Common use of Financial Institutions Retirement Fund Clause in Contracts

Financial Institutions Retirement Fund. The accrual of participants' benefits under SCSB's Financial Institutions Retirement Fund ("SCSB Retirement Plan") shall be frozen effective as of December 31st of the year in which the Effective Time occurs, and all accrued benefits of participants in the SCSB Retirement Plan shall thereupon become fully vested. To the extent permitted by the SCSB Retirement Plan and applicable law, the accrued benefit of each participant in the SCSB Retirement Plan shall be held and remain under the SCSB Retirement Plan and shall be payable at the time(s) and in the forms provided for under that plan. Blue River shall be responsible for the withdrawal of SCSB from the SCSB Retirement Plan and for making any required or appropriate application to the Service for a determination letter to the effect that such withdrawal does not adversely affect the tax-qualified status of such plan and for providing any notices to the Pension Benefit Guaranty Corporation or other governmental entity regarding the withdrawal. SCSB shall make contributions to the SCSB Retirement Plan through the date of such withdrawal only to the extent required to maintain the plan's tax-qualified status and avoid any federal income taxes or penalties attributable to the plan's funding status.