Unassociated Document


    
      Exhibit
10-52

    

    ASTORIA
FEDERAL SAVINGS AND LOAN ASSOCIATION'S

    AMENDED
AND RESTATED RETIREMENT MEDICAL AND DENTAL BENEFIT POLICY FOR SENIOR
OFFICERS

    (VICE
PRESIDENTS & ABOVE)

    


    


    Statement
of Policy

    


    Effective
July l, 1993, Astoria Federal Savings and Loan Association ("Association") will
provide retirement medical and dental insurance benefits or Medicare supplement
benefits for senior officers (Vice Presidents and above), spouses and family,
subject to the eligibility provisions of the plan. Prior to January 1, 2008, the
benefits provided would be the standard options, defined as the primary plans
reported on IRS Form 5500 filed annually.  On or after January 1,
2008, the benefit provided for any senior officer, spouse or family member who
is not eligible for Medicare would be provided through separate insurance
contracts or plans designed to mirror the primary plans, and the benefit
provided for any senior officer, spouse or family member who is eligible for
Medicare would be the Medicare supplement plan, or a choice of the Medicare
supplement plans, offered at that time by the Association for that
purpose.

    


    The
guidelines are as follows:

    


    
      	
              ►

            	
              Retirement or death of
      Officer - must be at least 55 years of age with at least ten (10)
      years of service on the date of death or the effective date of retirement,
      whichever is earlier.

            


    

    


    
      	
              ►

            	
              Coverage - will
      be provided for officer and spouse for life or until the officer dies and
      the spouse remarries. Dependent children are covered subject to the
      eligibility provisions of the plan. Coverage will not be provided for a
      spouse or any dependents arising from the post-retirement marriage or
      remarriage of the retiree.

            


    

    


    
      	
              ►

            	
              Cost Paid by the
      Association - If retirement occurs prior to age 65, refer to chart
      below for percentage of benefit to be paid by the
    Association.

            


    

    


    
      	
              
                Retirement
      Age

              

            	 	
              
                Percentage
      Paid by Association

              

            
	
              55

            	 	
              50%

            
	
              56

            	 	
              55%

            
	
              57

            	 	
              60%

            
	
              58

            	 	
              65%

            
	
              59

            	 	
              70%

            
	
              60

            	 	
              75%

            
	
              61

            	 	
              80%

            
	
              62

            	 	
              85%

            
	
              63

            	 	
              90%

            
	
              64

            	 	
              95%

            
	
              65
      and older

            	 	
              100%

            


    

    


    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              ►

            	
              Non-Standard Insurance
      Options - if any other insurance option is selected from plans
      offered by the Association which is more expensive than the standard
      option, the Association will pay 30% of the cost difference between the
      two options multiplied by the above
percentage.

            


    

    


    
      	
              ►

            	
              Death of an Officer
      Prior to Retirement – coverage for  the spouse shall be
      paid 100% by the Association under the plans in effect at the time of the
      officer's death or similar plans selected from future Association plans
      offered. Coverage remains in effect until spouse dies or remarries.
      Dependent children are covered subject to the eligibility provisions of
      the policy.

            


    

    


    EXAMPLES
(Retirement before age 65)

    


    
      	
              1)

            	
              Retires
      at age 62 and selects standard medical and dental option or Medicare
      supplement plan:

            


    

    


    
      	
              
                Monthly
      Cost

              

            	 	
              
                Association
      Cost

              

            	 	
              
                Officer
      Cost

              

            
	
              $600.00
      x .85=

            	 	
              $510.00

            	 	
              $90.00

            


    

    


    


    
      	
              2)

            	
              Retiree
      chooses more expensive medical and dental options or Medicare supplement
      plan, $900.00 per month.

            


    

    


    
      	
              
                Standard
      Cost

              

            	 	
              
                Supplement
      *

              

            	 	
              
                Association
      Cost

              

            	 	
              
                Officer
      Cost

              

            
	
              $510.00                       +

            	 	
              (.30
      x 300 x .85)=

            	 	
              $586.50

            	 	
              $313.50

            


    

    


    


    
      	
              *

            	
              30%
      -

            	
              Additional
      cost paid by the Association.

            


    

    
      	
            	
              $300-

            	
              Difference
      between standard options and the higher
options.

            


    

    
      	
            	
              85%-

            	
              Early
      retirement percentage from the
chart.

            


    

    


    EXAMPLES
(Retirement on or after age 65)

    


    
      	
              1)

            	
              Retiree
      selects the standard medical and dental options or Medicare supplement
      plan. Association pays the full monthly cost of
  $600.00.

            


    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
              2)

            	
              Retiree
      chooses more expensive medical and dental options or Medicare supplement
      plan, $900 per month.

            


    

    


    
      	
              
                Standard
      Cost

              

            	 	
              
                Supplement

              

            	 	
              
                Association
      Cost

              

            	 	
              
                Officer
      Cost

              

            
	
              $600.00                       +

            	 	
              (.30
      x
      300)                            =

            	 	
              $690.00

            	 	
              $210.00

            


    

    


    The
Association reserves the right to amend or terminate this policy at any
time.

    


    
      
        	 	
                Astoria
      Federal Savings and Loan

                Association

              	 
	 	 	 	 
	 	
                By:
      

              	/s/ Alan
      P. Eggleston	 
	 	 	Print
      Name: Alan P. Eggleston	 
	 	 	
                Print
      Title:  Executive
      Vice President, Secretary and General Counsel

              	 
	 	 	 	 


      

       

      
        
          
          

        

        
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