Retirement Plan

 Retirement Plan for Board Members

                               of

                  Dime Community Bancorp, Inc.

                  Adopted on February 8, 1996
                   Effective on June 26, 1996

                       TABLE OF CONTENTS
                                                                      Page

                           ARTICLE I

                          Definitions
                                                                        x
Section 1.1   Annual Compensation ...................................   1
Section 1.2   Bank ..................................................   1
Section 1.3   Beneficiary ...........................................   1
Section 1.4   Board .................................................   1
Section 1.5   Board Member ..........................................   1
Section 1.6   Change of Control of the Bank .........................   1
Section 1.7   Code ..................................................   3
Section 1.8   Committee .............................................   3
Section 1.9   Company ...............................................   3
Section 1.10  Participant ...........................................   3
Section 1.11  Participating Company .................................   3
Section 1.12  Person ................................................   3
Section 1.13  Predecessor Board .....................................   3
Section 1.14  Plan ..................................................   3
Section 1.15  Reorganization Date ...................................   3
Section 1.16  Retired Participant ...................................   4
Section 1.17  Spouse ................................................   4
Section 1.18  Years of Service ......................................   4

                           ARTICLE II

                          ELIGIBILITY

Section 2.1   Participation .........................................   4
Section 2.2   Termination of Participation ..........................   4

                           ARTICLE III

                      RETIREMENT BENEFITS

Section 3.1   Normal Benefits .......................................   5
Section 3.2   Payments ..............................................   5
Section 3.3   Optional Forms of Retirement Allowance ................   5
Section 3.4   Payments of Small Amounts .............................   6
Section 3.5   Automatic Death Benefit for Spouse ....................   7
Section 3.6   Beneficiaries  ........................................   7
Section 3.7   Payment upon Change in Control ........................   8

                                (i)

                                                                      Page

                           ARTICLE IV

                         ADMINISTRATION

Section 4.1   Duties of the Committee ...............................   8
Section 4.2   Liabilities of the Committee ..........................   8
Section 4.3   Expenses ..............................................   9

                           ARTICLE V

                   AMENDMENT AND TERMINATION

Section 5.1   Amendment and Termination .............................   9

                           ARTICLE VI

                    MISCELLANEOUS PROVISIONS

Section 6.1  Plan Documents .........................................   9
Section 6.2  Construction of Language ...............................   9
Section 6.3  Non-Alienation of Benefits .............................  10
Section 6.4  Indemnification ........................................  10
Section 6.5  Severability ...........................................  10
Section 6.6  Waiver .................................................  10
Section 6.7  Notices ................................................  10
Section 6.8  Operation as an Unfunded Plan ..........................  11
Section 6.9  Required Regulatory Provisions .........................  11
Section 6.10 Governing Law ..........................................  11

                                (ii)

               RETIREMENT PLAN FOR BOARD MEMBERS

                               OF

                  DIME COMMUNITY BANCORP, INC.

                           ARTICLE I

                          DEFINITIONS

           The following definitions shall apply for the purposes
of  this Plan unless a different meaning is plainly indicated  by
the context:

           Section 1.1    Annual Compensation means, on any  date
for  any  Board Member, the amount of compensation paid  to  such
Board Member for service as a Board Member during the twelve (12)
month  period  ending on such date, including retainer  payments,
fees  paid  solely on the basis of attendance at  meetings  as  a
Board  Member and any amounts thereof deferred at the request  of
the Board Member, but excluding compensation in the form of stock
options,  appreciation rights or restricted  property,  or  other
special forms of remuneration.  In the case of a Board Member who
is  a  non-employee director and who later becomes  an  employee-
director,  "Annual  Compensation"  means  the  amount   of   such
compensation  during  the  twelve (12) month  period  immediately
preceding service as a employee-director.

           Section  1.2     Bank means The Dime Savings  Bank  of
Williamsburgh,  a federal stock savings bank, and  any  successor
thereto.

           Section 1.3    Beneficiary means the Person or Persons
designated by the Participant or Retired Participant to receive a
survivor  benefit under one of the optional forms  of  retirement
allowance provided under section 3.3.  If more than one Person is
designated, each shall have an equal share unless the Participant
or Retired Participant directed otherwise.

           Section  1.4    Board means the Board of Directors  of
the Company.

          Section 1.5    Board Member means any individual who is
a  voting member of the Board or a voting member of the Board  of
Directors  of  the  Bank  or a voting  member  of  the  board  of
directors of a Participating Company.

           Section 1.6    Change of Control of the Bank means any
of the following events:

           (a)   the occurrence of any event upon which  any
     "person"  (as such term is used in sections  13(d)  and
     14(d)  of  the  Securities Exchange  Act  of  1934,  as
     amended ("Exchange Act")), other than (A) a trustee  or
     other  fiduciary holding securities under  an  employee
     benefit plan maintained for the benefit of employees of
     the   Bank;  (B)  a  corporation  owned,  directly   or
     indirectly,  by  the  stockholders  of  the   Bank   in
     substantially  the same proportions as their  ownership
     of  stock of the Bank; or (C) any group constituting  a
     person  in  which employees of the Bank are substantial
     members, becomes the "beneficial owner" (as defined  in
     Rule   13d-3  promulgated  under  the  Exchange   Act),
     directly  or  indirectly, of securities issued  by  the
     Bank  representing 25% or more of the  combined  voting
     power of all of the Bank's then outstanding securities;
     or

           (b)   the occurrence of any event upon which  the
     individuals  who on the date the Plan  is  adopted  are
     members  of the Board, together with individuals  whose
     election by the Board or nomination for election by the
     Bank's  stockholders was approved  by  the  affirmative
     vote of at least two-thirds of the members of the Board
     then in office who were either members of the Board  on
     the  date  this Plan is adopted or whose nomination  or
     election  was  previously so approved,  cease  for  any
     reason  to constitute a majority of the members of  the
     Board,  but  excluding,  for  this  purpose,  any  such
     individual  whose initial assumption of  office  is  in
     connection  with  an  actual  or  threatened   election
     contest  relating to the election of directors  of  the
     Bank  (as  such  terms  are  used  in  Rule  14a-11  of
     Regulation 14A promulgated under the Exchange Act); or

          (c)  the shareholders of the Bank (or, if the Bank
     is  not then a stock form institution, the Board of the
     Bank) approve either:

                     (i)   a merger or consolidation of  the
          Bank  with  any other corporation,  other  than  a
          merger  or consolidation following which  both  of
          the following conditions are satisfied:

                              (A)  either (1) the members of
               the  Board of the Bank immediately  prior  to
               such  merger  or consolidation constitute  at
               least  a  majority  of  the  members  of  the
               governing  body of the institution  resulting
               from such merger or consolidation; or (2) the
               shareholders  of the Bank own  securities  of
               the institution resulting from such merger or
               consolidation representing 80% or more of the
               combined  voting power of all such securities
               then  outstanding in substantially  the  same
               proportions  as  their  ownership  of  voting
               securities of the Bank before such merger  or
               consolidation; and

                               (B)  the entity which results
               from  such  merger or consolidation expressly
               agrees  in writing to assume and perform  the
               Bank's obligations under the Plan; or

                     (ii) a plan of complete liquidation  of
          the   Bank  or  an  agreement  for  the  sale   or
          disposition  by  the Bank of all or  substantially
          all of its assets; and

           (d)   with respect to any company which owns 100%
     of  the  outstanding common stock the Bank,  any  event
     that  would be described in section 1.6(a), (b) or  (c)
     if  the name of such company were substituted for  "the
     Bank" therein.

In  no  event, however, shall the transaction by which  the  Bank
converts  from a mutual savings bank to a stock savings bank,  or
any  transaction  by which a company wholly  owned  by  the  Bank
becomes  the  parent company of the Bank be deemed  a  Change  of
Control of the Bank.

           Section 1.7    Code means the Internal Revenue Code of
1986  (including the corresponding provisions of  any  succeeding
law).

           Section 1.8        Committee  means  the  Compensation
Committee of the Board and any successor thereto.

           Section 1.9     Company means Dime Community  Bancorp,
Inc. and any successor thereto.

           Section 1.10    Participant means a Board  Member  who
satisfies  the eligibility requirements set forth in section  2.1
and  whose participation in the Plan has not terminated  pursuant
to section 2.2.

           Section 1.11   Participating Company means any savings
bank,  savings and loan association, bank, corporation, financial
institution or other business organization or institution  which,
with  the prior approval of the Board, and subject to such  terms
and  conditions as may be imposed by the Board, shall adopt  this
Plan for the benefit of members of its board of directors.

           Section 1.12    Person means an individual, a  corpora
tion,  a bank, a savings bank, a savings and loan association,  a
financial  institution, a partnership, an association,  a  joint-
stock  company,  a trust, an estate, any unincorporated  organiza
tion and any other business organization or institution.

           Section 1.13   Predecessor Board means, with the prior
approval of the Board and subject to such terms and conditions as
may  be imposed by the Board, the board of trustees or the  board
of directors of a Participating Company, prior to the date such a
company became a Participating Company.

          Section 1.14   Plan means the Retirement Plan for Board
Members,  as amended from time to time.  The Plan may be referred
to  as  the  "Retirement Plan for Board Members of Dime Community
Bancorp, Inc."

           Section 1.15   Reorganization Date means the effective
date  of the transaction pursuant to which The Dime Savings  Bank
of   Williamsburgh  becomes  a  wholly-owned  subsidiary  of  the
Company.

           Section 1.16     Retired Participant  means  a  former
Participant  who is receiving a retirement allowance  under  this
Plan  or who is entitled to receive a retirement allowance  under
this Plan at a future date.

           Section  1.17    Spouse  means an  individual  who  is
legally married to a Participant or Retired Participant.

           Section  1.18    Years  of Service  means  the  period
beginning  on  the first day of the month in which an  individual
becomes a Board Member and ending on the last day of the month in
which  such individual ceases to be a Board Member, but excluding
(a) any period during which the individual was a salaried officer
of  the  Company or any Participating Company, and (b) any period
during  which the individual was a salaried officer of any  other
institution  whose  board of directors or board  of  trustees  is
considered  a  Predecessor Board.  The Years  of  Service  of  an
individual with two or more non-consecutive periods of service as
a  Board Member shall be equal to the sum of such non-consecutive
periods.   For purposes of determining an individual's  Years  of
Service,  service  as a member of a Predecessor  Board  shall  be
deemed service as a Board Member.  The maximum number of Years of
Service of any Board Member for purposes of the Plan shall be 10.

                           ARTICLE II

                          ELIGIBILITY

          Section 2.1    Participation.

           A  person  who is a Board Member on the Reorganization
Date shall become a Participant in the Plan on the Reorganization
Date.    A   person  who  becomes  a  Board  Member   after   the
Reorganization  Date  shall  become a  Participant  in  the  Plan
immediately upon becoming a Board Member.  Any person who  was  a
Board Member prior to the Reorganization Date, but who ceased  to
be  a Board Member prior to the Reorganization Date, shall not be
eligible  for benefits under this Plan unless he again becomes  a
Board Member after the Reorganization Date.

          Section 2.2    Termination of Participation.

           Participation in the Plan shall cease on  the  date  a
Participant ceases to be a Board Member for whatever reason.

                          ARTICLE III

                      RETIREMENT BENEFITS

          Section 3.1    Normal Benefits.

           (a)  Any Participant who terminates service as a Board
Member  after  attaining age 65 shall be  entitled  to  a  normal
retirement  allowance from the Bank, commencing as of  the  first
day  of the month following the month in which he ceases to be  a
Board   Member,  in  an  annual  amount  equal  to   his   Annual
Compensation  as of the date on which he ceases  to  be  a  Board
Member  multiplied by a fraction, the numerator of which  is  his
Years of Service and the denominator of which is 10.

           (b)   A  Participant who ceases to be a  Board  Member
prior  to  attaining  age  65 but after completing  10  Years  of
Service  shall  be  entitled to a deferred  retirement  allowance
beginning  on the first day of the month following  the  date  he
attains  age  65,  in  an  annual  amount  equal  to  his  Annual
Compensation  as of the date on which he ceases  to  be  a  Board
Member.   In  lieu  thereof, such person  may  elect  to  have  a
retirement  allowance commence as of the first day of  any  month
after  the later of (i) the month in which he attains age  55  or
(ii)  the month in which he ceases to be a Board Member, and  the
amount  of the retirement allowance shall be equal to the  amount
payable at age 65 multiplied by a factor specified in Appendix A.
Any  such  election  shall be made at  least  30  days  prior  to
termination of service as a Board Member.

          Section 3.2    Payments.

           Retirement allowances under section 3.1 shall be  paid
in  monthly  installments, each installment being one-twelfth  of
the annual retirement allowance.  The first payment shall be made
in  accordance  with section 3.1 and installments shall  continue
until the Retired Participant's death.

          Section 3.3    Optional Forms of Retirement Allowance.

           (a)   With the approval of the Committee and  on  such
terms  and  conditions  as the Committee  may  prescribe,  a  Par
ticipant  or  Retired Participant entitled  to  a  retirement  al
lowance  under  section  3.1 may elect,  at  any  time  prior  to
termination  of service as a Board Member, to convert  the  allow
ance  otherwise payable on his account into any one of the follow
ing optional forms of retirement allowance:

           (i)  Option 1 (100% Survivor Option).   A reduced
     retirement allowance payable during his life, with  the
     provision that after his death an amount equal  to  his
     reduced retirement allowance shall continue during  the
     life  of,  and shall be paid to, such person,  if  then
     living,  as  he shall have named as his Beneficiary  in
     his written election of the option.

           (ii)  Option 2 (50% Survivor Option).   A reduced
     retirement allowance payable during his life, with  the
     provision that after his death an amount equal to  one-
     half of his reduced retirement allowance shall continue
     during  the life of, and shall be paid to, such person,
     if  then  living, as he shall have named as his Benefic
     iary in his written election of the option.

           (iii)      Option  3  (5,  10  or  15  Year  Term
     Certain).    A  reduced  retirement  allowance  payable
     during  his  life, with the provision  that  an  amount
     equal   to  his  reduced  retirement  allowance   shall
     continue to be paid for a term certain elected  by  the
     Participant or Retired Participant of 5, 10 or 15 years
     from  the  commencement  of such retirement  allowance,
     and,  in the event of his death before the end of  such
     term, the same amount shall continue to be paid for the
     remainder of such term to the person (or persons)  whom
     he   shall   have   named   as  his   Beneficiary   (or
     Beneficiaries) in his written election of the option or
     any change thereof.

           (b)   Where Option 1 or Option 2 has been elected,  if
payments begin during the Retired Participant's lifetime  and  if
the   Beneficiary  is  living  at  the  date   of   the   Retired
Participant's  death, then the payments to the Beneficiary  shall
commence  as  of the first day of the month after  the  month  in
which the Retired Participant died and shall continue during  the
lifetime  of the Beneficiary, the last installment being  payable
on  the first day of the month during which the Beneficiary dies.
Where  Option  3 has been elected, if payments begin  during  the
Retired Participant's lifetime, and if the Participant or Retired
Participant  dies  prior to the expiration of the  term  elected,
then  the  payments to the Beneficiary shall commence as  of  the
first  day  of the month after the month in which the Participant
or  Retired Participant died, and payments shall continue for the
remainder of such term.

           (c)  If Option 1 or Option 2 has been elected and  the
designated  Beneficiary dies after the retirement  allowance  has
commenced  to  be paid to the Retired Participant who  designated
him  but before the death of such Retired Participant, the amount
of the reduced retirement allowance to which such Retired Partici
pant  is  then  entitled shall remain unchanged and all  payments
shall cease upon the death of the Retired Participant.

           (d)  The retirement allowance payable to a Participant
or  Retired  Participant electing one of the  optional  forms  of
retirement  allowance  set  forth  in  section  3.3(a)  shall  be
determined  by  multiplying  the retirement  allowance  otherwise
payable  under  section 3.1 by the appropriate adjustment  factor
set forth in Appendix B.

           (e)  Any election under this section 3.3 shall be made
in  writing  in the form and manner prescribed by the  Committee,
shall be revocable until termination of service as a Board Member
and shall thereafter be irrevocable.

          Section 3.4    Payments of Small Amounts.

          Notwithstanding any other provision of the Plan, if the
present  value  of  the retirement allowance  payable  to  a  Par
ticipant or Retired Participant and his Beneficiary shall at  any
time after termination of service as a Board Member and prior  to
the  commencement of payment thereof be less than  $10,000,  then
the Committee may direct that it be paid in such lump sum in lieu
of  all  other  benefits under the Plan.  For  purposes  of  this
section  3.4,  present  values  shall  be  determined  using  the
interest rate and mortality assumptions then in use under section
415  of the Code for purposes of valuing lump sum payments  under
tax-qualified defined benefit plans, assuming payment would begin
at the later of age 65 or the date of termination of service.

          Section 3.5    Automatic Death Benefit for Spouse.

           If  (a)  a Participant or Retired Participant  who  is
entitled  to a retirement allowance under section 3.1 should  die
prior  to the commencement of such retirement allowance and prior
to  electing  an  optional  form of  retirement  allowance  under
section 3.3 or (b) a Participant who is not entitled to a  retire
ment allowance under section 3.1 should die while a Board Member,
and  if such Participant or Retired Participant is survived by  a
Spouse, there shall be paid to such surviving Spouse, until  such
Spouse dies, a monthly survivor's allowance in an amount equal to
that amount which would have been provided to such Spouse had the
Participant or Retired Participant retired immediately  prior  to
his  death  (whether  or  not he would  have  been  eligible  for
retirement) and had he effectively elected to take Option 2 under
section  3.3 with his Spouse as his Beneficiary and with payments
commencing on the first day of the month following his death.

          Section 3.6    Beneficiaries.

          (a)  A Participant or Retired Participant may designate
a  Beneficiary or Beneficiaries to receive any survivor  benefits
payable  upon his death under an optional form of benefit elected
pursuant to section 3.3.

           (b)   If the Participant or Retired Participant elects
Option 1 or Option 2 under section 3.3, he may only designate one
Beneficiary  and such Beneficiary must be a natural person.   Any
designation  shall  be made in writing in  the  form  and  manner
prescribed  by  the  Committee,  shall  be  revocable  until  the
retirement  allowance commences to be paid, and shall  thereafter
be irrevocable.

           (c)   If the Participant or Retired Participant elects
Option  3 under section 3.3, he may designate one or more  Benefi
ciaries  who may be, but need not be, natural persons.  Any  such
election  shall  be  made  in writing  in  the  form  and  manner
prescribed  by  the  Committee,  shall  be  revocable  until  the
retirement  allowance commences to be paid, and shall  thereafter
be  irrevocable;  provided,  however,  that  the  Participant  or
Retired  Participant  may  change or revoke  the  Beneficiary  or
Beneficiaries designated at any time or from time  to  time,  but
such  changes or revocations shall be effective only if  received
by  the  Committee  prior  to the Participant's  or  Retired  Par
ticipant's death.

           (d)   A  Beneficiary designated by  a  Participant  or
Retired Participant to receive a survivor benefit, other  than  a
benefit  payable  for such Beneficiary's life,  may  designate  a
Beneficiary  of his own to receive such survivor benefit  in  the
event  the  Beneficiary designated by the Participant or  Retired
Participant  dies  prior to receiving complete  payment  of  such
survivor  benefit.  If a Participant or Retired  Participant  who
has elected Option 3 dies without a Beneficiary, then the present
value  of any unpaid installments shall be paid to the estate  of
such  Participant  or Retired Participant in lieu  of  all  other
payments.   If  a  Beneficiary of a deceased Retired  Participant
entitled  to  payments under Option 3 dies without a Beneficiary,
then  the present value of any unpaid installments shall be  paid
to  the estate of such Beneficiary in lieu of all other payments.
In  determining such present values, the interest rate  and  life
expectancy  tables prescribed under section 415 of the  Code  for
purposes of valuing lump sum payments under tax-qualified defined
benefit plans shall be used.

          Section 3.7    Payment upon Change in Control.

          Upon a Change of Control of the Bank, each Board Member
shall be entitled to an immediate lump sum payment of the present
value  of  a  single life annuity, commencing upon  a  Change  of
Control  of the Bank and continuing for life in an annual  amount
equal  to  his Annual Compensation multiplied by a fraction  (not
greater  than one) the numerator of which is his Years of Service
and  the denominator of which is 10.  In determining such present
values,  the interest rate and life expectancy tables  prescribed
under  section 415 of the Code for purposes of valuing  lump  sum
payments under tax-qualified defined benefit plans shall be used.

                           ARTICLE IV

                         ADMINISTRATION

          Section 4.1    Duties of the Committee.

           The  Committee shall have full responsibility for  the
management, operation, interpretation and administration  of  the
Plan  in accordance with its terms, and shall have such authority
as  is  necessary or appropriate in carrying out its responsibili
ties.   Actions taken by the Committee pursuant to  this  section
4.1  shall be conclusive and binding upon the Bank, the  Company,
the  Participating Companies, Participants, Retired  Participants
and other interested parties.

          Section 4.2    Liabilities of the Committee.

           Neither the Committee nor its individual members shall
be  deemed to be a fiduciary with respect to this Plan; nor shall
any  of  the foregoing individuals or entities be liable  to  any
Participant  or  Retired  Participant  in  connection  with   the
management,  operation, interpretation or administration  of  the
Plan, any such liability being solely that of the Company.

          Section 4.3    Expenses.

           Any  expenses  incurred in the management,  operation,
interpretation or administration of the Plan shall be paid by the
Company.  In no event shall the benefits otherwise payable  under
this Plan be reduced to offset the expenses incurred in managing,
operating, interpreting or administering the Plan.

                           ARTICLE V

                   AMENDMENT AND TERMINATION

          Section 5.1    Amendment and Termination.

           The Board shall have the right to amend the Plan, from
time  to time and at any time, in whole or in part, and to termin
ate  the  Plan;  provided, however, that  no  such  amendment  or
termination shall reduce the accrued benefits of, or impose  more
stringent  vesting requirements on any benefits accrued  by,  any
Participant, Retired Participant or Beneficiary through the  date
of the amendment or termination of the Plan.

                           ARTICLE VI

                    MISCELLANEOUS PROVISIONS

          Section 6.1    Plan Documents.

          The Secretary of the Board shall provide a copy of this
Plan to each Board Member who becomes a Participant in the Plan.

          Section 6.2    Construction of Language.

           Wherever  appropriate in the Plan, words used  in  the
singular  may be read in the plural, words in the plural  may  be
read  in  the singular, and words importing the masculine  gender
shall  be deemed equally to refer to the feminine or the  neuter.
Any reference to an article or section shall be to an article  or
section of the Plan, unless otherwise indicated.

          Section 6.3    Non-Alienation of Benefits.

          The right to receive a benefit under the Plan shall not
be  subject in any manner to anticipation, alienation  or  assign
ment,  nor  shall such rights be liable for or subject to  debts,
contracts, liabilities or torts.

          Section 6.4    Indemnification.

           The  Company shall indemnify, hold harmless and defend
each  Board  Member,  Participant, Retired  Participant  and  the
Beneficiaries of each, against their reasonable costs,  including
legal fees, incurred by them, or arising out of any action,  suit
or proceeding in which they may be involved, as a result of their
efforts,  in  good faith, to defend or enforce the terms  of  the
Plan.

          Section 6.5    Severability.

           A  determination that any provision  of  the  Plan  is
invalid  or unenforceable shall not affect the validity or  enfor
ceability of any other provision hereof.

          Section 6.6    Waiver.

           Failure to insist upon strict compliance with  any  of
the  terms,  covenants or conditions of the  Plan  shall  not  be
deemed a waiver of such term, covenant or condition.  A waiver of
any provision of the Plan must be made in writing, designated  as
a waiver, and signed by the party against whom its enforcement is
sought.   Any  waiver  or relinquishment of any  right  or  power
hereunder at any one or more times shall not be deemed  a  waiver
or  relinquishment of such right or power at any  other  time  or
times.

          Section 6.7    Notices.

           Any  communication required or permitted to  be  given
under  the  Plan,  including any notice, direction,  designation,
comment,  instruction, objection or waiver, shall be  in  writing
and  shall  be deemed to have been given at such time  as  it  is
delivered  personally or 5 days after mailing if mailed,  postage
prepaid,  by  registered  or certified mail,  return  receipt  re
quested, addressed to such party at the address listed below,  or
at  such  other  address as one such party may by written  notice
specify to the other party:

                    (a)  if to the Company:

                         Dime Community Bancorp, Inc.
                         209 Havemeyer Street
                         Brooklyn, New York  11211

                         Attention:  Corporate Secretary

                     (b) if to any party other than the Company,
                         to  such  party at the address last furnished
                         by such party by written notice to the Company.

          Section 6.8    Operation as an Unfunded Plan.

          The Plan is intended to be (a) a contractual obligation
of  the Company to pay the benefits as and when due in accordance
with  its terms, (b) an unfunded and non-qualified plan such that
the benefits payable shall not be taxable to the recipients until
such  benefits are paid and (c) a plan covering persons  who  are
independent contractors of the Company.  The Plan is not intended
to  be subject to or comply with the requirements of the Employee
Retirement Income Security Act of 1974, as amended, or of section
401(a)  of the Code.  The Company may establish a trust to  which
assets  may be transferred by the Company in order to  provide  a
portion  or all of the benefits otherwise payable by the  Company
under  the Plan; provided, however, that the assets of such trust
shall be subject to the claims of the creditors of the Company in
the event that it is determined that the Company is insolvent  or
that  grounds  exist  for the appointment  of  a  conservator  or
receiver.  The Plan shall be administered and construed so as  to
effectuate these intentions.

          Section 6.9    Required Regulatory Provisions.

            Notwithstanding  anything  herein  contained  to  the
contrary,  any benefits paid by the Company, whether pursuant  to
this Plan or otherwise, are subject to and conditioned upon their
compliance  with  section 18(k) of the Federal Deposit  Insurance
Act   ("FDI  Act"),  12  U.S.C.  Section 1828(k),  and  any
regulations promulgated thereunder.

          Section 6.10   Governing Law.

           The Plan shall be construed, administered and enforced
according  to  the  laws of the State of New York  applicable  to
contracts between citizens and residents of the State of New York
entered   into   and  to  be  performed  entirely   within   such
jurisdiction,  except to the extent that such laws are  preempted
by federal law.

                           Appendix A

                   Early Commencement Factors

        Number of Years     Factor
        Payments Commence
        Prior to Age 65
             
              0            1.0000
              1             .9205
              2             .8496
              3             .7860
              4             .7289
              5             .6774
              6             .6308
              7             .5885
              8             .5500
              9             .5149
             10             .4829

                           Appendix B

Factors for Determining Optional Benefit Forms under Section 3.3
Age Option 1 Option 2 Option 3 5 Year 10 Year 15 Year Certain Certain Certain 50 90.0% 94.7% 99.6% 98.4% 97.1% 51 89.4 94.4 99.6 98.3 96.6 52 88.8 94.1 99.6 98.2 96.2 53 88.2 93.7 99.5 98.1 95.8 54 87.6 93.4 99.5 98.0 95.4 55 87.0 93.0 99.4 97.9 95.0 56 86.4 92.7 99.3 97.5 94.2 57 85.8 92.4 99.2 97.1 93.4 58 85.2 92.0 99.1 96.7 92.6 59 84.6 91.7 98.9 96.3 91.8 60 84.0 91.3 98.8 95.9 91.0 61 83.2 90.8 98.6 95.2 90.0 62 82.4 90.4 98.4 94.5 89.0 63 81.6 89.9 98.2 93.8 88.0 64 80.8 89.4 98.0 93.1 87.0 65 80.0 88.9 97.8 92.4 86.0 66 79.3 88.5 97.4 91.4 84.4 67 78.6 88.0 97.1 90.4 82.8 68 77.9 87.6 96.7 89.4 81.2 69 77.2 87.1 96.4 88.4 79.6 70 76.5 86.7 96.0 87.4 78.0 71 75.9 86.3 95.4 85.8 76.0 72 75.3 85.9 94.8 84.2 74.0 73 74.7 85.5 94.2 82.6 72.0 74 74.1 85.1 93.6 81.0 70.0 75 73.5 84.7 93.0 79.4 68.0 For Options 1 and 2, the survivorship factors shown above assume that the Participant (or Retired Participant) and the Beneficiary are the same age. For each whole year that the Beneficiary is older than the Participant (or Retired Participant), add Factor B in the case of Option 2, to the percentage shown above (but never go above 99.0%). For each whole year that the Beneficiary is younger than the Participant (or Retired Participant), subtract Factor B in the case of Option 2, from the percentages shown above. Factor B for all members for Option 1 is .7% for the first 10 years, .5% for the next 10 years and .3% for over 20 years, and Factor B for Option 2 is .4% for the first 10 years, .3% for the next 10 years and .2% for over 20 years.

Basic Info X:

Name: Retirement Plan
Type: Retirement Plan
Date: Sept. 30, 1996
Company: DIME COMMUNITY BANCSHARES INC
State: Delaware

Other info:

Date:

  • February 8 , 1996
  • June 26 , 1996
  • last day of the month
  • first day of the month
  • 5 Year 10 Year 15

Organization:

  • Board of Directors of the Company
  • Board of Directors of the Bank
  • Board of the Bank
  • Compensation Committee of the Board
  • Board Members of Dime Community Bancorp , Inc.
  • The Dime Savings Bank of Williamsburgh
  • Optional Forms of Retirement Allowance
  • Automatic Death Benefit for Spouse
  • Change of Control of the Bank
  • Years of Service
  • Federal Deposit Insurance
  • the State of New York
  • Early Commencement Factors Number of Years Factor Payments Commence Prior

Location:

  • Bank
  • Brooklyn
  • New York

Money:

  • $ 10,000

Percent:

  • 25 %
  • 80 %
  • 100 %
  • 50 %
  • 90.0 % 94.7 % 99.6 % 98.4 % 97.1 %
  • 99.0 %
  • .5 %
  • .3 %
  • .2 %