Company: WBS-PG
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000801337-25-000004
Chunk: 117

Company: WEBSTER FINANCIAL CORP
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 117
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 thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3TotalCommon collective trusts$— $187,096 $— $187,096 $— $195,004 $— $195,004 Registered investment companies20,939 — — 20,939 20,965 — — 20,965 Cash and cash equivalents1,304 — — 1,304 1,198 — — 1,198 Total pension plan assets$22,243 $187,096 $— $209,339 $22,163 $195,004 $— $217,167 

136

Multiple-Employer Defined Benefit Pension PlanThe Bank participates in a multi-employer plan that provides pension benefits to former employees of a bank acquired by the Company. Participation in the plan was frozen as of September 1, 2004. The plan maintains a single trust and does not segregate the assets or liabilities of its participating employers. Minimum required employer contributions are determined by an independent actuary and are calculated using a 15-year shortfall amortization factor. There are no collective bargaining agreements or other obligations requiring contributions to the plan, nor has a funding improvement plan been implemented. The following table summarizes information related to the Bank’s participation in the multi-employer plan:(In thousands)ContributionsYears Ended December 31,Funded StatusAt December 31,Plan NameEmployer Identification NumberPlan NumberSurcharge Imposed20242023202220242023Pentegra Defined Benefit Plan for Financial Institutions13-5645888333No$482$448$448At least 80 percentAt least 80 percentThe Bank’s contributions to the multi-employer plan for the years ended December 31, 2024, 2023, and 2022, did not exceed more than 5% of total plan contributions for the plan years ended June 30, 2023, 2022, and 2021. The plan’s Form 5500 was not available for the plan year ended June 30, 2024, as of the date the Company’s Consolidated Financial Statements were issued. As of July 1, 2024, the date of the most recent actuarial valuation, the plan administrator confirmed that the Bank’s portion of the multi-employer plan was $3.3 million underfunded.Defined Contribution Postretirement Benefit