Company: WBS-PG
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000801337-25-000015
Chunk: 59

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 59
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,200 |
| Christopher J. Motl |     | Webster Bank Pension Plan |     |        4 |     |      44,600 |

Webster Bank maintains the frozen Pension Plan for eligible employees of Webster Bank and affiliated companies that adopted the plan. Pension benefits were frozen as of December 31, 2007. Therefore, service and compensation after this date will not be used in calculating a benefit from this plan. The Pension Plan is a defined benefit tax-qualified plan under the IRC and complies with the requirements of the Employee Retirement Income Security Act of 1974, as amended. All employees hired before January 1, 2007 were eligible to participate in the Pension Plan upon reaching the age of 21 and completing one year of service. Benefits under the Pension Plan are funded solely by contributions made by Webster Bank. Under the Pension Plan’s benefit formula, a participant’s monthly normal retirement benefit will equal the sum of: (a) his or her accrued benefit as of December 31, 1986 (adjusted through August 31, 1996 to reflect certain future increases in compensation), plus (b) the sum of 2% of the participant’s monthly compensation for each year of credited service beginning on or after January 1, 1987 through August 31, 2004, plus (c) the sum of 1.25% of the participant’s monthly compensation if the participant has less than 10 years of credited service at the beginning of the year, or 1.50% of the participant’s monthly compensation if the participant has 10 or more years of credited service at the beginning of the year, for each year of credited service beginning on or after September 1, 2004 through December 31, 2007. In general, benefits may not be based on more than 30 years of credited service. The normal form of benefit is a life annuity for the participant’s lifetime. A Pension Plan participant becomes 100% vested in the benefits under the Pension Plan upon completion of five years of service. Benefit payments to a participant or beneficiary may commence upon a participant’s early retirement date (age 55), normal retirement date (age 65), deferred retirement date or death. Benefits payable at early retirement date are reduced 1/15 th each year for the first five years and 1/30 th each year for the next five years before normal retirement date. NON-QUALIFIED DEFERRED COMPENSATION Webster maintains a non-qualified SERP which