Company: ASRV
Filing Date: 2025-06-25
Form Type: 11-K
Source: 0001558370-25-008853
Chunk: 7

Company: AMERISERV FINANCIAL INC /PA/
Filing Date: 2025-06-25
Form: 11-K
Chunk 7
---
 be in default, the participant loan balance is reduced and a benefit payment is recorded. Defaulted loans which resulted in a benefit payment from the Plan totaled $45,706 and $51,359 for the years ended December 31, 2024 and 2023, respectively.

Benefit payments to participants are recorded when paid.

Amounts payable to participants for contributions in excess of amounts allowed by the Internal Revenue Service are recorded as a liability with a corresponding reduction to contributions. There were no excess contributions payable as of December 31, 2024 and December 31, 2023.

Certain administrative functions are performed by officers and employees of the Company. No such officer or employee receives compensation from the Plan. Certain other administrative expenses are paid directly by the Company. Such costs amounted to $127,009 and $138,377 for the years ended December 31, 2024 and 2023, respectively. A portion of these administrative expenses were paid to a related party for the years ended December 31, 2024 and 2023 which totaled $110,300 and $106,352, respectively.

NOTE 3 - PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right, under the Plan, to discontinue their contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of termination of the Plan, participants will become 100% vested in their accounts.

NOTE 4 - TAX STATUS

The Internal Revenue Service has determined and informed the Company that the Plan is designed in accordance with applicable sections of the Internal Revenue Code (IRC) by letter dated March 9, 2017. The Plan has been amended since receiving the opinion letter, the prototype sponsor and the Plan Administrator believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability or

<div align='center'>10</div>

disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2021. NOTE 5 – PARTY-IN-INTEREST TRANSACTIONS Certain Plan investments are shares of common/collect