Business Context and Reporting Period
This Form 8-K Current Report was filed by Assurant, Inc. on February 11, 2005. The filing discloses the entry into a material definitive agreement regarding the amendment and restatement of the company's deferred compensation plan.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and compensation plan amendments rather than financial performance.
Material Changes
On February 7, 2005, the Board of Directors amended and restated the Assurant Investment Plan, renaming it the "Assurant, Inc. Deferred Compensation Plan." Key changes and terms include:
- Eligibility: Restricted to a select group of management or highly compensated employees and directors.
- Deferral Limits: Participants may defer up to 50% of annual base salary and up to 100% of incentive payments or director fees.
- Vesting: Participant deferral accounts are fully vested immediately. Company discretionary accounts are subject to a vesting schedule approved by the administrator.
- Investment Structure: Accounts utilize "measurement funds" to track phantom investment returns; balances are bookkeeping entries only.
- Distribution Timing: Distributions occur upon termination, death, disability, or fixed dates. Specified employees face a six-month delay in receiving benefits following termination.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future earnings. The primary risk disclosed relates to the discretionary nature of company contributions and the potential for the plan to be terminated or amended, provided such actions do not adversely affect vested account balances.
Investor Verification Checklist
- Confirm the specific vesting schedule for Company discretionary accounts.
- Verify the list of "measurement funds" available for phantom investment tracking.
- Review the definition of "specified employees" subject to the six-month distribution delay.
- Assess the potential impact of the plan amendment on future compensation expenses.