Company: CL
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0000021665-25-000034
Chunk: 8

Company: COLGATE PALMOLIVE CO
Filing Date: 2025-06-25
Form: 11-K
Chunk 8
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 which a participant is entitled is the benefit that can be provided from the participant’s vested account. In addition to the vesting requirements described above, allocations to the Retiree Insurance Program are subject to the same vesting requirements as Company Matching contributions, and participants are at all times fully vested in the Bonus and Income Savings Account Programs.

Distributions

Participating employees can receive a distribution from the Plan due to retirement, permanent disability, termination or death. Unvested balances will be forfeited in the event of termination. In service withdrawals are available as specified by the Plan. Participants who have terminated employment are required to take certain minimum required distributions in accordance with the terms of the Plan and applicable law.

Forfeitures

After the earlier of the distribution of the terminated participant’s vested account balances or the fifth anniversary of the participant’s termination, nonvested account balances become available to the Company to reduce Company contributions that are otherwise due under the Plan, with any remaining balances first used to restore account balances in accordance with the terms of the Plan and then used for any permissible purpose, including but not limited to payment of reasonable Plan expenses not otherwise paid by the Company (in its capacity as a settlor) or satisfied through other means. The forfeiture balance as of December 31, 2024 and 2023 totaled $83 and $86, respectively. During 2024, the Company used $1,141 of forfeitures to reduce Company contributions.

Notes Receivable From Participants

Participants who have $1 or more in the Plan may borrow from the total of their fund accounts a minimum of $0.5 up to a maximum equal to the lesser of $50 (subject to certain offsets for prior loans) or 50% of their vested balance, subject to certain exclusions. Participants are allowed to have one ordinary loan and one loan related to the purchase of a principal residence outstanding at any time. The loans are secured by the balance in the participant’s account and bear a fixed rate of interest equal to the prime rate as listed in The Wall Street Journal on the 15th business day of the month immediately prior to the month in which the loan was requested. Principal and interest are paid ratably via payroll deductions. Loan terms range from 1 to 25 years. Loans outstanding at December 31, 2024 and December 31, 2023 had interest rates ranging from 3.3% to 9.3% and maturities through 2048.

Plan Termination

Although the Company has