ex10-1.htm


    
      

    

    Exhibt
      10.1

    
 

    SEVERANCE
      PAY PLAN

    


    FOR
      ELIGIBLE EMPLOYEES OF

    


    BENEFICIAL
      MUTUAL SAVINGS BANK

     

    Beneficial
      Mutual Savings Bank (the “Company”) has adopted this Severance Pay Plan for
      Eligible Employees of Beneficial Mutual Savings Bank (the “Plan”) to provide
      severance benefits to certain Eligible Employees.  The Plan is
      administered by the Company, which is the Plan Administrator.  The
      Plan's “Plan Year” is the 12-month period ending on December 31.

     

    
      	
              1.

            	
              Events
                That Trigger Benefits

            


    

     

    Benefits
      will become payable to Eligible Employees under the Plan who execute and do
      not
      revoke a Severance Agreement and General Release in a form acceptable to and
      established by the Company.

     

    
      	
              2.

            	
              Plan
                Eligibility

            


    

    


    
      	 	
              (a)

            	
              In
                General

            


    

     

    In
      general, an individual will be eligible for benefits under the Plan (and
      therefore an “Eligible Employee”) if he or she is a full-time employee
      who:  (i) has been employed continuously by the Company for more than
      ninety (90) days; (ii) is contemporaneously designated in the Company’s records
      as a fulltime, regular, employee; and (iii) suffers an involuntary termination
      of employment on or after October 12, 2007, as a result of a reduction in force,
      business reorganization, or a job elimination, as determined by the Company,
      in
      its discretion.  As provided below, employees who are terminated for
      Cause (as defined below) are among those persons who are not eligible for
      benefits under the Plan.

     

    
      	 	
              (b)

            	
              Ineligible
                Employees

            


    

     

    All
      other
      employees are ineligible for participation in this Plan. Without limiting the
      applicability of the foregoing, this Plan specifically does not
      cover:  (i) individuals who are not employees of the Company; (ii)
      temporary or seasonal employees of the Company; (iii) individuals who work
      for
      the Company as leased employees, independent contractors or agents (or are
      classified as such by the Company, whether or not such classification is upheld
      upon governmental or judicial review); (iv) individuals who are paid by any
      third party employer, such as an employment agency or temporary staffing firm;
      (v) employees who are covered by any other written severance plan or employment
      agreement with the Company that provides for severance benefits; or (vi)
      employees who are informed by an offer letter, employment contract or other
      communication at the start of their employment that they
      will not be eligible for benefits under the Plan.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    


    
      	 	
              (c)

            	
              Events
                Which Will Cause an Employee to Become
                Ineligible

            


    

     

    An
      employee shall not be eligible for benefits under the Plan if, before the
      employee’s Termination Date:

     

    
      	 	
              ·

            	
              the
                employee accepts an offer of continued employment with the Company;
                or

            
	 	 	 
	 	
              ·

            	
              the
                employee is transferred to, or rejects an offer of, continued full-time
                employment with the Company.

            


    

     

    An
      employee shall not be eligible for benefits under the Plan unless the employee
      remains employed by the Company until the final day of employment specified
      by
      the Company.  An employee who leaves employment before such date,
      regardless of the reason, shall be deemed to have voluntarily resigned and
      shall
      be ineligible for benefits under the Plan.

     

    An
      employee shall not be eligible for benefits under the Plan unless the employee
      maintains fully satisfactory work performance until the final day of employment
      specified by the Company, including the employee’s faithful performance of any
      remaining obligations to the Company such as conscientious transitioning of
      the
      employee’s duties, reimbursement to the Company for any cash advances or debit
      balances, and the return of all Company property, including, but not limited
      to,
      any computers, PDAs, cell phones, tools, keys or manuals.

     

    
      	 	
              (d)

            	
              Termination
                For Cause

            


    

     

    An
      employee shall not be eligible for benefits under the Plan if the employee
      is
      discharged for Cause. For purposes of this Plan, the term “Cause”
means:  (i) any willful neglect of, or refusal to perform, the
      employee’s duties or responsibilities with respect to the Company,
      insubordination, dishonesty, misconduct, gross negligence or willful malfeasance
      by the employee in the performance of the employee’s duties and
      responsibilities, or the willful taking of actions which materially impair
      the
      employee’s ability to perform his/her duties and responsibilities, or any
      serious violation of Company rules or regulations; (ii) the violation of any
      local, state or federal criminal statute, including, without limitation, an
      act
      of dishonesty such as embezzlement, theft or larceny, if the violation either
      relates to the Company or could have an adverse effect on the Company or its
      reputation; (iii) intentional provision of services in competition with the
      Company, or intentional disclosure to a competitor of the Company of any
      confidential or proprietary information of the Company or client; or (iv) any
      violation of any code of conduct, code of ethics or any similar code established
      by the Company, with respect to which the Company determines in its sole
      discretion that the employee’s employment has ended under circumstances such
      that the payment of benefits under the Plan would not be in the Company’s best
      interest.  This definition of Cause shall be used only for the
      purposes of administering and determining eligibility under this
      Plan.  This Plan provision shall not be construed as implying that
      employees may only be terminated for Cause.  Rather, employees are
      generally employed “at will” and may be terminated at any time for any reason,
      with or without cause or notice.  The Company, in its sole discretion,
      shall determine whether an employee has been terminated for Cause.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    


    
      	
              3.

            	
              Benefit
                Ineligibility

            


    

    


    
      	 	
              (a)

            	
               Agreement
                and General Release

            


    

     

    An
      employee who is otherwise eligible to participate in the Plan will not be
      eligible for benefits unless he or she executes a severance agreement and
      general release in a form acceptable to the Company prior to the date he or
      she
      is involuntarily terminated by the Company as part of the reduction in force
      (the “Termination Date”).  Additionally, if an otherwise eligible
      employee executes such an agreement, but subsequently revokes such agreement,
      he
      or she will be ineligible to participate in this Plan and will forfeit any
      benefits paid as of the time of such revocation.

     

    
      	 	
              (b)

            	
              Changed
                Decisions

            


    

     

    The
      Company reserves the right to rescind or reschedule any scheduled termination
      from employment on or before the actual date of termination.  In such
      cases, the affected employee will not be eligible for severance benefits under
      this Plan.  The Company has the right to amend, terminate or cancel
      this Plan prior to any otherwise Eligible Employee’s Termination
      Date.  No employee will be eligible for severance benefits under this
      Plan if the Plan is canceled prior to his or her Termination Date.

     

    
      	 	
              (c)

            	
              Eligibility
                Determination

            


    

     

    The
      Company, in its sole discretion, shall have the authority to determine whether
      an employee meets the eligibility criteria of this Plan.

     

    
      	
              4.

            	
              Severance
                Benefits

            


    

     

    
      	 	
              (a)

            	
              Severance
                Period

            


    

     

    The
      Severance Period for an Eligible
      Employee is based upon his or her title and duties as of his or her Termination
      Date and, in some cases, the Years of Service performed by the Eligible
      Employee.  For purposes of this Plan, an Eligible Employee shall earn
      a Year of Service for each full year in which he or she was an employee of
      the
      Company. In determining a Participant’s Years of Service, the Participant will
      also be credited with a partial Year of Service for any calendar year in which
      the Eligible Employee was an Employee of the Company for a portion of the
      calendar year.  A partial Year of Service credited to an Eligible
      Employee shall be equal to a fraction calculated in accordance with the
      following formula:

    


    Number
      of days in the calendar year the individual was an employee of the
      Company

    365

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
      the foregoing, each Eligible Employee will be credited with a minimum of one
      Year of Service for purposes of this Plan.

    


    Executive
      Vice Presidents and other officers above the level of Senior Vice President
      are
      not eligible to participate in this Plan.

    


    
      	
              TITLE
                AND DUTIES

            	 	
              SEVERANCE
                PERIOD

            
	
              1.  Senior
                Vice President

            	 	
              2
                years

            
	
              2.  Vice
                President who serves on the Senior management Team

            	 	
              2
                years

            
	
              3.  Vice
                President who does not serve on the Senior Management Team

            	 	
              1
                year

            
	
              4.  Other
                Employees

            	 	
              2
                weeks per Year of Service, up to a maximum of 26
                weeks

            


    

     

    
      	 	
              (b)

            	
              Lump
                Sum Payment

            


    

     

    Each
      Eligible Employee with the exception of those Eligible Employees who are
      identified as “Other Employees” above shall receive a lump-sum payment equal to
      his or her Annual Salary as of the Termination Date, multiplied by the number
      of
      years in the appropriate Severance Period.  An Eligible Employee who
      is identified as “Other Employees” will receive a lump-sum payment equal to his
      or her Weekly Salary multiplied by the smaller of (i) two times the number
      of
      Years of Service accrued by the Eligible Employee as of the Termination Date
      or
      (ii) twenty-six.

     

    This
      lump
      sum payment, less any withholdings for federal, state, and local taxes, shall
      be
      paid on or prior to March 15 of the year which next follows the year in which
      the Termination Date occurs.  The Eligible Employee shall be
      responsible for payment of all taxes associated with the lump sum payment
      notwithstanding whether withholdings have been made.  For purposes of
      this paragraph “Annual Salary” shall include only base compensation as of the
      Eligible Employee’s last salary review, and shall not include any employee
      benefits, bonuses or other compensation.  For purposes of this
      paragraph, “Weekly Salary” shall mean Annual Salary multiplied by
      1/52.

     

    
      	 	
              (c)

            	
              Health
                Plan Continuation

            


    

     

    Each
      Eligible Employee shall be eligible to continue in the Beneficial Mutual Savings
      Bank Health Benefits Plan (the “Health Plan”) during the appropriate Severance
      Period.  Such continuation shall be subject to (i) the continued
      monthly payment by the Eligible Employee of the employee portion of the premium
      for such benefits and (ii) the Company’s continued sponsorship of the Health
      Plan.  Each Eligible Employee shall be treated the same as to an
      active employee for purposes of the terms and conditions of the Health Plan,
      including premium changes and any subsequent amendments to such
      plan.  If any amendment or change to the funding mechanism of the
      health benefits plan would result in taxable income to the Eligible Employee,
      the Eligible Employee will be solely responsible for the payment of such taxes.
      After the expiration of Company-provided coverage under this paragraph, the
      Eligible Employee shall be eligible to elect to continue his or her coverage
      in
      the Health Plan under the terms of applicable Federal law.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (d)

            	
              Retiree
                Health Plan

            


    

     

    If
      an
      Eligible Employee is eligible to participate in the Beneficial Mutual Savings
      Bank Retiree Health Benefits Plan (the “Retiree Plan”) as of the Termination
      Date, he or she shall be eligible to elect to participate in the Retiree Plan,
      subject to the terms and conditions thereof.  Additionally, if the
      participant would have been eligible to participate in the Company’s Retiree
      Plan if he or she had retired during the appropriate Severance Period, then
      he
      or she shall be eligible to elect to participate in such plan, subject to the
      terms and conditions thereof.  Any participation in the Retiree Plan
      pursuant to this paragraph shall be subject to the terms of the Retiree Plan,
      including any subsequent amendments thereto.  In the event the Retiree
      Plan is terminated by the Company, the Eligible Employee’s participation in the
      Retiree Plan shall cease.

     

    
      	
              5.

            	
              Taxes

            


    

     

    Taxes
      will be withheld from benefits under the Plan to the extent required by
      law.

     

    
      	
              6.

            	
              Relation
                to Other Plans

            


    

     

    Except
      as
      specifically described in Section 4 of this Plan, any prior severance or similar
      plan, program, or other arrangement of the Company that would otherwise apply
      to
      an Eligible Employee is hereby revoked as to such Eligible
      Employee.  Benefits under this Plan will not be counted as
      "compensation" for purposes of determining benefits under any other benefit
      plan, pension plan, or similar arrangement. No benefits that would constitute
      "excess parachute payments" within the meaning of Internal Revenue Code Section
      280G, or cause any other amounts to be excess parachute payments, will be paid
      by this Plan.

     

    
      	
              7.

            	
              Amendment
                or Termination

            


    

     

    The
      Company, acting in its nonfiduciary settlor capacity, continually considers
      changes to its compensation and retirement programs and, from time to time,
      may
      consider offering special programs, such as this Plan. Some of the options
      the
      Company may consider might be more advantageous or less advantageous than the
      current program. Unless and until new benefits are formally announced by the
      Company, no one is authorized to tell you that new benefits will or will not
      be
      offered.

     

    
      	
              8.

            	
              Claims
                Procedures

            


    

     

    
      	 	
              (a)

            	
              Claims
                Normally Not Required

            


    

     

    An
      initial claim for benefits is not necessary to receive benefits as described
      in
      Section 4 of this Plan.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Disputes

            


    

     

    If
      any
      person (“Claimant”) believes that benefits are being denied improperly, that the
      Plan is not being operated properly, that fiduciaries of the Plan have breached
      their duties, or that the Claimant's legal rights are being violated with
      respect to the Plan, the Claimant must file a formal claim with the Plan
      Administrator.  This requirement applies to all claims that any
      Claimant has with respect to the Plan, including claims against fiduciaries
      and
      former fiduciaries, except to the extent the Plan Administrator determines,
      in
      its sole discretion, that it does not have the power to grant all relief
      reasonably being sought by the Claimant.

     

    
      	 	
              (c)

            	
              Time
                for Filing Claims

            


    

     

    A
      formal
      claim must be filed within 90 days after the date the Claimant first knew or
      should have known of the facts on which the claim is based, unless the Plan
      Administrator in writing consents otherwise.

    


    
      	 	
              (d)

            	
              Procedures

            


    

    


    
      	 	
              (i)

            	
              Initial
                Claims

            


    

     

    All
      claims shall be presented to the Plan Administrator in
      writing.  Within 90 days after receiving a claim, a claims official
      appointed by the Plan Administrator shall consider the claim and issue his
      or
      her determination thereon in writing.  The claims official may extend
      the determination period for up to an additional 90 days by giving the Claimant
      written notice.  The initial claim determination period can be
      extended further with the consent of the Claimant.  Any claims that
      the Claimant does not pursue in good faith through the initial claims stage
      shall be treated as having been irrevocably waived.

     

    
      	 	
              (ii)

            	
              Claims
                Decisions

            


    

     

    If
      the
      claim is granted, the benefits or relief the Claimant seeks shall be
      provided.  If the claim is wholly or partially denied, the claims
      official shall, within 90 days (or a longer period, as described above), provide
      the Claimant with written notice of the denial, setting forth, in a manner
      calculated to be understood by the Claimant: (1) the specific reason or reasons
      for the denial; (2) specific references to the provisions on which the denial
      is
      based; (3) a description of any additional material or information necessary
      for
      the Claimant to perfect the claim, together with an explanation of why the
      material or information is necessary; and (4) an explanation of the procedures
      for appealing denied claims.  If the Claimant can establish that the
      claims official has failed to respond to the claim in a timely manner, the
      Claimant may treat the claim as having been denied by the claims
      official.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (iii)

            	
              Appeals
                of Denied Claims

            


    

     

    Each
      Claimant shall have the opportunity to appeal the claims official's denial
      of a
      claim in writing to an appeals official appointed by the Plan Administrator
      (which may be a person, committee, or other entity).  A Claimant must
      appeal a denied claim within 60 days after receipt of written notice of denial
      of the claim, or within 60 days after it was due if the Claimant did not receive
      it by its due date.  The Claimant (or his or her duly authorized
      representative) may review pertinent documents in connection with the appeals
      proceeding and may present issues and comments in writing.  The
      Claimant may present only the evidence and theories during the appeal that
      the
      Claimant presented during the initial claims stage, except for information
      the
      claims official may have requested the Claimant to provide to perfect the
      claim.  Any claims that the Claimant does not pursue in good faith
      through the appeals stage, such as by failing to file a timely appeal request,
      shall be treated as having been irrevocably waived.

     

    
      	 	
              (iv)

            	
              Appeals
                Decisions

            


    

     

    The
      decision by the appeals official shall be made not later than 60 days after
      the
      written appeal is received by the Plan Administrator, unless special
      circumstances require an extension of time, in which case a decision shall
      be
      rendered as soon as possible, but not later than 120 days after the appeal
      was
      filed, unless the Claimant agrees to a further extension of time.  The
      appeal decision shall be in writing, shall be set forth in a manner calculated
      to be understood by the Claimant, and shall include specific reasons for the
      decision, as well as specific references to the provisions on which the decision
      is based, if applicable.  If a Claimant does not receive the appeal
      decision by the date it is due, the Claimant may deem his or her appeal to
      have
      been denied.

     

    
      	 	
              (v)

            	
              Procedures

            


    

     

    The
      Plan
      Administrator shall adopt procedures by which initial claims shall be considered
      and appeals shall be resolved; different procedures may be established for
      different claims. The Plan Administrator may amend the Claims Procedures from
      time to time, as it sees fit. All procedures shall be designed to afford a
      Claimant full and fair consideration of his or her claim.

     

    
      	
              9.

            	
              Plan
                Administration

            


    

     

    
      	 	
              (a)

            	
              Discretion

            


    

     

    The
      Plan
      Administrator is responsible for the general administration and management
      of
      the Plan and shall have all powers and duties necessary to fulfill its
      responsibilities, including, but not limited to, the discretion to interpret
      and
      apply the Plan and to determine all questions relating to eligibility for
      benefits.  The Plan shall be interpreted in accordance with its terms
      and their intended meanings.  However, the Plan Administrator and all
      Plan fiduciaries shall have the discretion to interpret or construe ambiguous,
      unclear, or implied (but omitted) terms in any fashion they deem to be
      appropriate in their sole discretion, and to make any findings of fact needed
      in
      the administration of the Plan, and the decision of the Plan Administrator
      shall
      be final and binding on all parties.  The validity of any such
      interpretation, construction, decision, or finding of fact shall not be given
      de
      novo review if challenged in court, by arbitration, or in any other forum,
      and
      shall be upheld unless clearly arbitrary or capricious.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              Finality
                of Determinations

            


    

     

    All
      actions taken and all determinations made by the Plan Administrator or by Plan
      fiduciaries will be final and binding on all persons claiming any interest
      in or
      under the Plan.  To the extent the Plan Administrator or any Plan
      fiduciary has been granted discretionary authority under the Plan, the Plan
      Administrator's or Plan fiduciary's prior exercise of such authority shall
      not
      obligate it to exercise its authority in a like fashion thereafter.

     

    
      	 	
              (c)

            	
              Drafting
                Errors

            


    

     

    If,
      due
      to errors in drafting, any Plan provision does not accurately reflect its
      intended meaning, as demonstrated by consistent interpretations or other
      evidence of intent, or as determined by the Plan Administrator in its sole
      discretion, the provision shall be considered ambiguous and shall be interpreted
      by the Plan Administrator and all Plan fiduciaries in a fashion consistent
      with
      its intent, as determined in the sole discretion of the Plan Administrator.
      The
      Plan Administrator shall amend the Plan retroactively to cure any such
      ambiguity.

     

    
      	 	
              (d)

            	
              Fiduciary
                Disclosure Authority

            


    

     

    No
      Plan
      fiduciary shall have the authority to answer questions about any pending or
      final business decision of the Company or any affiliate that has not been
      officially announced, to make disclosures about such matters, or even to discuss
      them, and no person shall rely on any unauthorized, unofficial disclosure.
      Thus,
      before a decision is officially announced, no fiduciary is authorized to tell
      any person, for example, that he or she will or will not be laid off or that
      the
      Company will or will not offer exit incentives in the future. Nothing in this
      subsection shall preclude any fiduciary from fully participating in the
      consideration, making, or official announcement of any business
      decision.

     

    
      	 	
              (e)

            	
              Scope

            


    

     

    This
      Section may not be invoked by any person to require the Plan to be interpreted
      in a manner inconsistent with its interpretation by the Plan Administrator
      or
      other Plan fiduciaries.

     

    
      	
              10.

            	
              Costs
                and Indemnification

            


    

     

    All
      costs
      of administering the Plan and providing Plan benefits will be paid by the
      Company.

     

    
      	
              11.

            	
              Limitation
                on Employee Rights

            


    

     

    This
      Plan
      shall not give any employee the right to be retained in the service of the
      Company or interfere with or restrict the right of the Company to discharge
      or
      retire the employee.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
              12.

            	
              Governing
                Law

            


    

     

    This
      Plan
      is a welfare plan subject to the Employee Retirement Income Security Act of
      1974
      and it shall be interpreted, administered, and enforced in accordance with
      that
      law.  To the extent that state law is applicable, the statutes and
      common law of the Commonwealth of Pennsylvania, excluding any that mandate
      the
      use of another jurisdiction’s laws, shall apply.

     

    
      	
              13.

            	
              Miscellaneous

            


    

     

    Where
      the
      context so indicates, the singular will include the plural and vice
      versa.  Titles are provided herein for convenience only and are not to
      serve as a basis for interpretation or construction of the
      Plan.  Unless the context clearly indicates to the contrary, a
      reference to a statute or document shall be construed as referring to any
      subsequently enacted, adopted, or executed counterpart.

     

    
      	
              14.

            	
              Statement
                of ERISA Rights

            


    

     

    The
      Plan
      is an ERISA welfare benefit plan.  As a Participant in an
      ERISA-covered benefit, you are entitled to certain rights and protections under
      the Employee Retirement Income Security Act ("ERISA").  ERISA provides
      that all Plan Participants shall be entitled to:

     

    
      	 	
              ·

            	
              Receive
                information about your Plan and benefits.

            
	 	 	 
	 	
              ·

            	
              Examine,
                without charge, at the corporate office of the Plan Administrator
                and at
                other specified locations, such as work-sites and union halls, all
                documents governing the Plan, including insurance contracts, collective
                bargaining agreements and a copy of the latest annual report (Form
                5500
                series) filed by the Plan with the U.S. Department of Labor and available
                at the Public Disclosure Room of the Employee Benefits Security
                Administration.

            
	 	 	 
	 	
              ·

            	
              Obtain,
                upon written request to the Plan Administrator, copies of all documents
                governing the operation of the Plan, including insurance contracts
                and
                collective bargaining agreements, and copies of the latest annual
                report
                (Form 5500 series) and updated SPD.  The Plan Administrator may
                make a reasonable charge for the copies.

            
	 	 	 
	 	
              ·

            	
              Receive
                a summary of the Plan's annual financial report (if any).  The
                Plan Administrator is required by law to furnish each Participant
                with a
                copy of this summary annual report.

            


    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    


    
      	 	
              (i)

            	
              Prudent
                Actions by Plan Fiduciaries

            


    

     

    In
      addition to creating rights for Plan Participants, ERISA imposes duties upon
      the
      people who are responsible for the operation of the employee benefit
      plan.  The people who operate your Plan, called "fiduciaries" of the
      Plan, have a duty to do so prudently and in the interest of the Plan
      Participants and beneficiaries.  No one, including your employer, your
      union, or any other person, may fire you or otherwise discriminate against
      you
      in any way to prevent you from obtaining a welfare benefit from the Plan, or
      from exercising your rights under ERISA.

     

    
      	 	
              (ii)

            	
              Enforce
                Your Rights

            


    

     

    If
      your
      claim for a welfare benefit under an ERISA-covered plan is denied in whole
      or in
      part, you must receive a written explanation of the reason for the
      denial.  You have the right to have the Plan review and reconsider
      your claim.  Under ERISA, there are steps you can take to enforce the
      above rights.  For instance, if you request materials from the Plan
      and do not receive them within 30 days, you may file suit in a federal
      court.  In such a case, the court may require the Plan Administrator
      to provide the materials and pay you up to $110 a day until you receive the
      materials, unless the materials were not sent because of reasons beyond the
      control of the Plan Administrator.  If you have a claim for benefits
      that is denied or ignored in whole or in part, you may file suit in a state
      or
      federal court.  In addition, if you disagree with the Plan's decision
      or lack thereof concerning the qualified status of a domestic relations order
      or
      a medical child support order, you may file suit in federal court.  If
      it should happen that Plan fiduciaries misuse the Plan's money, or if you are
      discriminated against for asserting your rights, you may seek assistance from
      the U.S. Department of Labor, or you may file suit in a federal
      court.  The court will decide who should pay court costs and legal
      fees.  If you are successful, the court may order the person you have
      sued to pay these costs and fees.  If you lose, the court may order
      you to pay these costs and fees, for example, if it finds your claim is
      frivolous.

     

    
      	 	
              (iii)

            	
              Assistance
                with Your Questions

            


    

     

    If
      you
      have any questions about the Plan, you should contact the Plan
      Administrator.  If you have any questions about this statement or
      about your rights under ERISA, or if you need assistance obtaining documents
      from the Plan Administrator, you should contact the nearest office of the U.S.
      Department of Labor, Employee Benefits Security Administration ("EBSA") listed
      in your telephone directory, or the Division of Technical Assistance and
      Inquiries, Employee Benefits Security Administration, U.S. Department of Labor,
      200 Constitution Ave., N.W., Washington, D.C., 20210.  You may also
      obtain certain publications about your rights and responsibilities under ERISA
      by calling the publications hotline of the Employee Benefits Security
      Administration.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	15. 	Employer/Plan
              Sponsor Information


    

     

    
      	
              1.
                Name, address, and telephone number of the Employer/Plan
                Sponsor:

            	 	
              Beneficial
                Mutual Savings Bank

              530
                Walnut Street

              Philadelphia,
                PA   19106

               

            
	 	 	 
	
              2.
                Employer's federal tax identification number:

            	 	
              23-0400690

            
	 	 	 
	
              3.
                Adopting Employers participating in the Plan:

            	 	
              N/A

            
	 	 	 
	
              4.
                Effective Date of the Plan:

            	 	
              October
                11, 2007

            
	 	 	 
	
              5.
                The initial Plan Year:

            	 	
              October
                11, 2007 to December 31, 2007

            
	 	 	 
	
              6.
                All subsequent Plan Years:

            	 	
              January
                1 through December 31

            
	 	 	 
	
              7.
                Name, address, and telephone number of the Plan
                Administrator:

               

              The
                Plan Administrator has the exclusive right to interpret the Plan
                and to
                decide all matters arising under the Plan, including the right to
                make
                determinations of fact, and construe and interpret possible ambiguities,
                inconsistencies, or omissions in the Plan and this SPD.

            	 	
              Cecile
                Colonna

              Vice
                President - Assistant Human Resources Department Manager

              c/o
                Beneficial Mutual Savings Bank

              530
                Walnut Street

              Philadelphia,
                PA  19106

              (215)
                864-6094

            
	 	 	 
	
              8.
                Plan Number:

            	 	
              507

               

            
	 	 	 


    

    
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