Benefit Reduction. The annual benefit under this Section 2.1 shall be reduced by the sum of the following amounts: (a) Fifty percent (50%) of the amount of the Executive’s annual Social Security Benefit; (b) The value of employer contributions under the Bank’s 401(k) Plan; (c) The value of employer contributions under the Bank’s Executive Deferred Compensation Plan; and (d) The value of employer contributions under the Bank’s Long-Term Incentive Retirement Plan.
Appears in 2 contracts
Sources: Supplemental Executive Retirement Agreement (Smithtown Bancorp Inc), Supplemental Executive Retirement Agreement (Smithtown Bancorp Inc)
Benefit Reduction. The annual benefit under this Section 2.1 shall be reduced by the sum of the following amounts:
(a) Fifty percent (50%) of the amount of the Executive’s 's annual Social Security Benefit;
(b) The value of employer contributions under the Bank’s 's 401(k) Plan;
(c) The value of employer contributions under the Bank’s 's Executive Deferred Compensation Plan; and
(d) The value of employer contributions under the Bank’s 's Long-Term Incentive Retirement Plan.
Appears in 1 contract
Sources: Supplemental Executive Retirement Agreement (Smithtown Bancorp Inc)