HOME SAVINGS BANK
401(k) SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
NOTE 1DESCRIPTION OF PLAN
The following description of Home Savings Bank 401(k) Savings Plan (the Plan) is provided for general information purposes only. Participants should refer to
the Plan document for more complete description of the Plans provisions.
General
: Home Savings Bank (the Company) established the Plan
effective January 1, 1993. The Plan is subject to the provisions of the Employee Retirement Income Security Act (ERISA). Employees of the Company are eligible to become a participant in the Plan on their date of hire if not a member of a union
with which the Company has a collective bargaining agreement, a nonresident alien, a leased employee, a limited service employee or a seasonal employee.
On January 31, 2017, United Community Financial Corp. (UCFC) completed an acquisition of Ohio Legacy Corp. (OLCB) pursuant to the terms and conditions of
the Agreement and Plan of Merger, dated as of September 8, 2016 by and among UCFC, The Home Savings and Loan Company of Youngstown, Ohio (Home Savings), OLCB and Premier Bank & Trust (Merger Agreement). Pursuant to the terms of the
Merger Agreement, OLCB was merged with and into UCFC. Immediately following the merger, Home Savings was merged with and into Premier Bank & Trust, a subsidiary of OLCB, and changed its name to Home Savings Bank.
Effective February 1, 2017, because of the name change of the Company, the Plans name changed from The Home Savings & Loan Company 401(k)
Savings Plan to Home Savings Bank 401(k) Savings Plan.
Contributions
: Participants may authorize up to 100% of their annual pretax compensation,
subject to Internal Revenue Code limitations, to be withheld by the Company through payroll deductions. The Plan also allows any participant who has attained age 50 by the end of the Plan year to make
catch-up
contributions in accordance with Code Section 414(v). The Company may make a matching contribution based on a percentage of participant contributions, as determined each year by the Company. For
2018, the Company matched 50% up to the first 6% of the participant compensation deferred. Additional amounts may be contributed at the option of the Company and are subject to certain limitations. There were no such additional contributions made
for the 2018 Plan year.
Rollover Contributions
: The Plan permits participants, upon being eligible to become a participant in the Plan, to
rollover into the Plan vested balances of a previous employers retirement plan accounts.
Participant Accounts
: Each participant account is
credited with the participants contribution and an allocation of (a) the Companys contributions, (b) net investment earnings, and (c) forfeitures. Allocations are based on participant earnings or account balances, as
defined. The benefit to which a participant is entitled is the benefit that can be provided from the participants vested account. Each participant directs the investment of their account to any of the investment options available under the
Plan, including common stock of UCFC, the Companys parent.
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