The Timken Company Voluntary Employees'S Beneficiary Association Trust

“Membership consists of individuals who are employees who have an employment-related common bond. These members are entitled to receive revenue/distributions should the organization terminate.”

“The timken company, as the employer, has a right to terminate or change the plan.”

“The form 990 is prepared by an independent accounting firm. A copy of this return is provided to both the timken company as well as the institutional trustee, u.s. Bank national association prior to filing.”

“Plan governing documents and financial statements are available to plan members upon request, as required under title i of the employee retirement income and security act of 1974.”

“Premiums paid 472,876. Administrative fees 280,596.”

“Transfer out -11,095,585.”

“The audit process has not changed from the prior year.”

“Effective january 1, 2020, the veba trust agreement was amended to allow the trust to be divided into two or more subfunds, each to be used exclusively to pay fo benefits provided to participants and beneficiaries under the welfare plan(s) designated for such subfund and, to pay certain other costs and expenses of the trust attributable to such subfund. Assets with a fair value of $50,000,000 were transfered to a separate subfund which was designated to fund another plan and as a result, ceased to be assets of the plan. The remainder of the trust was placed into a separate subfund designated to continue to fund the plan. As of january 1, 2020, the plan added diamond chain company, inc. As a participating employer. The plan allows bargained retirees of diamond chain to receive a post-employment life insurance benefit if the associate retired between april 1, 2019 and december 31, 2019. Effective january 1, 2020, the timken retiree medical and prescription drug program offers one medicare advantage plan administered by humana. In 2021, $11,095,585 was transferred from the veba i subfund to the veba ii subfund. During march 2021, the remaining assets held by the veba trust were fully utilized and the plan administrator has elected to cease the plan's use of the trust going forward. All future benefits will be funded by the company as needed.”