Company: ELV
Filing Date: 2025-06-24
Form Type: 11-K
Source: 0001156039-25-000106
Chunk: 6

Company: Elevance Health, Inc.
Filing Date: 2025-06-24
Form: 11-K
Chunk 6
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 Financial Statements (continued)
Upon termination of employment, the participant is entitled to receive the fully vested current value of his or her account. If the current value of the vested account is $5,000 or less, the account is paid in a lump-sum payment. If the vested account value is $5,000 or more, the account will remain in the Plan unless the participant elects otherwise. The participant may elect to have the entire portion, if any, of the account held in the Elevance Health Stock Fund paid in whole shares of Elevance Health common stock, with fractional shares and any uninvested funds paid in cash. Distribution of participant accounts must commence not later than 60 days after the close of the plan year in which the latest of the following occurs: (i) the participant attains normal retirement age; (ii) the tenth anniversary of the commencement of the participant's participation in the Plan; and (iii) the participant's termination of employment. Upon death, payments are made to the participant’s beneficiary in the form of a lump-sum payment or in installments.

#### Notes Receivable from Participants
Participants may request a loan not in excess of the lesser of: (1) 50% of the vested account balance, or (2) $50,000, less the highest outstanding loan balance during the preceding year. A participant may not have more than two loans outstanding at any one time and must wait 30 days from when a loan is paid off before requesting a new loan. Repayment of loans shall not exceed five years, except for loans used to acquire the participant’s principal residence. Each loan bears interest in accordance with the Plan's loan policy and applicable regulations. Repayments are made by payroll deduction or remitted directly to Fidelity.

#### Forfeitures
Forfeited nonvested account balances totaled $90,558 and $127,278 as of December 31, 2024 and 2023, respectively. Forfeitures may be used to offset employer contributions or to pay certain administrative expenses. During the year ended December 31, 2024, forfeitures of $55,720 were used to offset employer contributions and forfeitures of $110,992 were used to pay administrative expenses.

#### Plan Termination
Although it has not expressed any intent to do so, the Plan Sponsor has the right to terminate the Plan subject to the provisions of ERISA. In the event the Plan is terminated, each participant’s account shall be non-forfeitable with respect to both the