Preparing for Retirement

Within the three months leading up to your retirement date, please inform your manager and your HR Business Partner (HRBP) about your retirement plans.

This type of early communication enables us to support your transition effectively.

You may be eligible for Social Security benefits if you are 62 years or older and have paid Social Security taxes for at least 10 years. Here's what you need to know:

• If you choose to begin receiving your Social Security benefits before reaching your full retirement age, your monthly benefits are reduced.
• Delaying benefits after your full retirement would increase your monthly benefits, but there's no incentive to delay past age 70.

You can apply for Social Security benefits online at https://www.ssa.gov, by calling 800.772.1213, or by visiting your local Social Security office before your retirement.

If you're 65 or older, you can sign up for Medicare through Social Security. Medicare has several parts:

• Part A (Hospital Insurance): Helps with inpatient care, and it's free if you've paid Medicare taxes for at least 10 years.
• Part B (Medical Insurance): Covers services from healthcare providers, with a monthly premium for most individuals.
• Part C (Medicare Advantage): Combines various coverage types like vision, hearing, and dental insurance and is an alternative to Part A and Part B. You must enroll in Parts A and B before signing up for Part C.
• Part D (Prescription Drug Coverage): Helps with prescription drug costs, but you must enroll in Parts A and B before enrolling in Part D.
• If you or your spouse are still working with employer-provided group health plan, you may qualify for a Special Enrollment Period for Medicare Part B without paying a late enrollment penalty. Contact our HR-Benefits Team at HRBenefitAdminstration@eastwestbank.com for assistance completing Form CMS L564/R297.

You can conveniently apply for Medicare through Social Security Online at https://www.ssa.gov/medicare/sign-up or by calling 800.772.1213.

See the following for more information on Medicare:

• When can I sign up for Medicare?
• Avoid late enrollment penalties
• Fact Sheet: Deciding whether to enroll in Medicare Part A and Part B when you Turn 65 (cms.gov)

Decide when and how to access your 401(k) retirement savings:

• If you withdraw money from your 401(k) before age 59 ½, you may incur an early withdrawal penalty and income tax if the distributions are from a traditional 401(k).
• After age 59 ½, you can make withdrawals without penalties, but withdrawals are still subject to income tax if the distributions are from a traditional 401(k).
• You can leave your 401(k) balance in your account if it's over $5,000 until you reach the age of required minimum distributions, but you cannot make further contributions to the account.
• Minimum distributions start at age 73 (born between 1951 and 1959) or age 75 (born in 1960 or later).

For more information or assistance with making a distribution, please contact Empower at 855.756.4738 (Monday – Friday, 8am – 10pm ET; Saturday 9am – 5:30pm ET) .

If you retire at age 65 or older, your unvested Restricted Stock Units (RSUs) will not be forfeited, and they will continue to vest over three years based on the RSUs grant date. Additionally:

• If you meet the "Rule of 65" (you must be age 55 or older and your years of service add up to 65), you can retire without forfeiting unvested RSUs with a three-year vesting schedule.
• RSUs do not continue vesting if you accept paid full or part time employment with a competitor or financial institution, or if you receive compensation in any capacity (e.g., as a consultant, director, or broker) from a competitor or financial institution after your retirement at East West Bank.
• You can review your RSU information at https://eastwestbank.solium.com/solium/servlet/userLogin or contact Shareworks at 877.380.7793 from 8 am to 8 pm ET.

Access to Shareworks ends 90 days after your last vested RSU tranche, and vested RSUs can be transferred to a brokerage institution of your choice. Email ewbstockplan@eastwestbank.com if you have any questions about your RSUs.

Consider converting your life, AD&D, LTD, Accidental Injury, Critical Illness, and Hospital Indemnity insurances to individual policies if desired. Please follow these steps to port or convert:

Life, AD&D, and LTD:

• Contact New York Life at 888.842.4462 (Monday to Friday from 5 am to 5 pm PT) within 62 days from the coverage termination date.

Accidental Injury, Critical Illness, and Hospital Indemnity:

• Contact Aflac at 800.433.3036 within 31 days from the coverage termination date.

If you or your dependents are not eligible for Medicare or cannot obtain health insurance through an employer, consider COBRA coverage:

• You'll receive a COBRA Packet from WEX Health Inc. about 10 business days after your retirement date.
• Respond within 60 days to ensure eligibility.
• You can complete the application online at https://www.wexinc.com/solutions/benefits/participants-employees/ or complete the physical application form.

For questions about COBRA, contact WEX Health Inc. at 866.451.339.