The Company maintains a multiemployer defined benefit pension plan (the "Pension Plan") administered by Pentegra Retirement Services (the "Fund" or "Pentegra Defined Benefit Plan for Financial Institutions"). The Fund does not segregate the assets or liabilities of all participating employers and accordingly, disclosure of plan assets, accumulated vested and nonvested benefits is not possible. Effective July 1, 2006, the Company froze the defined benefit plan by eliminating all future benefit accruals.

In conjunction with the acquisition of Peoples Federal Bancshares, Inc., the parent of Peoples Federal Savings Bank ("Peoples") in 2015, the Company acquired the Peoples Federal Defined Benefit Pension Plan ("Peoples Plan"). The Peoples Plan was frozen at the date of acquisition and will be maintained in the same manner as the Pension Plan. The Peoples Plan is also administered by Pentegra Retirement Services under the same Fund as the Pension Plan.

The Company’s participation in the Pension Plan and the Peoples Plan (the "Pension Plans") for the annual period ended December 31, 2022, is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employer Identification Number ("EIN") and the three-digit plan number. The funding status of the Pension Plans is determined on the basis of the financial statements provided by the Fund using total plan assets and accumulated benefit obligation. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. The "Expiration Date of Collective-Bargaining Agreement" column lists the expiration dates of any collective-bargaining agreement(s) to which the Pension Plans are subject. Financial information for the Fund is made available through the public Form 5500 which is available by April 15th of the year following the plan year end.

Funding Status
of Pension Plan

FIP/RP Status
Pending/
Implemented

Surcharge
Imposed

Expiration
Date of
Collective-
Bargaining
Agreement

Minimum
Contributions
Required for
Future
Periods

EIN/Pension
Plan Number

2022

2021

Pentegra defined benefit plan for financial institutions

13-5645888/333

At least 80 percent

N/A

—

Contributions to the Fund are based on each individual employer’s experience. The Company bears the market risk relating to the Pension Plan and will continue to fund the Pension Plan as required. The Pension Plan year is July 1 through June 30. The Company’s total contributions to the Pension Plan did not represent more than 5% of the total contributions to the Pension Plan as indicated in the Pension Plan’s most recently available annual report dated June 30, 2022. The comparability

In conjunction with the acquisition of Blue Hills Bancorp, Inc., parent of Blue Hills Bank (collectively, "BHB") in 2019, the Company acquired the Savings Banks Employees Retirement Association Pension Plan as adopted by BHB (the "BHB Plan"). The BHB Plan is administered by Savings Banks Employees Retirement Association ("SBERA") and was frozen on October 31, 2014. Accumulated benefits for participants earned through the end of October 2014 remain secured by the BHB Plan assets as of December 31, 2022 and 2021. Information pertaining to the BHB Plan is as follows:


	Years Ended December 31
	2022		2021
	(Dollars in thousands)
Change in plan assets:
Fair value of plan assets at beginning of year	$	14,099	$	12,225
Actual return on plan assets	(2,126)		1,480
Employer contribution	—		950
Benefits paid	(2,084)		(556)
Settlement payments	—		—
Fair value of plan assets at end of year	$	9,889	$	14,099
Change in benefit obligation:
Benefit obligation at beginning of year	13,939		15,052
Interest cost	366		344
Actuarial gain	(3,505)		(901)
Benefits paid	(2,084)		(556)
Settlement payments	—		—
Benefit obligation at end of year	$	8,716	$	13,939
Funded status at end of year	$	1,173	$	160

The discount rate used to determine net periodic pension cost for the years ended December 31, 2022 and 2021 was 2.68% and 2.35%, respectively. The expected long-term rate of return on plan assets used to determine the net periodic pension cost for the years ended December 31, 2022 and 2021 was 7.00%. Assumptions with respect to the expected long-term rate of return are based on prevailing yields on high-quality, fixed-income investments increased by a premium for equity return expectations.

During the year ended December 31, 2022, the Company's Board of Directors voted to terminate the BHB Plan. As a result, the assets of the BHB plan were transferred to a money market account until the termination is approved by all regulatory bodies. Prior to all assets being held in a money market account and classified within Level 1 of the fair value hierarchy, SBERA offered a common and collective trust as the underlying investment structure for pension plans participating in SBERA. As of December 31, 2021 the target allocation mix for the common and collective trust portfolio called for an equity-based investment range from 49% to 63% of total portfolio assets. The remainder of the portfolio was allocated to fixed income securities with a target range of 28% to 42% and other investments including global asset allocation and hedge funds from 3% to 15%. The Trustees of SBERA, through the Association's Investment Committee ("AIC"), selected investment managers for the common and collective trust portfolio. A professional investment advisory firm is retained by the AIC to provide allocation analysis, performance measurement and to assist with manager searches. The overall investment objective was to diversify equity investments across a spectrum of investment types to limit risks from large market swings.














			Fair Value Measurements at Reporting Date Using
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	December 31, 2021
	(Dollars in thousands)
Collective funds	$	1,542	1,542		$	—	$	—
Equity securities	3,391		3,391		—		—
Mutual funds	1,702		1,702		—		—
Total investments in the fair value hierarchy	$	6,635	$	6,635	$	—	$	—

Investments measured at net asset value (1)	7,464
	$	14,099

The fair value hierarchy above was received from SBERA, the plan administrator. The BHB Plan assets measured at fair value in Level 1 are based on quoted market prices in an active exchange market. BHB Plan assets measured at fair value in Level 2, as applicable, are based on pricing models that consider standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data. BHB Plan assets measured at fair value in Level 3, as applicable, are based on unobservable inputs, which include the SBERA’s assumptions and the best information available under the circumstance.

The Bank maintains frozen defined benefit supplemental executive retirement plans ("SERP") for certain highly compensated employees designed to offset the impact of regulatory limits on benefits under qualified pension plans. The Bank also maintains defined benefit SERPs acquired from previous acquisitions. The Bank has established and funded rabbi trusts to accumulate funds in order to satisfy the contractual liability of these supplemental retirement plan benefits. These agreements provide for the Bank to pay all benefits from its general assets, and the establishment of these trust funds does not reduce nor otherwise affect the Bank’s continuing liability to pay benefits from such assets except that the Bank’s liability shall be offset by actual benefit payments made from the trusts. The related trust assets included in the Company's available for sale securities portfolio totaled $18.6 million and $20.3 million at December 31, 2022 and 2021, respectively.


	Defined Benefit Supplemental Executive Retirement Benefits
	2022		2021		2020
	(Dollars in thousands)
Change in accumulated benefit obligation
Benefit obligation at beginning of year	$	19,498	$	20,752	$	17,361

Service cost	561		574		505
Interest cost	492		424		518

Actuarial (gain) loss	(4,365)		(1,777)		2,843
Benefits paid	(475)		(475)		(475)
Benefit obligation at end of year	$	15,711	$	19,498	$	20,752
Change in plan assets
Fair value of plan assets at beginning of year	$	—	$	—	$	—
Employer contribution	475		475		475
Benefits paid	(475)		(475)		(475)
Fair value of plan assets at end of year	$	—	$	—	$	—
Funded status at end of year	$	(15,711)	$	(19,498)	$	(20,752)
Assets	—		—		—

Liabilities	(15,711)		(19,498)		(20,752)
Funded status at end of year	$	(15,711)	$	(19,498)	$	(20,752)
Amounts recognized in accumulated other comprehensive income ("AOCI")
Net (gain) loss	$	(1,970)	$	3,002	$	5,881
Prior service cost	22		43		218
Amounts recognized in AOCI	$	(1,948)	$	3,045	$	6,099
Information for plans with an accumulated benefit obligation in excess of plan assets
Projected benefit obligation	$	15,711	$	19,498	$	20,752
Accumulated benefit obligation	$	15,711	$	19,498	$	20,752
Net periodic benefit cost
Service cost	$	561	$	574	$	505
Interest cost	492		424		518
Amortization of prior service cost	22		174		276
Recognized net actuarial loss	606		1,103		471
Net periodic benefit cost	$	1,681	$	2,275	$	1,770



Discount rate used for benefit obligation	4.67% - 4.93%		1.28% - 2.57%		0.43% - 2.18%
Discount rate used for net periodic benefit cost	1.28% - 2.57%		0.43% - 2.18%		2.00% - 3.04%
Rate of compensation increase	n/a		n/a		n/a

The Bank may choose to create an incentive compensation plan for senior management and other officers to participate in at varying levels. In addition, the Bank may also pay a discretionary bonus to senior management, officers, and/or non-officers of the Bank. The expense for these incentive plans amounted to $24.3 million, $21.2 million and $11.0 million in 2022, 2021 and 2020, respectively.

The Bank has an Employee Savings Plan that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Under the Employee Savings Plan, participating employees may defer a portion of their earnings, not to exceed the Internal Revenue Service annual contribution limits. The Bank matches 25% of each employee’s contributions up to

the first 6% of the employee’s eligible earnings. The 401(k) Plan incorporates an Employee Stock Ownership Plan for contributions invested in the Company’s common stock. The Company also provides three defined contributions under this Plan, providing the employees are deemed eligible. To be eligible for these contributions, an employee must complete one year and 1,000 hours of service. The defined contributions are made up of a safe harbor contribution, in which eligible employees receive a 3% cash contribution of eligible earnings to the social security limit, a discretionary contribution in which eligible employees receive a 2% cash contribution of eligible earnings up to the social security limit and a 5% cash contribution of eligible earnings over the social security limit up to the maximum amount permitted by law. Benefits contributed to employees under this defined contribution plan vest immediately. The defined contribution plan expense was $8.7 million, $7.8 million and $7.2 million for the years ended December 2022, 2021 and 2020, respectively.

The Company has a non-qualified deferred compensation plan which allows for deferrals of base salary and incentive payments until an elected distribution date in the future. This deferred compensation plan is available to certain highly compensated employees. Deferrals are invested at the election of the participant into one of the actively managed funds made available to the participant through the Company's Investment Management Group. The funds are held in a rabbi trust until the elected date of distribution.

The Company has a non-qualified 401(k) Restoration Plan ("Restoration Plan") for certain executive officers. The Restoration Plan is intended to contribute to each participant the amount of matching and discretionary contributions which would have been made to the existing Rockland Trust 401(k) plan on the participant's behalf, but were prohibited due to Internal Revenue Code limitations. Deferrals are invested at the election of the participant into one of the actively managed funds made available to the participant through the Company's Investment Management Group or in the Company's stock. These funds are held in a rabbi trust until the elected date of distribution. The Company recognized expense of $505,000, $303,000 and $400,000 related to this plan for services performed for the years ended December 31, 2022, 2021 and 2020, respectively.

Also as part of the Peoples acquisition in 2015, the Company assumed various Salary Continuation Agreements with certain current and former senior executives. The agreements require the payment of specified benefits upon retirement over periods of ten or twenty years as described in each agreement. Expense related to the Salary Continuation Agreements was $213,000, $210,000 and $207,000 for the years ended December 31, 2022, 2021 and 2020, respectively.