SIFI » Topics » Supplemental Executive Retirement Plan

These excerpts taken from the SIFI 10-K filed Mar 27, 2009.

Supplemental Executive Retirement Plan

The Bank maintains the Supplemental Executive Retirement Plan to provide restorative payments to executives, designated by the Board of Directors, who are prevented from receiving the full benefits of the Bank’s Profit Sharing and 401(k) Savings Plan and Employee Stock Ownership Plan. The supplemental executive retirement plan also provides supplemental benefits to participants upon a change in control prior to the complete scheduled repayment of the ESOP loan. For the years ended December 31, 2008 and 2007, the President and Chief Executive Officer was designated by the Board of Directors to participate in the plan. Total expense incurred under this plan was $5,000 and $7,000 for the years ended December 31, 2008 and 2007, respectively.

Supplemental Executive Retirement Plan

STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center">Table of Contents

 




































































Article I – Introduction

  1

Article II – Definitions

  2

Article III – Eligibility and Participation

  5

Article IV – Benefits

  6

Article V – Accounts

  8

Article VI – Supplemental Benefit Payments

  9

Article VII – Claims Procedures

  10

Article VIII – Amendment and Termination

  12

Article IX – General Provisions

  13






Supplemental Executive Retirement
Plan

The Bank maintains the Supplemental Executive Retirement Plan to provide restorative payments to executives, designated by the Board of
Directors, who are prevented from receiving the full benefits of the Bank’s Profit Sharing and 401(k) Savings Plan and Employee Stock Ownership Plan. The supplemental executive retirement plan also provides supplemental benefits to participants
upon a change in control prior to the complete scheduled repayment of the ESOP loan. For the years ended December 31, 2008 and 2007, the President and Chief Executive Officer was designated by the Board of Directors to participate in the plan.
Total expense incurred under this plan was $5,000 and $7,000 for the years ended December 31, 2008 and 2007, respectively.

These excerpts taken from the SIFI 10-K filed Mar 27, 2008.

Supplemental Executive Retirement Plan

The Bank maintains the Supplemental Executive Retirement Plan to provide restorative payments to executives, designated by the Board of Directors, who are prevented from receiving the full benefits of the Bank’s Profit Sharing and 401(k) Savings Plan and Employee Stock Ownership Plan. The supplemental executive retirement plan also provides supplemental benefits to participants upon a change in control prior to the complete scheduled repayment of the ESOP loan. For the years ended December 31, 2007 and 2006, the President and Chief Executive Officer was designated by the Board of Directors to participate in the plan. Total expense incurred under this plan was $7,000 and $6,000 for the years ended December 31, 2007 and 2006, respectively.

Supplemental Executive Retirement Plan

SIZE="2">The Bank maintains the Supplemental Executive Retirement Plan to provide restorative payments to executives, designated by the Board of Directors, who are prevented from receiving the full benefits of the Bank’s Profit Sharing and
401(k) Savings Plan and Employee Stock Ownership Plan. The supplemental executive retirement plan also provides supplemental benefits to participants upon a change in control prior to the complete scheduled repayment of the ESOP loan. For the years
ended December 31, 2007 and 2006, the President and Chief Executive Officer was designated by the Board of Directors to participate in the plan. Total expense incurred under this plan was $7,000 and $6,000 for the years ended December 31,
2007 and 2006, respectively.

This excerpt taken from the SIFI 10-K filed Mar 30, 2006.

Supplemental Executive Retirement Plan

Effective January 2004, the Company adopted the Supplemental Executive Retirement Plan to provide restorative payments to executives, designated by the Board of Directors, who are prevented from receiving the full benefits of the Bank’s Profit Sharing and 401(k) Savings Plan and Employee Stock Ownership Plan. The supplemental executive retirement plan also provides supplemental benefits to participants upon a change in control prior to the complete scheduled repayment of the ESOP loan. For the years ended December 31, 2005 and 2004, President and Chief Executive Officer Rheo A. Brouillard was designated by the Board of Directors to participate in the plan. Total expense incurred under this plan was $0 and $3,000 for the years ended December 31, 2005 and 2004.

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