This excerpt taken from the NBG 20-F filed Jul 15, 2005.
b) Plans previously reported as Defined Benefit Plans
The following plans, which were previously accounted for as defined benefit plans, are accounted for in 2002, 2003 and 2004, either as a defined contribution plan or a plan no longer sponsored by the Bank. In the opinion of the Group's legal counsel, following the enactment of Law 3029/11.07.2002, on "Reform of the Social Security System", the Group is under no obligation to cover possible future plan deficits for certain plans which were previously accounted for as defined benefit plans. Under the provisions of Law 3029/11.07.2002, the Greek State shall undertake the obligation to fund the deficits of these plans. The settlement of these plans resulted in a loss of EUR 38.3 million in 2002, which was accounted for as extraordinary item.
National Bank of Greece Employees' Lump Sum Benefit Plan
The Bank prior to 2002 made contributions to an employee-managed benefit plan, which provides for a lump sum to be paid upon retirement. Accrued benefits are also paid on an earlier date in the event of death or disability. According to Law 2084/92, the Bank is no longer required to make contributions to this plan and pursuant to the provisions of Law 3029/11.07.2002 discussed above, as of July 11, 2002 this is no longer a plan sponsored by the Bank.
Ethniki Hellenic General Insurance Company ("EH") Employees' Main Pension Plan
The Group's insurance company contributes to a main pension plan, which provides for a monthly pension to be paid upon retirement. The benefit structure, is similar to that provided under the Bank's employees' main plan. Accrued benefits are also paid on an earlier date in the event of death or disability. Pursuant to the provisions of Law 3029/11.07.2002 this plan is accounted for as a defined contribution plan.