Reduced Plan Benefit

Reduced Plan Benefit. Shall mean the reduced benefit to which a former director of the Dedham Cooperative Bank shall be entitled hereunder in the event of Retirement after five Years of Service as a Dedham Cooperative Bank director. In such case, the Reduced Plan Benefit shall be a monthly benefit equal to Two Hundred Fifty Dollars ($250) payable for a period of sixty (60) months. As of the effective date of this Second Amendment and Restatement of the Plan, a Reduced Plan Benefit may also be paid to a Director who... commenced service on the Board in or after the 2009 calendar year, provided that such Director has five (5) Years of Service on the Board. View More

Reduced Plan Benefit. Means a monthly payment equal to $2,500 multiplied by the Director's vested percentage under Section 1(f) as of the date of the Director's Retirement