EXHIBIT 10.2


 


FIRST AMENDMENT TO THE


THE FEDERAL HOME LOAN
BANK OF BOSTON

PENSION BENEFIT EQUALIZATION PLAN

(Effective January 1, 2009, as amended April 15, 2009)


 


WHEREAS,  the Federal
Home Loan Bank of Boston (the “Bank”) has adopted and currently maintains the
Federal Home Loan Bank of Boston Pension Benefit Equalization Plan (the “Pension
BEP”), effective January 1, 2009, as amended April 15, 2009; and


 


WHEREAS, Section 6.1 of the Pension BEP reserves to
the Board of Directors of the Bank the right to amend the Pension BEP from time
to time, in whole or in part; and


 


WHEREAS, the Bank desires to amend the Pension
BEP to (i) specify the qualifications of any entity who may serve as the
trustee of any rabbi trust established to fund and pay benefits under the
Pension BEP, (ii) require periodic funding of such rabbi trust, and (iii) provide
that a Member or Beneficiary may recover legal fees if he or she is required to
bring a lawsuit to recover benefits from the Pension BEP.


 


NOW, THEREFORE,  the Pension
BEP is amended as set forth below, effective September 1, 2009:


 


1.                                     The following sentence is added to the
end of Section 5.4:


 


If a Member or
Beneficiary prevails in a lawsuit to recover benefits under the Plan, the Bank
shall pay to the Member or Beneficiary the reasonable attorneys’ fees and costs
incurred by such Member or Beneficiary in prosecuting such lawsuit.  However, a Member or Beneficiary shall not be
liable for attorney fees or costs incurred by the Bank, the Plan or the
Committee in successfully defending a lawsuit brought by such Member or
Beneficiary to recover benefits under the Plan, unless a court has finally
determined that the Member or Beneficiary acted in bad faith or that the
lawsuit was frivolous.


 


2.            The following new paragraph is added
to the end of Section 7 of the Plan:


 


7.13         Trust Provisions.  The trustee of any trust established for the
funding and payment of benefits under the Plan shall be a national bank or
trust company, be duly authorized to conduct trust business, be organized under
the 


 

















 


laws of the United States
or any of the 50 states thereof, and be independent of and not subject to
control of the Bank or any Member of the Plan.


 


The Bank shall
contribute at least annually to such trust or fund an amount not less than the
sum of (a) the amount by which the present value of accrued benefits, as
calculated by the Plan’s actuary and determined as if each Member voluntarily
terminated service with the Bank as of the December 31 preceding the
calculation, exceeds the fair market value of the assets in the trust or fund,
and (b) the anticipated administrative, trust, and investment advisory
expenses that may be paid by the trust for the next 12 months.  This provision will survive any amendment or
termination of the Plan until all accrued benefits have been paid.


 


IN WITNESS WHEREOF, the undersigned hereby certifies that the foregoing
amendment was duly adopted at a meeting of the Board of Directors of the Bank
on September 18, 2009.


 


Executed
this 30th day of October, 2009.


 


	
   

  	
  FEDERAL
  HOME LOAN BANK OF BOSTON

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ellen McLaughlin

  
	
   

  	
   

  	
  Senior Vice President and General Counsel

  



 


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