Amendment No. 2 to M&T Bank Corporation Supplemental Pension Plan (Restated Effective January 1, 2005)
This amendment, executed by Manufacturers and Traders Trust Company, modifies the M&T Bank Corporation Supplemental Pension Plan. It removes the ability for participants to revoke changes to their pension benefit distribution elections, making such changes irrevocable. The amendment applies to election changes made after April 19, 2016. Participants can still change from a lump sum to an annuity under certain conditions, but once made, the change cannot be undone. The amendment aims to ensure compliance with tax regulations and prevent operational errors.
EXHIBIT 10.5
AMENDMENT NO. 2 TO THE
M&T BANK CORPORATION SUPPLEMENTAL PENSION PLAN
(Restated Effective as of January 1, 2005)
Manufacturers and Traders Trust Company (“Company”) hereby adopts this Amendment No. 2 to the M&T Bank Corporation Supplemental Pension Plan (Restated Effective as of January 1, 2005) (“SPP”).
WITNESSETH
WHEREAS, under Section 7.1, the Company may amend the SPP; and
WHEREAS, by Amendment No. 1, the Company amended the SPP to allow participants to change their election of the form of distribution of their SPP benefit; and
WHEREAS, Amendment No. 1 allowed participants to revoke a change of their election of the form of distribution, which ability to revoke could potentially result in operational errors under regulations issued under Code Section 409A; and
WHEREAS, the Company wishes to adopt this Amendment No. 2 to eliminate the ability to revoke changes in elections.
NOW, THEREFORE, the SPP is amended as follows, effective for election changes made after April 19, 2016 (the date Amendment No. 1 was signed).
FIRST AND ONLY CHANGE
Section 3.3(f), as added by Amendment No. 1, is revised to read as follows: “(f)Notwithstanding subsection (e), a Participant who elected to have his
Supplemental Pension Benefit paid as a lump sum may change that election to have his Benefit paid as any form of Annuity available under subsection (d), subject to the following:
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| (i) | The election change must be made at least one year before the lump sum is scheduled to be paid. |
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| (ii) | The election change is void and does not take effect if the Participant has a Separation from Service within one year after the election change is made. |
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| (iii) | Annuity payments will begin five years after the lump sum was scheduled to be paid. |
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| (iv) | Election changes are irrevocable, and a lump sum election cannot be reinstated under any circumstances.” |
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IN WITNESS WHEREOF, Manufacturers and Traders Trust Company has caused this Amendment No. 2 to be executed by its duly authorized officer.
WITNESS:MANUFACTURERS AND TRADERS
TRUST COMPANY
/s/ Joseph RizzutoBy: /s/ Ann Marie Odrobina
Group Vice President
Date: August 14, 2017
