The value of Smithtown Bancorp's pension for its chairman and chief executive has been revised downward, less than two weeks after the company first reported it in a proxy statement.
In the initial statement, the value of the pension for Brad Rock more than tripled, from $457,000 in 2008 to $1.7 million in 2009. But in the updated statement its value is now listed as $892,000.
The change has the effect of reducing Rock's total reported compensation from $3.4 million to $2.6 million, but he noted that it has no effect on his actual pay. He won't see his pension - whatever its value may be in the future - until he retires from the company, which owns Bank of Smithtown.
Rock said an outside actuarial company calculates pension values, and it updated its estimate after the bank company filed its initial proxy statement.