EBC means Eastern Bank Corporation, the parent corporation of the Bank.
Effective Date means, for this restated document, January 1, 2014, unless another effective date is specified for any provision. Unless specifically stated otherwise, the rights of or with respect to any Participant will be governed by the terms of the Plan as in effect at the date of the Participants Separation from Service.
Election Form means one or more forms or other written communication, accepted by the Committee or its agent, to record a Participants instructions with respect to the payment mode of his vested Accrued Benefit.
Employee means an individual employed by the Bank or an Affiliate.
Employer means the Bank and any Affiliate whose Employees participate in the Plan.
ERISA means the Employee Retirement Income Security Act of 1974, as amended.
Final Regulations means the regulations interpreting Code Section 409A promulgated on or about April 10, 2007, and as they may be amended or added to from time to time.
Guidance means IRS Notice 2005-1, the proposed regulations under Section 409A promulgated in 2005, IRS Notice 2006-79, the Final Regulations, and any future written interpretation of Section 409A issued by the Treasury or Internal Revenue Service, except that Guidance will not be binding if counsel retained by the Bank determines, in writing, that it is not a correct interpretation of Section 409A or that an alternate interpretation is permissible. The Plan will be interpreted in a permissive fashion based on Guidance, with the goal that no event occurs which would be deemed a plan failure under Section 409A, and that the Committee have the fullest power permitted by Guidance or law to interpret or restructure the Plan and elections to prevent the occurrence of such plan failures.
Late Retirement Date is the Separation from Service date of a Participant who continues employment after Normal Retirement Date.
Measurement Fund, for Participants who are covered under the Plan, means a notational factor which permits their Account to track the performance of a mutual fund, market index, savings instrument, or other designated investment or portfolio of investments. Measurement Funds shall be provided which are similar to those in use under the 409A DC Plan and administered in similar manner, as set forth in Section 3.2.
Normal Retirement Date means the date of a Participants 65th birthday.
Participant means any Employee who meets the eligibility requirements and is designated as a Participant, as set forth in Section 2.
Plan means this Eastern Bank Supplemental Executive Retirement Plan, as it may be amended from time to time.
Plan Year means the calendar year.
Qualified Plan means the Savings Banks Employees Retirement Association Pension Plan, a defined benefit pension plan, as adopted by the Bank.