Exhibit 10(t)
AMENDMENT NO. 4
TO AMENDED AND RESTATED
RETIREMENT PLAN OF TRUSTCO BANK
WHEREAS, Trustco Bank, a federal savings bank (hereinafter referred
to as "Bank"), maintains the Retirement Plan of Trustco Bank (hereinafter
referred to as the "Plan"); and
WHEREAS, the Plan Sponsor reserves the right to amend the Plan; and
WHEREAS, the Bank desires to amend said Plan effective as of January 1,
2006 to modify the benefit formula for new employees and to eliminate the
suspension of benefits provision;
NOW, THEREFORE, the Bank does hereby amend the Plan, effective January
1, 2006, as follows:
I.
Section 1.28 of the Plan defining Year of Vesting Service shall be amended by
the addition of the following:
An Employee who was an employee of Landmark Community Bank on July 27,
2000 and continued to be employed by the Company on July 28, 2000 (the
acquisition date by the Company) shall have all employment with Landmark
Community Bank deemed employment with the Company for determining
Vesting Service under the Plan.
II.
Section 3.2 of the Plan relating to the Postponed Retirement Date shall be
deleted in its entirety and replaced with the following:
Section 3.2 Postponed Retirement Date. A Participant may continue in
employment of the Company after his Normal Retirement Date; provided,
however, that a Participant who meets the following requirements must
retire on the first day of the month coinciding or next following the
date on which he attains age 70:
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(a) during the two-year period immediately before retirement such
Participant is employed in a bona fide executive or high policy
making position; and
(b) such Participant is entitled to an immediate nonforfeitable annual
retirement benefit from a pension, profit sharing, savings or
deferred compensation plan, including this Plan, or any combination
of such plans of the Company which equal, in the aggregate, at
least $44,000.
A Participant who does continue in the employment of the Company after
his Normal Retirement Date will have a Postponed Retirement Date which
will be the first day of the month coinciding with or next following his
termination of employment with the Company. The payment of the Accrued
Benefit to such Participant who continues his employment beyond his
Normal Retirement Date shall commence on this Postponed Retirement Date.
The benefits payable on his Postponed Retirement Date shall be equal to
the greater of:
1) the amount which is based on the Accrued Benefit formula using his
Years of Benefit Service and Compensation through his Postponed
Retirement Date, reduced (but not below zero) by the Actuarial
Equivalent of any earlier benefit payments, and
2) the Actuarial Equivalent of his Accrued Benefit at his Normal
Retirement Date, reduced (but not below zero) by the Actuarial
Equivalent of any earlier benefit payments.
III.
Section 4.1(A) of the Plan relating to the Accrued Benefit shall be amended
by the addition of the following:
Effective for employees hired on or after January 1, 2006, the monthly
Accrued Benefit of a Participant, payable on or after such Participant's
Normal Retirement Date, shall be equal to one-twelfth of the sum of the
following:
Regular Benefit: .5% of the Participant's Final Average Earnings
multiplied by his Years of Benefit Service earned on and after
January 1, 2006 up to a maximum of 30 years, plus
Supplemental Benefit: .325% of the Participant's Final Average
Earnings in excess of Covered Compensation multiplied by his Years
of Benefit Service earned on and after January 1, 2006 up to a
maximum of 30 Years of Benefit Service.
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IV.
Section 4.5 of the Plan relating to Employment After Retirement shall be
deleted in its entirety and replaced with the following:
Section 4.5. Employment After Retirement. If a Participant is reemployed
after commencement of his retirement benefit, benefit payments shall be
stopped if the Participant has not incurred a One Year Break-in Service.
Payments shall resume upon termination of employment. Benefits payable
on his subsequent termination of employment shall be calculated in
accordance with the Postponed Retirement Date provisions of Section 3.2
and reduced by the Actuarial Equivalent of any earlier payments.
IN WITNESS WHEREOF, the Bank has caused this Amendment No. 4 to be executed
by its duly authorized officer this 20th day of December, 2005.
TRUSTCO BANK
By: /s/ Robert J. McCormick
---------------------------
Robert J. McCormick
President and
Chief Executive Officer
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