SEC Filing Summary: Westfield Financial, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Westfield Financial, Inc. on July 10, 2006. The report details a material definitive agreement entered into on the same date regarding the amendment of the company's 401(k) Plan.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a non-financial operational agreement.
Material Changes
On July 10, 2006, Westfield Financial, Inc. and Westfield Bank amended their 401(k) Plan to comply with new Internal Revenue Code regulations. The amendments are effective for the first plan year beginning on or after January 1, 2006. Key changes include:
- Modification of testing procedures for contributions made by highly compensated employees.
- Expansion of hardship withdrawal events to include funeral expenses, medical expenses for non-custodial children, and certain home repair expenses.
- Authorization of both pre-tax and Roth elective deferral contributions.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook. The primary contingency addressed is regulatory compliance with sections 401(k), 401(m), and 402A of the Internal Revenue Code of 1986. No unusual items or risks were disclosed in this specific report.
Investor Verification Points
- Confirm the effective date of the 401(k) Plan amendments (January 1, 2006).
- Review the attached Exhibit 10.11 for the full text of the Plan amendment.
- Verify that the expanded hardship withdrawal provisions align with current employee benefit strategies.