Company: NWBI
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-049104
Chunk: 65

Company: Northwest Bancshares, Inc.
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 65
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 portion of his pension benefit under this formula.

For service commencing January 1, 2013, which includes NEOs, benefits for all participants under the Pension Plan will be equal to 1% of eligible base pay for each calendar year that a participant completes at least 1,000 hours of service.

Effective August 1, 2020, the Pension Plan was amended to preclude new participants. Those employees in an eligible position that were hired, rehired, or acquired on or before July 31, 2020, will continue to vest and accrue additional benefits for each year they are credited with 1,000 hours or more of service. Employees, including NEOs, that are hired, rehired, acquired, or transfer to an eligible job classification on or after August 1, 2020, are not eligible to participate in the Pension Plan.

The accrued annual pension benefit as of December 31, 2024, for Messrs. Torchio, Harvey and Watson were $20,638, $111,322 and $18,350, respectively. As of December 31, 2024, Messrs. Torchio and Watson qualified for early retirement under the Retirement Plan. If Messrs. Torchio and Watson had retired on December 31, 2024 and began receiving benefit payments immediately upon retirement, their annual pension benefit would have been $17,489 and $11,220, respectively. As of December 31, 2024, Mr. Harvey is no longer an employee and is eligible to make an election regarding the form of distribution of accrued benefit in accordance with the plan terms. Messrs. Schosser, Betchkal and DesMarteau were not eligible to participate in the Pension Plan due to joining the Company subsequent to the Pension Plan’s soft freeze in 2020.

Supplemental Executive Retirement Plan

Northwest Bank has adopted the non-qualified supplemental executive retirement plan (the “SERP”) for certain participants in the Pension Plan whose benefits are limited by Section 415(b) of the Internal Revenue Code (which limits the amount of annual benefits that may be accrued to fund future benefit payments) or Section 401(a)(17) of the Internal Revenue Code (which places a limitation on compensation taken into account for tax-qualified plan purposes; for 2024, that limit was $345,000). The SERP provides the designated executives with retirement benefits generally equal to the difference between the benefit that would be available under the Pension Plan