Company: BSX
Filing Date: 2025-06-18
Form Type: 11-K
Source: 0000885725-25-000035
Chunk: 5

Company: BOSTON SCIENTIFIC CORP
Filing Date: 2025-06-18
Form: 11-K
Chunk 5
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 of installments, partial payments or a lump-sum. The Company Stock Fund may be distributed in-kind, if requested by the Participant. Upon termination, Participant account balances (less any rollover amounts) in excess of $7,000 (effective August 1, 2024; previously $5,000) may continue to be invested in the Plan until the Participant attains the age of 72. While employed by the Company, a Participant may withdraw all or a portion of their Elective Contributions to the extent necessary to meet a financial hardship, as provided for in the Plan, not to exceed one financial hardship withdrawal per year. Financial hardship withdrawals are strictly regulated by the Internal Revenue Service (IRS). Qualified Disaster Relief Withdrawals permit special hardship distributions only (but not loans) for previously approved and any future disaster reliefs granted by the IRS. Participants may make withdrawals for any reason after attaining age 59½. Disabled Participants as defined in the Company's group long-term disability contract are allowed to make withdrawals at any time regardless of age. The Plan also allows withdrawals regardless of age from a Participant's after-tax account for any reason.

Forfeitures

Unallocated and forfeited non-vested accounts were $15,609 and $134,864 as of December 31, 2024 and 2023, respectively. These amounts are used to: (a) restore any amount previously forfeited as required by applicable regulations, (b) pay reasonable expenses of administering the Plan and (c) reduce future employer matching contributions. In 2024, employer contributions were reduced by forfeited non-vested accounts in the amount of $142,235 and forfeitures were restored to Participants in the amount of $3,806.

Administrative Expenses

Certain of the Plan's administrative expenses, including recordkeeping and trustee fees, are paid by Plan Participants through a quarterly fee of $4.25 (effective September 30, 2024; previously $5.00) charged to each Participant's account. Expenses relating to purchases, sales, or transfers of the Plan's investments are charged to the particular investment fund to which the expenses relate. The Company pays all other administrative expenses of the Plan. The quarterly fees charged to Participants are used to offset Plan expenses. Any unused fees are maintained in an unallocated asset account, which totaled $320,386 and $264,376 as of December 31, 2024 and 2023, respectively. During 2024, $34,055 of such unallocated funds