Exhibit 10.08







Exhibit 10.08




THE FEDERAL HOME LOAN BANK

OF NEW YORK




BENEFIT EQUALIZATION PLAN




Effective as of

January 1, 1988



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June 19, 2003.max



 


 









 







BENEFIT EQUALIZATION PLAN 

INTRODUCTION




The adoption of this Benefit Equalization Plan has been authorized by the Board of Directors
of The Federal Home Loan Bank of New York (the “Bank”) solely for the purpose of providing benefits
to certain employees of the Bank which would have been payable under the Regulations governing the
Comprehensive Retirement Program of the Financial Institutions Retirement Fund, as they may be from
time to time amended and as adopted by the Bank, but for the limitations placed on benefits for
such employees by Sections 401(a)(17) and 415 of the Internal Revenue Code of 1954, as amended from
time to time, or any successor thereto (“IRC”).



This Plan is intended to constitute an unfunded “excess benefit plan” as defined in Section
3(36) of the Employee Retirement Income Security Act of 1974 and to provide certain other
supplemental benefits for employees whose compensation exceeds the limit contained in IRC Section
401(a)(17). All benefits payable under this Plan shall be paid solely out of the general assets of
the Bank. No benefits under this Plan shall be payable by the Financial Institutions Retirement
Fund or from its assets.



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Article 1. Definitions




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



1.01 “Actuary” means the independent consulting actuary retained by the Bank to assist the
Committee in its administration of the Plan.



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



1.03 “Beneficiary” means the beneficiary or beneficiaries designated in accordance with Article
5 of the Plan to receive the benefit, if any, payable upon the death of a member of the Plan.



1.04 “Board of Directors” means the Board of Directors of the Bank.



1.05 “Committee” means the Administrative Committee appointed by the Board of Directors to administer the Plan.



1.06 “Effective Date” means January 1, 1988.



1.07 “Fund” means the Financial Institutions Retirement Fund, a qualified and tax-exempt
pension plan and trust under Sections 401(a) and 501(a) of the IRC.



1.08 “IRC” means the Internal Revenue Code of 1954, as amended from time to time, or any
successor thereto.



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



1.10 “Plan” means The Federal Home Loan Bank of New York Benefit Equalization Plan, as set
forth herein and as amended from time to time.



1.11 “Regulations” means the Regulations governing the Comprehensive Retirement Program of the
Fund as from time to time amended, and as adopted by the Bank.





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Article 2. Membership




2.01 Each employee of the Bank who is included in the membership of the Fund shall become a
member of the Plan on the earliest date on which he, or his beneficiary, would have been entitled
to receive a benefit under Section 3.01 of the Plan had he become a retirant of the Fund, or died
in active service, on such date.



2.02 If, on the date that payment of a member’s benefit from the Fund commences, the member is
not entitled under Section 3.01 below to receive a benefit under the Plan, his membership in the
Plan shall terminate on such
date.



2.03 A benefit shall be payable under the Plan to or on account of a member only upon the
member’s retirement, death or other termination of employment with the Bank.



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Article 3. Amount and Payment of Benefits




3.01 The amount, if any, of the annual benefit payable to or on account of a member pursuant
to the Plan shall equal the excess of (i) over (ii), as determined by the Committee, where:




(i) is the annual benefit (as calculated by the Fund on the basis of the form of payment
elected under the Regulations by the member) that would otherwise be payable to or on account
of the member by the Fund under the Regulations if the provisions of the Regulations were
administered without regard to the limitations imposed by Sections 401(a)(17) and 415 of the
IRC; and




(ii) is the annual benefit (as calculated by the Fund on the basis of the form of payment
elected under the Regulations by the member) that is payable to or on account of the member by the
Fund under the Regulations after giving effect to any reduction of
such benefit required by regulation
limitations imposed by Sections 401(a)(17) and 415 of the IRC.



For purposes of this Section 3.01, “annual benefit” includes any “Active Service Death
Benefit,” “Retirement Adjustment Payment,” “Annual Increment” and “Single Purchase Fixed Percentage
Adjustment” which the Bank elected to provide its employees under the Regulations.



3.02 Unless the member elects an optional form of payment under the Plan pursuant to Section
3.03 below, the annual benefit, if any, payable to or on account of a member under Section 3.01
above, shall be converted by the Actuary and shall be payable to or on account of the member in the
“Regular Form” of payment, utilizing for that purpose the same actuarial factors and assumptions
then used by the Fund to determine actuarial equivalence under the Regulations. For purposes of the
Plan the “Regular Form” of payment means an annual benefit payable for the member’s
lifetime and the death benefit described in Section 3.04 below.



3.03(a) A member may, with the consent of the Committee, elect in writing to have the annual
benefit, if any, payable to or on account of a member under Section 3.02 above, converted by the
Actuary to any optional form of payment then permitted under the Regulations except that no benefit
under the Plan may be paid in the form of a lump sum settlement. The Actuary shall utilize for the
purpose of that conversion the same actuarial factors and assumptions then used by the Fund to
determine actuarial equivalence under the Regulations.



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(b) If a member who had elected an optional form of payment under this Section 3.03 dies after
the date his benefit payments under the Plan had commenced, the only death benefit, if any, payable
under the Plan in respect of said member shall be the amount, if any, payable under the optional
form of payment which the member had elected under the Plan. If a
member who had elected an
optional form of payment under this Section 3.03 dies before the date his benefit payments under
the Plan commence, his election of an optional form of benefit shall be inoperative.



(c) An election of an optional form of payment under this Section 3.03 may be made only on a
form prescribed by the Committee and filed by the member with the Committee prior to the
commencement of payment of his benefit under Section 4.02 below.



3.04 Upon the death of a member who had not elected an optional form of payment under Section
3.03 above, a death benefit shall be paid to the member’s beneficiary in a lump sum equal to the
excess, if any, of (i) over (ii), where




	 	(i)	 	is an amount equal to 12 times the annual benefit, if any,
payable under Section 3.02 above, and

	 
	 	(ii)	 	is the sum of the benefit payments, if any, which the member had received
under the Plan.






3.05 If a member to whom an annual benefit is payable under the Plan dies before commencement
of the payment of his benefit, the death benefit payable under Section 3.02 shall be payable to the
member’s beneficiary as if the payment of the member’s benefit had commenced on the first day of
the month in which his death occurred.



3.06 If a member is restored to employment with the Bank after payment of his benefit under the
Plan has commenced, all payments under the Plan shall thereupon be discontinued. Upon the member’s
subsequent retirement or termination of employment with the Bank, his benefit under the Plan shall
be recomputed in accordance with Sections 3.01 and 3.02, but shall be reduced by the equivalent
value of the amount of any benefit paid by the Plan in respect of his previous retirement or
termination of employment, and such reduced benefit shall be paid to such member in accordance with
the provisions of the Plan. For purposes of this Section 3.06, the equivalent value of the benefit
paid in respect of a member’s previous retirement or termination of employment shall be determined
by the Actuary utilizing for that purpose the same actuarial factors and assumptions then used by
the Fund to determine actuarial equivalence under the Regulations.



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Article 4. Source and Method of Payments




4.01 All payments of benefits under the Plan shall be paid from, and shall only be a general
claim upon, the general assets of the Bank, notwithstanding that the Bank, in its discretion, may
establish a bookkeeping reserve or a grantor trust (as such term is used in Sections 671 through
677 of the IRC) to reflect or to aid it in meeting its obligations under the Plan with respect to
any member or prospective member or beneficiary. No benefit whatever provided by the Plan shall be
payable from the assets of the Fund. No member shall have any right, title or interest whatever in
or to any investments which the Bank may make or any specific assets which the Bank may reserve to
aid it in meeting its obligations under the Plan.



4.02 All annual benefits under the Plan shall be paid in monthly
installments commencing on the first day of the month next following the member’s retirement date
under the Regulations, except that no benefit shall be paid prior to the date benefits under the
Plan can be definitely determined by the Committee.



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Article 5. Designation of Beneficiaries




5.01 Each member of the Plan may file with the Committee a written designation of one or more
persons as the beneficiary who shall be entitled to receive the amount, if any, payable under the
Plan upon his death. A member may, from time to time, revoke or change his beneficiary designation
without the consent of any prior beneficiary by filing a new designation with the Committee. The
last such designation received by the Committee shall be controlling; provided, however, that no
designation, or change or revocation thereof, shall be effective unless received by the Committee
prior to the member’s death, and in no event shall it be effective as of a date prior to such
receipt.



5.02 If no such beneficiary designation is in effect at the time of a member’s death, or if no
designated beneficiary survives the member, or if, in the opinion of the Committee, such
designation conflicts with applicable law, the member’s estate shall be deemed to have been
designated his beneficiary and shall be paid the amount, if any, payable under the Plan upon the
member’s death. If the Committee is in doubt as to the right of any person to receive such amount,
the Committee may retain such amount, without liability for any interest thereon, until the rights
thereto are determined, or the Committee may pay such amount into any court of appropriate
jurisdiction and such payment shall be a complete discharge of the liability of the Plan and the
Bank therefor.



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Article 6. Administration of the Plan




6.01 The Board of Directors has delegated to the Benefits Equalization Plan Committee, subject
to those powers which the Board has reserved as described in Article 7 below, general authority
over and responsibility for the administration and interpretation of the Plan. The Committee shall
have full power and authority to interpret and construe the Plan, to make all determinations
considered necessary or advisable for the administration of the Plan and any trust referred to in
Article 4 above, and the calculation of the amount of benefits payable thereunder, and to review
claims for benefits under the Plan. The Committee’s interpretations and constructions of the Plan
and its decisions or actions thereunder shall be binding and conclusive on all persons for all
purposes.



6.02 If the Committee deems it advisable, it shall arrange for the engagement of the Actuary,
and legal counsel and certified public accountants (who may be counsel or accountants for the
Bank), and other consultants, and make use of agents and clerical or other personnel, for purposes
of the Plan. The Committee may rely upon the written opinions of such Actuary, counsel, accountants
and consultants, and upon any information supplied by the Fund for purposes of Section 3.01 of the
Plan, and delegate to any agent or to any subcommittee or Committee member its authority to perform
any act hereunder, including without limitations those matters involving the exercise of
discretion; provided, however, that such delegation shall be subject to revocation at any time at
the discretion of the Committee. The Committee shall report to the Board of Directors, or to a
committee designated by the Board, at such intervals as shall be specified by the Board or such
designated committee, with regard to the matters for which it is responsible under the Plan.



6.03 The Committee shall consist of at least three individuals, each of whom shall be appointed
by, shall remain in office at the will of, and may be removed, with or without cause, by the Board
of Directors. Any Committee member may resign at any time. No Committee member shall be entitled
to act on or decide any matters relating solely to such member or any of his rights or benefits
under the Plan. The Committee member shall not receive any special compensation for serving in
such capacity but shall be reimbursed for any reasonable expenses incurred in connection therewith.
No bond or other security need be required of the Committee or any member thereof in any
jurisdiction. 




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6.04 The Committee shall elect or designate its own Chairman, establish its own procedures and
the time and place for its meetings and provide for the keeping of minutes of all meetings. Any
action of the Committee may be taken upon the affirmative vote of a majority of the members at a
meeting or, at the direction of its Chairman, without a meeting by mail or telephone, provided that
all of the Committee members are informed in writing of the vote.



6.05 All claims for benefits under the Plan shall be submitted in writing to the Chairman of
the Committee. Written notice of the decision on each such claim shall be furnished with reasonable
promptness to the member or his beneficiary (the “claimant”). The claimant may request a review by
the Committee of any decision denying the claim in whole or in part. Such request
shall be made in writing and filed with the Committee within 30 days of such
denial. A request for review shall contain all additional information which the claimant wishes
the Committee to consider. The Committee may hold any hearing or conduct any independent
investigation which it deems desirable to render its decision and the decision on review shall be
made as soon as feasible after the Committee’s receipt of the request for review. Written notice
of the decision on review shall be furnished to the claimant. For all purposes under the Plan,
such decisions on claims (where no review is requested) and decisions on review (where review is
requested) shall be final, binding and conclusive on all interested persons as to all matters
relating to the Plan.



6.06 All expenses incurred by the Committee in its administration of the Plan shall be paid by
the Bank.



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Article 7. Amendment and Termination




The Board of Directors may amend, suspend or terminate, in whole or in part, the Plan without
the consent of the Committee, any member, beneficiary or other person, except that no amendment,
suspension or termination shall retroactively impair or otherwise adversely affect the rights of
any member, beneficiary or other person to benefits under the Plan which have accrued prior to the
date of such action, as determined by the Committee in its sole discretion. The Committee may adopt
any amendment or take any other action which may be necessary or appropriate to facilitate the
administration, management and interpretation of the Plan or to conform the Plan thereto, provided
any such amendment or action does not have a material effect on the then currently estimated cost
to the Bank of maintaining the Plan.





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Article 8. General Provisions




8.01 The Plan shall be binding upon and inure to the benefit of the
Bank and its successors and assigns and the members, and the successors,
assigns, designees and estates of the members. The Plan shall also be binding
upon and inure to the benefit of any successor organization succeeding to
substantially all of the assets and business of the Bank, but nothing in the
Plan shall preclude the Bank from merging or consolidating into or with, or
transferring all or substantially all of its assets to, another organization
which assumes the Plan and all obligations of the Bank hereunder. The Bank
agrees that it will make appropriate provision for the preservation of
members’ rights under the Plan in any agreement or plan which it may enter
into to effect any merger, consolidation, reorganization or transfer of
assets. Upon such a merger, consolidation, reorganization, or transfer of
assets and assumption of Plan obligations of the Bank, the term “Bank” shall
refer to such other organization and the Plan shall continue in full force and
effect.



8.02 Neither the Plan nor any action taken thereunder shall be construed as giving to a member
the right to be retained in the employ of the Bank or as affecting the right of the Bank to dismiss
any member from its employ.



8.03 The Bank shall withhold or cause to be withheld from all benefits payable under the Plan
all federal, state, local or other taxes required by applicable law to be withheld with respect to
such payments.



8.04 No right or interest of a member under the Plan may be assigned, sold, encumbered,
transferred or otherwise disposed of and any attempted disposition of such right or interest shall
be null and void.



8.05 If the Committee shall find that any person to whom any amount is or was payable under the
Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died,
then any payment, or any part thereof, due to such person or his estate (unless a prior claim
therefor has been made by a duly appointed legal representative), may, if the Committee is so
inclined, be paid to such person’s spouse, child or other relative, an institution maintaining or
having custody of such person, or any other person deemed by the Committee to be a proper recipient
on behalf of such person otherwise entitled to payment. Any such payment shall be in complete
discharge of the liability of the Plan and the Bank therefor.



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8.06
To the extent that any person acquires a right to receive payments from the Bank under the
Plan, such right shall be no greater than the right of an unsecured general creditor of the Bank.



8.07 All elections, designations, requests, notices, instructions, and other communications
from a member, beneficiary or other person to the Committee required or permitted under the Plan
shall be in such form as is prescribed from time to time by the Committee and shall be mailed by
first- class mail or delivered to such location as shall be specified by the Committee and shall be
deemed to have been given and delivered only upon actual receipt thereof at such location.



8.08 The benefits payable under the Plan shall be in addition to all other benefits provided
for employees of the Bank and shall not be deemed salary or other compensation by the Bank for the
purpose of computing benefits to which he may be entitled under any other plan or arrangement of
the Bank.



8.09
No Committee member shall be personally liable by reason of any instrument executed by him
or on his behalf, or action taken by him, in his capacity as a Committee member nor for any mistake
of judgment made in good faith. The Bank shall indemnify and hold harmless the Fund and each
Committee member and each employee, officer or director of the Bank or the Fund, to whom any duty,
power, function or action in respect of the Plan may be delegated or assigned, or from whom any
information is requested for Plan purposes, against any cost or expense (including fees of legal
counsel) and liability (including any sum paid in settlement of a claim or legal action with the
approval of the Bank) arising out of anything done or omitted to be done in connection with the
Plan, unless arising out of such person’s fraud or bad faith.



8.10 As used in the Plan, the masculine gender shall be deemed to refer to the feminine, and
the singular person shall be deemed to refer to the plural, wherever appropriate.



8.11 The captions preceding the sections of the Plan have been inserted solely as a matter of
convenience and shall not in any manner define or limit the scope or intent of any provisions of
the Plan.



8.12 The Plan shall be construed according to the laws of the State of New York in effect from
time to time.



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This Benefit Equalization Plan has been duly adopted this 18th, day
of June, 1987, to be effective as of 1st day of January,
1988.



	 	 	 	 	 
	 	The Federal Home Loan Bank of New York

 	 
	 	By:  	/s/
Brian Dittenhafer
 	 
	 	 	President  	 




Attest:



	 	 	 
	/s/
Leslie Bogen
 

Secretary

	 	 






(Seal)




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AMENDMENT NO. 1

TO THE FEDERAL HOME LOAN BANK OF NEW YORK

BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, is hereby amended effective January 1, 1995 in the following respects:



1. The section titled “Introduction” that immediately precedes Article 1 of the Plan is
amended and restated to read in its entirety as follows:




INTRODUCTION



The purpose of this Benefit Equalization Plan is to provide to certain employees of the Bank
the benefits which would have been payable under the Comprehensive Retirement Program of the
Financial Institutions Retirement Fund, and benefits equivalent to the matching contributions,
regular account contributions (after-tax) and 401(k) account contributions (pre-tax) which would
have been available under the Financial Institutions Thrift Plan, but for the limitations placed on
benefits and contributions for such employees by Sections 401(a)(17), 401(k)(3)(A)(ii), 401(m),
402(g) and 415 of the Internal Revenue Code of 1986.



The Plan is unfunded and all benefits payable under this Plan shall be paid solely out of the
general assets of the Bank. No benefits under this Plan shall be payable by the Financial
Institutions Retirement Fund or its assets or by the Financial Institutions Thrift Plan or its
assets.



2. Section 1.07 is deleted, and all references in the Plan to the term “Fund” are changed
to “Retirement Fund.”



3. Section 1.08 is redesignated as Section 1.07, and the reference therein to “1954” is
changed to “1986.”



4. A new Section 1.08 is added which reads in its entirety as follows:



1.08 “IRC Limitations” mean the cap on compensation taken into account by a plan under IRC
Section 401(a)(17), the limitations on 401(k) contributions necessary to meet the average deferral
percentage (“ADP”) test under IRC Section 401(k)(3)(A)(ii), the limitations on employee and
matching contributions necessary to meet the average contribution percentage (“ACP”) test under IRC
Section 401(m), the dollar limitations on elective deferrals under IRC Section 402(g), and the
overall limitations on contributions and benefits imposed on qualified plans by IRC Section 415, as
such provisions may be amended from time to time, and any similar successor provisions of federal
tax law.



5. Section 1.11 is deleted, and all references in the Plan to the term “Regulations” are
changed to “Retirement Fund.”



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6. New Sections 1.11 and 1.12 are added which read in their entirety as follows:




1.11 “Retirement Fund” means the Comprehensive Retirement Program of the Financial
Institutions Retirement Fund, a qualified and tax-exempt defined benefit pension plan and trust
under Sections 401(a) and 501(a) of the IRC, and the governing Regulations thereof, as adopted by
the Bank.



1.12 “Thrift Plan” means the Financial Institutions Thrift Plan, a qualified and tax-exempt
defined contribution plan and trust under Sections 401(a) and 501(a) of the IRC, as adopted by
the Bank.



7. Section 2.03 is redesignated as Section 2.04, and a new Section 2.03 is added which reads
in its entirety as follows:



2.03 Each employee of the Bank who is included in the membership of the Thrift Plan shall
become a member of the Plan on the earliest date on or after January 1, 1995 on which he is
credited with an elective contribution addition or makeup contribution addition under Section 4.01
or 4.02 of the Plan.




8. A new Section 2.05 is added which reads in its entirety as follows:



2.05 Notwithstanding any other provision of this Plan to the contrary, the Committee, in
its sole and absolute discretion, shall exclude from Plan participation any employee who is not one
of a select group of management and highly compensated employees (within the meaning of Section
201(2) of the Employee Retirement Income Security Act of 1974, as amended).



9. The title of Article 3 is changed to “Amount and Payment of Pension Benefits.”



10. Clauses (i) and (ii) of Section 3.01 are amended and restated to read in their
entirety as follows:



(i) is the annual pension benefit (as calculated by the Retirement Fund on the basis of the
form of payment elected under it by the member) that would otherwise be payable to or on account of
the member by the Retirement Fund if its provisions were administered without regard to the IRC
Limitations and on the basis of salary unreduced by the amount of any elective contributions under
Article IV of this Plan; and



(ii) is the annual pension benefit (as calculated by the Retirement Fund on the basis of the
form of payment elected under it by the member) that is payable to or on account of the member by
the Retirement Fund after giving effect to any reduction of such benefit required by the IRC
Limitations and on the basis of salary reduced by the amount of any elective contributions under
Article IV of this Plan.



11. A new Section 3.07 is added which reads in its entirety as follows:



3.07 Notwithstanding any other provision of this Plan, if on the date payment under the Plan
would otherwise commence the lump sum settlement value of a member’s benefit determined by the
Actuary does not exceed $3,500, then that member’s benefit shall automatically be paid in the form
of a lump sum settlement.



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2









 





12. Articles
4, 5, 6, 7 and 8 are redesignated as Articles 5, 6, 7, 8 and 9, respectively, the
Section numbers within each such redesignated Article are correspondingly changed (e.g., Section
4.01 becomes Section 5.01), any and all cross-references in the Plan to such revised Article and
Section numbers are changed, as appropriate, and a new Article 4 is added which reads in its
entirety as follows:



ARTICLE IV. AMOUNT AND PAYMENT OF THRIFT BENEFITS



4.01 For each calendar year after 1994, if the employee’s 401(k) account contributions and/or
regular account contributions under the Thrift Plan for such year have reached the maximum
permitted by the IRC Limitations as determined by the Committee, and if the employee’s compensation
for that calendar year is expected to exceed the dollar limitation set forth in IRC Section
401(a)(17) (as indexed), and if the employee elects to reduce his compensation for the current
calendar year by delivering a written election to the Committee, prior to the commencement of such
calendar year, on such form as the Committee may
designate, then such employee shall be credited with an elective contribution addition under
this Plan equal to the renuation in his compensation made in accordance with such election;
provided, however, that the sum of all such elective contribution additions for an employee with
respect to any single calendar year shall not be greater than the
excess of (i) over (ii), where



(i) is an amount equal to 15% of his compensation (as defined by the Thrift Plan if its
provisions were administered without regard to the IRC Limitations); and



(ii) is an amount equal to his regular account and 401(k) account contributions actually made
under the Thrift Plan for the calendar year after giving effect to any limitation or reduction on
elective contributions required by the IRC Limitations.



If
the reduction in an employee’s compensation under such election is determined to exceed
the maximum allowable elective contribution additions for such year, the excess and any related
earnings credited under Section 4.03 shall be paid to such employee within the first two and
one-half months of the succeeding calendar year.



4.02 For each calendar year after 1994, if a portion of an employee’s regular account
contribution or 401(k) account contribution to the Thrift Plan for the preceding year is returned
to an employee after the end of such preceding year on account of the IRC Limitations, and if the
employee’s compensation for that calendar year is expected to exceed the dollar limitation set
forth in IRC Section 401(a)(17) (as indexed), and if the employee elects to reduce his compensation
for the current year by an amount up to the sum of Thrift Plan contributions and related earnings
returned to him for the preceding year by delivering a written election to the Committee prior to
the commencement of such calendar year on such form as the Committee may designate, then such
employee shall be credited with a makeup contribution addition under this Plan equal to the
reduction in his compensation made in accordance with such election.



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3









 




4.03 For each elective contribution addition credited to an employee under Section 4.01, such
employee shall also be credited with a matching contribution addition under this Plan equal to the
matching contribution, if any, that would be credited under the Thrift Plan with respect to such
amount if contributed to the Thrift Plan, determined as if the provisions of the Thrift Plan were
administered without regard to the IRC Limitations and determined after
taking into account the employee’s actual regular and 401(k) contributions to and actual matching
contributions under the Thrift Plan. For each makeup contribution addition credited to an employee
under Section 4.02, such employee shall also be credited with a matching contribution addition
under this Plan equal to the matching contribution, if any, that was lost under the Thrift Plan
with respect to the contributions returned for the preceding calendar
year.



4.04 The Committee shall maintain a thrift benefit account on the books and records of the
Bank for each employee who is a member by reason of amounts credited under Section 4.01 or 4.02.
The elective contribution additions, makeup contribution additions and matching contribution
additions of a member under Sections 4.01, 4.02 and 4.03 shall be credited to the member’s thrift
benefit account as soon as practical after the date that the compensation reduced under Section
4.01 and/or 4.02 would otherwise have been paid to such member. In addition, the thrift benefit
account of a member shall be credited from time to time with interest at a rate substantially
equivalent to the net rate of return earned on the member’s
account in the Thrift Plan, or at such
other rate or rates or in such amount as may be determined by the Committee in its discretion.



4.05 The balance credited to a member’s thrift benefit account shall be paid to him in a
lump sum payment as soon as reasonably practicable after his retirement or other
termination of employment with the Bank.



4.06 If a member dies prior to receiving the balance credited to his thrift benefit account
under Section 4.05 above, the balance in his thrift benefit account shall be paid to his
Beneficiary in a lump sum payment as soon as reasonably practicable after his death.



13. Except as revised as specifically stated above, the terms and provisions of the Plan are
hereby ratified and affirmed.



This Amendment No. 1 to the Plan has been duly adopted by the Bank this 22nd day of December,
1994, to be effective as of January 1, 1995.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/
 Alfred A. DelliBovi
 	 
	 	 	President 	 



Attest:




	 	 	 
	/s/
 Barbara Sperrazza
 

Secretary

	 	 






(Seal)


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June 19, 2003.max



 


4









 





AMENDMENT NO. 2 TO THE

FEDERAL HOME LOAN BANK
 OF NEW YORK
 BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as
adopted by the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to
be effective as of January 1, 1988, and as previously amended effective January 1, 1995
by Amendment No. 1 thereto, is hereby further amended effective January 1, 1996 in the
following respects:



1. Section 3.01 is amended and restated in its entirety to read as
follows:




3.01 The amount, if any, of the annual benefit payable to or on account of a member
pursuant to the Plan shall equal (i) minus (ii) minus (iii), but not less than zero, as
determined by the Committee, where:




(i) is the annual benefit (as calculated by the Fund on the basis of the form of
payment elected under the Regulations by the member) that would otherwise be payable to or
on account of the member by the Fund under the Regulations if the provisions of the
Regulations were administered without regard to the limitations imposed by Section
401(a)(17) and 415 of the IRC; and




(ii) is the annual benefit (as calculated by the Fund on the basis of the form of
payment elected under the Regulations by the member) that is payable to or on account of
the member by the Fund under the Regulations after giving effect to any reduction of such
benefit required by the limitations imposed by Sections 401(a)(17) and 415 of the IRC; and



Thursday,
June 19, 2003.max



 


 









 






(iii) is the value of any applicable life insurance policy as described in Section
3.08.




For purposes of this Section 3.01, “annual benefit” includes any “Active service Death
Benefit,” “Retirement Adjustment Payment,” “Annual Increment” and “Single Purchase Fixed
Percentage Adjustment” which the Bank elected to provide its employees under the
Regulations.



2. Section 3.03(a) is amended and restated in its entirety to read as follows:




3.03(a) A member may, with the consent of the Committee, elect in writing to have the
annual benefit, if any, payable to or on account of a member under Section 3.02 above,
converted by the Actuary to any optional form of payment then permitted under the Regulations,
except that no benefits under the Plan may be paid in the form of a
lump sum settlement unless
the member irrevocably elects the lump sum option in writing no later than December 31 of the
calendar year immediately preceding the calendar year in which the member’s benefit becomes
distributable. The Actuary shall utilize for the purpose of that conversion the same actuarial
factors and assumptions then used by the Fund to determine actuarial equivalence under the
Regulations.



3. A
new Section 3.08 is added which reads in its entirety as follows:




3.08 The amount referred to in clause (iii) of Section 3.01 is the annual benefit that is
the actuarial equivalent of the annuity that would be purchasable by the cash surrender value
of the policy in excess of the cumulative net premiums (total premiums less (a) term insurance
costs charged to the member and (b) key person term insurance
costs) paid by the Bank. All
determinations under this Section 3.08 shall be made by the Actuary as of the date benefits are
to be paid or commenced utilizing the same actuarial factors and assumptions then used by the
Fund to determine actuarial equivalence under the Regulations.



4. Except as revised as specifically stated above, the terms and provisions of the Plan are
hereby ratified and affirmed.



Thursday,
June 19, 2003.max




 


- 2 -









 





This Amendment No. 2 to the Plan has been duly adopted by the Bank this 21st day of
December, 1995, to be effective as of January 1, 1996.



	 	 	 	 	 
	 	THE FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/
Alfred A. DelliBovi
 	 
	 	 	President 	 




Attest:



	 	 	 
	/s/
Barbara Sperrazza
 

Secretary

	 	 






(Seal)



Thursday,
June 19, 2003.max



 


- 3 -









 





AMENDMENT NO. 3 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN



The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended effective January 1, 1995 by Amendment No. 1 thereto,
and effective January 1, 1996 by Amendment No. 2 thereto in the following respects:



1. Section 3.08 is amended to read in its entirety as follows:




3.08 The life insurance policies referred to in clause (iii) of Section 3.01 are any
policies subject to a Split Dollar Agreement between the Bank and the member. The
amount referred to in clause (iii) of Section 3.01 is the annual benefit that is
the actuarial equivalent of the annuity that would be purchasable by the portion
of the cash value of any such policy allocable to the member under the applicable Split
Dollar Agreement. All determinations under this Section 3.08 shall be made by the
Actuary as of the date benefits are to be paid or commenced utilizing the same
actuarial factors and assumptions then used by the Fund to determine actuarial
equivalence under the Regulations.



2. Section 3.05 is amended by adding the following at the end thereof:




; provided, however, that in calculating such death benefit, the offset described in
clause (iii) of Section 3.01 shall be disregarded and instead such lump sum death
benefit shall instead be offset by the death benefits payable in respect of such member
under all such applicable life insurance policies.



3. Except as revised as specifically stated above, the terms and provisions of the Plan are
hereby ratified and affirmed.



This Amendment No. 3 to the Plan has been duly adopted by the Bank this 17th day of
November, 1998, to be effective as of December 21, 1995.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President 	 




Attest:



	 	 	 
	/s/
Barbara Sperrazza
 

Secretary

	 	 






(Seal)



Thursday,
June 19, 2003.max




 


 









 





AMENDMENT NO. 4 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2 and Amendment No. 3
thereto, is hereby amended effective October 19, 2000 in the following respects:



1. Section 4.01 is amended by deleting the reference in clause (i) thereof to “15%” and
substituting in lieu thereof a reference to “19%.”



2. Except as revised as specifically stated above, the terms and provisions of the Plan are
hereby ratified and affirmed.



This Amendment No. 4 to the Plan has been duly adopted by the Bank this 19th day of October,
2000, to be effective as of [October 19, 2000].



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President 	 



Attest:




	 	 	 
	/s/ Barbara Sperrazza
 

Corporate Secretary

	 	 






(Seal)



Thursday,
June 19, 2003.max



 


 









 











AMENDMENT NO. 5 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3 and
Amendment No. 4 thereto, is hereby amended effective
January 1, 2002 in the following respect:



1. Subparagraph (ii) of the first paragraph of Section 4.01 is amended to read as follows:




	 	(ii)	 	is an amount equal to his regular account, 401(k) account and additional
elective deferral (as defined in IRC Section 414(v)) contributions actually made
under the Thrift Plan for the calendar year after giving effect to any limitation or
reduction on elective contributions required by the IRC Limitations.






2. Except as revised as specifically stated above, the terms and provisions of the Plan are
hereby ratified and confirmed.



This Amendment No. 5 to the Plan has been duly adopted by the Bank this 21st day of March
2002, to be effective as of January 1, 2002.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President  	 




Attest:



	 	 	 
	/s/
Barbara Sperrazza
 

Corporate Secretary

	 	 





Thursday,
June 19, 2003.max



 


 









 





AMENDMENT NO. 6 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK


BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4 and Amendment No. 5 thereto, is hereby amended effective January 1, 2003 in the
following respect:



1. Section 3.01 is amended to read as follows:



3.01 The amount, if any, of the annual benefit payable to or on account of a Member pursuant
to the Plan shall equal (i) minus (ii), but not less than zero, as determined by the Committee,
where:



(i) is the annual benefit (as calculated by the Retirement Fund on the basis of the form of
payment elected under the Retirement Fund by the Member) that would otherwise be payable to or on
account of the Member by the Retirement Fund under the Retirement Fund if the provisions of the
Retirement Fund were administered without regard to the limitations imposed by Section 401(a)(17)
and 415 of the IRC; and



(ii) is the annual benefit (as calculated by the Retirement Fund on the basis of the form of
payment elected under the Retirement Fund by the Member) that is payable to or on account of the
Member by the Retirement Fund under the Retirement Fund after giving effect to any reduction of
such benefit required by the limitations imposed by Sections 401(a)(17) and 415 of the IRC;



For purposes of this Section 3.01, “annual benefit” includes any “Active Service Death
Benefit,” “Retirement Adjustment Payment,” “Annual Increment” and “Single Purchase Fixed
Percentage Adjustment” which the Bank elected to provide its employees under the Retirement Fund.



2. Section 3.05 is amended to read as follows:



3.05 If a Member to whom an annual benefit is payable under the Plan dies before commencement
of the payment of his or her benefit, the death benefit payable under Section 3.02 shall be
payable to the Member’s beneficiary as if the payment of the Member’s benefit had commenced on the
first day of the month in which his or her death occurred; provided, however, that in calculating
such death benefit, such lump sum death benefit shall be offset by the death benefits payable in
respect of such Member under any and all life insurance policies maintained by the Bank at its
sole cost and expense on behalf of the Member.



3. Section 3.08 is deleted in its entirety.



4. Except as revised as specifically stated above, the terms and provisions of the Plan are
hereby ratified and confirmed.




Monday,
August 04, 2003.max



 


 









 





This Amendment No. 6 to the Plan has been duly adopted by the Bank this       day of
December, 2002, to be effective as of January 1, 2003.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President  	 




Attest:



	 	 	 
	/s/
Barbara Sperrazza
 

Corporate Secretary

	 	 





Monday, August 04, 2003.max


 


 









 







AMENDMENT NO. 7 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5 and Amendment No. 6 thereto, is hereby amended, effective October
16, 2003, in the following respects:




	 	1.	 	Section 1.02 is amended to read as follows:








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




	 	2.	 	Section 2.05 is amended to read as follows:







2.05 Notwithstanding any other provision of this Plan to the contrary, the Committee,
in its sole and absolute discretion, shall exclude from Plan participation any
employee who is not one of a select group of management and highly compensated
employees (within the meaning of those terms as used in Section 201(2) of the
Employee Retirement Income Security Act of 1974, as amended).




	 	3.	 	Articles 1 through 6, inclusive, Section 7.05, Article 8 and Sections
9.01, 9.02, 9.04 and 9.07 are amended by changing the words “member,” “member’s” and
“members” to “Member,” “Member’s” and “Members,” respectively, wherever the same appear
therein.







	 	4.	 	Article IV is redesignated Article 4, and Article 4, as so redesignated, is amended
by changing “employee,” “employee’s” and “an employee” to “Member,” “Member’s” and “a
Member,” respectively, wherever the same appear therein.








	 	5.	 	Except as revised as specifically stated above, the terms and provisions of the
Plan are hereby ratified and confirmed.






 


 









 




This Amendment No. 7 to the Plan has been duly adopted by the Bank this 16th day of
October, 2003, to be effective as of October 16, 2003.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President  	 




Attest:



	 	 	 
	/s/
Barbara Sperrazza
 

Corporate Secretary

	 	 






 


 









 





AMENDMENT NO. 8 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5, Amendment No. 6 and Amendment No. 7 thereto, is hereby amended,
effective on and as of the date of adoption hereof, in the following respect:



Article 4 of the Plan is amended by inserting the following as Section 4.07 thereof:



Section 4.07 A Member who shall have been credited with an elective contribution addition
under Section 4.01 of the Plan shall be entitled to elect to have the balance credited to the
Member’s Thrift Benefit Account paid to him in such other form, or at such date or dates, other
than a lump sum payment payable as soon as reasonably practicable after his retirement or other
termination of employment with the Bank as provided in Section 4.05 of the Plan; provided, that
such election shall be made in writing delivered to the Bank on or before December 31, 2007, and
shall be effective only with respect to amounts payable under the provisions of Section 4.05 of
the Plan on or after January 1, 2008, and not prior thereto.



This Amendment No. 8 to the Plan has been duly adopted by the Bank this 18th
day of October, 2007, to be effective on and as of the date of adoption hereof.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President  	 




Attest:



	 	 	 
	/s/
Barbara Sperrazza
 

Corporate Secretary

	 	 






 


 









 





AMENDMENT NO. 9 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7 and Amendment No. 8 thereto, is
hereby amended, effective January 1, 2008, in the following respects:



1. Section 1.05 is amended to read as follows:



1.05 “Committee” means the Benefit Equalization Plan Committee appointed by the Board of
Directors pursuant to Section 7.01 to administer the Plan.



2. Section 1.06 is deleted, and Sections 1.07, 1.08, 1.09 and 1.10 are hereby redesignated as
Sections 1.06, 1.07, 1.08 and 1.09, respectively.



3. Section 1.10 is adopted as follows:



1.10 “Retirement” means and refers to the Separation from Service of a Member under
circumstances entitling the Member to a benefit from and under the terms of the Retirement Fund.



4. Sections 1.11 and 1.12 are amended to read as follows:



1.11 “Retirement Fund” means the Pentegra Defined Benefit Plan for Financial Institutions, a
qualified and tax-exempt defined benefit pension plan and trust under IRC Sections 401(a) and
501(a), and the governing Retirement Fund thereof, as adopted by the Bank.



1.12 “Retirement Plan Component” means and refers to the provisions of Article 3, which is
and shall be deemed to be a separate plan within the Federal Home Loan Bank of New York Benefit
Equalization Plan.



5. Sections 1.13, 1.14 and 1.15 are adopted as follows:



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



1.14 “Thrift Plan Component” means and refers to the provisions of Article 4, which is and
shall be deemed to be a separate plan within the Federal Home Loan Bank of New York Benefit
Equalization Plan.



 


 









 





1.15 “Thrift Plan” means the Pentegra Defined Contribution Plan for Financial Institutions, a
qualified and tax exempt defined contribution plan and trust under IRC Sections 401 (a) and 501
(a), as adopted by the Bank.



6. Article 2 is amended to read as follows:



Article 2. Membership




2.01 Each employee of the Bank who is included in the membership of the Retirement Fund shall
become a Member of the Plan and of the Retirement Plan Component of the Plan on the later of (i)
the date on which the Committee shall determine, in its sole and absolute discretion, that he or
she is entitled to membership in the Plan and (ii) the earliest date on which a benefit under the
Retirement Fund is limited by IRC Section 401(a)(17) or 415. If, on the date that payment of a
Member’s benefit from the Retirement Fund commences, the Member is not entitled to receive a
benefit under Article 3.01 of the Plan, his membership in the Retirement Component of the Plan
shall terminate on such date.



2.02 Each employee of the Bank who is included in the membership of the Thrift Plan shall
become a Member of the Plan and of the Thrift Plan Component of the Plan on the later of (i) the
date on which the Committee shall determine, in its sole and absolute discretion, that he or she
is entitled to membership in the Plan and (ii) the earliest date on which he or she is credited
with an elective contribution addition or makeup contribution addition under Section 4.01 or 4.02
of the Plan.



2.03 Notwithstanding any other provision of this Plan to the contrary, the Committee, in its
sole and absolute discretion, shall exclude from membership and participation in the Plan any
employee who is not one of a select group of management and highly compensated employees, or who
does not meet such criteria and requirements for membership in the Plan as the Committee shall fix
and determine.



7. Article 3 is amended to read as follows:



Article 3. Amount and Payment of Pension Benefits




3.01 The amount, if any, of the annual benefit payable to or on account of a Member pursuant
to the Retirement Plan Component of the Plan shall equal (i) minus (ii), but not less than zero,
as determined by the Committee, where:



(i) is the annual benefit (as calculated by the Retirement Fund on the basis of the form of
payment elected under the Retirement Fund by the Member) that would otherwise be payable to or on
account of the Member by the Retirement Fund under the Retirement Fund if the provisions of the
Retirement Fund were administered without regard to the limitations imposed by Sections 401 (a)(17) and 415 of the IRC; and


 


2









 





(ii) is the annual benefit (as calculated by the Retirement Fund on the basis of the form of
payment elected under the Retirement Fund by the Member) that is payable to or on account of the
Member by the Retirement Fund under the Retirement Fund after giving effect to any reduction of
such benefit required by the limitations imposed by Sections 401 (a)( 17) and 415 of the IRC.



For purposes of this Section 3.01, “annual benefit” includes any “Active Service Death
Benefit,” “Retirement Adjustment Payment,” “Annual Increment” and “Single Purchase Fixed Percentage
Adjustment” which the Bank has elected to provide its employees under the Retirement Fund and shall
be in the form of a life annuity within the meaning of Section 1.409A-2(b)(2)(ii) of the
Regulations promulgated under IRC Section 409A.



3.02 Unless the Member elects an optional form of payment under this Article 3 pursuant to
Section 3.03 of the Plan, the annual benefit, if any, payable to or on account of a Member under
Section 3.01 of the Plan shall be converted by the Actuary and shall be payable to or on account of
the Member in the “Regular Form” of payment, utilizing for that purpose the same actuarial factors
and assumptions then used by the Retirement Fund to determine actuarial equivalence under the
Retirement Fund. For purposes of the Plan, the “Regular Form” of payment means an annual benefit
payable for the Member’s lifetime and the death benefit described in Section 3.04 of the Plan.



3.03 (a) A Member may, with the prior written consent of the Committee, elect in writing to
have the annual benefit, if any, payable to or on account of a Member under Section 3.02 of the
Plan converted by the Actuary to any optional form of payment then permitted under the Retirement
Fund that is a life annuity within the meaning of Section 1.409A-2(b)(2)(ii) of the Regulations
promulgated under IRC Section 409A other than the “Regular Form” of payment. The Actuary shall
utilize for the purpose of that conversion the same actuarial factors and assumptions then used by
the Retirement Fund to determine actuarial equivalence under the Retirement Fund.



(b) If a Member who had elected an optional form of payment under this Section 3.03 dies
after the date his benefit payments under the Plan had commenced, the only death benefit, if any,
payable under the Plan in respect of said Member shall be the amount, if any, payable under the
optional form of payment which the Member had elected under the Plan. If a Member who had elected
an optional form of payment under this Section 3.03 dies before the date his benefit payments
under the Plan commence, his election of an optional form of benefit shall be inoperative.



(c) An election of an optional form of payment under this Section 3.03 may be made only on a
form prescribed by the Committee and filed by the Member with the Committee prior to the
commencement of payment of his benefit under Section 5.02 of the Plan.



 


3









 





3.04 Upon the death of a Member who had not elected an optional form of payment under Section
3.03 of the Plan, a death benefit shall be paid to the Member’s beneficiary in a lump sum equal to
the excess, if any, of (i) over (ii), where:



(i) is an amount equal to twelve (12) times the annual benefit, if any, payable under Section
3.02 of the Plan; and



(ii) is the sum of the benefit payments, if any, which the Member had received under this
Article 3.



3.05 If a Member to whom an annual benefit is payable under this Article 3 dies before
commencement of the payment of his benefit, the death benefit payable under Section 3.02 of the
Plan shall be payable to the Member’s beneficiary as if the payment of the Member’s benefit had
commenced on the first day of the month in which his death occurred.



3.06 If a Member is restored to employment with the Bank after payment of his benefit under
this Article 3 has commenced, all payments under the Plan shall thereupon be discontinued. Upon
the Member’s subsequent Separation from Service with the Bank, his benefit under the Plan shall be
recomputed in accordance with Sections 3.01 and 3.02 of the Plan, but shall be reduced by the
equivalent value of the amount of any benefit paid by the Plan in respect of his previous
Separation from Service, and such reduced benefit shall be paid to such Member in accordance with
the provisions of the Plan. For purposes of this Section 3.06, the equivalent value of the benefit
paid in respect of a Member’s previous retirement or termination of employment shall be determined
by the Actuary utilizing for that purpose the same actuarial factors and assumptions then used by
the Retirement Fund to determine actuarial equivalence under the Retirement Fund.



3.07 The annual benefit, if any, payable to or on account of a Member under this Article 3
shall commence to be paid no earlier than (i) the Member’s Separation from Service, (ii) the date
the Member becomes disabled, within the meaning of IRC Section 409A(a)(2)(c), or (iii) the
Member’s death, and the time or schedule of payments shall not be accelerated except as provided
in Regulations promulgated pursuant to IRC Section 409A, nor shall any payment of benefits be
deferred to a date other than the date fixed for such payment. Such annual benefit shall be paid
in monthly installments commencing on the first day of the month next following the Member’s
Separation from Service constituting the Member’s Retirement under the Retirement Fund, except
that no benefits shall be paid prior to the date such annual benefit can be definitely determined
by the Committee.


 


4









 





8. Article 4 is amended to read as follows:



Article 4. Amount and Payment of Thrift Benefits




4.01 For each calendar year after 2007, if the Member’s 401(k) account contributions and/or
regular account contributions under the Thrift Plan for such year have reached the maximum
permitted by the IRC Limitations as determined by the Committee, and if the Member’s compensation
for that calendar year is expected to exceed the dollar limitation set forth in IRC Section
401(a)(17) (as indexed), and if the Member elects to reduce his compensation for such calendar
year by delivering to the Committee, prior to the commencement of such calendar year, a
written election on such form as the Committee may designate, which election shall become
irrevocable on the last day of the calendar year preceding such calendar year, then such Member
shall be credited with an elective contribution addition under this Plan equal to the reduction in
his compensation made in accordance with such election; provided, however, that the sum of all such
elective contribution additions for a Member with respect to any single calendar year shall not be
greater than the excess of (i) over (ii), where



(i) is an amount equal to 19% of his compensation (as defined by the Thrift Plan if its
provisions were administered without regard to the IRC Limitations); and



(ii) is an amount equal to his regular account, 401(k) account and additional elective
deferral (as defined in IRC Section 414(v)) contributions actually made under the Thrift Plan for
the calendar year after giving effect to any limitation or reduction on elective contributions
required by the IRC Limitations.



If the reduction in a Member’s compensation under such election is determined to exceed the
maximum allowable elective contribution additions for such calendar year, such excess and any
related earnings credited under Section 4.03 of the Plan shall be paid to such Member within the
first two and one half months of the succeeding calendar year.



4.02 For each calendar year after 2007, if a portion of an Member’s regular account
contribution or 401(k) account contribution to the Thrift Plan for the preceding calendar year is
returned to a Member after the end of such preceding calendar year on account of the IRC
Limitations, and if the Member’s compensation for such calendar year is expected to exceed the
dollar limitation set forth in IRC Section 401(a)(17) (as indexed), and if the Member elects to
reduce his compensation for such calendar year by an amount up to the sum of Thrift Plan
contributions and related earnings returned to him for the preceding year by delivering a written
election to the Committee prior to the commencement of such calendar year on such form as the
Committee may designate, then such Member shall be credited with a makeup contribution addition
under this Article 4 equal to the reduction in his compensation made in accordance with such
election.



4.03 For each elective contribution addition credited to a Member under Section 4.01 of the
Plan, such Member shall also be credited with a matching contribution addition under this Article
4 equal to the matching contribution, if any, that would be credited under the Thrift Plan with
respect to such amount if contributed to the Thrift Plan, determined as if the provisions of the
Thrift Plan were administered without regard to the IRC Limitations and determined after taking
into account the Member’s actual regular and 401(k) contributions to and actual matching
contributions under the Thrift Plan. For each makeup contribution addition credited to a Member
under Section 4.02, of the Plan such Member shall also be credited with a matching contribution
addition under this Article 4 equal to the matching contribution, if any, that was lost under the
Thrift Plan with respect to the contributions returned for the preceding calendar year.


 


5









 





4.04 The Committee shall maintain a thrift benefit account on the books and records of the
Bank for each Member who is a Member by reason of amounts credited under Section 4.01 or 4.02
of the Plan. The elective contribution additions, makeup contribution additions and matching
contribution additions of a Member under Sections 4.01, 4.02 and 4.03 of the Plan shall be credited
to the Member’s thrift benefit account as soon as practicable after the date that the compensation
reduced under Section 4.01 and/or 4.02 of the Plan would otherwise have been paid to such Member.
In addition, the thrift benefit account of a Member shall be credited from time to time with
interest at a rate substantially equivalent to the net rate of return earned on the Member’s
account in the Thrift Plan, or at such other rate or rates or in such amount as may be determined
by the Committee in its sole and absolute discretion.



4.05 The balance credited to a Member’s thrift benefit account shall be paid to him in a lump
sum payment as soon as reasonably practicable after his Separation from Service with the Bank, or
at such other date or dates and in such other form as the Member shall have elected in writing to
the Bank on or before December 31, 2007, or, in the case of a Member who shall first elect to
reduce his compensation pursuant to Section 4.01 of the Plan subsequent to December 31, 2007, at
the time the Member first so elects to reduce his compensation, subject to the provisions of
Section 4.07 of the Plan.



4.06 If a Member dies prior to receiving the balance credited to his thrift benefit account
under Section 4.05 of the Plan, the balance in his thrift benefit account at the time of the
Member’s death shall be paid to his Beneficiary in a lump sum payment as soon as reasonably
practicable after his death.



4.07 A Member (or the beneficiary of a Member) who shall have been credited with an elective
contribution addition under Section 4.01 of the Plan shall be deemed entitled to a benefit under
this Article 4 at such time as the Member (or his beneficiary) shall be determined to be due to a
benefit payable by the Thrift Plan; provided, that the benefit under this Article 4 shall be paid
at the time or times and in the form in which such benefit is payable pursuant to Section 4.05 of
the Plan and shall commence to be paid no earlier than (i) the Member’s Separation from Service,
(ii) the date the Member becomes disabled, within the meaning of IRC Section 409A(a)(2)(c), or
(iii) the Member’s death, and the time or schedule of payments provided in Section 4.05 of the
Plan shall not be accelerated except as provided in Regulations promulgated pursuant to IRC
Section 409A, nor shall any payment of benefits be deferred to a date other than the date fixed
for such payment.


 


6









 




9. Article 5 is amended to read as follows:



Article 5. Source and Method of Payments




All payments of benefits under the Plan, whether arising under Article 3 with respect to the
Retirement Plan Component of the Plan or under Article 4 with respect to the Thrift Plan Component
of the Plan, shall be paid from, and shall only be a general claim upon, the general assets of the
Bank, notwithstanding that the Bank, in its discretion, may establish a bookkeeping reserve or a
grantor trust (as such term is used in IRC Sections 611 through 677) to reflect or to aid it in
meeting its obligations under the Plan with respect to any Member or prospective Member or
beneficiary. No benefit whatever provided by the Plan shall be payable from the assets of the
Retirement Fund or the
Thrift Plan. No Member shall have any right, title or interest whatever in or to any investments
which the Bank may make or any specific assets which the Bank may reserve to aid it in meeting its
obligations under the Plan.



10. Section 7.01 is amended to read as follows:



7.01 The Board of Directors has delegated to the Benefit Equalization Plan Committee, subject
to those powers which the Board has reserved as described in Article 8 of the Plan, general
authority over and responsibility for the administration and interpretation of the Plan. The
Committee shall have full power and authority to interpret and construe the Plan, and to make all
determinations considered necessary or advisable for the administration of the Plan and any trust
referred to in Article 5 of the Plan, and the calculation of the amount of benefits payable
thereunder, and to review claims for benefits under the Plan. The Committee’s interpretations and
constructions of the Plan and its decisions or actions thereunder shall be binding and conclusive
on all persons for all purposes.



11. Section 7.02 is amended by inserting “to” preceding the words “all accountants,” by
changing “Section 3.01” to “Article 3” and by changing “limitations” to “limitation.”



This Amendment No. 9 to the Plan has been adopted by the Bank this 18th day of
October, 2007, to be effective as of January 1, 2008.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President  	 




Attest:



	 	 	 
	/s/
Barbara Sperrazza
 

Corporate Secretary

	 	 






 


7









 





AMENDMENT NO. 10 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8, and Amendment
No. 9 thereto, is hereby amended, effective October 16, 2008, in the following respect:



Article 4 of the Plan is amended by inserting the following as Section 4.08 thereof:



4.08 A Member who shall have been credited with an elective contribution addition under
Section 4.01 of the Plan shall be entitled to elect to have the balance credited to the Member’s
Thrift Benefit Account paid to him in such other form, or at such date or dates, other than a lump
sum payment payable as soon as reasonably practicable after his retirement or other termination of
employment with the Bank as provided in Section 4.05 of the Plan; provided, that such election
shall be made in writing delivered to the Bank or before December 31, 2008, and shall be effective
only with respect to amounts payable under the provisions of Section 4.05 of the Plan on or after
January 1, 2009, and not prior thereto.



This Amendment No. 10 to the Plan has been duly adopted by the Bank this 16th day
of October, 2008, to be effective on and as of the date of adoption hereof.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President  	 




Attest:



	 	 	 
	/s/ Barbara Sperrazza
 

Corporate Secretary

	 	 






 


 









 





AMENDMENT NO. 11 TO THE

FEDERAL HOME LOAN BANK

OF NEW YORK

BENEFIT EQUALIZATION PLAN




The Federal Home Loan Bank of New York Benefit Equalization Plan (the “Plan”), as adopted by
the Federal Home Loan Bank of New York (the “Bank”) as of June 18, 1987, to be effective as of
January 1, 1988, and as previously amended by Amendment No. 1, Amendment No. 2, Amendment No. 3,
Amendment No. 4, Amendment No. 5, Amendment No. 6, Amendment No. 7, Amendment No. 8, Amendment No.
9, and Amendment No. 10 thereto, is hereby amended, effective January 1, 2009, in the following
respects:




	 	1.	 	Section 3.03(a) is amended by inserting following the words “the Regular Form of
payment” the words “and that is actuarially equivalent to the “Regular Form” of
payment.”







	 	2.	 	The first sentence of Section 3.06 is amended to read as follows: “If a Member
is restored to employment by the Bank after payment of his benefit under this Article 3
has commenced, all payments under this Article 3 shall, to the extent permitted by law,
thereupon be discontinued.”

	 
	 	3.	 	Clause (ii) of Section 4.01 is amended to read as follows:

	 
	 	 	 	“(ii) is an amount equal to the maximum amount of regular account, 401(k) account and
additional elective deferral (as defined in IRC Section 414(v)) contributions the Member
could make under the Thrift Plan for the calendar year after giving effect to any
limitation or reduction on elective contributions required by the IRC Limitations”.







	 	4.	 	Section 4.05 is amended by changing “December 31, 2007,” wherever the same shall
appear therein, to “December 31, 2008.”

	 
	 	5.	 	Section 4.08 is deleted.







	 	6.	 	Article 5 is amended by inserting following the word “beneficiary” in the first
sentence thereof a semicolon, followed by the words “provided, that no contributions to
such a grantor trust shall be made by the Bank during any “restricted period,” as such
term is defined in IRC Section 409A(b)(3)(B).”






This Amendment No. 11 to the Plan has been duly adopted by the Bank this 16th day
of October, 2008, to be effective as of January 1, 2009.



	 	 	 	 	 
	 	FEDERAL HOME LOAN BANK OF NEW YORK

 	 
	 	By:  	/s/ Alfred A. DelliBovi
 	 
	 	 	President  	 




Attest:



	 	 	 
	/s/ Barbara Sperrazza
 

Corporate Secretary