exhibi10-10.htm


    
      
         


      

      
         


        
          

        

      

      
         


      

    


    


     

    


     

    


     

    retirement
plan for board members

     

    of

     

    dime
community bancorp, inc.

     

    _____________________________

    


    


    


    


    


    


    


    


    


    


    


    


    


    


    


    


    


    


    


    


    


    Adopted
on February 8, 1996

    Effective
as of June 26, 1996, Amended Effective December 31, 2008


    
      
        
          


          


          


        

         


      

      
         


        
          

        

      

      
         


      

    



    Retirement plan for board
members

     

    of

    


    dime community bancorp,
inc.

     

    Article
I

    


    DEFINITIONS

    


    The
following definitions shall apply for the purposes of this Plan unless a
different meaning is plainly indicated by the context:

     

    · Annual
Compensation means,
on any date for any Board Member, the amount of compensation paid to such Board
Member for service as a Board Member during the twelve (12) month period ending
on such date, including retainer payments, fees paid solely on the basis of
attendance at meetings as a Board Member and any amounts thereof deferred at the
request of the Board Member, but excluding compensation in the form of stock
options, appreciation rights or restricted property, or other special forms of
remuneration. In the case of a Board Member who is a non-employee director and
who later becomes an employee-director, "Annual Compensation" means the amount
of such compensation during the twelve (12) month period immediately preceding
service as a employee-director.

     

    · Bank means
The Dime Savings Bank of Williamsburgh, a federal stock savings bank, and any
successor thereto.

     

    · Beneficiary means
the Person or Persons designated by the Participant or Retired Participant to
receive a survivor benefit under one of the optional forms of retirement
allowance provided under section 3.3. If more than one Person is designated,
each shall have an equal share unless the Participant or Retired Participant
directed otherwise.

     

    · Board
means the Board of Directors of the Company.

     

    · Board
Member means any individual who is a voting member of the Board or a
voting member of the Board of Directors of the Bank or a voting member of the
board of directors of a Participating Company.

     

    · Change
in Control of the Bank means (a) a change in ownership or effective
control of the Bank or any company which owns 100% of the outstanding common
stock the Bank; or (c) a change in the ownership of a substantial portion of the
assets of the Bank or any company which owns 100% of  the outstanding
common stock the Bank. The existence of a Change in Control shall be determined
by the Committee in accordance with section 409A of the Code and the regulations
thereunder.

     

    In no
event, however, shall the transaction by which the Bank converts from a mutual
savings bank to a stock savings bank, or any transaction by which a company
wholly owned by the Bank becomes the parent company of the Bank be deemed a
Change of Control of the Bank.

    


    · Code means
the Internal Revenue Code of 1986 (including the corresponding provisions of any
succeeding law).

     

    · Committee means
the Compensation Committee of the Board and any successor thereto.

     

    · Company
means Dime Community Bancorp, Inc. and any successor thereto.

     

    · Participant
means a Board Member who satisfies the eligibility requirements set forth in
section 2.1 and whose participation in the Plan has not terminated pursuant to
section 2.2.

     

    · Participating
Company means any savings bank, savings and loan association, bank,
corporation, financial institution or other business organization or institution
which, with the prior approval of the Board, and subject to such terms and
conditions as may be imposed by the Board, shall adopt this Plan for the benefit
of members of its board of directors.

     

    · Person
means an individual, a corporation, a bank, a savings bank, a savings and loan
association, a financial institution, a partnership, an association, a
joint-stock company, a trust, an estate, any unincorporated organization and any
other business organization or institution.

     

    · Predecessor
Board means, with the prior approval of the Board and subject to such
terms and conditions as may be imposed by the Board, the board of trustees or
the board of directors of a Participating Company, prior to the date such a
company became a Participating Company.

     

    · Plan
means the Retirement Plan for Board Members, as amended from time to time. The
Plan may be referred to as the "Retirement Plan for Board Members of Dime
Community Bancorp, Inc."

     

    · Reorganization
Date means the effective date of the transaction pursuant to which The
Dime Savings Bank of Williamsburgh becomes a wholly-owned subsidiary of the
Company.

     

    · Retired
Participant means a former Participant who is receiving a retirement
allowance under this Plan or who is entitled to receive a retirement allowance
under this Plan at a future date.

     

    · Spouse
means an individual who is legally married to a Participant or Retired
Participant.

     

    · Years
of Service means the period beginning on the first day of the month in
which an individual becomes a Board Member and ending on the last day of the
month in which such individual ceases to be a Board Member, but excluding (a)
any period during which the individual was a salaried officer of the Company or
any Participating Company, and (b) any period during which the individual was a
salaried officer of any other institution whose board of directors or board of
trustees is considered a Predecessor Board. The Years of Service of an
individual with two or more non-consecutive periods of service as a Board Member
shall be equal to the sum of such non-consecutive periods. For purposes of
determining an individual's Years of Service, service as a member of a
Predecessor Board shall be deemed service as a Board Member. The maximum number
of Years of Service of any Board Member for purposes of the Plan shall be
10.

     

    Article
II

    


    ELIGIBILITY

    


    Section
2.1                                Participation.

    


    A person
who is a Board Member on the Reorganization Date shall become a Participant in
the Plan on the Reorganization Date. A person who becomes a Board Member after
the Reorganization Date shall become a Participant in the Plan immediately upon
becoming a Board Member. Any person who was a Board Member prior to the
Reorganization Date, but who ceased to be a Board Member prior to the
Reorganization Date, shall not be eligible for benefits under this Plan unless
he again becomes a Board Member after the Reorganization Date.

     

    Section
2.2                                Termination
of Participation.

    


    Participation
in the Plan shall cease on the date a Participant ceases to be a Board Member
for whatever reason.

     

    



    
      
        
          


           

          


           

        

         


      

      
         


        
          

        

      

      
         


      

    


    Article
III

    


    RETIREMENT
BENEFITS

    


    Section
3.1                                Normal
Benefits.

    


    · Any
Participant who terminates service as a Board Member after attaining age 65
shall be entitled to a normal retirement allowance from the Bank, commencing as
of the first day of the month following the month in which he ceases to be a
Board Member, in an annual amount equal to his Annual Compensation as of the
date on which he ceases to be a Board Member multiplied by a fraction, the
numerator of which is his Years of Service and the denominator of which is
10.

     

    · A
Participant who ceases to be a Board Member prior to attaining age 65 but after
completing 10 Years of Service shall be entitled to a deferred retirement
allowance beginning on the first day of the month following the date he attains
age 65, in an annual amount equal to his Annual Compensation as of the date on
which he ceases to be a Board Member. In lieu thereof, such person may elect to
have a retirement allowance commence as of the first day of any month after the
later of (i) the month in which he attains age 55 or (ii) the month in which he
ceases to be a Board Member, and the amount of the retirement allowance shall be
equal to the amount payable at age 65 multiplied by a factor specified in
Appendix A. Any such election shall be made at least 30 days prior to
termination of service as a Board Member; provided that any such election made
by a Participant on or after January 1, 2005 must be made pursuant to
section 3.8 or section 3.9.

     

    Section
3.2                                Payments.

    


    Retirement
allowances under section 3.1 shall be paid in monthly installments, each
installment being one-twelfth of the annual retirement allowance. The first
payment shall be made in accordance with section 3.1 and installments shall
continue until the Retired Participant's death.

     

    Section
3.3                                Optional
Forms of Retirement Allowance.

    


    (a) With the
approval of the Committee and on such terms and conditions as the Committee may
prescribe, a Participant or Retired Participant entitled to a retirement
allowance under section 3.1 may elect, at any time prior to termination of
service as a Board Member, to convert the allowance otherwise payable on his
account into any one of the following optional forms of retirement allowance;
provided that any such election made on or after January 1, 2005 by a
Participant, or a Retired Participant whose termination of service as a Board
Member occurs on or after January 1, 2005, must be made pursuant to
section 3.8 or section 3.9 of the Plan unless such election would only
change the Participant's or Retired Participant's form of payment from one form
of life annuity to another, actuarially equivalent form of life annuity with the
same commencement date and such election is made at a time before any annuity
payment has been made to such Participant or Retired Participant under this
Plan:

     

    · Option 1
(100% Survivor Option). A reduced retirement allowance payable during his life,
with the provision that after his death an amount equal to his reduced
retirement allowance shall continue during the life of, and shall be paid to,
such person, if then living, as he shall have named as his Beneficiary in his
written election of the option.

     

    · Option 2
(50% Survivor Option). A reduced retirement allowance payable during his life,
with the provision that after his death an amount equal to one- half of his
reduced retirement allowance shall continue during the life of, and shall be
paid to, such person, if then living, as he shall have named as his Beneficiary
in his written election of the option.

     

    · Option 3
(5, 10 or 15 Year Term Certain). A reduced retirement allowance payable during
his life, with the provision that an amount equal to his reduced retirement
allowance shall continue to be paid for a term certain elected by the
Participant or Retired Participant of 5, 10 or 15 years from the commencement of
such retirement allowance, and, in the event of his death before the end of such
term, the same amount shall continue to be paid for the remainder of such term
to the person (or persons) whom he shall have named as his Beneficiary (or
Beneficiaries) in his written election of the option or any change
thereof.

     

    · Where
Option 1 or Option 2 has been elected, if payments begin during the Retired
Participant's lifetime and if the Beneficiary is living at the date of the
Retired Participant's death, then the payments to the Beneficiary shall commence
as of the first day of the month after the month in which the Retired
Participant died and shall continue during the lifetime of the Beneficiary, the
last installment being payable on the first day of the month during which the
Beneficiary dies. Where Option 3 has been elected, if payments begin during the
Retired Participant's lifetime, and if the Participant or Retired Participant
dies prior to the expiration of the term elected, then the payments to the
Beneficiary shall commence as of the first day of the month after the month in
which the Participant or Retired Participant died, and payments shall continue
for the remainder of such term.

     

    · If Option
1 or Option 2 has been elected and the designated Beneficiary dies after the
retirement allowance has commenced to be paid to the Retired Participant who
designated him but before the death of such Retired Participant, the amount of
the reduced retirement allowance to which such Retired Participant is then
entitled shall remain unchanged and all payments shall cease upon the death of
the Retired Participant.

     

    · The
retirement allowance payable to a Participant or Retired Participant electing
one of the optional forms of retirement allowance set forth in section 3.3(a)
shall be determined by multiplying the retirement allowance otherwise payable
under section 3.1 by the appropriate adjustment factor set forth in Appendix
B.

     

    · Any
election under this section 3.3 shall be made in writing in the form and manner
prescribed by the Committee, shall be irrevocable after termination of service
as a Board Member.

     

    Section
3.4                                Payments
of Small Amounts.

    


    Notwithstanding
any other provision of the Plan, if the present value of the retirement
allowance payable to a Participant or Retired Participant and his Beneficiary
shall at any time after termination of service as a Board Member and prior to
the commencement of payment thereof be less than $10,000, then the Committee may
direct that it be paid in such lump sum in lieu of all other benefits under the
Plan provided, however that if the Participant has deferrals of compensation
under any other account balance plan that would be aggregated with this plan for
purposes of section 409A of the Code pursuant to Treasury Regulation section
1.409A-1(c)(2)(i)(B), no distribution shall be allowed under this section unless
(a) the sum of (i) the present value of the retirement allowance payable to the
Participant and (ii) all amounts deferred under such other plan or plans is less
than or equal to the applicable dollar amount under 402(g)(1)(B) of the Code,
(b) all such other plans provide for such a mandatory cashout distribution, and
(c) all amounts deferred under all such plans are distributed at the same time.
For purposes of this section 3.4, present values shall be determined using the
interest rate and mortality assumptions then in use under section 415 of the
Code for purposes of valuing lump sum payments under tax-qualified defined
benefit plans, assuming payment would begin at the later of age 65 or the date
of termination of service.

     

    Section
3.5                                Automatic
Death Benefit for Spouse.

    


    If (a) a
Participant or Retired Participant who is entitled to a retirement allowance
under section 3.1 should die prior to the commencement of such retirement
allowance and prior to electing an optional form of retirement allowance under
section 3.3 or (b) a Participant who is not entitled to a retirement allowance
under section 3.1 should die while a Board Member, and if such Participant or
Retired Participant is survived by a Spouse, there shall be paid to such
surviving Spouse, until such Spouse dies, a monthly survivor's allowance in an
amount equal to that amount which would have been provided to such Spouse had
the Participant or Retired Participant retired immediately prior to his death
(whether or not he would have been eligible for retirement) and had he
effectively elected to take Option 2 under section 3.3 with his Spouse as his
Beneficiary and with payments commencing on the first day of the month following
his death.

     

    


    Section
3.6                                Beneficiaries.

    


    (b) A
Participant or Retired Participant may designate a Beneficiary or Beneficiaries
to receive any survivor benefits payable upon his death under an optional form
of benefit elected pursuant to section 3.3.

     

    (c) If the
Participant or Retired Participant elects Option 1 or Option 2 under section
3.3, he may only designate one Beneficiary and such Beneficiary must be a
natural person. Any designation shall be made in writing in the form and manner
prescribed by the Committee, shall be revocable until the retirement allowance
commences to be paid, and shall thereafter be irrevocable.

     

    (d) If the
Participant or Retired Participant elects Option 3 under section 3.3, he may
designate one or more Beneficiaries who may be, but need not be, natural
persons. Any such election shall be made in writing in the form and manner
prescribed by the Committee, shall be revocable until the retirement allowance
commences to be paid, and shall thereafter be irrevocable; provided, however,
that the Participant or Retired Participant may change or revoke the Beneficiary
or Beneficiaries designated at any time or from time to time, but such changes
or revocations shall be effective only if received by the Committee prior to the
Participant's or Retired Participant's death.

     

    (e) A
Beneficiary designated by a Participant or Retired Participant to receive a
survivor benefit, other than a benefit payable for such Beneficiary's life, may
designate a Beneficiary of his own to receive such survivor benefit in the event
the Beneficiary designated by the Participant or Retired Participant dies prior
to receiving complete payment of such survivor benefit. If a Participant or
Retired Participant who has elected Option 3 dies without a Beneficiary, then
the present value of any unpaid installments shall be paid to the estate of such
Participant or Retired Participant in lieu of all other payments. If a
Beneficiary of a deceased Retired Participant entitled to payments under Option
3 dies without a Beneficiary, then the present value of any unpaid installments
shall be paid to the estate of such Beneficiary in lieu of all other payments.
In determining such present values, the interest rate and life expectancy tables
prescribed under section 415 of the Code for purposes of valuing lump sum
payments under tax-qualified defined benefit plans shall be used.

     

    Section
3.7                                Payment
upon Change in Control.

     

    Upon a
Change of Control of the Bank, each Board Member shall be entitled to an
immediate lump sum payment of the present value of a single life annuity,
commencing upon a Change of Control of the Bank and continuing for life in an
annual amount equal to his Annual Compensation multiplied by a fraction (not
greater than one) the numerator of which is his Years of Service and the
denominator of which is 10. In determining such present values, the interest
rate and life expectancy tables prescribed under section 415 of the Code for
purposes of valuing lump sum payments under tax-qualified defined benefit plans
shall be used.

     

    Section
3.8                                One-Time
Election in 2008.

    


    Notwithstanding
anything in the Plan to the contrary, subject to the consent of the Committee in
its sole and absolute discretion, a Participant may, at any time prior to
January 1, 2009, elect a new time and form of payment for the present value of
the retirement allowance payable to the Participant as of December 31, 2008;
provided, however, that
the payment (or the first payment in a series of payments) (a) shall be made no
earlier than January 1, 2009, (b) any such election regarding the time of
payment shall be subject to the limits of section 3.1(b) of the Plan other than
limits on when elections may be made and limits on which amounts deferred shall
be affected by such elections, and (c) any such election regarding the form of
payments may select only between the form of payment described in section 3.2 of
the Plan and the forms of payment described in Options 1, 2, and 3 as set forth
in section 3.3 of the Plan.  Such an election shall be made in the
form and manner to be determined by the Committee.

     

    Section
3.9                                Other Changes
of Time or Form of Payment after 2004.

    


    Any
election to change the time of payment pursuant to section 3.1(b) of the Plan or
change the form of payment pursuant to section 3.3 of the Plan that (x) is made
on or after January 1, 2005 by a Participant or a Retired Participant whose
termination of service as a Board Member is on or after January 1, 2005, (y) is
not provided for under section 3.7 of the Plan and (z) is not a change between
actuarially equivalent life annuities as provided for in section 3.3(a), shall
be subject to the following limits:

     

    (i)           any
such election shall not take effect until twelve (12) months after it is
received by the Committee;

     

    (ii)           the
first payment made under such election shall not occur until at least five (5)
years later than such payment would otherwise have been made (or begin to be
made); and

     

    (iii)           any
such election related to a payment to be made according to a fixed schedule
beginning on a fixed date may not be made less than twelve (12) months prior to
such fixed date.

     

    Article
IV

    


    ADMINISTRATION

    


    Section
4.1                                Duties
of the Committee.

    


    The
Committee shall have full responsibility for the management, operation,
interpretation and administration of the Plan in accordance with its terms, and
shall have such authority as is necessary or appropriate in carrying out its
responsibilities. Actions taken by the Committee pursuant to this section 4.1
shall be conclusive and binding upon the Bank, the Company, the Participating
Companies, Participants, Retired Participants and other interested
parties.

     

    Section
4.2                                Liabilities
of the Committee.

    


    Neither
the Committee nor its individual members shall be deemed to be a fiduciary with
respect to this Plan; nor shall any of the foregoing individuals or entities be
liable to any Participant or Retired Participant in connection with the
management, operation, interpretation or administration of the Plan, any such
liability being solely that of the Company.

     

    


    Section
4.3                                Expenses.

    


    Any
expenses incurred in the management, operation, interpretation or administration
of the Plan shall be paid by the Company. In no event shall the benefits
otherwise payable under this Plan be reduced to offset the expenses incurred in
managing, operating, interpreting or administering the Plan.

     

    


    Article
V

    


    AMENDMENT AND
TERMINATION

    


    Section
5.1                                Amendment
and Termination.

    


    The Board
shall have the right to amend the Plan, from time to time and at any time, in
whole or in part, and to terminate the Plan; provided, however, that no such
amendment or termination shall reduce the accrued benefits of, or impose more
stringent vesting requirements on any benefits accrued by, any Participant,
Retired Participant or Beneficiary through the date of the amendment or
termination of the Plan.

     

    


    Article
VI

    


    MISCELLANEOUS
PROVISIONS

    


    Section
6.1                                Plan
Documents.

    


    The
Secretary of the Board shall provide a copy of this Plan to each Board Member
who becomes a Participant in the Plan.

     

    


    Section
6.2                                Construction
of Language.

    


    Wherever
appropriate in the Plan, words used in the singular may be read in the plural,
words in the plural may be read in the singular, and words importing the
masculine gender shall be deemed equally to refer to the feminine or the neuter.
Any reference to an article or section shall be to an article or section of the
Plan, unless otherwise indicated.

     

    Section
6.3                                Non-Alienation
of Benefits.

    


    The right
to receive a benefit under the Plan shall not be subject in any manner to
anticipation, alienation or assignment, nor shall such rights be liable for or
subject to debts, contracts, liabilities or torts.

     

    


    Section
6.4                                Indemnification.

    


    The
Company shall indemnify, hold harmless and defend each Board Member,
Participant, Retired Participant and the Beneficiaries of each, against their
reasonable costs, including legal fees, incurred by them, or arising out of any
action, suit or proceeding in which they may be involved, as a result of their
efforts, in good faith, to defend or enforce the terms of the Plan.

     

    


    Section
6.5                                Severability.

    


    A
determination that any provision of the Plan is invalid or unenforceable shall
not affect the validity or enforceability of any other provision
hereof.

    


    Section
6.6                                Waiver.

    


    Failure
to insist upon strict compliance with any of the terms, covenants or conditions
of the Plan shall not be deemed a waiver of such term, covenant or condition. A
waiver of any provision of the Plan must be made in writing, designated as a
waiver, and signed by the party against whom its enforcement is sought. Any
waiver or relinquishment of any right or power hereunder at any one or more
times shall not be deemed a waiver or relinquishment of such right or power at
any other time or times.

     

    Section
6.7                                Notice.

    


    Any
communication required or permitted to be given under the Plan, including any
notice, direction, designation, comment, instruction, objection or waiver, shall
be in writing and shall be deemed to have been given at such time as it is
delivered personally or 5 days after mailing if mailed, postage prepaid, by
registered or certified mail, return receipt requested, addressed to such party
at the address listed below, or at such other address as one such party may by
written notice specify to the other party:

     

    (a)           if
to the Company:

    


    Dime
Community Bancorp, Inc.

    209
Havemeyer Street

    Brooklyn,
New York 11211

    


    Attention:
Corporate Secretary

    


    
      	
               
      

            	
              (b)

            	
              if
      to any party other than the
Company,

            


    

    
      	
               
      

            	
              to
      such party at the address last
furnished

            


    

    
      	
               
      

            	
              by
      such party by written notice to the
Company.

            


    

    


    Section
6.8                                Operation
as an Unfunded Plan.

    


    The Plan
is intended to be (a) a contractual obligation of the Company to pay the
benefits as and when due in accordance with its terms, (b) an unfunded and
non-qualified plan such that the benefits payable shall not be taxable to the
recipients until such benefits are paid and (c) a plan covering persons who are
independent contractors of the Company. The Plan is not intended to be subject
to or comply with the requirements of the Employee Retirement Income Security
Act of 1974, as amended, or of section 401(a) of the Code. The Company may
establish a trust to which assets may be transferred by the Company in order to
provide a portion or all of the benefits otherwise payable by the Company under
the Plan; provided, however, that the assets of such trust shall be subject to
the claims of the creditors of the Company in the event that it is determined
that the Company is insolvent or that grounds exist for the appointment of a
conservator or receiver. The Plan shall be administered and construed so as to
effectuate these intentions.

     

    


    Section
6.9                                Required
Regulatory Provisions.

    


    Notwithstanding
anything herein contained to the contrary, any benefits paid by the Company,
whether pursuant to this Plan or otherwise, are subject to and conditioned upon
their compliance with section 18(k) of the Federal Deposit Insurance Act ("FDI
Act"), 12 U.S.C. Section 1828(k), and any regulations promulgated
thereunder.

     

    


    Section
6.10                                Governing
Law.

    


    The Plan
shall be construed, administered and enforced according to the laws of the State
of New York applicable to contracts between citizens and residents of the State
of New York entered into and to be performed entirely within such jurisdiction,
except to the extent that such laws are preempted by federal law.

     

    Section
6.11                                Compliance
with Section 409A of the Code.

    


    The Plan
is intended to be a non-qualified deferred compensation plan described in
section 409A of the Code.  The Plan shall be operated, administered
and construed to give effect to such intent.  In addition,
notwithstanding Article V, the Plan shall be subject to amendment, with or
without advance notice to Participants and other interested parties, and on a
prospective or retroactive basis, including but not limited to amendment in a
manner that adversely affects the rights of participants and other interested
parties, to the extent necessary to effect such compliance.

     

    


     


    
      
        
          


          


           

        

         


      

      
         


        
          

        

      

      
         


      

    


    Appendix
A

    


    Early
Commencement Factors

    


     Number
of
Years                                                       Factor

     Payments
Commence

     Prior
to Age 65

    


     0                                         1.0000

     1
..                                         
9205

     2
..                                         
8496

     3
..                                         
7860

     4
..                                         
7289

     5
..                                         
6774

     6
..                                         
6308

     7
..                                         
5885

     8
..                                         
5500

     9
..                                         
5149

     10
..                            
4829

    


    Appendix
B

    


    Factors
for Determining Optional Benefit Forms under Section 3.3

    


    
      
        	
                 

                 

                Age

              	
                 

                 

                Option
      1

              	
                 

                 

                Option
      2

              	
                 

                5
      Year

                Certain

              	
                 

                Option
      3

                10
      Year Certain

              	
                 

                15
      Year

                Certain

              
	
                50

              	
                 90.0%

              	
                 94.7%

              	
                 99.6%

              	
                 98.4%

              	
                 97.1%

              
	
                51

              	
                89.4

              	
                94.4

              	
                99.6

              	
                98.3

              	
                96.6

              
	
                52

              	
                88.8

              	
                94.1

              	
                99.6

              	
                98.2

              	
                96.2

              
	
                53

              	
                88.2

              	
                93.7

              	
                99.5

              	
                98.1

              	
                95.8

              
	
                54

              	
                87.6

              	
                93.4

              	
                99.5

              	
                98.0

              	
                95.4

              
	
                55

              	
                87.0

              	
                93.0

              	
                99.4

              	
                97.9

              	
                95.0

              
	
                56

              	
                86.4

              	
                92.7

              	
                99.3

              	
                97.5

              	
                94.2

              
	
                57

              	
                85.8

              	
                92.4

              	
                99.2

              	
                97.1

              	
                93.4

              
	
                58

              	
                85.2

              	
                92.0

              	
                99.1

              	
                96.7

              	
                92.6

              
	
                59

              	
                84.6

              	
                91.7

              	
                98.9

              	
                96.3

              	
                91.8

              
	
                60

              	
                84.0

              	
                91.3

              	
                98.8

              	
                95.9

              	
                91.0

              
	
                61

              	
                83.2

              	
                90.8

              	
                98.6

              	
                95.2

              	
                90.0

              
	
                62

              	
                82.4

              	
                90.4

              	
                98.4

              	
                94.5

              	
                89.0

              
	
                63

              	
                81.6

              	
                89.9

              	
                98.2

              	
                93.8

              	
                88.0

              
	
                64

              	
                80.8

              	
                89.4

              	
                98.0

              	
                93.1

              	
                87.0

              
	
                65

              	
                80.0

              	
                88.9

              	
                97.8

              	
                92.4

              	
                86.0

              
	
                66

              	
                79.3

              	
                88.5

              	
                97.4

              	
                91.4

              	
                84.4

              
	
                67

              	
                78.6

              	
                88.0

              	
                97.1

              	
                90.4

              	
                82.8

              
	
                68

              	
                77.9

              	
                87.6

              	
                96.7

              	
                89.4

              	
                81.2

              
	
                69

              	
                77.2

              	
                87.1

              	
                96.4

              	
                88.4

              	
                79.6

              
	
                70

              	
                76.5

              	
                86.7

              	
                96.0

              	
                87.4

              	
                78.0

              
	
                71

              	
                75.9

              	
                86.3

              	
                95.4

              	
                85.8

              	
                76.0

              
	
                72

              	
                75.3

              	
                85.9

              	
                94.8

              	
                84.2

              	
                74.0

              
	
                73

              	
                74.7

              	
                85.5

              	
                94.2

              	
                82.6

              	
                72.0

              
	
                74

              	
                74.1

              	
                85.1

              	
                93.6

              	
                81.0

              	
                70.0

              
	
                75

              	
                73.5

              	
                84.7

              	
                93.0

              	
                79.4

              	
                68.0

              


      

    

    


    For
Options 1 and 2, the survivorship factors shown above assume that the
Participant (or Retired Participant) and the Beneficiary are the same age. For
each whole year that the Beneficiary is older than the Participant (or Retired
Participant), add Factor B in the case of Option 2, to the percentage shown
above (but never go above 99.0%). For each whole year that the Beneficiary is
younger than the Participant (or Retired Participant), subtract Factor B in the
case of Option 2, from the percentages shown above. Factor B for all members for
Option 1 is .7% for the first 10 years, .5% for the next 10 years and .3% for
over 20 years, and Factor B for Option 2 is .4% for the first 10 years, .3% for
the next 10 years and .2% for over 20 years.