New Jersey § 17:9a-27

§ 17:9a-27.

A. A plan maintained by a savings bank may, subject to the provisions of section 22

of this act, 1 be rescinded, or may be altered from time to time in the manner provided by such

plan, and in the absence of such provision, by resolution of the board of managers. B. A plan maintained by a bank other than a savings bank may be rescinded, and may

be altered in a manner which is not substantial, pursuant to resolution of the board

of directors. C. If the original or amended certificate of incorporation of a bank, other than a

savings bank, so provides, a plan may be altered by resolution of the bank's board

of directors, whether or not the alteration is substantial; otherwise, a bank may

make a substantial alteration in a plan only with the approval of a majority in interest

of its stockholders. D. For the purposes of this act, an alteration in a plan is substantial when it provides

for (1) the payment, in whole or in part at the cost of the bank, of benefits greater

than those specified in the plan; or (2) the retirement of employees at an age earlier

than that specified in the plan; or (3) a decrease in the period of employment specified

in the plan to qualify an employee to receive retirement benefits. 1

N.J.S.A. § 17:9A-27.22.