Company: ASRV
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0001558370-25-008853
Chunk: 4

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-06-25
Form: 11-K
Chunk 4
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31, 2012 and December 31, 2013, respectively, are eligible to participate upon the completion of one hour of service.The Plan includes a 401(k) before-tax savings feature, which permits participants to defer compensation under Section 401(k) of the Internal Revenue Code. It is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The Plan is not covered by the Pension Benefit Guaranty Corporation.

The Pension Committee (the “Committee”) of AmeriServ Financial Bank (the “Bank”) has the responsibility to administer the AmeriServ Financial 401(k) Profit Sharing Plan. The Committee has the authority and responsibility to prudently and diligently select mutual funds or other investment vehicles for participant investment direction in the Plan. The Committee currently delegates this responsibility to the AmeriServ Wealth and Capital Management Division of the Bank to assist the Committee in fulfilling its fiduciary obligations in the administration of the Plan investments.

All eligible employees may elect to contribute, through the 401(k) feature, 1% to 100% of their base salaries each period to the maximum amount permitted by the Internal Revenue Code. On January 1, 2018, the Plan was amended to allow Roth deferrals as an additional employee contribution option to all employees.

Non-union employees hired or rehired after December 31, 2012, will be provided an employer matching contribution equal to 50% of the first 6% of deferred compensation in addition to a non-

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elective contribution of 4% of their base pay plus commissions. For non-union employees hired on or before December 31, 2012, the match is 50% of the first 2% of pretax 401(k) contributions with no non-elective contributions.

Full-time salaried union employees hired after December 31, 2013 receive a dollar for dollar match up to 4% plus a non-elective contribution of 4% of their total eligible compensation. All other eligible union employees will receive a non-elective contribution of 4% based on their total eligible compensation.

Participants who have attained age 50 before the end of the plan year are eligible to make catch-up contributions per IRS guidelines. Such catch-up contributions were limited to $7,500 for the years ended December 31, 2024 and 2023. Participants may also contribute amounts representing distributions from other qualified defined benefit or