Company: RNST
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0000715072-25-000202
Chunk: 5

Company: RENASANT CORP
Filing Date: 2025-06-27
Form: 11-K
Chunk 5
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| Three, but less than four |     |          |  40 | % |
| Four, but less than five  |     |          |  60 | % |
| Five, but less than six   |     |          |  80 | % |
| Six or more               |     |          | 100 | % |

Safe harbor matching contributions vest 100% after two years of service.

Forfeitures : Forfeitures of non-vested contributions are used to reduce future employer contributions or to pay plan expenses. There were forfeitures used in the amount of $187,159 and $164,934 for the years ended December 31, 2024 and 2023, respectively.

Benefits : Benefits are equal to the vested value of each participant’s accounts. Upon termination of service, benefits are paid in the form of a single sum, except those amounts allocable to a participant’s money purchase account, which are paid in the form of an annuity, unless a participant otherwise elects.

Administrative Expenses : Processing fees of the Plan are charged against the individual participant account balance that was responsible for the expense. Administrative expenses are paid by the Plan or may be paid by the Company at the Company’s discretion.

Notes Receivable from Participants : Participants may borrow from their fund accounts up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from one to five years, unless the loan is for the purchase of a principal residence. The loans are secured by the balance in the participant’s accounts and bear interest at 1% over the Prime Rate published in The Wall Street Journal on the first business day of the month before the loan is originated. At December 31, 2024, the Prime Rate was 7.50%. The interest rate is fixed for the life of the loan. Principal and interest are paid ratably through payroll deductions.

Note B – Summary of Significant Accounting Policies

Basis of Accounting : The Plan’s financial statements are prepared using the accrual basis of accounting, with the exception of the payment of benefits, which are recognized as a reduction in the net assets available for benefits of the Plan as they are disbursed to participants.

Use of Estimates : The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.

Investment Valuation and Income