Company: CMA
Filing Date: 2025-05-29
Form Type: 11-K
Source: 0000028412-25-000169
Chunk: 8

Company: COMERICA INC
Filing Date: 2025-05-29
Form: 11-K
Chunk 8
---
 |   3 |     |                      |   3 |     | None                 |     | Daily                |     | None                     |
| Total collective trust funds |     | $                    | 881 |     | $                    | 771 |     |                      |     |                      |     |                          |

#### 4. Fully Benefit-Responsive Investment Contracts
The Plan holds a portfolio of synthetic guaranteed investment contracts, which meet the fully benefit-responsive investment contract criteria and are reported at contract value. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants when they initiate permitted transactions under the terms of the Plan. Contract value represents contributions and allocations made under each contract, plus earnings, less withdrawals. Synthetic guaranteed investment contracts were $124 million and $137 million at December 31, 2024 and 2023, respectively.

Security-backed guaranteed investment contracts are issued by insurance companies or other financial institutions and backed by a portfolio of bonds. The bond portfolio is structured as a collective fund and is owned directly by the Plan. The issuer guarantees that all qualified participant withdrawals will be at contract value and that the crediting rate applied will not be less than zero percent. Crediting rates are typically reset quarterly to account for the difference between the contract value and the fair value of the underlying portfolio.

If the Plan defaults in its obligations under the contract (including the issuer’s determination that the agreement constitutes a nonexempt prohibited transaction as defined under ERISA), and such default is not corrected within the time permitted by the contract, then the contract may be terminated by the issuer and the Plan will receive the fair value as of the date of termination. Each contract recognizes certain “events of default” which can invalidate the contracts’ coverage. Among these are investments outside of the range of instruments which are permitted under the investment guidelines contained in the investment contract, fraudulent or other material misrepresentations made to the issuer, changes of control of the investment adviser not approved by the contract issuer, changes in certain key regulatory requirements, or failure of the Plan to be tax qualified.

<div align='center'>9</div>

The contracts also generally provide for withdrawals associated with certain events which are not in the ordinary course of Plan operations. These withdrawals are paid with a market value adjustment applied to the withdrawal as defined in the investment contract. Each contract issuer specifies the events which may trigger a market value adjustment; however, such events may include, but may not be limited to, the following:

• material amendments to the Plan’s structure