SBERA Pension Benefit

SBERA Pension Benefit. Means the distributions to the Executive from the Savings Bank Employees Association Pension Plan ("SBERA Plan") that are attributable to Bank contributions, assumed to grow at 5.5% per annum within an Individual Retirement Account, and converted to an immediate single life annuity payable at age 65 using the assumptions set forth in Section 1(a) for purposes of computing the benefit of equivalent value other than in the case of lump sum.