§ 521. Pensions and allowances.
A banking institution or a savings association may grant allowances or pensions to officers, directors and employees for faithful and long-continued services and, after the death of the officer, director or employee either while in the service of the corporation or after retirement, pensions or allowances may be granted or continued to their dependents. The allowances to dependents shall be reasonable in amount and paid only for a limited time and, unless part of an employee benefit plan or employment contract in effect at the time of retirement or death of the officer, director or employee, shall not exceed in total the amount of the compensation paid to the officer, director or employee during the 12 months preceding retirement or death.
(Dec. 19, 1990, P.L.834, No.198, eff. imd.)
Section: Previous 505 506 507 511 512 513 514 515 516 517 518 521 522 523 NextLast modified: October 8, 2016