EXHIBIT 10.30


                              CARVER BANCORP, INC.
                             RETIREMENT INCOME PLAN

                           (EFFECTIVE JANUARY 1, 1994)

                                    AMENDMENT



1.       Section XIII - Effective March 28, 2005, Section 13.7(G) shall be
         amended to read in its entirety as follows:



         (1)      Notwithstanding any other provision in the Plan to the
                  contrary, if the Value of a Participant's nonforfeitable
                  retirement income at his Termination of Employment, retirement
                  or death prior to the commencement of payments is $3,500 (and,
                  effective January 1, 1998, $5,000) or less, the Plan
                  Administrator shall authorize a lump sum payment of such Value
                  in lieu of all future payments. On a form prescribed by the
                  Plan Administrator, the Participant may elect to have this
                  payment made either in a distribution directly to the
                  Participant or in a direct rollover pursuant to Section 8.4,
                  subject to the conditions thereof.

         (2)      If the Participant does not elect to have such distribution
                  paid directly to an Eligible Retirement Plan specified by the
                  Participant in a direct rollover or to receive the
                  distribution directly and such distribution would constitute a
                  Mandatory Distribution, then the Plan Administrator will pay
                  the distribution in a direct rollover to an Individual
                  Retirement Plan designated by the Plan Administrator; provided
                  however, that any Mandatory Distribution not in excess of
                  $1,000 may be distributed directly to the Participant. To the
                  extent necessary to satisfy Section 401(a)(31)(B) of the Code,
                  any such rollover to an Individual Retirement Plan that is
                  maintained by the Employer or any Affiliate shall satisfy the
                  following conditions:

                  (a)      The Individual Retirement Plan is established and
                           maintained for the exclusive benefit of the
                           Individual Retirement Plan account holder, his or her
                           spouse or their beneficiaries.

                  (b)      The terms of the Individual Retirement Plan,
                           including the fees and expenses for establishing and
                           maintaining the Individual Retirement Plan, are no
                           less favorable than those available to comparable
                           Individual Retirement Plans established for reasons
                           other than the receipt of a Mandatory Distribution or
                           any other distribution made in accordance with
                           Section 401(a)(31)(B) of the Code.

                  (c)      In connection with the distribution of rolled-over
                           funds to an Individual Retirement Plan, the Plan
                           Administrator or other named fiduciary enters into a
                           written agreement with an Individual Retirement Plan
                           provider that provides:

                           (i)      The Mandatory Distribution is invested in an
                                    Eligible Investment Product.

                           (ii)     The rate of return or the investment
                                    performance of the Individual Retirement
                                    Plan investment(s) is no less favorable than
                                    the rate of return or investment performance
                                    of an identical investment(s) that could
                                    have been made at the same time by
                                    comparable Individual Retirement Plans
                                    established for reasons other than the
                                    receipt of a Mandatory Distribution or any
                                    other distribution made in accordance with
                                    Section 401(a)(31)(B) of the Code.

                           (iii)    The Individual Retirement Plan does not pay
                                    a sales commission in connection with the
                                    acquisition of an Eligible Investment
                                    Product.

                           (iv)     The Participant on whose behalf the Plan
                                    Administrator or other named fiduciary makes
                                    an automatic rollover shall have the right
                                    to enforce the terms of the contractual
                                    agreement establishing the Individual
                                    Retirement Plan, with regard to his or her
                                    rolled-over funds, against the Individual
                                    Retirement Plan Provider.

                           (v)      The Individual Retirement Plan account
                                    holder may, within a reasonable period of
                                    time after his or her request and without
                                    penalty to the principal amount of the
                                    investment, transfer his Individual
                                    Retirement Plan balance to a different
                                    investment offered by the Individual
                                    Retirement Plan Provider, or transfer his
                                    Individual Retirement Plan balance to an
                                    Individual Retirement Plan sponsored at a
                                    different financial institution.

                           (vi)     (A)      Fees and expenses attendant to the
                                             Individual Retirement Plan,
                                             including the investment of the
                                             assets of such plan, (e.g.,
                                             establishment charges, maintenance
                                             fees, investment expenses,
                                             termination costs, and surrender
                                             charges) shall not exceed the fees
                                             and expenses charged by the
                                             Individual Retirement Plan Provider
                                             for comparable Individual
                                             Retirement Plans established for
                                             reasons other than the receipt of a
                                             Mandatory Distribution or any other
                                             distribution made in accordance
                                             with Section 401(a)(31)(B) of the
                                             Code;

                                    (B)      Fees and expenses attendant to the
                                             Individual Retirement Plan, with
                                             the exception of establishment
                                             charges, may be charged only
                                             against the income earned by the
                                             Individual Retirement Plan; and

                                    (C)      Fees and expenses are not in excess
                                             of reasonable compensation with the
                                             meaning of Section 4975(d)(2) of
                                             the Code.

                  (d)      Participants have been furnished a summary plan
                           description, or a summary of material modifications,
                           that describes the Plan's automatic rollover
                           provisions effectuating the requirements of Section
                           401(a)(31)(B) of the Code, including an explanation
                           that the mandatory distribution will be invested in
                           an investment product designed to preserve principal
                           and provide a reasonable rate of return and
                           liquidity, a statement indicating how fees and
                           expenses attendant to the Individual Retirement Plan
                           will be allocated (I.E., the extent to which expense
                           will be borne by the account holder alone or shared
                           with the distributing plan or plan sponsor), and the
                           name, address and phone number of a plan contact (to
                           the extent not otherwise provided in the summary plan
                           description or summary of material modifications) for
                           further information concerning the plan's automatic
                           rollover provisions, the Individual Retirement Plan
                           provider and the fees and expenses attendant to the
                           Individual Retirement Plan; and

                  (e)      The Individual Retirement Plan Provider shall
                           maintain or cause to be maintained for a period of
                           six (6) years from the date of each Mandatory
                           Distribution the records necessary to enable the
                           persons described in Section 13.7(G)(2)(f) to
                           determine whether the applicable conditions of this
                           exemption have been met. Such records must be readily
                           available to assure accessibility by the persons
                           identified in Section 13.7(G)(2)(f).

                  (f)      The records referred to in Section 13.7(G)(2)(e) are
                           unconditionally available at their customary location
                           for examination during normal business hours by --

                           (i)      Any duly authorized employee or
                                    representative of the Department of Labor or
                                    the Internal Revenue Service; and

                           (ii)     Any account holder of an Individual
                                    Retirement Plan established pursuant to this
                                    exemption, or any duly authorized
                                    representative of such account holder.

                  (g)      The term "Eligible Investment Product" means an
                           investment product designed to preserve principal and
                           provide a reasonable rate of return, whether or not
                           such return is guaranteed, consistent with liquidity.
                           For this purpose, the product must be offered by a
                           Regulated Financial Institution and shall seek to
                           maintain, over the term of the investment, the dollar
                           value that is equal to the amount invested in the
                           product by the Individual Retirement Plan. Such term
                           includes money market funds maintained by registered
                           investment companies, and interest-bearing savings
                           accounts and certificates of deposit of a bank or
                           similar financial institution. In addition, the term
                           includes "stable value products" issued by a
                           financial institution that are fully
                           benefit-responsive to the Individual Retirement Plan
                           account holder, I.E., that provide a liquidity
                           guarantee by a financially responsible third party of
                           principal and previously accrued interest for
                           liquidations or transfers initiated by the Individual
                           Retirement Plan account holder exercising his or her
                           right to withdraw or transfer funds under the terms
                           of an arrangement that does not include substantial
                           restrictions to the account holder's access to the
                           Individual Retirement Plan's assets.

                  (h)      The term "Individual Retirement Plan" means any
                           Eligible Retirement Plan that is an individual
                           retirement account or individual retirement annuity
                           described in Sections 408(a) and (b) of the Code.

                  (i)      The term "Mandatory Distribution" means any cash-out
                           pursuant to Section 13.7(G)(1) that is to be made on
                           or after March 28, 2005 and before the Participant
                           has attained his Normal Retirement Date (or the date
                           of he attains age 62, if later) in accordance with
                           Section 401(a)(31)(B) of the Code.

                  (j)      The term "Regulated Financial Institution" means an
                           entity that: (i) Is subject to state or federal
                           regulation, and (ii) is a bank or savings
                           association, the deposits of which are insured by the
                           Federal Deposit Insurance Corporation; a credit
                           union, the member accounts of which are insured
                           within the meaning of section 101(7) of the Federal
                           Credit Union Act; an insurance company, the products
                           of which are protected by state guaranty
                           associations; or an investment company registered
                           under the Investment Company Act of 1940.

         (3)      For purposes of this paragraph (G), Value means the
                  actuarially equivalent value of the normal form of retirement
                  income payable in the form of a lump sum. Prior to January 1,
                  2000, the value shall be based upon the PBGC immediate annuity
                  interest rate in effect three (3) months prior to the
                  Participant's Termination of Employment, retirement or death
                  (or, if lesser, the interest rate which would be used as of
                  the date of the distribution by the PBGC for purposes of
                  determining the present value of a lump sum distribution on
                  plan termination) and the UP-1984 Mortality Table. Effective
                  January 1, 2000, except as otherwise provided in Table A, the
                  value shall be calculated as of the date of distribution using
                  the GATT Applicable Mortality Table and the GATT Applicable
                  Interest Rate, both as set forth in Table A.

         (4)      In the case of benefits payable in the form of a Preretirement
                  Spouse Benefit under Section IX or a Joint and Survivor form
                  under Section 7.1 or a Contingent Pensioner Option as
                  described in Section 8.1, with the Participant's Spouse as
                  beneficiary, if the present value of the nonforfeitable
                  Accrued Benefit at the time of any distribution exceeds three
                  thousand five hundred dollars ($3,500) (and effective January
                  1, 1998, five thousand dollars ($5,000)), the present value of
                  the Accrued Benefit at any subsequent time will be deemed to
                  exceed three thousand five hundred dollars ($3,500) (and
                  effective January 1, 1998, five thousand dollars ($5,000)). In
                  addition, if the Participant has begun to receive
                  distributions pursuant to a form of benefits under which at
                  least one scheduled periodic distribution is still payable,
                  and the present value of the Participant's nonforfeitable
                  Accrued Benefit exceeded the three thousand five hundred
                  dollar ($3,500) (and effective January 1, 1998, five thousand
                  dollar ($5,000)) cash out limit at the time of the first
                  distribution under that optional form, the present value of
                  the Accrued Benefit at any subsequent time will be deemed to
                  exceed three thousand five hundred dollars ($3,500) (and
                  effective January 1, 1998, five thousand dollars ($5,000)). In
                  all other cases, if the present value of a Participant's
                  nonforfeitable Accrued Benefit determined at the time of any
                  distribution, is equal to or less than three thousand five
                  hundred dollars ($3,500) (and effective January 1, 1998, five
                  thousand dollars ($5,000)), such Participant, or if
                  applicable, a deceased Participant's beneficiary, shall
                  automatically receive a distribution of the full present value
                  of the nonforfeitable Accrued Benefit. Such determination
                  shall be made without regard to the present value of the
                  Participant's benefit at the time of any earlier distribution.

         (5)      If the Value of a Participant's nonforfeitable retirement
                  income at his Termination of Employment, retirement or death
                  prior to commencement of payments is $0, the Participant or,
                  if applicable, his Beneficiary, shall be deemed to have
                  received a lump sum payment of the vested nonforfeitable
                  retirement income.