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Supplemental Executive Retirement Plan (SERP)/Director Retirement Plan (DRP)

  • An income benefit paid at retirement by the bank to the executive or director equal to a flat dollar amount or a percentage of final pay (i.e. 25% of final 3 year average salary).
  • The annual benefit payment is paid out over a 5, 10, or 15-year period or in a lump sum, at the discretion of each executive or director.
  • Each executive/director has an individual agreement with the bank that specifies:
    - Vesting
    - Death benefits
    - Payout duration
    - Disability
    - Change of control protection