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.
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 AND FUTA TAXES REQUIRED TO
BE WITHHELD UNDER SECTIONS 3101 AND 3501, RESPECTIVELY, 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