustee to make a loan from the Trust to the Eligible Borrower. The Administrator shall promulgate such rules and procedures, not inconsistent with the express provisions of this Article, as he or she deems necessary to carry out the purposes of this Article. The following limitations shall apply in determining the amount of any loan to an Eligible Borrower hereunder: A Participant may have only two loans outstanding at any time under the Plan or under any other plan referred to in Section 3.
Each loan shall be evidenced by a note signed by the. The Note shall be an asset of the Trust which shall be allocated to the Accounts of the Eligible Borrower, and shall for purposes of the Plan be deemed to have a value at any given time equal to the unpaid principal balance of the Note plus the amount of any accrued but unpaid interest.
The loan shall bear interest at an annual percentage interest rate to be determined by the Administrator. In determining the interest rate, the Administrator shall take into consideration interest rates currently being charged by persons in the business of lending money with respect to loans made in similar circumstances.
Each loan made to an Eligible Borrower who is receiving regular payments of Compensation from the Corporation shall be repayable by payroll deduction. Loans made to other Eligible Borrowers and, in all events, where payroll deduction is no longer practicable shall be repayable in such manner as the Administrator may from time to time determine.
An Eligible Borrower may prepay the full balance of an outstanding loan at any time by delivering to the Trustee a certified check in the amount of such remaining balance and any accrued but unpaid interest. An Eligible Borrower may also refinance an outstanding loan, provided the limits under Section 7. Loan repayments will be suspended under the Plan as permitted under Code section u 4. If, at the time benefits are to be distributed or to commence being distributed to an Eligible Borrower with respect to a severance from employment, there remains any unpaid balance of a loan hereunder, such unpaid balance shall, to the extent consistent with Department of Labor regulations, become immediately due and payable in full.
Except as is provided in Section 7. Notwithstanding the above provisions of this Section 7. In the event of a default in making any payment of principal or interest when due under the Note evidencing any loan under this Article, if such default continues for more than 90 days after written notice of the default by the Trustee, the unpaid principal balance of the Note shall immediately become due and payable in full.
The amount so deducted shall be treated as distributed to the Eligible Borrower and applied by the Eligible Borrower as a payment of the unpaid interest and principal in that order under the Note evidencing such loan. Default distributions under this Section 7. Loans shall be made available under this Article to all Eligible Borrowers on a reasonably equivalent basis. Within each such Account, the proceeds will be invested in accordance with the investment instructions or restrictions applicable at the time of each loan repayment.
If the Eligible Borrower is not currently making contributions to any such Account at the time of loan repayment, the proceeds will be invested within such Account in accordance with any previous instructions on file with the Trustee for the investment of contributions in such Account, and if there are no such instructions on file, the proceeds will be invested in the default Investment Fund s then in effect under Section 5.
The Participant may change his or her investment instructions in accordance with Section 5. Corporations and all Subsidiaries for any reason other than death or retirement at or after Normal Retirement Age, the Participant will receive the value of his or her vested Accounts determined as provided below in a single sum payment unless he or she elects a direct rollover under Section 8.
The Vested Percentage of. Number of Years of. Less than 2 years. A remainder shall be treated as a separate account until the last day of the Plan Year in which forfeiture of the remainder occurs, and then each remainder shall be: Except as otherwise provided in this Section 8.
A Participant who is eligible for retirement under the terms of the AbbVie Pension Plan will normally receive a distribution as soon as practicable after the end of the Plan Year in which he or she retires and following the crediting of the Employer Contribution determined under Section 3.
A Participant who is eligible for a distribution from the Plan under this Article 8, may, subject to subparagraph 8. In the case of a distribution to be made in a single sum, the amount of such distribution shall be determined as of the Valuation Date which immediately precedes or coincides with the date distribution is to be made. The amount of such distribution shall be determined as of the Valuation Date immediately preceding or coinciding with the date the distribution is to be made.
If a Participant or an Alternate Payee of the Participant is entitled to an eligible rollover distribution within the meaning of Code section c 4 under a or b above, he or she may elect to have all or a portion of such distribution but not less than the minimum amount required to be transferred under Treasury regulations pertaining to the treatment of eligible rollover distributions transferred to another qualified plan, an individual retirement account, or an individual retirement annuity, or any other eligible retirement plan within the meaning of Code section c 8 B.
Such distribution may be made in the form of a direct rollover or by other means prescribed by regulations which satisfy the requirements for a direct payment to the eligible retirement plan, so specified.
The Administrator shall not be obliged to honor any transfer instruction under this Section that specifies more than one transferee. The following rules also apply: The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Section p of the Code.
A portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions which are not includible in gross income.
However, such portion may be transferred only to an individual retirement account or annuity described in Section a or b of the Code, or to a qualified defined contribution plan described in Section a or a of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible.
No distribution in the form of a series of installments over a period certain as set forth in the Vysis, Inc. Savings and Investment Plan with respect to amounts transferred from the Amoco Plan as defined in Section 6. Except as provided in this Section 8 e , all distributions in the form of a Perclose Installment Option or Vysis Installment Option, as those terms are defined in this Section 8.
A Participant shall be entitled to receive a distribution of his Plan benefits in the form of whole shares of Company Stock. No distribution in the form of a series of installments over a period certain as set forth in the Integrated Vascular Systems, Inc.
No distribution in the form of a series of installments over a period certain as set forth in the Spinal Concepts k Plan with respect to Spinal Concepts Transfer Contribution Accounts as defined in Section 6. Except as provided in this Section 8. No distribution in the form of a series of installments as set forth in the TheraSense, Inc. A Vascular Employee as defined in paragraph A Participant or Alternate Payee may elect to receive his or her Accounts in a series of monthly installments or annual installments over nine years or greater.
A Kos Employee as defined in paragraph A Kos Employee shall be Disabled if he or she is incapable of continuing any gainful occupation because of a physical or mental condition resulting from bodily injury, disease, or mental disorder.
An AMO Employee as defined in paragraph An AMO Employee shall be Disabled if he or she is incapable of continuing any gainful occupation for the Company for which he or she is reasonable fitted by education, training, or experience because of a physical or mental condition resulting from bodily injury, disease, or mental disorder, and which condition can be expected to result in death or which has lasted or can be expected to last for a continuous period of at least 12 months.
Accounts at the time in question or at the time of any prior distribution to the Participant under the Plan exceeds such amount. Such distribution may be made in the form of a direct rollover or by other means prescribed by regulations which satisfy the requirements for a direct payment to the eligible retirement plan so specified.
A Beneficiary who is not the participant surviving spouse may be a distribute and elect to have all or part of the benefits paid directly to an IRA that is established for the purpose of receiving a distribution on behalf of a non-spouse designated beneficiary as an eligible rollover distribution in accordance with section c 11 of the Code.
A Beneficiary shall be entitled to receive a distribution of his Plan benefits in the form of whole shares of Company Stock. A non-spouse Beneficiary designation by a Participant who is married at the time of his or her death shall not be effective unless: Any such general consent shall be on a form approved by the Administrator, and must acknowledge that the spouse has the right to limit consent to a specific Beneficiary and that the spouse voluntarily elects to relinquish such right.
Any consent and acknowledgment by a spouse, or the establishment that the consent and acknowledgment cannot be obtained, shall be effective only with respect to such spouse, but shall be irrevocable once made. The Board of Review, except where such are specifically reserved to the Board of Directors, shall have all powers, duties and obligations whether imposed, granted or reserved and whether explicit or implicit which are lodged in the Corporation under the Trust, or the Plan, or any supplement to the Plan or by law or regulations.
It shall perform all functions specifically assigned to it under the Plan and under the Trust created pursuant to the Plan.
The Board of Review at its sole discretion may delegate or redelegate any responsibility which it is able to exercise, and may revoke such delegations at its sole discretion. In addition, the Investment Committee shall evaluate the prudence of maintaining the Company Stock Fund not on the basis of the risk associated with the Company Stock Fund standing alone but in light of the availability of other investment options under the Plan and the ability of Plan participants to construct a diversified portfolio of investments consistent with their individual desired level of risk and return.
The Administrator will not, however, have any authority over the investment of assets of the Trust or the selection of Investment Funds. The Administrator will have full power to administer the Plan in all of its details and, other than the selection of Investment Funds, subject, however, to the requirements of ERISA.
Benefits under the Plan shall be paid only if the Administrator decides, in his or her discretion, that the applicant is entitled to them. Actions taken in good faith by the Administrator shall be binding and conclusive on all parties. Whenever, in the administration of the Plan, any discretionary action by the Administrator is required, the Administrator shall exercise his or her authority in a nondiscriminatory manner so that all persons similarly situated will receive substantially the same treatment.
No compensation shall be paid to the Administrator or any assistant who is a full-time employee of the Corporation, an Affiliated Corporation or a Subsidiary, but the Administrator and his or her assistants shall be reimbursed for all expenses reasonably incurred in the administration of the Plan.
Participants and their Beneficiaries must furnish to the Administrator such evidence, data, or information as they consider necessary or desirable for the purpose of administering the Plan, and the provisions of the Plan for each person are upon the condition that he or she will furnish full, true and complete evidence, data and information requested by the Administrator.
The Corporation reserves the power and may and hereby does specifically delegate a portion of the power to the Board of Review at any time or times to amend the provisions of the Plan and Trust to any extent and in any manner that it may deem advisable. AbbVie , effective as of January 1, the Effective Date , to provide eligible management employees of AbbVie an opportunity to accumulate capital for their retirement or other termination of employment in excess of the contributions allowed under the AbbVie Savings Plan the Savings Plan.
The Plan is hereby amended and restated effective as of January 1, AbbVie Executives director, officer: SVP Azita Salekigerhardt officer: VP Thomas A Hurwich officer: EVP Carlos Alban officer: SVP John Leonard officer: Contract September 6th, As Syndication Agent May 18th, Performance Share Award Agreement May 4th, Performance Share Award Agreement February 16th, Performance Share Award Agreement May 5th, Abbvie Deferred Compensation Plan February 17th, March 3, Approved by the Stockholders:
AbbVie benefits and perks, including insurance benefits, retirement benefits, and vacation policy. Company pays about 80% of employee health care. Provides K match plus retirement benefits, including health care and pension. Stock Options; Equity Incentive Plan; Supplemental Workers' Compensation; Checkmark Charitable Gift Matching /5(). In our employee survey, 90 percent of employees in the U.S. responded favorably to: “My manager grants me enough flexibility to meet my personal/family responsibilities.” Flexibility Tools for Managers: AbbVie's work-life/flexibility strategy is a cornerstone of its global well-being program, AbbVie . Form of AbbVie Inc. Non-Employee Director Non-Qualified Stock Option Agreement (incorporated by reference to Exhibit of the company’s Quarterly Report on Form 10 .