ASTORIA FEDERAL SAVINGS AND LOAN
ASSOCIATION
As amended effective January 1,
2009
ASTORIA FEDERAL SAVINGS AND LOAN
ASSOCIATION
EXCESS BENEFIT
PLAN
ARTICLE I
DEFINITIONS
1.01
Association
Astoria Federal
Savings and Loan Association.
The persons
appointed to administer the Plan.
1.03
Effective Date
This restated
Plan is effective January 1, 1989. The original effective date was
June 1, 1983.
The Astoria
Federal Savings and Loan Association Excess Benefit
Plan.
1.05
Qualified Retirement Plan
The Astoria
Federal Savings and Loan Association Employees’ Pension
Plan.
ARTICLE II
PARTICIPATION
2.01
Eligibility and Commencement of Participation
Any participant
in the Qualified Retirement Plan shall become a Participant in this
Plan when his benefits payable under the Qualified Retirement Plan
become limited under Internal Revenue Code Sections 401(a)(17) and
415.
ARTICLE III
BENEFITS TO
PARTICIPANTS
3.01
Supplementa1 Retirement Benefits
(a) The Plan
shall provide benefits in excess of those that would be permitted
by law under the Qualified Retirement Plan, as amended, to the
extent they would otherwise have been provided under the Qualified
Retirement Plan if the Internal Revenue Code ceilings on
compensation and benefits under tax qualified plans were not
imposed. Benefits shall be payable monthly from the general assets
of the Association.
(b) Benefits
shall be payable commencing in the later of the month after the
Participant's 65th birthday or month following the month in which
the Participant terminates employment unless, within thirty (30)
days after first becoming a Participant (or, if later, December 31,
2008 with respect to benefits payable after December 31, 2008) the
Participant elects that payments begin at termination of employment
or on a specified date after termination of employment but before
attainment of age 65. Benefits shall be payable in
the form of a single life annuity for the life of the Participant
unless, within thirty (30) days after first becoming a Participant
(or, if later, December 31, 2008 with respect to benefits payable
after December 31,
2008) the
Participant elects that payments be made in another optional form
of payment permitted under the Qualified Plan or in a lump
sum. Payments made in the form of an optional form of
benefit or a lump sum shall be determined using the applicable
interest rate and mortality assumptions in effect under the
Qualified Plan when the benefit calculation is made.
(c) A
Participant may elect that, in the event of a change in control of
the Association (within the meaning of section 409A of the Internal
Revenue Code) any remaining benefits due to him under the Plan
shall be made in a single lump sum on the effective date of the
change in control, such lump sum to be computed on the basis of the
interest rate and mortality assumptions applicable under the
Qualified Plan as of the date of payment. Such an
el
