Company: WBS-PG
Filing Date: 2025-06-26
Form Type: 11-K
Source: 0000801337-25-000059
Chunk: 8

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-06-26
Form: 11-K
Chunk 8
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) 150% of the regular catch-up contribution.

Effective January 1, 2025, the Plan’s maximum cash-out provision amount was increased from $5,000 to $7,000.

Effective January 1, 2025, for each plan year beginning on or after January 1, 2025, the plan administrator will provide notice to any participant whose deferral rate is less than 3% of their eligible compensation. If they do not make an affirmative election within the time frame permitted in the notice, the participant will be automatically enrolled in the plan on a pre-tax basis and deemed to have elected their deferral rate be set at 3% of eligible compensation.

Effective February 10, 2025, employees of Ametros Financial Corporation (Ametros), which was acquired by the Bank on January 24, 2024, are eligible to participate in the Plan. Individuals who had an account balance under the Ametros 401(k) Plan as of the plan merger effective date, and whose account balance had transferred to the Plan, became fully vested in their transferred account balance, except for their employer matching contributions account. Former Ametros employees will become 20% vested in their transferred employer matching contributions account after one year of vesting service and 100% vested after two or more years of vesting service. Any of such individuals who had attained aged 59-1/2 may also withdraw all or a portion of their vested account balance that was transferred to the Plan.

Effective February 10, 2025 with respect to an employee of Ametros who (i) was hired during the two month period immediately before the plan merger effective date; (ii) was not automatically enrolled in the Ametros 401(k) Plan; and (iii) did not make an affirmative election with respect to deferral contributions in the Ametros 401(k) Plan, the Plan’s automatic enrollment provisions will be applied as if the employee became eligible to make deferral contributions under this Plan on the first day on which the employee became a common law employee of Ametros.

Effective February 11, 2025, qualified birth or adoption distributions may be made from the Plan to participating employees in an amount up to $5,000 per child. The distribution must be made within one year of the birth of the child or the finalization of the adoption. The individual may repay a qualified birth or adoption distribution within three years of the distribution date.

Effective February 11, 2025, all active plan participants may withdraw