Exhibit 10.27
AMENDMENT #1
COMMUNITY BANK SYSTEM, INC. PENSION PLAN
This sets forth Amendment #1 to the Community Bank System, Inc. Pension
Plan, as amended and restated as of January 1, 2004 ("Plan"). Effective as of
December 21, 2005, the Plan is amended as follows:
1. Section 5.2(a)(9) of the Plan is amended and restated to provide in its
entirety as follows:
(9) For Plan Years that begin on or after January 1,
2005, a Participant's annual Normal Retirement Benefit under the
Traditional Formula shall equal the greater of the Normal Retirement
Benefit determined under subparagraph 5.2(a) or the following
amount:
Participant
(by Employee ID No.) Amount
-------------------- ------
98744 $ 40,897
68051 $168,725
93083 $178,508
Any Active Participant $ 0
described in subparagraphs
3.9(k), (l), (m), (n), or (o)
All other Active Participants $ 660
Notwithstanding the dollar amounts set forth above, no Normal
Retirement Benefit shall exceed the limits set forth in Paragraph
8.1.
2. Section 5.3(d) of the Plan is amended and restated to provide in its
entirety as follows:
(d) (1) Notwithstanding the other provisions of this
Paragraph 5.3, for Plan Years beginning on or after January 1, 2005,
the annual Normal Retirement Benefit payable to the following
Participants shall not be less than the following amounts, except as
may be limited under Article VIII:
1
Participant
(by Employee ID No.) Minimum Benefit
98840 $283,041
3952 $100,000
3426 $65,162
(2) Notwithstanding the other provisions of this
Paragraph 5.3, the opening Account balance on January 1, 2004 for
the Plan Participant with Employee ID No. 1026 shall be $153,548.
(3) Notwithstanding the other provisions of this
Paragraph 5.3, the Account balance on December 31, 2005 for the Plan
Participant with Employee ID No. 3398 shall be $72,528.
(4) Notwithstanding the other provisions of this
Paragraph 5.3, the Account balance on December 31, 2005 for the Plan
Participant with Employee ID No. 4225 shall be $28,397.
5) Notwithstanding the other provisions of this
Paragraph 5.3, the Account balance on December 31, 2005 for the Plan
Participant with Employee ID No. 1438 shall be $155,137.
3. Section 5.3(e) of the Plan is amended and restated to provide in its
entirety as follows:
(e) In addition to the Accrued Benefit determined pursuant to
Paragraph 5.2 or the other provisions of Paragraph 5.3, each
Participant identified below shall have a supplemental Account
balance, as of December 31, 2005, determined as follows:
Supplemental Account
Participant Balance
(by Employee ID No.) As of December 31, 2005
-------------------- -----------------------
4577 $36,479
98890 $38,412
98744 $42,147
1438 $50,009
2
4225 $19,896
908 $28,664
45999 $78,696
49575 $23,106
57770 $ 5,450
68051 $348,138
3427 $ 9,645
2996 $26,058
3398 $58,512
93083 $275,731
The supplemental Account balance provisions in this subparagraph (e)
shall apply to each listed Participant regardless of the election
(or deemed election) made by the Participant pursuant to Paragraph
5.1. The supplemental Account balance described in this subparagraph
(e) shall not be increased by any Service Credits described in
subparagraphs 5.3(b) or (c) or by the Interest Credit described in
subparagraph 5.3(f).
Pursuant to resolutions adopted by the Board of Directors of Community
Bank System, Inc. on December 21, 2005, this Amendment #1 has been executed by a
duly authorized officer of Community Bank System, Inc. on this 29th day of
December, 2005.
COMMUNITY BANK SYSTEM, INC.
By: /s/ Mark E. Tryniski
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