SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[X] ANNUAL REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 1998
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to ______________________
Commission File Number 0-25601
_________
A. Full title of the plan and the address of the plan, if different
from that of the issuer named below:
The Oneida Savings Bank 401(k) Savings Plan in RSI Retirement
Trust
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Oneida Financial Corp.
182 Main Street
Oneida, New York 13421-1676
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SUMMARY ANNUAL REPORT
FOR ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN IN RSI RETIREMENT TRUST
This is a summary of the annual report for the Oneida Savings Bank 401(K)
Savings Plan in RSI Retirement Trust, EIN 15-0405820, Plan No. 002, for the
period January 1, 1998 through December 31, 1998. The annual report has been
filed with the Internal Revenue Service, as required under the Employee
Retirement Income Security Act of 1974 (ERISA).
Basic Financial Statement
Benefits under the plan are provided through a trust fund. Plan expenses were
$245,630. These expenses included $2,044 in administrative expenses and $243,586
in benefits paid to participants and beneficiaries. A total of 82 persons were
participants in or beneficiaries of the plan at the end of the plan year,
although not all of these persons had yet earned the right to receive benefits.
The value of plan assets, after subtracting liabilities of the plan, was
$2,193,170 as of December 31, 1998, compared to $1,994,420 as of January 1,
1998. During the plan year the plan experienced an increase in its net assets of
$198,750. This increase includes unrealized appreciation and depreciation in the
value of plan assets; that is, the difference between the value of the plan's
assets at the end of the year and the value of the assets at the beginning of
the year or the cost of assets acquired during the year. The plan had total
income of $444,380 including employer contributions of $66,288, employee
contributions of $121,862, and earnings from investments of $255,463.
Your Rights To Additional Information
You have the right to receive a copy of the full annual report. To obtain a copy
of the full annual report, or any part thereof, write or call The Oneida Savings
Bank, 182 Main Street, Oneida, NY 13421, (315) 363-2000.
You also have the right to receive from the plan administrator, on request and
at no charge, a statement of the assets and liabilities of the plan and
accompanying notes, or a statement of income and expenses of the plan and
accompanying notes, or both. If you request a copy of the full annual report
from the plan administrator, these two statements and accompanying notes will be
included as part of that report.
You also have the legally protected right to examine the annual report at the
main office of the plan (The Oneida Savings Bank, 182 Main Street, Oneida, NY
13421) and at the U.S. Department of Labor in Washington, D.C., or to obtain a
copy from the U.S. Department of Labor upon payment of copying costs. Requests
to the Department should be addressed to: Public Disclosure Room, N-5638,
Pension and Welfare Benefits Administration, U.S. Department of Labor, 200
Constitution Avenue, N.W., Washington, D.C. 20210.
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SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE ONEIDA SAVINGS BANK 401(K) SAVINGS PLAN
IN RSI RETIREMENT TRUST
Date: June 29, 1999 By: /s/ Michael R. Kallet
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Name: Michael R. Kallet
Title:President and Chief Executive Officer
and Plan Administrator
