Peoples Financial amends Tulaney retirement plan to add lifetime monthly benefit after 20-year payout period
PFIS•Retirement plan amended
Peoples Financial Services amended former President Thomas P. Tulaney’s Supplemental Executive Retirement Plan on Aug. 28, 2026.
- The change follows the bank’s purchase of an annuity contract to fund Tulaney’s normal retirement benefit under the plan.
- If Tulaney outlives the plan’s 20-year normal retirement benefit period, the bank will make monthly payments for life.
- Payments will match the amount payable from the annuity contract.
