Departure of Directors or Certain

On July 22, 2021, the Board of Directors (the “Board”) of the Federal Home Loan Bank of Indianapolis (“Bank”) adopted the Fifth Amendment (the “Amendment”) to the Bank’s 2005 Supplemental Executive Retirement Plan (Amended and Restated Generally Effective as of January 1, 2008), as amended by the First through Fourth Amendments (the “2005 SERP”), effective as of August 1, 2021. The Amendment is subject to the non-objection of the Federal Housing Finance Agency, which the Bank received on August 23, 2021.

The 2005 SERP restores retirement benefits under the Bank’s defined benefit plan payable to certain highly compensated employees but which are limited by Internal Revenue Service regulations. The SERP and the retirement benefits payable to Cindy L. Konich,

President - Chief Exe cutive Officer; Gregory L. Teare, Executive Vice President - Chief Financial Officer; and K. Lowell Short, Jr., Senior Vice President - Chief Accounting Officer are described in Item 11 of the Bank’s 2020 Annual Report on Form 10-K.

The Board adopted the Amendment to enhance the retention of key employees who participate in the 2005 SERP. The Amendment provides greater predictability of the dollar amount of benefits payable to them under the SERP upon their separation of employment or retirement from the Bank. The Amendment substantially reduces fluctuations of the dollar value of the retirement benefits because the applicable retirement plan interest rates and mortality tables used to calculate benefits are set as of May 2020 and June 30, 2021, respectively, rather than as of the employee’s date of separation of employment or retirement. The Amendment included similar provisions for the calculation of death benefits payable under the SERP, except that the applicable retirement plan interest rates and mortality tables used to calculate benefits are set as of July 13, 2021 and June 30, 2021, respectively.

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this report and incorporated herein by reference.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

10.1     

Fifth Amendment of the Federal Home Loan Bank of Indianapolis 2005 Supplemental Executive Retirement Plan (Amended and Restated Generally Effective as of January 1, 2008), as amended

.

SIGNATURE

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.

Date: August 26, 2021

FEDERAL HOME LOAN BANK OF INDIANAPOLIS

 

 

 

By:

/s/CINDY L. KONICH

 

 

Cindy L. Konich

 

 

President - Chief Executive Officer

 

 

 

 

By:

/s/DERON J. STREITENBERGER

 

 

Deron J. Streitenberger

 

 

Executive Vice President - Chief Business Operations Officer




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