THE PLAN THAT HAS NOT BEEN FULLY DISTRIBUTED; AND
(B) ANY DIRECTOR WHO ELECTS TO PARTICIPATE IN THE PLAN OR WHO HAS AN ACCOUNT IN
THE PLAN THAT HAS NOT BEEN FULLY DISTRIBUTED.
1.21
"PLAN" MEANS THE FEDERAL HOME LOAN BANK OF BOSTON THRIFT BENEFIT
EQUALIZATION PLAN, AS SET FORTH HEREIN OR AS IT MAY BE AMENDED OR RESTATED FROM
TIME TO TIME.
3
1.22
"PLAN YEAR" MEANS THE CALENDAR YEAR.
1.23
"QUALIFIED PLAN" MEANS THE PENTEGRA DEFINED CONTRIBUTION PLAN FOR
FINANCIAL INSTITUTIONS, AS FROM TIME TO TIME AMENDED.
1.24
"REQUIRED WITHHOLDINGS" MEANS THE FEDERAL, STATE OR LOCAL
EMPLOYMENT TAXES, INCLUDING APPLICABLE FICA TAXES REQUIRED TO BE WITHHELD UNDER
SECTION 3101 OF THE CODE FROM ANY (A) ELECTIVE DEFERRALS, (B) ELECTIVE DEFERRALS
ON BEHALF OF THE PARTICIPANT TO THE QUALIFIED PLAN, (C) CONTRIBUTIONS BY THE
PARTICIPANT TO ANY WELFARE BENEFIT PLAN MAINTAINED BY THE BANK, AND/OR (D) ANY
OTHER COMPENSATION NOT PAID TO THE PARTICIPANT IN CASH, AND ALL FEDERAL, STATE
OR LOCAL INCOME TAXES ATTRIBUTABLE THERETO REQUIRED TO BE WITHHELD FROM INCOME,
AND ANY ADDITIONAL FEDERAL, STATE OR LOCAL INCOME OR EMPLOYMENT TAXES
ATTRIBUTABLE TO SUCH WITHHOLDINGS.
THE ADMINISTRATOR SHALL DETERMINE REQUIRED
WITHHOLDINGS IN ITS DISCRETION.
1.25
"SCHEDULED DISTRIBUTION" MEANS A DISTRIBUTION FROM A PARTICIPANT'S
SCHEDULED DISTRIBUTION SUB-ACCOUNT IN ACCORDANCE WITH SECTION 6.3.
1.26
"SCHEDULED DISTRIBUTION SUB-ACCOUNTS" OR "SUB-ACCOUNTS" MEANS THE
SEPARATE BOOKKEEPING ACCOUNTS ESTABLISHED BY THE ADMINISTRATOR UNDER SECTION 5.1
TO RECORD THE PORTION(S) OF A PARTICIPANT'S ACCOUNT SUBJECT TO SEPARATE
SCHEDULED DISTRIBUTION ELECTIONS.
1.27
"TERMINATION OF SERVICE" MEANS, WITH RESPECT TO AN EXECUTIVE, THE
SEVERING OF EMPLOYMENT WITH THE BANK AND ANY AFFILIATES, VOLUNTARILY OR
INVOLUNTARILY, FOR ANY REASON.
A TERMINATION OF SERVICE WILL BE DEEMED TO HAVE
OCCURRED IF THE FACTS AND CIRCUMSTANCES INDICATE THAT THE BANK AND THE
PARTICIPANT REASONABLY ANTICIPATE THAT NO FURTHER SERVICES WILL BE PERFORMED
AFTER A CERTAIN DATE OR THAT THE LEVEL OF BONA FIDE SERVICES THE PARTICIPANT
WILL PERFORM FOR THE BANK AND ITS AFFILIATES AFTER SUCH DATE (WHETHER AS AN
EMPLOYEE OR AS AN INDEPENDENT CONTRACTOR) WILL PERMANENTLY DECREASE TO NO MORE
THAN 20% OF THE AVERAGE LEVEL OF BONA FIDE SERVICES PERFORMED (WHETHER AS AN
EMPLOYEE OR AN INDEPENDENT CONTRACTOR) OVER THE IMMEDIATELY PRECEDING 36-MONTH
PERIOD (OR THE FULL PERIOD OF SERVICES TO THE EMPLOYER IF THE PARTICIPANT HAS
BEEN PROVIDING SERVICES TO THE BANK AND ITS AFFILIATES LESS THAN 36 MONTHS).
A
PARTICIPANT WILL NOT BE DEEMED TO HAVE INCURRED A TERMINATION OF SERVICE WHILE
HE OR SHE IS ON MILITARY LEAVE, SICK LEAVE, OR OTHER BONA FIDE LEAVE OF ABSENCE
(SUCH AS TEMPORARY EMPLOYMENT BY THE GOVERNMENT) IF THE PERIOD OF SUCH LEAVE
DOES NOT EXCEED SIX MONTHS OR SUCH LONGER PERIOD AS THE PARTICIPANT'S RIGHT TO
REEMPLOYMENT WITH THE BANK IS PROVIDED EITHER BY STATUTE OR BY CONTRACT.
FOR
THIS PURPOSE, A LEAVE OF ABSENCE IS BONA FIDE ONLY IF THERE IS A REASONABLE
EXPECTATION THAT THE PARTICIPANT WILL RETURN TO EMPLOYMENT AT THE CONCLUSION OF
THE LEAVE.
IF THE PERIOD OF LEAVE EXCEEDS