§ 400. Pensions; insurance. Subject to such regulations as the
superintendent of financial services may prescribe, a savings and loan
association may, in the discretion of a majority of all the directors:

1. Provide pensions to officers and employees pursuant to a
nondiscriminatory plan for service rendered to the savings and loan
association or for having become incapacitated while in service to the
savings and loan association, including annual supplements to retirees
based upon the "current cost of living index figure" for any calendar
year based upon the Consumer Price Index as issued by the bureau of
labor statistics of the United States department of labor.

2. Provide life insurance for its officers and employees, provided
that life insurance is not purchased solely for or on behalf of officers
and highly compensated employees.