Civista Bancshares Inc (CIVB) has released an update.
Civista Bancshares, Inc. has revamped its Supplemental Nonqualified Retirement Plan to better align with previous amendments, simplify the language, and remove redundancies. The updated plan, which takes effect on January 1, 2024, includes adjustments to benefit calculations and vesting schedules for participants. It offers increased benefits at age 65, a fair early retirement calculation, and a secured late retirement benefit. Additionally, the plan ensures participants will not receive less than they would have before these changes, and introduces accelerated vesting if a participant becomes disabled. The company has also taken out life insurance policies to secure these obligations, providing death benefits to participants’ beneficiaries in line with the retirement benefits that would have been paid.
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