Company: FRME
Filing Date: 2025-04-01
Form Type: DEF 14A
Source: 0000712534-25-000077
Chunk: 44

Company: FIRST MERCHANTS CORP
Filing Date: 2025-04-01
Form: DEF 14A
Chunk 44
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: 1.6% of average final compensation (in general, the participant’s highest 60 consecutive months’ W-2 compensation, less incentive pay) plus .5% of average final compensation in excess of Social Security covered compensation, both amounts times years of service to a maximum of 25 years. Benefits are integrated with Social Security but they are not subject to any deduction for Social Security or other offset amounts. The benefits payable under the Pension Plan at age 65 to the participants whose benefits were frozen are determined under the formula described above, based on their average final compensation as of March 1, 2005, times a fraction, the numerator of which is the participant’s years of credited service as of March 1, 2005, and the denominator of which is the participant’s years of credited service projected to age 65.

Mr. Hardwick is the only NEO who participates in the Pension Plan. Since he had not yet attained age 55 and earned at least 10 years of credited service on March 1, 2005, he was not eligible for “grandfathering.” He ceased accruing benefits under the Pension Plan, and his accrued benefits were frozen as of that date. As of December 31, 2024, the present value of Mr. Hardwick’s accumulated benefits were $56,348. If he continues his employment with the Company until age 65 and retires at that time, his annual benefits under the Pension Plan, payable as a straight-life annuity, would be approximately $8,594. See the Pension Benefits Table on page 41.

RETIREMENT AND INCOME SAVINGS PLAN ( “§401(K) PLAN” )

The §401(k) Plan is a qualified Code §401(k) defined contribution retirement plan, under which participating employees of the Company and its subsidiaries that adopt the Plan may save for their retirement by making pre-tax and Roth after-tax contributions up to the lesser of the statutory limits ($23,500 plus “catch up” contributions of up to $7,500) for participants over age 50) and the limits set forth in the §401(k) Plan.

The Company makes matching contributions to the §401(k) Plan on behalf of participants who make pre-tax and/or Roth after-tax contributions. The Company matches a participant’s pre-tax and Roth after-tax contributions at the rate of 100% of such contributions up to 3% of the participant’s compensation, plus 50% of such contributions to the extent they exceed 3