ASTORIA FEDERAL SAVINGS ANDLOAN ASSOCIATION

 

 

 

ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION

1.01 Association

Astoria Federal Savings and Loan Association.

The persons appointed to administer the Plan.

1.03 Effective Date

This restated Plan is effective January 1, 1989. The original effective date was June 1, 1983.

The Astoria Federal Savings and Loan Association Excess Benefit Plan.

The Astoria Federal Savings and Loan Association Employees’ Pension Plan.

 

 

2.01 Eligibility and Commencement of Participation

Any participant in the Qualified Retirement Plan shall become a Participant in this Plan when his benefits payable under the Qualified Retirement Plan become limited under Internal Revenue Code Sections 401(a)(17) and 415.

3.01 Supplementa1 Retirement Benefits

(a) The Plan shall provide benefits in excess of those that would be permitted by law under the Qualified Retirement Plan, as amended, to the extent they would otherwise have been provided under the Qualified Retirement Plan if the Internal Revenue Code ceilings on compensation and benefits under tax qualified plans were not imposed. Benefits shall be payable monthly from the general assets of the Association.

 

(b) Benefits shall be payable commencing in the later of the month after the Participant's 65th birthday or month following the month in which the Participant terminates employment unless, within thirty (30) days after first becoming a Participant (or, if later, December 31, 2008 with respect to benefits payable after December 31, 2008) the Participant elects that payments begin at termination of employment or on a specified date after termination of employment but before attainment of age 65.   Benefits shall be payable in the form of a single life annuity for the life of the Participant unless, within thirty (30) days after first becoming a Participant (or, if later, December 31, 2008 with respect to benefits payable after December 31,

 

 

2008) the Participant elects that payments be made in another optional form of payment permitted under the Qualified Plan or in a lump sum.  Payments made in the form of an optional form of benefit or a lump sum shall be determined using the applicable interest rate and mortality assumptions in effect under the Qualified Plan when the benefit calculation is made.

 

(c) A Participant may elect that, in the event of a change in control of the Association (within the meaning of section 409A of the Internal Revenue Code) any remaining benefits due to him under the Plan shall be made in a single lump sum on the effective date of the change in control, such lump sum to be computed on the basis of the interest rate and mortality assumptions applicable under the Qualified Plan as of the date of payment.  Such an election shall be made within thirty (30) days after first becoming a Participant or, if later in the case of benefits payable after December 31, 2008, no later than December 31, 2008.

 

(d) Notwithstanding anything in the Plan to the contrary any benefit under the Plan that becomes payable due to a Participant's termination of employment shall (a) if necessary, be deferred to and payable on (or commencing on) the earliest date on which the Participant has a "separation from service" (within the meaning of section 409A of the Code) and (b) if the Participant is a "specified employee" (within the meaning of section 409A of the Code on the date of his separation from service shall be further deferred to the first day of the seventh calendar month to begin after separation from service.  The amount of any payments scheduled to be made during the deferral period shall be paid, with interest at the rate of six percent (6%) per annum, compounded annually from the scheduled payment date to the end of the required deferral period, immediately following the end of any required deferral period.

 

 

4.01 Duties of the Committee

The Committee shall have full responsibility for the management, operation, interpretation and administration of the Plan in accordance with its terms, and shall have such authority as is necessary or appropriate in carrying out its responsibilities. Actions taken by the Committee pursuant to this Section 4.01 shall be conclusive and binding upon the Association, Participants, former Participants, beneficiaries, and other interested parties. All decisions, interpretations, and actions made by the Committee shall at all times be consistent with the requirements of the Qualified Retirement Plan as if that plan could have provided the benefits described herein.

4.03 Unfunded Character of the Plan

The Plan shall be unfunded. Neither the Association nor the Committee nor its individual members shall segregate or otherwise identify specific assets to be applied to the purposes of the Plan, nor shall any of them be deemed to be a trustee of any amounts to be paid under the Plan. Any liability of the Association to any person with respect to benefits payable under the Plan shall be based solely upon such contractual obligations, if any, as shall be created by the Plan, and shall give rise only to a claim against the general assets of the Association. No such liability shall be deemed to be secured by any pledge or any encumbrance on any specific property of the Association.

 

 

 

5.01 Amendment and Termination

The Board shall have the right to amend or terminate the Plan, in whole or part at its sole discretion, at any time. Benefits accrued under the Plan as of the date of any amendment or termination shall not be reduced, and such benefits shall become nonforfeitable to the same extent that such rights would be nonforfeitable if such benefits had been provided under the Qualified Retirement Plan. If the Plan is terminated, the Association shall pay the accrued benefits provided by the Plan to each Participant.   Any termination of the Plan and related payment of benefits shall conform to the requirements of section 409A of the Code.

 

5.02 Operation as Unfunded Excess Benefits Plan

 

The Plan is intended be an unfunded, non-qualified excess benefit plan as contemplated by Section 3(36) of ERISA for the purpose of providing benefits in excess of the limitations imposed by Section 415 of the Internal Revenue Code.  In addition, the Plan is intended to be a deferred compensation plan as contemplated by Section 3(2) of ERISA for the purpose of providing benefits in excess of the limitations imposed by Section 401(a)(17) of the Internal Revenue Code. The Plan is not intended to comply with any other requirements of Section 401(a) of the Internal Revenue Code.  The Plan shall be administered and construed so as to effectuate this intent.

 

5.03 Internal Revenue Code Section 409A Compliance

 

The Plan is intended to be a non-qualified deferred compensation plan described in

 

 

Section 409A of the Code. The Plan shall be operated, administered and construed to give effect to such intent. In addition, the Plan shall be subject to amendment, with or without advance notice to Participants and other interested parties, and on a prospective or retroactive basis, including but not limited to amendment in a manner that adversely affects the rights of participants and other interested parties, to the extent necessary to effect such compliance.