Company: BBY
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0000764478-25-000029
Chunk: 2

Company: BEST BUY CO INC
Filing Date: 2025-06-24
Form: 11-K
Chunk 2
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 is subject to the provisions of ERISA. O n January 1 , 202 4 , the Current Health, Inc. 401(k) Plan w as legally merged with the Best Buy Retirement Savings Plan and employees of Current Health, Inc. began participating in the Plan . During the year ended December 31, 202 4 , the Current Health, Inc. 401(k) Plan net assets available for benefits totaling $ 3,377,825 w ere transferred to the Plan. Contributions - Each year, participants may contribute up to 50% of their annual compensation through pre-tax contributions, after-tax Roth contributions or a combination of the two contribution types as defined by the Plan, subject to the Code limitations. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans. After one year of service with the Company, the Company will match 100% of the participant's eligible contributions that do not exceed 3% of compensation, plus 50% of eligible contributions that exceed 3% but do not exceed 5% of compensation. Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution, the Company's matching contribution, as well as allocations of Plan earnings and losses . Participants’ accounts are also charged with an administrative expense to cover expenses paid by the Plan . Charges are a flat monthly rate plus any service fees based on specific participant transactions, as defined in the Plan agreement . The benefit to which a participant is entitled to is the benefit that can be provided from the participant's vested account. Investments - Participants direct the investment of their contributions and the Company's matching contributions into various investment options offered by the Plan , including the Best Buy Co., Inc. stock fund , registered investment companies, pooled funds and a stable value fund. Effective September 19, 2024, the Best Buy Co., Inc. Stock Fund was converted to an employee stock ownership plan (“ESOP”) and remains designated as the Best Buy Co., Inc. Stock Fund. With respect to the Best Buy Co., Inc. Stock Fund, common stock dividends paid to the ESOP will be credited to the participant based on their election. The participant may elect either to receive distribution of the dividend quarterly or reinvest the dividend in the Best Buy Co., Inc. Stock Fund. This election right applies to Best Buy Co., Inc. Stock Fund common stock dividends with a