Peoples Financial adds lifetime pay for ex-president
Rhea-AI Filing Summary
PEOPLES FINANCIAL SERVICES CORP. (PFIS) reported that on August 28, 2026 it, its subsidiary Peoples Security Bank and Trust Company, and former President Thomas P. Tulaney approved an amendment to Mr. Tulaney’s Supplemental Executive Retirement Plan Agreement.
The Bank purchased an annuity contract as a funding source for Mr. Tulaney’s normal retirement benefit under the SERP. The amendment provides that if Mr. Tulaney survives the twenty-year normal retirement benefit period, the Bank will continue making monthly payments equal to the annuity’s payments for the remainder of his life. The amendment is filed as Exhibit 10.1 and its full text governs the benefit terms.
Positive
- None.
Negative
- None.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Effective date of SERP amendment: August 28, 2026
Normal retirement benefit period: twenty-year normal retirement benefit period
2 metrics
Effective date of SERP amendment
August 28, 2026
Date the amendment to the Supplemental Executive Retirement Plan Agreement became effective
Normal retirement benefit period
twenty-year normal retirement benefit period
Period after which additional lifetime monthly payments become payable if Mr. Tulaney survives it
Key Terms
Supplemental Executive Retirement Plan Agreement, annuity contract, normal retirement benefit
3 terms
Supplemental Executive Retirement Plan Agreement financial
"approved an amendment to the Supplemental Executive Retirement Plan Agreement, dated May 31, 2012"
annuity contract financial
"the Bank’s purchase of an annuity contract as a source of funding"
normal retirement benefit financial
"as a source of funding for Mr. Tulaney’s normal retirement benefit under the SERP"
FAQ
What executive benefit change did PEOPLES FINANCIAL SERVICES CORP. (PFIS) disclose on August 28, 2026?
PFIS disclosed an amendment to former President Thomas P. Tulaney’s Supplemental Executive Retirement Plan Agreement, tied to an annuity contract, adding lifetime monthly payments equal to the annuity amount if he lives beyond the twenty-year normal retirement benefit period.
Who is affected by the amended SERP described by PFIS?
The amendment affects former President Thomas P. Tulaney. It modifies his Supplemental Executive Retirement Plan Agreement with PFIS and its subsidiary Peoples Security Bank and Trust Company, particularly the benefits payable after the twenty-year normal retirement benefit period.
How will the annuity contract be used in PFIS’s SERP for Thomas P. Tulaney?
Peoples Security Bank and Trust Company purchased an annuity contract as a funding source for Thomas P. Tulaney’s normal retirement benefit under the SERP. Monthly payments from the Bank after the benefit period will match the amount payable from that annuity contract.
What additional benefit does PFIS’s amendment provide after the 20-year retirement period?
If Thomas P. Tulaney survives the twenty-year normal retirement benefit period, the Bank will provide an additional benefit by making monthly payments equal to the annuity contract payments for the balance of his life.
Where can investors find the full terms of the amended SERP for PFIS’s former President?
The full terms are in Exhibit 10.1, titled “Amendment to Supplemental Executive Retirement Plan Agreement for the Benefit of Thomas P. Tulaney, effective August 28, 2026,” which is incorporated by reference into the report.
AI-generated analysis. How Rhea-AI works. Not financial advice.
