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(Address of Principal Executive Offices, including Zip Code)
i(317)i465-0200
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former name or former address, if changed since last report.)
___________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2 below):
io
Written communications pursuant to Rule 425 under the Securities Act
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
io
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
None
None
None
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company io
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 19, 2021, the Board of Directors (“Board”) of the Federal Home Loan Bank of Indianapolis (“Bank”) adopted an amended and restated Supplemental Executive Thrift Plan, effective as of January
1, 2022 (“Plan”). The Plan amends and restates the Supplemental Executive Thrift Plan previously adopted by the Board, which took effect January 1, 2021. The Plan is subject to the non-objection of the Federal Housing Finance Agency, which the Bank received on December 20, 2021.
The purpose of the Plan is to permit certain management or highly-compensated employees of the Bank to elect to defer compensation. The Bank intends that the Plan constitute a deferred compensation arrangement that complies with Section 409A of the Internal Revenue Code of 1986, as amended (“Code”). The Plan is administered by an administrative committee (“Committee”) appointed by the Board, which is the Human Resources Committee of the Board.
Any
Bank employee who is a member of the Bank’s Retirement Savings Plan (as from time to time amended and adopted by the Bank, “Thrift Plan”), or is not a member of the Thrift Plan because the employee has not yet met the Thrift Plan's service requirement, is eligible to be designated by the Board as a “Participant” in the Plan. Each employee who is an officer with a title of First Vice President or a higher officer level is automatically eligible to become a Participant without the need for Board designation.
Subject to certain limitations, the Plan permits a Participant to elect to have all or a portion of the Participant’s compensation (generally, base salary or wages) or annual bonus (under a Board-approved incentive compensation plan) payable in or for any calendar year (“Plan Year”) withheld by the Bank and credited to the Participant’s account as a Participant Salary Deferral Contribution
or Participant Bonus Deferral Contribution, respectively. The Plan permits Participants to modify their deferral elections, subject to certain limitations.
The Plan further provides that the Bank will make Excess Matching Contributions each Plan Year in an amount generally equal to the difference between: (i) the Bank’s employer matching contribution that would have been allocated to the Participant’s account under the Thrift Plan for the year if the Participant Salary Deferral Contribution had been made instead to the Thrift Plan and (ii) the amount of the employer matching contribution actually allocated to the Participant’s account under the Thrift Plan for the year. The Plan permits the Bank (at the Board’s discretion) to make additional matching contributions or supplemental contributions to a Participant’s Plan account.
The Plan provides
for an additional annual Fixed Non-Elective Contribution equal to six percent (6%) of the Participant's base salary to be paid to Participants who are designated Senior Vice Presidents or above, who were hired on or after February 1, 2010, and therefore are not eligible to participate in the Bank's Defined Benefit Plan for Financial Institutions. One of the Bank's current named executive officers, Deron J. Streitenberger, will therefore qualify for the Fixed Non-Elective Contribution.
A Participant is fully vested in his or her account balance at all times, except that any portion of the account attributable to the Fixed Non-Elective Contribution is subject to a five-year graded vesting schedule.
All contributions credited to a Participant’s account are invested in an irrevocable
“rabbi trust” (“Trust”) established to provide for the Plan’s benefits. The Trust will be maintained such that the Plan at all times for purposes of the Employee Retirement Income Security Act of 1974 and the Code will be unfunded and will constitute a mere promise by the Bank to make Plan benefit payments in the future. Any rights created under the Plan will be unsecured contractual rights against the Bank.
The Bank establishes an investment account for each Participant under the Trust, which will at all times remain an asset of the Bank and be subject to claims of the Bank’s general creditors. The Plan permits Participants to allocate their investment account among investment options established by the Committee or the Board.
With respect to the payment of Plan benefits, the Plan provides that a Participant may elect the date that
contributions for a Plan Year will be paid or will begin to be paid. Alternatively, a Participant may elect to have payment made or commenced within a specified period following the date of the Participant’s Separation from Service, as defined in the Plan. In general, the Participant’s election must be made no later than the time the Participant makes a deferral election for a Plan Year. In general, a Participant may elect whether to receive payment in a lump sum, in annual installments over a period of two to 10 years, or in a combination of both methods. The Plan permits Participants to modify their payment date elections, subject to certain limitations.
The foregoing descriptions of the Plan is qualified in its entirety by reference to the full text of the Plan, a
copy of which is filed as Exhibit 10.1 to this Report and incorporated herein by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
