THE FEDERAL HOME LOAN BANK OF NEW YORK NONQUALIFIED DEFERRED COMPENSATION PLAN

Exhibit 10.10

THE FEDERAL HOME LOAN BANK

OF NEW YORK

NONQUALIFIED DEFERRED COMPENSATION PLAN

TABLE OF CONTENTS

THE FEDERAL HOME LOAN BANK OF NEW YORK
NONQUALIFIED DEFERRED COMPENSATION PLAN

This Plan is adopted by the Federal Home Loan Bank of New York (the “Bank”) in order to provide benefits to directors and certain management or highly compensated employees of the Bank through the ability to defer the receipt of compensation from the Bank. This Plan is unfunded, and all benefits payable under the Plan shall be paid solely out of the general assets of the Bank.

Article I. Definitions

When used in the Plan, the following terms shall have the following meanings:

1.01 “ Bank ” means the Federal Home Loan Bank of New York and each subsidiary or affiliated company thereof which participate in the Plan.

1.02 “ Board of Directors ” or “ Board ” means the Board of Directors of the Bank.

1.03 “ Business Day ” means and refers to a day on which commercial banks are open for business in the State of New York.

1.04 “ Compensation ” means and includes any salary or other compensation payable by the Bank to a Member other than Nonqualified Deferred Compensation.

1.05 “ Compensation Deferral Account ” means and refers to the account maintained for each Member pursuant to Section 3.02.

1.06 “ Compensation Deferral Election Date ” means the last Business Day in the calendar year 2008 and any calendar year thereafter during which the Plan is in effect.

1.07 “ Effective Date ” means January 1, 2009.

1.08 “ Director ” means and includes any person who has been elected or appointed and is serving on the Board of Directors as a Director of the Bank.

1.09 “ IRC ” means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto.

1.10 “ Member ” means any person included in the membership of the Plan as provided in Article 2.

1.11 “ Nonqualified Deferred Compensation ” shall have the same meaning as it has in IRC Section 409A and the Regulations promulgated thereunder.

1.12 “ Officer ” means and includes any employee of the Bank elected or appointed by the Board of Directors to hold an office of the rank of Assistant Vice President or above and is serving in such office.

1.13 “ Plan ” means the Federal Home Loan Bank of New York Nonqualified Deferred Compensation Plan, as set forth herein and as amended from time to time.

1.14 “ Plan Administrator ” means the Director of Human Resources of the Bank.

1.15 “ Separation from Service ” has the meaning set forth in Section 1.409A-1(h) of the Regulations promulgated under IRC Section 409A.

Article II. Membership

2.01 Each Director of the Bank shall be eligible to become a Member of the Plan on the later of (i) the date on which he shall have been elected or appointed as a Director of the Bank and (ii) the Effective Date.

2.02 Each employee of the Bank who is an Officer of the Bank shall be eligible to become a Member of the Plan on the later of (i) the date on which he shall have been elected or appointed by the Board of Directors as an Officer of the Bank and (ii) the Effective Date.

2.03 The membership of any Director or Officer shall terminate on the later of (i) the date on which he shall cease to be serving as a Director or Officer of the Bank and (ii) the termination of the Plan. The termination of membership in the Plan shall not, by itself, affect the rights of the Member by reason of any election made by the Member as provided in Section 3.01 prior to the termination of membership of such Member.

Article III. Election to Defer Payment of Compensation and

3.01 On or before the Compensation Deferral Election Date in the calendar year next preceding the calendar year 2009 and each calendar year thereafter, each Member of the Plan shall be entitled to elect to defer the payment by the Bank and receipt by such Member of Compensation which otherwise would be payable to such Member for services performed by such Member for the Bank during the calendar year next following the calendar year in which such Compensation Deferral Election Date occurs to such date or dates and in such form of payment as such Member shall designate and elect on a form provided by the Plan Administrator. Such election shall be deemed to have been timely made and shall be effective when such election form shall have been signed by the Member and shall have been received by the Plan Administrator or such person as shall be designated by the Plan Administrator for such purpose, provided such receipt shall occur on or before the close of business of the Bank on the last Business Day of the calendar year next preceding the calendar year in which such services are to be performed by the Member and to which such election relates.

3.02 Compensation deferred by a Member of the Plan for any calendar year pursuant to a timely election made as provided in Section 3.01 shall be credited on the books and records of the Bank to a Compensation Deferral Account for such Member as soon as practicable following the date on which such Compensation would have been paid to such Member but for the election made by such Member pursuant to Section 3.01 to defer the payment and receipt of such Compensation. If such Member shall have elected, with respect to one or more calendar years for which the payment and receipt of Compensation is deferred, a date or dates or form of payment different from the date or dates or form of payment elected by the Member with respect to Compensation deferred with respect to other calendar years, separate subaccounts of the Compensation Deferral Account shall be maintained for such Member with respect to Compensation deferred from calendar years for which different dates or forms of payment have been elected by such Member.

3.03 The balance credited to the Compensation Deferral Account of a Member shall be paid to such Member at such date or dates or in such form as the Member shall have made a timely election in writing pursuant to Section 3.01; provided, that no part of such balance credited to the Compensation Deferral Account of a Member shall be payable earlier than the earliest of (i) the Member’s Separation from Service with the Bank, (ii) the date of the Member’s death, or (iii) the date the Member becomes disabled within the meaning of IRC Section 409A(a)(2)(c), and that the time or schedule of payments of the balance credited to the Compensation Deferral Account of a Member shall not be accelerated, except as provided in Regulations promulgated pursuant to IRC Section 409A, nor shall any payment of benefits under the Plan be deferred to a date other than the date fixed for such payment in such timely election; provided, that a Member may, by a subsequent election, as defined in Section 1.409A-2(b)(1) of the Regulations promulgated pursuant to IRC Section 409A, delay the time or change the form of a payment of all or any part of the balance credited to the Member’s thrift benefit account if, and only if, such subsequent election meets all of the following requirements: (i) such election shall not be made less than twelve (12) months prior to the date of the first scheduled payment of the balance credited to the Member’s thrift benefit account; (ii) such election shall not take effect un