An announcement from SR Bancorp, Inc. (SRBK) is now available.
Somerset Regal Bank has introduced a new Supplemental Executive Retirement Plan (SERP) to provide additional retirement benefits for selected executives, countering the loss from a previously frozen pension plan. Executives such as William P. Taylor, Christopher J. Pribula, and David M. Orbach will see annual contributions to their accounts, which remain fully vested at all times. Benefits from this plan will be distributed over twenty years following an executive’s departure, unless employment is terminated for cause, leading to a forfeiture of the benefits. In the event of an executive’s death, their beneficiaries will receive the account balance promptly.
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