RETIREMENT PLANS IN RETAIL FOOD CHAINS Thesis Ior the Dagroe of M. A. MICHIGAN STATE COLLEGE Harris E. Whiting WEI \ I ' I 1 ' 1 '. 1f I. I." ,. ....'..'};§‘I . I ‘7 - - .W ‘- .,: , - . '2 ,1 . i~ . .:§:.»,:..d;;:x.;.¢-_- - ' ‘ Len ' IfiH‘m - wild ~ ' .m ILML ‘. g , This is to certify that the J thesis entitled t (I Retirement Plans In 5; Retail Food Chains I 1" f , presented by : ' : I I , Harris I. Whiting 1. y ‘ I has been accepted towards fulfillment of the requirements for K , ___p_g__M A degree inWsiness I; Curriculum in Food. Distribution I; ' ,g _. , 9.. q r. I I . Major rofessor .' ' Date / I 0.159 I ~ ’I-‘_‘ _ ‘ —'._- - a—.—-. J.-- . V v $1..-. 7 .I. v; ‘. "‘ \, -J m 4’ '4 A. —J l I ‘1 ———d$n‘-~ ;' nTfi ’\ r-x (JV. 'I" r N .H » ~. A. U r 1' r v' duo! mv' a} -._. .L "‘1“ 1‘7": .a.‘ 4-40. 7'0“ “Ham 1- .#I‘ ‘- < cam a... 19:1 L,“ I 'f . 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'~- .-- - Va. .- — -- o a o I g I o I a I o I o o I e a I I I . .s-v I “‘1'? n 'V s c J_ " '1 o ¢ /’ . 1, ’\ m -. ~ ~ - s“ g 4- ~ '1‘ "'1 .- w 1 en ”-2 AMA ~~ “a - w - ' L i I a. - .1- V .. J ‘o‘ -' .7» ,_ v — . —‘ . -. ‘ ~-L. , J. o n y I u o . g . . b‘ ‘4 I ~' . n .- ,I " -‘yar " (j‘ng‘ +., «7" ,""" ..+r .y i t . _ x . w My .1 “H- ~C,_ "LL I o I I o o I I u o I I o o n I g o e I o a I I o I o g / I 05-. a , II .nq - fixvf r‘ '1‘ ' ”\<.'~ a? 11 1 f)“ '~ ‘ _' 1 .— u \__-. 1,, -_ \u . A.-’-- ‘ ‘— ~. i.‘ o g a o I o I I o o I o o I I I o e o a o o o o . ._. 7;: :11'1 .. “a“, ..1--r F‘ ,_ . ...I -' -- Lu . J 0 I o o . . o u o u I e n n o a . o o a o I I - a I o e a n I o I I e o o I I I o I I A C < “.'\ ‘AL A- U. -- ‘1 ' - “ mm .- 1 ' I * “I‘D"? ’ III]. . . “r “I. .-: ”.7 V: - "I", -I + = "' ‘ I” " ” "I +' j . ‘2" “ :1 ‘N + ‘1“ ~, ' n ‘d' . ._. .x , "4 I. ~« ---— \ v x, u .- ._..$’- w -. ,_ -. ._ I) I "'| ‘ , _‘ 'I «-1- _‘ _, v—\ .1. _ -V ‘ \ I r. ' r u I ‘ . ‘ - -‘_ I-' ‘3 .... .I- nb .‘ . V k- In: I o I I I o I I O I I o I o I I a - a o n v . o o I o o o I i: .- 3. 1 - -, '1‘ ~-;* -: fw-fi . ; -'- '71 M - - C...‘..-J— ‘01 -. - -. — .- -- ~- I o l I I g I I o - I I e I I o I I e o I e I I I e I o o o " I I I ’fi 6+ 4- "3 TI ' ’1 "t O 4‘ ~ ‘,‘ 1"" ',‘\'* . .‘ - ‘ I“. II J." ”VI .",V‘\ " I_ '1 ‘1': “ ~J ~ _' '- .. A _, ... L, '1 n. - L. _ .n- W » -_ ._ u’ - Lr. — _._ O I I a I I I I o a “r“ w m I f‘ I f‘ , ' . .5"? 31'“ m!.‘ qu- ‘: ‘v‘v- " O. a .4-. a- ‘7 - 5". I e . I g o I o I I o o I o I I o I g I a I . I I I o I I I j #1,. 1n \TI 1:) I a ‘1. ,_ 7‘ ,4: .. ,1 ._ .t. 4‘ ‘-11.u\q/~ .- 1‘ Fun ‘I — .-Io—’k ‘ JI— ‘ Peei Chain; Lu bar 0; I Sunber of L. Relation of Qlijibilify ”a. . " s o. n .. ‘1 v. _ ‘9' H in WA _.,., .‘J-‘cverK'; -: r- I .. 1 ' Iran I Ls\ H1 1‘1. _, T rn DI vd- $o¢ I“ M's \l l»-—~C.~' 0 O 1' o I O I I I I V! , 4'- .-". "'\ _— C,_ -J .... -4 ““ L" 14:; \ 5—4 5-.{_. “-7.4. r - ,1 U y I... a O I 0 Q I . ——\ an .V A- J- -- -sg. ’— t) :5 I"- V1?“ \J M ' .~ “O 2.1. .L' L-."' C m '_.l \_ 1] UN nil—Lani» I u. "27 ion. ."L 4‘ _t J C) L" ‘ 7‘ . (fa- 'J 3.1. ~~ w -L .... \. r-‘ L b , ’1 ‘ ‘7’" . L. y x; (“I \- ,‘\- 'n‘.‘ ‘_JL;'..... .1 I +a» -mTf',‘ J-L-t-V“ m “"9 A .-.J_s - o’,‘ I f“- I' ~. v --&i& -—-’." .. ‘I‘I— 'g. _“’\Q’I I F"? Q. fis‘r . “I T". ”‘- -‘ L. .A. -. .4 I '1 n va - ,- ’- . A .. J..- Le. -. u 1 fifilrsa ”-11, -+ vxr . k‘ n} _ ‘ A ~a-sl 1 Lb T; .y. m (x :r‘ \ Y‘J,‘-' V._A UL...’ ‘-‘-}‘3, 1 ..\?s .—-L.-s- J it .s V 5 D" a LI‘ I .1‘.; .I \I—-.--. - ~ - V11:- 9 new --~L.. . n I“ 9, Ai . ~> ' ¥ . ..'. A - V 5' N.‘ -V...’ bU~ k. a... J, to rir I" ! .. n ‘ rg—f‘. g\~_ )‘7 f‘ v '3 5.1. 3». v, .Ja v‘ .1, .._.‘,~ 1..--2\) LC: ptawnwwpwt m J. l“ r . g - f“ L... - ~ L.{~.4, 1-» vr C“:- . . ~~'r~. ,. r- k. (‘ u ,- (' 171V '1‘?" .L-) '1 113' .3 ’ L...— ~- “:‘.T" rC -4 ~~m .A, "3 3'1 rpww 7‘31 5.5;. 01" 1‘28 7“!" _.L\.’ C‘ ‘v. I q .0- NJ I n .1- (“a b tuna C “"1"? 3A “,7“. +%:\ .. a ng. 1“ — O a — 4- O‘,Cl”a;.. 'v‘ 1.- VI .\-.. J 4'“ .fi + U‘ U r I ‘9".6‘. ,- 45‘ . -1 .— 77 fifivar :WFta \ . ‘ C 7‘1". T“ ‘ 3—" J. v :1-4-6 .' V ’30 4* L. - l -. 7‘31? C. .1 I "I a- \ pa. ‘- (>1 In return for e filled-in Questionnaire, tne author promised tc tebalete the returns from the survey and return a copy to tnase wno requested it. rbtlolimetelv one hundred and tgirty uesti‘ our leires and letters were sent Cit to reteil food chain executives Out of tni s numte r six y-four were comileted ant: returned. Half or sixty-five of the letters meiled were tyged individielly and hell C I tug“ mimeogrepned. Tne former U) 1e lted in egfroxim;tely a 90 percent return, the letter a lO percent return. Source of De ta The seapling was controlled to tne extent test tne eutnor attemgted tc meil the Questionnaires to five types of outlets classified on tie heels of numter of emgloyees: O - EC 30l - 70 70l - llOO llCl - 2500 Over 2300 Review of Literature Tne I\:‘ ti 'Cflal Industrial Conference Eoerd, Incorfioreted 1 has in recent years, concerned itself witn various sepects of the pension froblem. Members of this grouo stress the importance of recognizing the eension problem as e dominant one in our economy. Many believe that tne importance of lfiigth Qfi‘gu_£§b iQflfi, Stueies in Persannel Polic‘, NO. 100, F-plil 191C. NE. tiOIlll Indletriol LIOIJIELLIICG EOL-Jdo 7.“ 1‘ A. ‘J v a {N ‘51 ‘v-f‘ 'l‘b -~ -J .. -. ,‘ ‘+ 2' + x.“ “ F" In 0 m Pu" 7" r v‘ (:1 ii a . L»-'.J\~ ., .1 ~— .. -‘ ‘.' 3 £~l--. 1.. ‘enl n '< I'L- A A‘ONAI 7—‘1 fl; 1, 5‘ T. ,fi1\] _‘ -a‘ r~ ‘- » t«I Lw‘ ‘J . i .o— -- d}- - «L J '- - 's O a. $71 ' Y} a ' ‘ fj'fi f) ‘IPV ’3“ ‘ 4 ‘ " _" _‘ + 1'" o - '- L' _ - u \. - k. _ 'F‘nr €921 ———..———~.-—- ~— a I 'i .- .... l l‘\ (J. rw r r 'hw‘ti-fi 6‘.“ C '1 C" .t ’71". "V 'l\ k I -7) rt, f‘ “1-; v . i Oisfi r1 —Tre Tq'iz‘ :(J i r ._l ‘1‘ - ‘ 'T ’1 rzitt h. ooete; .tion :e‘C: "‘1 I (‘ L53 '1 H" g m refines? is re“ 55 r‘r‘i “I? ”‘3? L»- 4- _... ’~... —- b. ’5 \ J I by I p '1 f'T‘ I- '1 ‘ - . .. , —. , ‘ J.- J- ‘ l « x -- T ' J. '1 n '93 n . (‘. ~ . - , . , t. l" L ‘n - r; r .. 3.51.1 .\. - M's/1P1 u.’ I-) (.V :4 JL .l_.Ui 4- o J- o g __ -L‘ "I ’3.- ‘ «7.1 I fit 1W - - I v ‘3‘ . \ ~ ~a. in U _... l- ‘ r 4_ ~ C L. [3.4.9 ‘d—L g,-,;,,2 ' . -. 4.“. .. l _-.1 '...L .43- .L -‘1 _ _‘ ._ 1 1 d ._ C i a ( SN ‘ g‘ ‘ . i ~ Q q ,5 ‘q u C 1r C 1 J u 3 ~. F .i - _. 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Q .‘ Q 1 -/\r_ r rw-Tufx-M-I Y‘o" .- ~ yx _. r I. -. .‘ \_ s tvtion——erpirs-—tfie srfierinnCs—-the lOTthY-- “173 r?VT (ft lccat tFC‘:xrte Crevicifiniwfisfe 3; Qt ecearSef inanirate :irtrres. Tee (7 lorcc *T“FCt€§ to ”Lint; n C reg: fierlv Fi“r it-53lri livirr "r5 3 h“n;37v vv'nle to e23rwnlete ; .fricicnt '“cnrt of fi-vié“? t3 Ce-Fla fin to is‘t 'Frn? "iQ:~‘ tl‘;r e,ili"*‘t(?€.~'r:ri:r‘ ‘tit2~31rt liizz 3 tion 0* otVer -4r-rcis‘ 2:9irtCree i i - ,_-_ -1. - n.“ m u, u H T“ refer? tle'fi-tive :Qr irstit tine" ncion else is its matrrirl g'v “ceiett of bvth e no“ ErV in” its 9”“157“T” :nfl it C'i Te erentei a fouf’rtion of %“tw 1 self in'Cre't f“5 u 5er— r’i‘v . ”lr‘tsert irtrtrtet: le'f*f sptfl. “er be- e tTe lmvft idterrsfiwt of the c~rilcver—-ifiseir-, fictive; :16 Etrfiorirt3 {3f FCCOWe i3+rt1311.‘ an“ iffiviF”sl:, Troio l“tfrfit lie in the Title C :tifino‘ Egrr reoevnite‘ tTe rcci TOT rjft*t“::t --_l-____-ll.- _ e __ l 4T€TiC fl Collr‘e ef Ife Tnder”ritere, ;tn’v Uni. (N J. - v- V- ---——. ~A..-_- .. .- .1 .a- _—-. d~~-;- -m —._——.—v-.-— ——~—— 1 T‘y“ .~ '1 n‘u- A-~k---o- L u‘ (I 'r‘ "\V: ...‘_. ; 1C ta 5—, \- ‘Afi}~. T‘- n—l—s~\.“.J-’ A,‘~-., D" c. - 1n .., If)" 1 ; n 5-- 6' TV '3. C3 7’ to fion I hm #4 , xv n s L. COi?* f‘l’- v J. C 1n f‘. «U fi§ , r V--x-. .1. «l .I T‘I‘ 'I T; .a * a». : H“ 3 u \. “a f. . x .L ‘1— 1 w 5; r . ml.» 4. wt; my ‘5. . .1. OI; 7: ~ . 0 w“ L +u w“ ,.. n. f. F... C“ w h 0.. 9. p T T r I. 1' _ . n.‘ _. J a Mo; 3W. 1... AC. .1 5‘ . T v '1 fl...\ v.-‘.“-‘ -—;_,.1-A r Ln. —r -f 114 .1 U E +U o :L m v S L 5 Hg 2..“ _.C .I 3 4.. war.” fir. C ..._ a . A q. _ .1; ..1n «1 H C V .. . .Tu T. :L I C Pix. ..\ ., S 1. u H I .1 .-4 film V. C t «as. .1. w h. a ‘1 1.. m 0 rm ~. 7W -. F-i ‘ I L- \ \ 1 — ri._~ p a . l. . .I .17. .3. U T v ; r.r 7. ”J r. .. ~ fl... ‘b u v,: .17 r... C .0; ..o. ”H .3» SFU. LU m.-. u L P; ,fi t .1 fig " . D; I n C”; t r n+L .1; .h... 5..“ Hr‘ E i t :1 m «g C . v .1. A ,0‘. 13 ._ . K . .1. (1‘ v—LII 0 .V. ‘ C a, at .._.L. 4+ , T r x C .C u . . . ~ * m.” a... 3 C V Au :x a . V .a... A..- M1 .n T n. "W. a. be to '- - w a; ‘9Wre 1 9 4? ... a 7n ’_ O- , n. .91 A" 1 fl. C) f E’ ”'1‘“? an. \. -.. ., "I A I . ‘l ‘ W“ir“'~w1:t n1 I, J. u- - I" ‘f‘. L..«-- u! {.4 {ll-I|I,[|!IIIII. I :.I"'c r‘ r‘ r Drjxr: Pmrvm ‘." "0:"? ht‘n‘r‘trvm .$;LvT\—‘:)IJ‘0L T “C5 {usinll‘L LIE Li—lu § A-K.‘_4|—/a—a;b J- WMTCFIT’HW‘ T‘V'np‘r"? T ‘1’C‘ 4'. .04‘ .LLKLJAHM-‘ - .¢-'-V V.l-1.4 “13“..2 The ent‘lcyee ref 1r growth of tth desire our nation frcm the ve Records of pensians case cf slavery in esrlier glans fcr tne retilemart 16 cm n+ 11-. _.-_\’aAU come program is c: seeiii y which has cteri2ed ry beginning. are ist wtil 5 even in tne H Sc11t1;srn St0 ates, pp «J. set uy by Amarican corfiorstians indicate that tna pres SJCQ ci‘ tLe sgea was not I€Cu ized as a Special Hoblsm Until oftsl the cweninr . 2 of the w‘htletl c:n ur*. f1" .1; L “K. trsn :gidous cf ‘- “ v.( : ‘ n I'l " . r “ I . " r I)" V““ L m1' 7 " L ’ ‘7“ 1114.444 (gtLiJ'i U1. tut: Edy-Alutloll to til" HLSLO LIXAU CCSL'JLII ,4“ ,. , L. «n v .. . '_ 4» 4 . z— . Jnibistigui tegnm.«i to tssr; bdt an. soih 141 tug ixmiistri l a A». v, _. W, . if ° . 4 - “1..-, 4' , , . s. , , 4. I ‘ ”+- " l'v .' in- 4.1 W110 1.; SJ. filial Cii 3-13.15 uuu‘dc‘s Lib tat; ...._ gelsilb CL! 6-; C I“ .1 J 1- . - - . v ‘ -_‘ - run - 1 " + 1" t‘fif’ .' tim; A0111 be compsilea to icuglno ' l 1- \ _‘ ,\ A — D -| y' 5 ' I “ .' . "r "I“ ‘ M - while the BCOnOm' 3i OJi coantrJ zemsinui RLFJOLl~ 4 7 . “~’r' ': 1 t 1 '~, . l vr‘ . ~ ‘ nutelJ cbriCJiturai, secirity sculhit gdesa ECOlelC ~ - . ‘. ' u‘ ~\ “‘ a .' , 4‘ 1 'V. v r~ -,. . V s -. 1 J- ,- ‘F r ‘ 0’ u C Omiltions gnu Pt; 5 Otlrit .L.iC:.tL,:iC it”! 3 49.4.1}! u 01;..-19' .L UL IE lo I" l ' " \F 77‘ I W "' TT D ‘7 . : - I. 3* \ "' ' I ,‘. “r “ “ " ~83, fOL. I..J‘..\..«. liuLC’ do 4-40 p:Lll.LQS, ‘a'|:¥4;;,;‘;;J-j —.‘:—;.‘ 1‘0 r‘ a " " Y " 1 V " | ‘ ' . ’ r\ r » l" - f" ’ ' f} .7. I ALLbihLVZ. huff $01.1 - n£31¢lct011 and. ‘vOo , 1-7.1», r;- u- ‘3. Q “/1“ ' I?! ‘4" ‘. .‘. ‘* . t n a . C‘wv ‘ "\ n mi-ray u. Latimsr, Iszistrimi rpflSlCn s¥1tgus, " | o 6“ rs o 7 ‘ r 3‘ ' ' T ' ‘- --‘ -"‘Y ”—7.0 . ‘ Inias trial nelstiz us LOIJSclO-E, inc. u.-. lRVM, p. 18. of form lend scoumulsted through ihiivilusl thrift. How- ever, this means of providing sec rit3' troved iosdeiuste as soon as the develofmsnt of the act ry and corgoretion, with its large personnel and limitless possibilities for ‘- pertetuel existence, became an imgc rteh. part of our economy. The shirt of Pokulstion from the feIms to city factories difficult to accumils te eh ugh thr3u eh F3 (‘0 LL (T) H (.1. P I) ( J *3 (D r‘ (n H '3 U? r—J (’4 thrift to provide for his own security. Employers and woz hers began to look for other methods through whichorotection against old age aid other catastrog1.1e could be prov ed. 5 There were three priacipel factors from the stead- poiot of the emfiloyer thet infl Jenced the adoption of early pez1sion. -lens. 1. The advisability of removing from the service elderly persons and others no longer able to perform their tssas efficiently. 2. The desirability of deveIOping a stable personnel of comyetent emgloyees. 5. The regutetion of e company and its ability to I? w induce capable persons to enter its emtloy male nece 5 nd {‘11 a humane method of meeting the tressure of the s3ed incapacitated.4 EExcerpt from SFBECH by Milton L. Selby, Secretary- Treasurer, Sefewrly Stores, I11c., Oakland, "slifornia, October l6, 1950. 4Lstimer, Op. cit., p. Bl. 8 The develOpment of formal pension plans in the United States followed no set pattern. The first solution to the problem was to designate light work, sucn as watchmen or O gatekeeper, to persons wh were no longer able to perform *4 regular employment. The second solution was to deve 0p an informal pension scheme. This type was a pension plan rdinarily not publisned, but in some instances it was given to those who were "deserving" or in some cases wlere relief was necessary. This practice continues among many small retail food chains of today. a third step in early pension programs was to keep the incapacitated employee on the payroll. ani s closely connected with The railroads or com. '\ I“; A (L‘ the railroads were tne first to set up formal plans for old age and disability relief, since single business organizations “2 y... 'rst attained great cize in this industry. The first formal industrial pension system in the United States was adopted by the American EXpress Company in 1875. Tnis was the first of the non-contributory plans. The second formal pension plan was established as a part of the relief association of the Ealtimore and Ohio Rail- road Company on Kay l, lSSO. It was contributory. These pension systems, nowe'er, were in later years eitner dis- continued or greatly modified. \_") 1") C!- *1” m C1 C3 iJo .) ( -J -. —1' -1 w .— 4- ~ 3 ' The nr~t r TJTQLQ ¢cnrion svstel a 1xts1 in w a" 4- L . «I. /\ "x v I". I‘- H I-~ --- , q "\ 1"” ~ ‘1' "a 1‘, ‘ H‘. 'y" -‘- '7 ,- . l gar rs 7T¢lr1t craters More roevlsa Lfbtr the ion celvnnin A ‘. . .- v. ". ' 1-1 .~ d serene, a 13T€ -et»1len ~n-l an"?! ":76717‘191'1 ore it 2. u (0 m (4 ’T) H 4 H V) I J H ‘ V l .1 R D C") I 1 0 ‘fi r.- 1“.) H D ‘3' d L) C+ b": (no.1c‘ 4 Cl LAU — A- s" O 7. Thirtv ve:rs' service ":C Tig‘ “F” to tialifv fol , . 1 ' -\ . '7 ~ A r 'c r >‘ .' ‘ ~ -: "to intro.uce a rector for stabil— i4. 5 I .\ - .3. -, . .1— ... .i e weoeron tluc atuC~ t h The rfiount of tbe retirerent incorr vvs one teroent of tre average enlary Ior the last ten years 0: service, nul— Q It Was Open to :11 e ployees rrtber th:n only to nenbers of the relief :soocietion. 10 It is interesting to note that by l 05, a total of twelve formal pension plans had been se up by railroads in the United States covering 55.4 percent of all railroad employees. For the year ending June 30, l903, seventy-two railroads and railroad systems employing 954,919 persons, 66.9 percent of tne total number of railroad employees in the United States had coverage.5 During this period it is unmistakably clear that the trend of railroad pol'oy to- no ward the adoption of retirement income systems was definite one. Tne next group to provide formal pension plans for their employees was tne public utilities. Consolidated Gas Company of New YorA establisned a retirement income great extent plan in 1592. Tne public utilities group to a copied tne railroad plan; however, tnere was a tendency to make their plans more liberal witn reSpect to age at retire- ment, service qualifications and relation of pension allow- ance to customary earnings. Tnere was a definite pension movement at this time. Tne public utility companies were followed by pension plans in banks. Most of tnese were contributory and were begun in the 1884-1903 period. One naturally would think that insurance companies were among the first to adopt pension CZ vLatimer, Op. cit., p. (0 Ch ‘(ll‘tal ll..|l‘llllll|l|llrl.||f‘lfl II ll programs; however, the first pension plan was not begun by an insurance company until 1909. Insurance comianies during tnis period introduced no new prLlc iples and followed ratner than led in the development of practice insofar as it re- lates to employees in industry. In the mercnandising field, the only activity in pension systems prior to 1900 of whicn a record has been found was the establishment in 1838 of a pension fund of $10,000 for permanently disabled employees in the Wannamaker Department Store in Philadelphia. It was an informal plan and no rules were set down for its administration.6 The first evidence on record of a retirenent income plan among retail food chains was in 1935. {roger Grocery & Raging Compaiy adapted a retirement income plan which con- taine the following provi one 1. Pension of $50 a montn was to be paid. 2. The maximum pension specified was $600. 3. Other provisions of the plan we re not reported.7 This plan was discontinued in 1926; however, in 1929 pensions were being paid informally and the Company was expecting to offer a new plan. 6,, n. P. Gilman. Profit Soaring EetWZe en Employer and Emplovee, boston: noupnton, riiii i Ct., 16,9, p. "To. 7&1114" W. Latimer. Industrial Persion Systems, "I Industrial Relations Cornselors, Ino., h.l. l 6‘. V0]... II, p. 10900 12 The period from 1929 - 1932 witnessed a rate of dis- continuance highest since the inception of pension plans. This, of course, was due to the reduced business activity through a depressionary period. Remaining pension systems o... reduced the scale oi benefits and otherwise deliberalized their plans. In this period there were four main steps taken to reduce the pension system expenses. 1. The plan was closed to new employees. 2. Admission to the pension plan in the future was made more difficult. 3. Future benefits scaled down. 4. Plan changed from non-contributory to contributory. Despite all these adverse revisions, direct employee Opposition to them seems to have been negligible. Tne period from 1932 - 1958 was one of extraordinarily rapid growth. Between 1952 - 1938, the total number of new plans aggregated 281, or about forty-two each year. In no previous period of comparable length had the rate of es ablish- ment of new plans approacned this level. It is interesting to note that between Kay 1, 1932 and the passage of the Social Security Act, only 1.4 percent of the new plans were non-contrioutory. Kore than 75 percent of the 515 plan known to be operating in 1958 were contributory. The period is definitely significant in that, deepite a long-continued depression and the initiation of a grea system of governmental social insurance, the industrial pension program, except in i ion (7 f0 railroads, more than held its own. Lore over, the de of a substantial number of rel: ively sms11 em,1oye rs to adopt plans indicateJ a hzalthy e:;tensio n of the movement.” The second retail food chain of record to inaugurate a retirencnt program for its employees and the first pro- "V‘ r ‘\' r ‘ l’ o ' 7 V. 'VY' 7' 1 "r‘ ' b'am to operate, tnus far SJSCeSSlelf, .as Jewel th Compau‘, F“) December 24, 933. The plan provided a eans wnerebv the company and its employees could work together to build re- [=1 ff. irement funds. ch year the Jewel Tea Company pays into J. R. E. (Junior Retirement Estate) 15 .ercent of its "refits r 1" before taxes, of the amount distributed into employee accounts from profits, half is divide d among employees according to deposits airing tne year and the other half is divided ac- cording to the sa axis 5 dlring the weeks in w':ii:n they made -. o 9 '\ YD)! .... « . a v ‘If‘ v‘\ S 3 “I depOSits. hCCOidlhé to compan' repor , employee gene ra reaction to the plan is one of a.rova1 and toe comianr . p L believes it has C'eated greater deg; ee of security than N Cu was heretofore realize The peiiod from 1939 - 1946 saw a tremendous growth in maJor W 1 1‘ -" ‘r h _ ‘. 'r‘ T " "' 3 0m; T‘1dn5o :101'1‘1 "HI. 1‘ 5:er5. as tiremeht in p (D I' (U impetus to the adoption of sucn plans. Wartime reg‘l ti n Larl Tufel and Murrsy W. Lati. . si‘"° Industrial Relations Coinselors, Inc., . a m .. . :t, Jewel lea vomoany. A ' a .V - "v “ - t .1 . -1 1 . 4.1- ,. . “.14- 7.. . .. .: -1 1‘ -- , 7 ' .t .13.. v -. -, M .. 7- 1 l . - . . . - u s. La. 7 ~ . - _._ 7 .. \ — . _ ‘ -- “7‘ 1.-..L . 1.. .!fi. 1-7:. . .-.:J- .1- -v - 1-4 -1 ..\.'. l s. . k. a . . 1 _ J . . . .- -* *7 .- . “w 1-. :-.. -..- .\ .77 . ‘ - 7. * - -"~1. .-,.'_~ 11-- L \ v v . _ » . Kl- - ,- U - r _. ,_ s a“ _'_ .l-‘ J. -'7 .- _ .A. . ._" . '5\ — .fl J_ W _ . a . .—. ...7 u" ' __ ' "_ _ ._ . q . ‘ v, p I 1 u . ‘ y \ ‘ h . , . x. 7 s -— s. c -- 5.. s. x ' - . _,_"' A -_. 1 V .' I a - -' ‘~ ‘ n '1' q + -- “v ~. ‘ -,.-* . '- 1 7" >1 "\ s \ - , -l ‘r-\ i 4 _ ' _ ‘ 1 - :1" ’1} ‘ "- \ v 4 ~_ p - . L’- .- x o ‘L h -- . v 1 .. - J . 7‘ J | J - I A u o . c c 7 '— ’ ‘ WV ._ ‘-~'— —3 ~.7 -‘--- ‘-l - —‘—- .- " 7- q‘ -r - A 77 t A u L..7 ... - ea 7 -' x... \ v ’- L_. ‘V V ‘ -. v ~ 7- -—- - 5 ~ -\ - . . . .. -, . r'l . 1 ., '1 -,‘ . -,-, -. .-‘_1 _ 1 .‘ _. .. 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J- ‘- T," , - ._ v. 3 ,., -. 1.}- . .1, J : .2- .' a . 7 .,. .1- 7 .7.. 7 . 1, 1' ‘ ll . . ~ , L. l , 5_‘ ”I . . . . _ . ."\ _ . 3 A -.~ '* ., . -- ,- ._. . .- , . 4. ‘- - m 4. - i- ,- 1-... 1 w _ , ’ ' .1 \ . x: q x . - .L y 1- 1-, -_ . , -4. 1‘1 1.: -1. 1- J..-. . .L... ‘ J71- .1. 4-11.. -, . “-1”, .- A . . - 4 , . ' - ' ‘ - "Fs. — *- - » ~ 7 ~‘ - v . .. * 4 1 \. ». ‘-. x. . .1 l. ..- \- ‘7 ., H. , .. v .‘ ‘w - M" w - __ . .1 7 v. '1 .n .. 1 .. H , --, .1. 3' 1.... .1 .1- V- - _.. _ -. , 1." . 1 . , . - u x t' . _. . 7“ . - . 7 - . ‘ ,. ‘ . . " x J ~ h \ L " 1" 7" o q -! n __ - .1 .1. - .~ u.-. r "‘ ,xx- v\'.- ‘Y'l' _.,_ I . . .7 .. x. - ~- 0 a \ n a a A - - "‘~"\€ fur .1. t7 - -.- 114...; ., “.1- . ,1, ”i 7‘ .(-.-+ _. fl... ‘ :..-1,. r‘ + - . ’- . -. -.7 . - 7 . - ' . a -\ ‘ I fin - 0 fi - v . fi .fi’ .1 ’N‘ A. m j ‘A » . . ' — + _ ,A 5“: -: 5“ . I- J- k. 1 + .T q ,A ‘- ,“T, .- j -1- .1 F..fl -l .. .. .. b. (3, -~- - 4 \ . -. . . I t.‘\..A- ~\_ .- q . __ ‘ . w - y w 7‘ ., 7 - a -,. ‘ A“ .._,.', '1 '1 -‘ "I ' 1"- .1. .17} . m .-‘.z. _ . .,.J " .._. .14. _' ,. .'. -. _ ts .- i. —- -_/ , 1’ .. . -. .-. L. .7 . n- - ._ .. ,_ '1 4 IQ c ‘ j ') a 1 n -\ - ~.‘ — A 7? (:3 “a ~ “ . - 1 - . ~ v: I} r' ‘ '3 1- 7; A, ‘7‘ “‘ 7R ‘5 ‘y - ‘\ ‘1 * f -n -\ ‘ -,"\ 1‘ _ k _ t ‘ v _ . _ _ __ ‘ ~ ~ _ \ - . *- - - —-o -— -. o—-—-—vq-v~-v *“‘-4 ’-—.—§-9-1-.‘-—‘..‘.-——._ _‘ x "- " I L Q U I.“ D ‘— w ~- -\ ‘\ 0‘ --\~.‘ — m. \ ~- - | . -‘ _ ‘ u a‘.‘ m\ . , -... 7" m‘ \ ' v _. - ' a. _ . _. . I .. . -. .. . . _ . ~--.~‘ -. -4 ——o.---..-‘v---.—.-—- -v —- - - ~ --¢ . ‘—-u—Q—a—. w_‘ “wu- —— 1 " '- ' .L ' -. -- "- ' '-.. ' . .I. : n " 7. ‘ - - 7 ' _ _ - . - . - - . . .- - ~— - *1 7 u . - a " .. .— \ .... d — . . ‘J n )0 . —— qui- l . '1 .1 . , V' I I - ’v I‘ _ _.. -' .- — (V - f‘ l h. - 7“ In " ~.~.-,-\ ——-' ~ '. - '5'. “o ‘- ' ~- --v.- - - n )I. Y . - -- . - L- r- u .. . .. \ x Q .. - . , -—--——-—--—- mu -MH.... - . . -- .._. . ) q ., .-—.. __ _ u - o I L 0 L4 (11 m; I“? 7’ 1.3;. _0.-.- 9*-‘-*~---~-‘--~---"-----------"--.—.‘”--.—--m”-”' .~”—-~---“----”--H---M‘-n‘”. .—-~Q~--m-- -. 7: 1 ‘ . 7‘ 7 117 1. ,. ‘V - ‘N '1 \ n \ _ Pericq i; .hicu uuL-Lr nUYLLl cf . 17‘. 1 7 .7 - -. Fl.“ ueczxe C FCFtZC;rgtlflb I" 0 7 n .7 L; 1 T... 7 77:31:,» 14“». P4.(..A‘S ~17141C3'6’-.Sb M ----’----”-"~M“-“-M---‘u----- --”m ’ 1 '1 A 1 I‘C' 1:0 ‘ Q Pr'lf tJ *U—ru .va l’-'v1,1»i \ g. \ 1... (- I ~ ) \\ ‘..J \ k0 4) CC) 'X‘; ”5 ()4 ”'3 ”'1 ’3 . f) (3 (U /°/1‘-l?/21/44 4,2C: 7i1,€°l n -- \ 194‘: enc. 19-16“ 7&1; 9c; 1r_ '3? 'l I 1" n1_ “ -‘-» ' ’7‘. 1 Carroi n. Pcch. ggynjgfiii;:_isn§g;;g, .c3ra.w nili Book Co., .uu3., 1930. p. 4. ‘. ,7 ,— 3-. ' 7‘ ‘ - -. ~3- .-, ' ,~ 13-. S t y; .-.i:1c. .1. v.-ic.. tile e ' \ . ‘ . I'. whicn Offen tr V 'v bRepreseuts emgloyees covz; ed by tne Plan at the flats J. of waicn informgt.Ln was submitted 1; connecti:n witn tne eeplicetion for a rulinb en the glen. Includes all emyleyees nomi 1; H17 COV1”.IEQ JuJeI tn; 31-1 even tnouwn a lerge number of sgcn emg cyees mey never receive ‘ny he ~ ion of 31:55 effective in vw ill.19’5, 111: Wiiriu;t v01— Lied end krocessec until Lfter 16 it the 66:10V66: chuegt it. This UUS tT6 fi.r: t ruling of tre boarfi on this Uubficct. It ruulfi, U6r?6;s b6 "6 l to 6*;11U6 th6 bhcfiground of tris controver6y that 165 to U fQV.orJ 61-6 fecizion for t)” 1 " mfir‘i " pr ”5" 5‘": ’N'n A? (‘xfi'p'ficr 6‘. ~~ "*T‘J'c .3 r- “r“ -’-1 7v“ 6 LS nio..~.lo ‘1 .-L_ \.\_.'V‘L_.-.|‘./LA : 4.» -‘. 31.. H's: , :‘z'._..;. Lt\3\- (~ u_— J Igll \L *Jo nfluence Upon the fUture of congany r6t1r6U6nt plans. The ‘Tr— O 1 - "J— . r. fl _:\ ‘5 \‘r\ ‘1, ,1 . ‘ "a 4— ‘ u o f. Ugt1onul IU6UUUr1 1 U0n1615 cs zaUro TC,Ort€U Ute 1R01Lfnt \ as f0110T33 T66 6U66 r066 out of tre action of t}6 Unite”1 St661 Lorfiern' Union thick clUineé tkat the 30636U* Tc” br663665 tre cohtract beccw6e it hLi r6fU66fi to UC-TtiatG on th6 afiwwuny's &§"0un3€d volfcy to r6t1r6 256 6‘310769; U10 UUi r6acted a“€ alxtJ—fjve. Th6 ccmyarv 61:1 6i +TCt F6 Ufiion ”ii not fave tre r1“Tt to UU( Urtion it: rctirrv6nt ;011316:. {A can jrw‘r'~ ‘wler'1‘fin ~w1- --.— r. I‘fir ‘. *a—uu. hILtL) in lCEFE b-‘tm6 r6 the urion 6;: b66n tt6 coll ctive 6;rj' U1U C”C“CV. In 1' .3‘ C.) '1 )d’ 1' CI‘H- \rlr i’ .— ' 11 e U .1 J “ T‘93? fli6d Oth to a... - . -"r_.‘-"‘- 1...: ‘ .... . .-. .p 1 .n. chrnln 1.; J a tenth or ..n%n, 6U; cngUUc U 6 94 $15T1,TU7iCb i~-'t11.- 1%131512“ :1: T : A k . 6 to inclu e 311 91F10Y€63 triTtY or U9r6 Tears OI age 0: '5 ‘I “ 1‘ UC‘ r‘ F. l y.. a ‘ I" ‘ 6V9 or ””18 'GUIS O1 Unrv1oe U10 61cctcfl to 'i 6 With f rcrtic jut . Un L6U bcr TU, lT+E: tke COU;UUy 6:— teb11L66d U_E:'t—:cr:166 :6U6'on TrUCt tfich contLincd tt6 urovi‘ion ttgt ever? CTUTO?CE 661U13 t: r6t1r6d on JTIWILTX 1.1N‘LTCSt "?: ;1:firL-fiftT‘711rth‘U;* afii U6-fi1tt6i r6t6nt10n on th 6 Uztive r011 only under ETCCVti‘WkiL Cir: U“Zt””“3€:. It 6112'5312 polficgrzflzich tr6 UP19n firvtes th UUo brouvrt Erfore tre Nationr Lahor EUJLtiOns Bocrfi. T66 trigl €T3‘136T 3616 trat the U6U61Un QUB TCtiT€mPTt 20112: LU; ; gr-jcr fiubfiict for 307Lective bcrjainin6.1 ’ fl 1L3 1-1 "Than" ".71 ‘ (1‘6: 6? 4 or 6"“ 3'3 "'1 _- .-.,--... d .- _ __| ’.. L- . .‘ .. . 17 u. llective bUrgUinjng .4 wageU and hUUrS, must EU sgbmittej t c (1. O at the demUnl of tne union. CU April 25, 194:, tug United \ StatUS imprera Sstrt s;t its StUK; Cf LffICVL; an the C ".‘Y .\ national Labor RelLtinns Psard's ruljpg by rerCiLS to ‘1 ofi . J o 7 1' T o ' (fl ' r N o r. _“ _0 -. ‘ .. ’- - '..‘ ‘V . r-: : _- ., 16v an tug TultEJ UtUtUs U11611t U311t uf erUUls gwclsJUU ) ( ('f' (7-. Cf *I.‘ .d H f") 9'. A m P. ‘1 (D Q. (1 \ O ("f :f colléctlve bargalnlUg. T315 aec;sficm grov1czd furtuUr Entrencnmunt cf re- . - - ~ 4 ,- . . 1-1 ».- -. r» q . a 1 . .-\ _‘\ f f‘ - _ ,- . ‘ A ‘r' r‘ tlIEUUut lLCOLU pl LIUmS in Cal cCuLOKy. Ucmflahles btcgn m to fLCB the SitJLthh realistically. -nU retirement . |-\ ‘ ' v ‘r- ""o- Vl'l :f‘v“" / L I\ , ‘o 1 I" . l " . ‘. 11606: UTCQILm ”Us LUUACed to tn: rLOUUs1t6n: not 1f , CLUTTZR III T:w 6676 «w [an ~ r"6”hTm* 51.; L ‘.‘.J_. K“. wvugfki s.) vJLLLL-A. 3 ‘ .. f‘ {0 rcw 1 + '*' ‘ :3 hwy-Lb rL.LI'Acl£.—-—j 1.01 G- sablSLC-‘FJLIDI.J, lz'al’lglel 171‘.) *‘L’n is tnUt tae pension, oUethUr wits tne socisl security bezief its, will enstle tde 1e ti; Ud erlloysU to live on a reasonable scale. If the plsn troviies tenUfits so low tdst tne worker's standard or livin: Ialls te :102V tnis 11:.- " 7.; I"- . '1': f 25+ wmt‘i "3f”.ti't n "“r‘xy ' r. ‘w .“"— .LUVCUL, tut, “01-331 hill lb.lv 1U .UltUJuUUL . LIOIDHLHLL; Intimate: meat U'lso will he s; tste to retire an emrloyee if he will surfer nUId51ip becs ise of U drUs ti celly reducei incomU. Legislation covering old sge insurance nss teen in (D h existence siice l9U5, wnen the bus ic lea was adogted and impact of tne degression and the gension movement of tne early 1950's. A radical revisLon of benefits occurred in 1933, under whicn payments of montnly benefits began to be made on anusry l, 1940.1 fipite drs stic changes in our ec onomy effecting lsbor mobility and the level of wages and cost of living, Coagiess did little in the next ten years to improve tne program. It is probstly the recent union-indi stry drive for pensions that iwlflleflCEd Congress to pass a new Social Le rity L w. It is tee new Social Security Law and its relation to private pension plans thct will be discussed here. .m 61 l . . , _ Perl men, Jacob. Chen;1nu U- ads UU:er Uir-Uge and T160 4-“ “f Survivors surmi1 e, 1353- ‘9-::O. Industrial and Labor Relations 'eview, fol. 4. No. 2, Jan. 1961, p. 170. Ultra L' k ._;. .'.u \._.J\.. U :..! .- ‘r, - O a _. ‘ _ ‘1 U a ’- -‘ n. - - *- .‘ ‘7 ‘ 1m“ 1-1.123 ~an :(‘w'P-hv-i -...--~or+-.-* a - - + -‘ n -<~ var"- U r \o I .. q - u» "\ ‘A. 4- I I ~ » - 4 - y\ r 1 + - h --s n. 4 A“ A "ax * ‘5 A fi -L 7a.‘\~l- 1 .. ‘- 'v -, .- L. v ‘J v \_-A (.A.\. -1. \J L -'AAg.-J— H x i— -.;-—‘ —.- «A. -—- s. ail-A's. I n. J ~ -' ‘.\U \. A- .1.‘ “. 'I ‘ r‘a ' o - P! o -‘ fi'fib " rear- h 1" ‘6‘ 1- 4- 4 + .- ’5 '3'" 1“ 3:" m 11"“ '1‘ r7 4 0‘. 17-1 w —. :~._~.~ “'7‘ 1+ :~ -_ " e '1 v Q . C k. x. _ .J . . 1 -. .. U x. - ‘ .’. ' . - ~ \. .4. “."S on. \1 '. ... u ._. ¢.|. ' '._ . . x —. .- \-' Ll , L w I. K, .- L, .J .1 v.1 _ J . ___ - l2 ...- . ~J ', . . . . ~ -. U .7 . .‘.t .L' ft"? '7»: «5* --~ln-er .“1 1—. ~73 .'n' 6‘ 'Lr) “C i’,’-;\ a... ." .-‘-' ”NV“ 1. 1"1,""-1 \ a. v \ L .. 5.. . 6 . J » CC w. .‘1 ‘ \n . .\ . L.) .. d L \J a \» v.1 I" _,, .4 1U Q\_ -. '. , Hg v .. 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I U ~~ ‘x - r~- .C' A a .x- ~- 1 -. ’ n ‘ :4- ‘n ~-‘» :‘.‘:‘."‘L "Mn "'0 -~ "\wv - m nan-L .- 4- -1V: rrfim1-;0h ¢,z C‘su?ffiv 3Fb1;0 ev. _Ow- LJ_e 134J_wunu ever? fry 3. a. :Mnlt of our %i”E—:oeci flccncnizea fro— fln . _ K H r s I _ fl . 1 O v‘ .‘I' 0 _- ’3 r ,— .- fi _ ‘uctlon yptcn “he 1t: trans t0.aru tke lganl‘Uul'S uvriy .'.. 1‘ q h---.—~ r -. r‘ ‘- _.‘ . ‘r 1‘ Adl- s ‘ ,--1 ' J? ‘ 4“ : V x~ “ 1t,gr“ 1 Lrgi Let vc lfifilubllu4 11;e. 1n ohe Levelencnt 1 \ .-- Of a saunf plrn f0? tke solutioA of this TTOELEU, social ‘ 1 l 4.- . .‘. ‘ n ‘3 ._ .0 Q“ ~ I " y' ..’ ‘ I :_l r r In fl €€Pilluf laber-relmtcc “LtL urlvgte ,qulon Mlkns c_n Vna v n _ A‘ o . _ I . *1 1 an *1; an 17.1 [Fortnnt *- rart . ‘ .0 A, L H. ("I CHAPTER IV FEOBLEES IN RETIEE£ZET IRCCLE PLANNING A company contemplating tne adOption of a retirement income program should be guided by certain general rules. No sirgle plan can be suggested as tne ioeal solution nor even as a standard for general use. Companies differ in size, geographical location, nistory, financial resources, market conditions, wage scales, personnel, public and employee relations. A plan tnat would worn perfectly for one company might be nOpelessly inadequate under otner circumstances. In order for a plan to be successful, it is necessary tnat it he develOped to meet tne peculiar problems of the particular business involved. It must be developed as a "tailor made" proposition. No attempt is made here to present the many different types of retirement income programs in effect. In fact, almost as many types of plans can be listed as there are plans in effect, since each individual situation differs in many material reSpects. According to the autnor's researcn, tnere are four major retirement income programs that are generally considered wnen adOpting a pension program. They are classified as follows 1. Tne informal type of plan. 2. The pension trust plan. 3. Tne group annuity plan. 4. Profit-sharing programs. 27 The informal type of retirement income plan permits an employer to pay pensicns to workers, indefinite in amount, and generally witnout any vested interests or rights in the employees.1 This type of plan is little more than eXpression of the management's approval of the policy of retiring superannuated employees. Crdinarily, actuarial reserves are not set up, and seldom is there any Specific relationship between appropriations to the plan and promised benefits. In a great deal of cases, the companies pay tne actual pension claims as the obliga- tions arise out of current income or corporation reserves. This type of an arrangement is mOre commonly referred to as "the pay as you go plan". The obvious defect in this type of a program is that the workers have no guarantee that their pension checks will continue if the company runs into financial difficult;es. This type of plan involves a smaller investment in its early years of Operation, and thus has an illusory appearance of being more economical than plans that are Specific and definite. There is a definite danger in this type of plan. As additional employees come within retirement age, the cost rises sharply, and sooner or later the corporation finds the load too heavy to bear out of current earnings or inadeluate 1The American College of Life Underwriters, Study Unit No. 1Q, p. 315. m a}; - _ .. m3 _ - l ‘ _ . - c __ “(3th - F rinfi11~ 111 rtioy‘a ‘ '.,,- .r5 , -.«F— .. .‘.. TJ. J, ’ ,- .' 1“ . .'..“ ,. ’. N .-- . ~ I x.) x; .. '- -- x.) Q ... -. - a. a. . .... _ l.’ I . .. . 5. . - LA,‘ 5‘, n.) ) - . . - r" r1 “‘4- F r ' % rw‘L-E '1 + ‘.-~" 7. v1 7 c "‘f‘ ‘1'. "31* ‘f"‘~""‘ " *‘ov '-‘.‘* w"- . ~ ~- -‘ — x J ‘ ~ - t - -.....- ~ .. --~ - ‘ a & ... . ’. 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I ‘ Al, \.0 ~. n .. a . ‘ s - .. x.’ q .. . _. 7' .- ' L: . -.' . l L V 5' a. ’"’ n .. - q , ...”- r J- - . .7.‘ r‘. _‘ 1 ‘, ‘fi ', .; ‘ a, 1“ - "q 1—, a. .3 .1. —~ J.— 1. _ 'V" . .‘5 '_ ’F _ 1L \ 1 c " 4 .2 V“ ' K- — '_ - ’. ' ' J. -‘ L.- - \ Vt... '_ - \. ... _ . LL. "' ‘sw‘o 5 -- -.-L«- 5‘3 w I» f - 4- 1' 'A'\ '3 ‘34- "y ”3 ‘."" ‘4 ‘ ‘ “r“ '1‘ “. “‘5“ "I" ,o‘ "“T \Q‘r fia an 7. \..- ' x ... ' . K. .4- . L. I. .. . L .. . _ ~ .. ~../ _. . __, a _ p v .. -1 ii . a ' x ‘ l ‘— rw I I a u m .‘ '- (j ‘ I“ no Q , ' 7 "‘~ r ‘fl‘ - 1" + 1‘ - .‘fl ‘L — f‘ 1 J- J< v " '1 ‘ : ,“ "‘\ .‘. ‘ , f‘ ‘ K" ‘5 J- ' ' \ ‘—\ f - (I - ‘- ..‘ L, ' ~' g I ' ..i _ _ V L g a. x ~.‘ g L V - . , ) ... . .. F‘ .C‘ p...‘ ..n .f, ..., .L. .: .’.. ... - .‘.. 4. , .v. 4' . ...,“ .... . . . . L‘ " ..., , + .. r "t ".- v. .1 (.351, ’» ., .L ‘_‘, .- .‘. r- J \ g-.. 9-... . -. - . Ln -' i . -. -i. . . - L' 0 F771. .—- J’. 1 - -‘ .'. r .‘ - -: -.— -: ~ J- '— -:-‘ ’ :1 1.x-‘r - .'- ‘* ‘0 "\ '7‘! 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T ‘ j- . . ‘ IV D 6 "77..~ -. t .6 '1 .- A"? 4.1,. .1 - 4. .. , .a ‘14. -. ...:l ..L -1 V F- "; , -.. - '- .7 v 'a A. L;— V .— k .« 'x ._ ' \ \_ ...- § .. »~‘ .. \ ~ -. . >1 \ \. B .L . ) - - i . . .. ..p . I .‘- ~ . ‘1‘ — _ g —. a. -. J. - . , a. , .1 -. —--, r\ .o- ,— 4 u. 3’ '1 f‘ 1,, -I . , 1— fi 0‘ r‘ ‘ v- "a f“ y“ ‘ 1 .'\ 7" '7‘ n 3 . ~ - . 1. -. x. -' , ' - - a p (hulk: ,- ..-- \ \_ . , ; -. '4‘- _. 4 U -..... x \ 1- .‘..»ml - - L-\J\« --L~ \ . \_ -'. x '. . q ‘ o ‘ ~ 0 ' I .t p_. +V'1‘-"+ r'“, “f‘ . y. m’jf,-,-\v - .. 1,. .— .t‘.‘ . .. - '! .‘.. .3 ‘ 4C -"".‘ ll . .)-- -. +0 ' A , .~‘ .. s.‘ _. . .L ~ k, .'. 1 ‘x ' - . . v. I - L~ .. \J u ’ ‘. ._ . ‘J ... _, . ..' U K r H ~“- 1' r‘vn - “’5 41 |‘-* ‘5 - + , 1" :r + ‘3 4 ‘ (o .'.“ f)‘ r‘ 77' x‘ ’r‘ ..- r‘fi « -- 'r- " "L " :7 ‘1’",1" '. "r“ (LL . .. M . '... -- r - L. d L ~ , , .... - ) . A J .. k, MIL. ‘2 u . \, -' .L < .t \ *“H".O'- ‘- I‘ W- I— a - ‘ 4 R .-. '1. .'. - - w '4 O - ' o _ .. .L / I .1 1", ._‘ :3... ’3 “l"- r\ Yfi ... .- —. .1 m .7 - .l. i J, .- .. ...: .11 .‘. ..., .. 1’3“"! . .’ " ‘. '3'] .'.. ~51, "W '1 ' T .: , ' __ _ ..‘ .. I ‘ . . _~. .1- .. .. ... u I “’ " ‘ ‘ J ..------_... . .. --t- --.... -...-.a ..J.----.,.-_....-.._..¢. J ‘— 4"... r‘ 1- .1 ’1': I‘j ' 'L 5‘". ,— 1 ‘n ‘-‘-“-- {- ‘Ifif. i. W “‘- - fl -_ ‘- -' .~ 4‘ I" _-a— .‘. u ‘ ... , . ' _ .1— »’ H" . - ‘i . . -‘~J - 'r ‘, \ . —— 4' . ' O l—/ . r .\ 29 past contributions -- at least not until all benefits to which employees are entitled under tne law have been paid them. The group annuity is a contractual plan, as distin- guished from the trust plan. Under this plan the funds are invested by a life insurance company, and the pension 4 A company, benefits purchased thereby are guaranteed. contemplating the use of this plan, may be issued a master contract by an insurance company. Participants receive certificates containing a brief description of their rignts under the contract. Insurance companies usually insist on a minimum of fifty participants. If the plan is contributory, it is usually required tnat 75 percent of the eligible group participate. The premium paid each year for an individual parti— cipant is applied to tne purcnase of a single premium de- ferred annuity that equals the credit earned by tne employee for that year. Premium rates are usually guaranteed for a period of five years and after that rates are subject to annual cnange.5 If rates are raised, tne new *ates are applied to tne ori- ginal participants as well as to new entrants. 4Hugh O'Neill. Mo ern Pension Plans. Principle Practices, New York, Prentice-dell, Inc. l947, p. 105. R ~ ‘ t . “Central Hanover bank and Trust Company,_§uccessful Pension “-... f‘ .Planning, Prentice-Hall, Inc., New York, N.Y., p. 5v. i-Jo C‘I' 'wW' I l ‘1‘ .4 ‘i ) I ." ‘I ‘fi‘ l ""1 / ‘,“\f 1" Pt "I 1 v .. n A n A I '1‘,‘ 1w 51‘ I. 1 y) 1-" 3 Cf- 1"" —Vr\ z“ I - u n -‘ I. ~'.--\ -'- 3" F 1.1 g :..:llCJ". ‘27 r rt Pf? - . v .L " | _ r ’ 71a -'- <. .. s - L; ... _._ . - r 51 ~ » a’.‘ ‘"A H" L...“ \J ~‘- ‘3' '-. - -- 1H- “"41' ‘ V“ "1 ’ U x I A‘ b - .. ‘ .5 :"‘.L..'r~-",'m. v w y . -- AA\, 2.. ‘1 f. J. J .‘- J .‘ \ - L1 _ , -- . . ’5 ‘ m"! ‘3 1* ’ ~ '1 ‘1 - ' ' _' J ...A. , "\ . ‘fi-r k-o _ ' ‘- ) ... :: 7....4'. ""‘f -..- ’ . -i - o u w ' ' I t f “r", 1;", ’1 (31"? r"? .1.(. +'y'-~] “'f‘ - ~%'~: .5‘ ‘IT‘YN 4“ " ‘ J" ’1‘". r‘x-nJ.‘ 1 v"‘-"‘ r“? 7'1:"\Y\I,'\‘,T - ‘ ’J. x . _ I- .1. V . - b__‘ “’ J- L’ .. x v' J .‘. . . .1 \ J. ‘. . . ' -. ‘ H I _. A- . . ‘. .J. “ . I _ ’ ”\I w “ n in A : 'Hs"‘\r~r~“ “ ,fi‘: r '* ‘ ~- A -~ “-3 r“ . ."uj «- .’. . .4. F." .2-.- f. ...p r...- ' 2 ‘ A p I ' i I 1 _ .. . ._,_. - .I 6.. ._-. . .1- . .. _ -. - .- .i - ' {l f . H . " I - ‘ ~ v14 ~r ‘s‘fi f" (- T “-7, —‘ ,‘ ‘n. ‘54- 1 I + , ,— (“'3‘ l fi- ’f‘ -. 7-5.- . ‘1 '. f‘ 1‘ fi‘)‘ 4— --| T, ‘-‘ . .L. , {5 l . v ‘ . . I. . . . v . . I 0 \ _ _ _ _ - ‘ . x - . ._ _ ‘_. an. \ . - - _ . . \— \ L.» -- ‘ x: ... . _‘ g ._ . J J .... ._) ‘J 11‘ . I I. _\ ..1 J. n J 4 J. ‘1 .‘.: Ho . 9 >./ I '4 ‘1 (“J ,. aL‘. ‘_.[3“__ ‘1’“ ‘21- A ,. .,. . g+ ‘ .-.. W‘,‘.\J_ . ' _ , ' g .' '. -J ‘ -. - -.L: . .. ”-4. ' ...... 1 ... .-.: - A J ..J-. - . '- - C _ ‘f‘ r _‘ o r '. - , ‘ I‘ u ‘5 . . ‘ . ’ , 3. I" I! M‘~ . 31% ~ '1“, . L" 11.- (T L- r u'.7 ' ' u .'.. H .-.- 4..-“--. . ...- 4‘4", -‘.-2172341.»: (. .'.‘.‘-... ... K‘s I v‘Y" “J- 1“ -‘ -. C + (3-,) A :1 v‘r p‘. 1 h . -79 VA fl 1‘ '- a — L4 ~- _ t. ». .. \ \.. .. L. s... ‘ .. . \ o .‘ F - . -r - -A- .1— 1 A _ -‘\A‘)?r -' 3 A.-- ' ‘4 . 1 -' vfi w. 4-1/3 .. . 3.1 - - ‘- .- - . . _ ...; -- . . ' i- ' :..}-.- ""13 "- «m . “I ., . _ z / $ - b... 1.. -~.. .. - . - A .'3 .. . "I ' ‘ ' J- ' . -'. ». - ' ~" .- ' - . 7 .._‘ w :1 "'0": inf _ +3 5" . .-1 ,1. "IVN’fi .V‘. ; "! 1 fl. "“xh 1‘ ~-]“ :, u. “a. . ... . . . . . . . - _ _. ’- 0 o I! - '- ‘ {'I .J a g _ 1‘“ .- xrfi“"\,‘ f""'~"’\ ‘~1 -, . +f‘x.’ ‘Mf‘y‘r: ~:~'nr mac. (vr ‘ f3» '1 n. .W‘ mp. . “1-. - _ :.., (A, ‘- J '— ‘ . . ... .. ‘_.‘ LA .‘ ... . -.. . ' . .‘ .. > o v . .'. - - -~ U .' L-.- . .5 . -— x - .. .. U I .’." fj‘“ J. i.“ _: 1‘ ... 2‘ J- .‘ _ .- J. .‘I 4-_ T‘ o 3‘ .‘. _ _‘ + 3..) .L ‘1" ‘__ J. -... _: .‘.. -.. ,: .‘.. J‘- , x.‘ I.“ ... 4) 5. J. 1’ ... F ... ..- 'x _L t. - . ' , . .‘ ~ ‘ l I.. h " v . ' ‘ \ - .. b - — \ '-- .‘ x J . -- '~’ . J. - ' J ‘. .1}- ‘ m - -, — ‘L 4. ‘\ ‘ VA * .. m, {- ' ‘1 -\ -‘ - "V --‘ “V5 A-r -- (h ~1 a A-T r‘ .‘. ‘ ~ ."~ ' ’15 ,Afr f“ '51 an: .-n . -‘. _ Ln. " x . ,. . . ‘I '_ a. .. x L . _‘ ~ ... ~- _ _‘. '- ._ " ‘ - ~ § q q- - "1 ° /’ r" L ' J 1 i “ ' ,\ ”5 y ,- J- b u.‘ ‘ .1 - *o ’ 3““ 1 m If“ ,— p 1 ,‘ " , MD“ a '1 71'. .4, ‘- ‘.\ o 1 - ‘fl ‘-*\ C - »- < __ g 1 . . . . .. - . ~‘ .. o .5 . J - ~ . ' - '\ -- a 'j ..-... —. J- 1.. -- .. . ., ..___ - ... +1.- .... m... .. ,. .- - 1 ~-_-_7. _ _ m4. ', .-‘J. f- .. .- .h _ _ .A ' H I I - . ._ '.' \ fi ». f 4- - ’ t . ‘. . ~ ‘_A .‘. . .- — ... - I a ’ . r1 - {M ...-1 “-‘...- .1 n V. J. .r.‘ ,. .. ‘1 .. ,-‘. . r .1. ,- ., - . ...f. ., r... -. q.” 1. .. - --.- ,. “.2. .. y--- - _ L c ~ ._ - ... a (.'.... i . '. - ~- ~ . a - (... ..‘Jn..v q Y’J— q ‘~ H’fif‘ ‘t- .: -‘ , ..- . .fl 4- 4 .15 -‘. -\... . .0.1 ,3 .- . . . . . . ' L5. _. ' .' . - . I ’1 J . - .- q . -' 4 J 1 . ‘ '11 - - V's n. 1" . . ..1 - ... -- as fl 4- '\ f" -'- ,. + 1 1" A5. - |»\ a»; ~ '3 ‘ {'3 f ’s x A 1‘ u= - - ' . ( ~ . r . . . . w _ _ . . ~. .. .. . _ A .. .. J . e . ‘4 .... ~: -~ ~ .... ~J J \. g K. . . u \l“ _. . 0 1‘ _£‘ a 1 - _ -' \ J . ..- . 1 r". ,- r 1 1 .. ~ ~ -- (‘1 ‘ ~ - - t v- .- A A‘~ rs A . n -\ .- jt. T1 1 \.-.‘-T 'j 3. ‘ -—~ -. p \ ’3 :1- 7 I I. ~.« 4-“ L bv - .‘. fl '4 t . ._ ;-' 0 A \" -4. :1 . ~ "A" :1. ‘F7 C 1 ' ' - .. . . J- ‘ .. J. - .. .L. 1 . " - - .. A" .. ° _." .. “~~ fi""““ '1 "I ‘ ' ”‘7", f ‘- A v" . ‘ “" .__. "‘ ' ‘ (7" 'V“ “' ." ' “"- ' L-- .. 7“ Y‘ L. - ... ‘ ‘. ' . "-a-. x -' ‘- r_ -‘. ~l~ -- K. .‘.... 11:1... 1Y1 . K, n... . _ u —. . m'V‘fi‘ -~~'7'1‘r ' r -'"+ - ‘ 7"“ 11'3"'L“~f'r" "3‘71? . T 'r. ’5 ‘ 1“ Jr ' " "177' '1‘. uh .. ‘. ‘ r. h-.. _ L' o .. 1.. LJ \ —. _ , x . EA. .. ' u ..- 1' ‘ > -.- , ' J r " - . ....- — .‘. .7. —a. ~-.~ ~--o- -H.~—-.. -..—..—..- ._._-__ .Q- ....--—-~.. _._. .... 4‘ ~ 4 -:' s Y'vw :1 "-0 ~—' ~w+ «'3 - +~1 '--'r 773,. 3* + " W I . u . \~ $I \ — .-'\,.,.- J _- .. - ». ._ ‘— . . v‘ _ —' . - - ‘ - . v - “ ~ 0 a .— 1 M —-—‘. 4. -..—.‘....o... - -. ...— 1 - .. .. .. .o' I. ...... I O 5 too costlv. (T; rears because lo pr:v I h s. . ' ' 1" T“,- V (x gflv section 165 of tne Intern l nevenie Code lays oodr several important reiuirements tnet any plan must meet ('1' o qualify for tax exemption. First of all, tncre must be c binding agreement, in writinx to maintain the plcn for tne exclusive hensfit LL), of employees or their c-neficiaries. Tne trust fund cnfi ("‘ income cannot be used for any other purpose. Tue plsr cannot be "rigged" in favor of officers, stocknoluers, supervisors or highly paid employees. Only toe money paid into a plan that wins prior approval of tne Treasury can an employer deduct from his ta'eble income. A deduction is allowed as a business eXpense provided the Internal Revenue Codes are met. A plan does not necessarily nave to cQVer a 1 employees. A plan can cover onl' a percent;:o of tne employees as long as toere is 13 discriminatiox in favor of nigner ran; 0'?“ 1"" ‘c‘ 'h‘ "1 ‘- 'c: ‘ C,‘ o‘ is «r. 4..- r~ v-h". ‘ of “-r‘w‘ .-1.~,-¢ -mpluuyeboo 1-32.18 1.. I1.) ...c‘t 1‘} L. lul ..u.‘ Alxltnubl u amylcdpgv r f. 7' ‘ V. .‘ ‘ ‘V“ _ ' \ y“ ‘j'x , .'. ~.r :- -"- ~ "g ‘11 ”ulcent oi tufi eiplozecs most Le COVleJ. approvil, according to an insurenoe renort, nos een given to plins . -r ' w. .- m a- ~’~ ,' b .- .... 0‘ “~- ' ‘ , . 1 "_.-‘_. C o J .31..L11:3 GS feV'IJ as t €11 i4'\;rce41t Of E; C vat; (#414,, S L4 mel 3J7,v VS . .‘." . ,1 v . : R — . 4 - c‘ >v ' " I" H ‘ "‘ ' "' I“. " an employer is limitei es to toe amo n of noisy ne r "J ‘T‘ W 1‘ -. -.-9 TN r~ .4 ‘ rm r .N -. ne -reeSily uepertnsn nos Sct up r1 1 - i . l ’- . f‘ ‘ a 7968 nossccolsotts wlt‘Ll L-:e Igsar;-oc use '-V's —- C I' .> “- -‘.-b--— -‘--..-- --~ ‘ ,K) 1 A ‘- d " r: r- '\ m ‘ ‘ ,. l ~‘0 C: rd ’- LL aim-L. 61 titl‘i O'.‘.ils.A.KJLl -fl: 3 , uuv, P. u. ssvsrsl formulas for figuring on can toy into a plan in one year on; 55t o EL; ueluction ’4. :1 n V. .' . I‘ 1. ‘ m 1 l_' .V 0‘ »'~ V I 1 "~ 0 '3" ,-~ ’1 ~"‘ Yo \ In orssi to ottoin -15 sur’ gfyPOng o1 tug ldt 1e- mont iAcome troposol, a zeta 13d flan must he sutmitted 't3 too Pension Tris t Divisioxm EJFCLH of IJtCrflLl Rovcnu-, +1 "\ h:- n u . h. : ‘. ‘ 1" :fl.‘ ~‘.f f" a .1 ton it, D. we TJlS 41v1513u PLSSLS tad tioiosoi to tail”: .1. a (141. If1'u‘3IY1LLl Rf: ‘fc-Jfllle I.‘Qir‘cy DileCADIl I‘OL. {LLJHL‘O‘Jal or oisiorxsvli. " I ‘ ‘ s . 1 0 v I‘ ‘ a £1-n 3n3e train :;na3t to ;a511y tLPELJQtEio For — .1 i .. A. g‘ - -‘ 1‘ . ' .'.. ' i. , i3.tanoe, an carioysr oazqot dfog a retiric,nt iictme ' ‘ ." A!“ ' ' A ‘ g 1 ' fr. plan m-rely becausc “3 SL5 ssvsial baa yzars 01 losses. If .a plan is so up, later disoontinuei, and there is (L of bhd faiti, the Bursa l of Intel nol PeVenue :- ’c (t 8V I‘L-BIC t woali co lleot ac; taxes. A retir.-: sat inco-n 3 plan may to amended providi-ig the . emtlog r obtains trior Lgyrovol f*om the TLC sary 3:3 1tm: 1t. m . in ’4. i is 1% cos Spry in o; d: r to koeg the tax-elsh.tioa status of tus plan. Hher~ an amsndmuat is troposed, the Treasury Deptrt- moat will want to know what er t t‘1 at woqli move on an ‘ . Y . - . ' . p". {1* fl $— ‘. O \ ,- ' a p . '~ ‘. V 99110153 S 1:13:11 1 t 7 Llid ti '5 1 1.1;, .11 t; tcfmi lt oi EL: ”10‘, ' ' So -\ .v . -,— ' N 1 ,- ,-‘ - r r» - -,- -- ‘ < ‘ . A v, 0' V‘ ‘-, In addigg toe ombudeAt, tu€ unfiloysr must Cc clcsiii no to discrimirate in favor of hi-her- paid emoloyees, officers or stooknrlders,” otiorxiss n: will "ruo igto tPJlLlj witn the Eureau of Internol Rovsnu¢. gee Suction 165 of Rev‘nue Lo 5, text of provisi3us "‘ ‘" :qfn

r 3* 1" .V {‘4' 1' Hr \,“\ 1f 1 .- "I Y"-./‘ ' +' , {- A) . ’W"'7 7-] \ .- f ! F-s __ n . _ «A .‘ . _ 1 .v , L ., , .. - ‘1‘ _ _ _ _. ‘_ . ‘3 w - . _ .1. - rv - '1 o ? ”Y1” 'fi '7’ T. ' 1 " —,'~1.’ '. . " .‘., I""‘f\ "‘~ ' " ' " ‘ "‘Y" ‘ " . . .... r) ‘ “,1 _ L..'..' in (a I " .' . . u '_ -‘ - 1. t. T‘. .1. .J r ( . -1- ' . \ '. o r- “‘c‘ ‘L‘.‘ r. l‘ ‘» ' -‘f v. + q - 1 ‘7’ C\ '- . A H - ' 1' y ‘f'\ —- v —: n:— —: ’3‘." , .1 Lu Q d J LI ‘. J k. »- .. ‘_/ ‘1 ixi \ ~ 0. ~-... . - J 1 L_,- _ L , L L' .7 . 4 ‘ ,__ w r 4 ' A ' r. . ‘ . - .. .7 ,. . . if: L.‘ .1. .171 . ; _ L1. ., I, o ' ‘ ' 4. J ‘1 . ' - ‘ ('1 n 17m: . r-fi- '"3 '3."- -- woo >~. 3-“ .‘n' wvr+~ ~.~«~ \ .1. .— . | ' \ ‘-' ‘ I ‘ L _ ~-«" '- by J —. - .‘ ~‘ .‘ — . - .- ..L ' A . . '1 .‘ - J. .‘. .L - 1 1. A .L - “I x . -I (‘3 s .1 . - 7" 3“ "\ . . ‘ A 1‘. fi .x-_ _ 4 :. "fi - .- 1. 'J J. I ‘x ' P .. L L .. L‘ |- r; k.’ J .'. ‘. __, b _ _ ' t \J ‘4 ‘ ‘ Lg.“ _ ' " _ - J" J .1 r ' “ A ' " ' .L ’. ' J " ~" ‘5 ‘ . 1 ’V J‘ ' ‘ . ‘ ~ c, ' . ' _. 1 . ' P ‘ fl" " ,‘1 . ’ - 1". - '11. ‘ >\ . ‘ "i ._ t .r :' .'.. kisf .. F r L t o - ._ 1 L. 1» .'.wa t- ’~ L ¢L "’)___ £4. ‘-’ - f‘ ’u- ‘ J- r.\ 3"" ~ 1 .1 Y5 z' 1 " ' .. .._ , . . -fi . - -A v - - - q v I A ‘ ~v- A a D.‘ ”‘ -- fi’ ' uL . A 9 ..f\ .~. _ 1', P I ’WY'C‘ _ (- f) .1 {:7‘ 1 17¢ 11" ‘7', .~- I‘ (a n 4 V\fi ' i .1 7‘ O A -’ ‘ . -~ .1 . E - . ‘ ‘. b . 1‘ . k . .n ‘ , _ u u I U ‘ ‘ .l. '- ' .. .1- . .L‘ .“ ' ' . .L ‘ 'r‘. -‘ _‘ ‘ ~1"\~ v \ ~, .‘K'fi f", . ‘~-w-~ . n q-Io\ o ..| Lt ' 'J -‘ '— x 1.. 1 - t , x. 3.-. J. r r fit“. x fl - -—-, 9 4‘ L- . k . . ' . q . - 1—5 .W‘ ' 1 “| .(u 1A ." *1 J- | n 11‘: J-‘ r '11 Is _I‘~ 4- W "‘ {'5 ’\‘. ‘ {f - w-I . 'A ,\ f~ f ‘."x ': Y1 o . -. 1 . . » J .. . , . \. . A - -- ._ O 1 .‘.q . . 1 o o s 1r 4' ’1 '4‘ ‘ r- ” '1""\-r-.1’ 4‘-“ ' ‘5“ “’1 *1 Av 1.," ’ ‘7 3113 7r“ 4 $1 ".’Wj""fi . . .4' . ‘. ~ ’ -' 7‘ q - . '. ._ . \ . “- . k, _ 1 I _ O "Jfi’flT‘t’L .'3; ,— W‘I *1Q"? |. _ . .1 g .- - a .1 ~‘~ +L‘.f\ “1 ‘7‘ fi\7‘\+~fi" ~~n1+ "fif’r ”1% y‘f\1" ‘\‘~‘:" 'V-' "-1 1‘ _'\)wa-r? . - . A 1 ' , .- A .. . . - 1 -' 1‘ . ._ __ ‘ -... —.---- -—— -‘ —.- -_ nu- . m— -__.__- m-v a: +.r ur-+:~w. 4“m ~~v ”r Fww~9 4n H . rfl'4" "u - v 'J- \. ~- . . ‘ -‘ \ k, '- -. . . . ‘ AL - . . -. 7. How many retail outlets do you Operate? 8. Please indicate further any details of your retirement income plan for employees which would assist us in making this survey. The reSponse to the mailed questionnaire was good and indicated mucn interest among retail food chains in retirement income programs. Of the sixty-four companies reporting to the survey, it was snown that twenty-five of the companies, or 59 percent, have retirement plans in Operation. The follow- ing table indicates the number of plans started each year beginning with 1939: TABLE 2 NUKBER OF PLANS EY YEAR IN CPZRATICN Number of Number of Year Plans Year Plans 1939 l l945 3 1940 O 1946 4 1941 l 1947 4 1942 C 1948 4 1943 3 1949 l 1944 2 1950 2 The above tabulation would seem to indicate that employers are becoming increasingly conscious of tne necessity of supplementing social security benefits with additional annuities. Hr) _ o (I - ~ g ‘ u a - '1 I- — R N .L A .‘ ,_ + ' T _ .‘ ... .. , .. q . ..L . J. . -- . .. .. M n .'1 _— ‘J 1‘" ‘ .' ‘ — u g . :11. j— -- I I - F: \ T. - - . 'J t}. L’ . L‘ 1' . 7J ’J r ' s - . - .1 {s I '1 O " ‘ u (b .‘-‘ pa?“ + ‘3‘ an‘ IA‘A.‘ p. -‘.. ,-~ «1’ a ‘. Y‘f‘ .’." .fi V n ’0 ”r + A \t‘ " l‘. —- I;— * s .‘ ,— .',-. ,q . . «J juzllu J \- -1- Lls.‘ 11-1"».1. \.aQLl .2.‘- \ .1.\ U1 ~'.; .'.- --s- -L i ‘i 3 ‘3 K :4 1+ C? H— ...,I .,) H' i ~ ‘1 ..J '5 '9} .JJ ’7 69 H w 3 J J \ 'r -1,.'-- - ..--.-”L . ,. . , .- .4. 4-" J.,..L- -.T‘ q“ ' J :1an It; i) -. '1‘ 1L(.. L: ~ -'.? .. £1... . T J] '7 J M] J C); L L J '{l I' r ”‘19 ‘n arr-1 2r A (7" " r” 1- ~' 0"“ "I .- r' r - mnwo -~r~" “‘. n 1 -‘-~. --'- . "-N ..- L.‘ . . - -9 x." ’ ’ - . ~ ,~ AL Sr L. _. '4 t'k L U ..l ‘h " U , .... .' L ~~ , m‘t": (N "-"_("ti ‘fi 7"( A ."hfi'IFfQ f“ A:“‘ L (. ‘+”1$‘ 1" .d‘ C1. fl 3 "l f" r‘ .. -L._- \3 :.- ...OL. 51...; 1.; 1.1. .‘.n OTLA'N b") \A‘JL.. l G 7' »... C 5“.) g" ‘4" ' f ‘ ‘ +“ .;+4.'~--‘ HP -.~-'-~‘ «~4- ' C‘E‘1ln7.t9 CCiOI‘ 171 of“ C: bul .\ ‘1, 'JJ. -rerfi 1LT‘L; lI‘C-D‘e ‘-’11C'. '13.. a“ -; T."L.L.)o-_J 3 0-9 '; '\~'-. -~—1 -1 v 3 ~;. V-T ..-! ’7, ‘ m-\-.-1Iv .. _ ..I m ‘V'L1 .‘.- .'..41.5.—\ v n..; -.‘.-'4 -'....LII-VJAI TT“ '7 "1’2“"? m: "T? '1' .'.. .311 _ Amtr‘» . *... .'- ..4-.....J. ‘.V-o‘-‘ .L J .91.: --j.~—4.q K. it. a—--«»~~ “\wtimwwv ——-—o——o——-—.——-——— c-aww- .——-— u-D—q ... -‘.-9““.d—U— ”—- wmm - A ~— n—a—‘flo-u- t} ‘2. F1 __ 7nd r‘ r" \ r‘ H I J... ‘ JV L—Q , C) ' \l L) } ..J l .1 -..! ) 1) DJ "“ rsr-KNx- 1" Mr pr » . .- n u k, - 9..., .... l .. ' .1 1 m.“ *- fl mu fix - tr'fifi ,1 ' 1 ...: - ”rt tr 4. , _ .. .1 - . 7‘ , ,V . .'~ , g . . u 36 "a 1 ...v“ ~.. ~ .’ 1: 63 um, 57 .. 3111 . 1 1% a. :1 ad 11.; 1,0,-.. .111-“ I: r 11131:: Tr'f"; 7";""T‘(‘."'t '5 "‘ .fi' ‘9 'fl r-N‘W ..' .'.. . ‘ 1 . ~-~' J ,. J -~. C..' v.1. . 1 r‘ -‘Jpfi7jfip'r't T T-~-.-1-§ “(N-’1 L. a: n -:Ar~’] war). ]~ nr“ 'n .-T‘( ova r‘.‘ -‘ -- ’4 “_ --- ‘nt . LI 6,“. .. L J;' g .h 1 k d J I J .... .L | I- l- k‘ l L' - k \.d. - I! c . . 9‘ - .- (“"1 1 3’1 ': f‘ t 'Vbr + i Q‘s" Li'z‘l '- ."0 J" '1 f" I'-1 ". "‘! .\ I" p 4- r“ I“ fi- r I] .‘ “‘, .3 r r - r" V‘ (fl ‘3‘. ...-» ‘ ~4 .n um-wl. - .. 4 _ .2 .'--‘I S"; ‘ v l,’ x , ...4- { .. A - 1 .... 1 ... — ———--——.———.——-—-.—-———— ...—--. -.- _-—.. *— -~..-— ..—.. -..” O I l u - I ‘ 9 Q ~ 1 ”I ~,-\-1 1 -t- I“ T‘q' .ra ‘1 r- A f -v r I - I y “ f“! . ‘ - ~13 --1 ’fl 1' ‘ ‘ I v ‘ \“ ‘ r‘. 4a A ,- ' ... . - ' W' ' . .. ' .— _~-I L.. - -t - ' F. J -.- — ‘J L11 ....— —-r_ -.-- ... -‘.-.—-n—— .‘.A’. ‘-—. --‘-. .—.---— ~-—o —.-- ——_. n— K w. .'\Y ‘ .1 .‘ _' . ”1 I ‘\ -_ I .I' C d- - O 57 over 2500 employees nave a much nigne r perce entsLe of retirement 1.1come plans in operation. There are many divergent Opinions concerning tne factor of size. One well-known insurance coupsny. actuary is of the opiLion tnat group annuities are particularly appropriate for Eroups of EC to 1,000 employees. Several insulex ce comprries are unwillin; to insure groups as smell es fifty unless tne annual p1 me ium r€.2 es a fairly sizable minimum. Tnis same actuary feels that it is unsound to self-insure groups of less than three-hundred eLd fifty. 0n the other hand, one of the lsrg est bsr.l$ in the country believes that groups of one-hundred may be safely covered under a trust-fund plan.3 The author v.es ux lobl e to establish 31y average hourly or annusl cost oats. Cne company regorted that their plan costs five cents per hour, others iLdicated the "initial" capital paid into a reserve to set the plan up. There was no stsLdsrdized figure reported thst could be used for comparative analysis. Some say they are, at present, unable to exactly determine wnet tneir pension plan costs or will cost in the future. It is furt.Ler €1m11 zed thst mortality tables only give expression to fa ct eszrien ce and do not predict future life eXpectancy. Gen ally Speaking, an actuary points out that the cost of a plan will be primarily m----------”m~‘-'Cb -----“uw”--- -------*-O—----.‘—.—m .— '1 Jamison, 0p.-git. p. ll. ,3 ”W‘V' +7 F C ‘. I” D r" 4" " C ‘ ‘ 5‘ V" ". ."1‘3 1‘ ‘(ip t -: W‘r‘. - 1 y' ‘L o “ P . ~-\ ”T‘l N \. L, - \J. _ r- ‘ .4 J A \ .' ’ .-'_.‘_..‘..J... N; , —- \. --.- -I ‘ C -'i L) k—‘ - . lLJC‘~._,.(, ..C‘ . 1 ' J. 1" .- — - F“ -‘- , fl ‘1, f": . . .'. 7'? r- . ‘5 n '5 ‘ Ir-x P .A r- F} \H on 1U . , “77174311 .mp1 11 ‘t‘wY‘UJ: '1. 1'11“- 11,1L/L1uq1‘3 . 1. .0 ' 1 .1. -. . ..- ' . -. ‘1. .2 \ ‘1 ‘ r€’-W°75”fl. “1 t e *1 .nr. 01 111 1 trct _J“ 1C1€Ctt h Oierate vvrr r t1r is t 173? c :-an.‘ .'. ' ‘ - J. " - - 1. -— . - J-‘- ,. » - - .L . a1n uu11721r ?Lw‘° r~t1r.r 111.11u'- swrvcs conircacr. "‘ "‘, '\ ‘1"! t" I J‘ c “ K. ' ' f: [- ' f: J _C‘ _I“ 1“ ~ ’ f-I I’d-T- n \ i I" H ‘ ‘1 r_~ "' ‘1 C t J I A - 1 'J '1 V ‘~ .\.I .'- .1. J ‘ - ' K ’ -— J I - ,1 '. (a) J» . 1. ._ b C C- - — - 4 ~ \ KH‘ .. ‘ ~ 1 1a ‘ .. . -. . .4. 'n i! -43t1‘*“T or rrat 1 1 713 n 1 - :l 1» l czd “t2“11~ 11~. '11 t: c A ' -- q + . ‘ — -\ s 4‘ - \s- -.-, A ~- ‘—~ ~ 1 .. ‘ .3. us 1t? r€,:- ‘_1U 1239 e ;l 1- . 3 c1 o *1: DO a . .7. ‘1'..— ' '11" “'1‘ ' s fifl---t-fi'a4-—~w-L fismv 1 3». '1 'T" 1 t, ‘1 qu L 1 n J (Fri) ’1" J ~‘1! - .U I r‘- 1 p ‘4 M, _. 1 _n__ ' Ur j ' "“ f- 1— .- .-4—1'Kn4- .~ "1' 1 -0 '1 : -:. '1 '1 .'.: . - ere no“ co c31 rudlf. 1.9 101‘» ~ 1e 17 ”c t“: K .‘ .. . - . \,/ ~ 7 > o 1“ ‘ ,p‘ vw‘ a an .1} ...“ . — n .‘ ."¢ -‘ . - ... -- . _ .. ., '. .’..“ ... n' .1. T1 1 T L I ‘, I " .' I 'u , » . .. I " L -, '. , - I-v' I ' ’40-. -v, _ t- t ,‘V I f " "fi ' \/ ..- . I - .fi 1, '1 y . fiw - .l _ - k..- .. . . o '. 7._ ,- '1 .. t. r, -1- mil. -,- a J. .L '1 -‘ o ‘ ... s' -_.¢. _ J. ' A J. ‘ .2 _ W - a . , | j .l fi 4 - c I '~ > . ’~ ,, ... _ - ‘V . - \ _~‘ \A — .’A I -— — k . ". ‘1 _ , : J- “I" N. I \ > ~~ . .. -3- -....L a“; .I- 1 1 if .1. ,. .L : q .. - \-.—n L x 4 . l... .. .,. .. .- 1.- J. 1,, - [‘fi‘ 0 "w 1“ r . ‘ ~ we 7" ‘." ’1 -- o ... 1 h ~.’| \-‘ ‘ f‘" Mm "1 .1 r -.‘ r~ I'rx ‘ ~ " ‘ 1 w \. ' ‘ . 4 ' f'N 1-. “‘1 1 .— ~ - O I ‘ , - O - o -| r- .1 .'.-,— . -u,.--.i b .’L‘ '1‘?" f.‘ D ‘A - .'1 .H 7“ + '71‘ g L. O — V x _. V . L - _ r“ p a _ ,A . ..., .afl— . -~ ‘- fi- .1 g .1. ' - ._.. - I V a A. L ‘4 ,—. . J - u - -— - ~ 5- , -‘ 4 -—_ 0 g ' '.' ., __ . .. -. .- I -'- J- J. .. .'. .'—-. -. . -\ i 0-1 —. . - _. --. — A Q a . o -. .. - Q ‘ ' 1"", ‘ 1‘ ' ‘ ” "t .. “a" ~"‘. “A r 1 w '2‘! I ‘- . . ‘ . I \- do V ..- L - Iv ~ ' — \ ~‘ .1 4. ’-' u '1 -, * "ao' P‘ 5". q a ‘ l '1 ‘. .-'_- _ .. .J . ~L~. ..-. ., v ’ .- 5 ; ) ’4‘ I -fl J. ... .'. _ - -_ _‘ -- A- . -,‘- J- .- -.‘ .1 3f '1 . ' . .‘J _ , _ _ j ’3 “ ~ -- J‘ ‘fi‘ ‘ " 1 ‘4 r -.. f‘. a .: ~~ -‘ fi , < ' t- ‘ _ — ..- .. _. — “.1. - ‘1 -... ..., . "1 ~—‘. ..- lye -,..~,: ‘1 \,,_ ’ - . - ~ — -— ‘ ' ‘ .— .. I . Q 1 - —. ‘f'N‘ . '3 .-\ + - O 1. . ..., .1. ,1 '1 -'.‘m‘ " «f, .f .l , J- a V ... fir. " - " " — ‘ - »-.W J. _' . ‘, .7 —— ‘. —\ V" ' .3 - .1 J- - -, f - .‘.“ = .11 1 , ‘~ ‘1 . \V - A - ‘ ‘ r \ .- \ 'fi ' l fi . I i . fin v. '1‘ - J, 1} a -. +~ .- I ,1“ {7 I.» fi 4— .'. . 5" i ‘ ' . »' '. , :. ‘ . , - - n . - — ,n‘ “a, .L , .'1 .L. ..J 1 “-‘. -l _ . :r . ' 'v’ _ L e, 7 ‘ ,-, - J. 1 _.'_ J_‘ a ," ‘1 — ~ - 'fi a . I I ‘7 . . . - L . ‘ . . ... ..,.,, .1- .' M, , .._J. -n .... , .",-. . .1. - 4.3 o - - . r A I ‘ . - \ a- .I ‘ \ " 4. . . - .. " 3’ ,. . l . \ v \, 7 v , c s. ... - I 7 ~P. , -. ~ .— .. I o - - . ,. _ J. ' - _ . " l :_ .5 fl ' ‘, A ,‘N . , ‘5“ I - ‘ ¢ 1 J. - , AV- .‘ -_ --‘ J .- A, .1. _ '1 3. *1- .4. .s k . v. x. - . - - - L... v. 1 1" J 57 s A '1 - -‘ -'.... '3 r\ J— ~v‘ “L y - x —» H V ' - J4 - ‘H _‘ '1 H .’.. 7 A l J- ‘7' y—‘ ‘ ’4' A) r- .Eiqxr- » fi‘ -. . .... K ‘ ‘ I .. ~ m‘- .4. :-.. 3-}. , -. .l .-fi .‘.}. ...” "1 J-_-‘,.',‘ ‘ _ , ' ‘ »_ v, x s. , _ ' ‘- ‘5 § .: .4. .; a“: . - l ‘ 'V" J. - v In (‘A ~. _:‘s 'I' -a ,-- ... ‘rfi .‘-- -" ' . ‘A J- J- . ‘ . kn. - ~, ‘-~ ‘- . - w '7 . . g .I. ‘c of 'l -- -‘ J u- .LJ’. Cor-A O h 4. ..1 -1 I J (~1- . , A - O '1,‘ " ‘1' W’\ .1 - ,, I ah .., l K, I .-~--- '- -I v—‘v ." -' ~fi If F: — -'- ..I 51 I ' 1 ' ‘ J“ 5" ~\ "' *v‘ ' M g . ’ ...; .- -. {b - - ...— . I . . C‘ fl . - ‘IVT . ——. In. . .‘. 7 ' ~ - .A‘ -\ -. . .. — _ ' J ._ .‘ \. A— - . - .- .— v \a,1 x, I. g_;_ J u ,1 ~ . “ o _ _: '3 * "‘ ‘ , ., >- “I '5 .-'-\ _, . ,.- .1 ' _ u .... ... .. r... .5 .. .‘- ... - .. a. o J J 4 I 46 A company situation will demand the investigation of all four in order to get the plan that will work best for them in the final analysis. A retirement income plan must adnere to certain stringent requirements set up by the Treasury Department under Internal Revenue Code l65 in order to qualify for tax exemption. 1. It must be a binding agreement, in writing, to maintain tne plan for the exclisive benefit of employees or tneir beneficiaries. 2. An employee can deduct from his taxable income only the money paid into the plan that wins prior approval of the Treasury Department. 3. There must be no discrimination in favor of higher ranking employees. 4. An employer is limited as to the amount of money he can pay into a plan. 5. A detailed plan must be submitted to the Pension Trust Division, Bureau of Internal Revenue, Wasnington, D.C. 6. An employer cannot drOp a retirement income plan merely because he has had several years of bad losses. 7. Retirement income plans may be amended providing the employer obtains prior approval from the Treasury Department. v7 ‘ T T A. 1”“, +1.. ~4- .e.-U ,—‘ {a '\ O (A i‘1‘YI I ' ‘N ... -~ . . " "'r: J u. ' -'. re 'hfih‘o'L .’Y + 1.. [:.. 1 o o / nfijfix’vr-fi'r ."1'13'5‘LV‘I-s i,- I L .. .' t a A u (q 7‘”: n J. r p. 1“ 0w ‘ (4 D 3". 'p) ‘7 {:1 U 1-, .L I W.» ‘1» f 7_ 1 sA-r,’ ‘.-- '- _. 4<—~-,1a, ()1... ~ v. 4\_ .J. w'l: ‘11 -./ n . ... “VHF“; 7337' l.’ L! I «mu 3 A“ L J. [1‘ .‘. «. .‘., h c .\. DWI.” no. V l " \‘15. - "+f\‘°'.7' -'.U‘ ’ I1“ I ..- - Iv - . CD“ .—. ...- -— 'f‘ ,‘, 117. , .L. " . I If, ~‘, A'." ul- 0 VHQH J‘.. v'\ 101’]. U r; m. 'c: A: q ”(1 Ole ..l .'"1 5r .1 ... . r. \A .L .r) 'f.‘ rs .‘_ ‘1 r .L . Ly li , :7 a V .Iu r-w a _.‘ A; a. . l: C! L! L: D 1"} l '17." ,._.1. 1 r. I .-J {"y \'\ I'L- C A .37 f‘ moor: - w I ,: tHTIf'V \~\.—e be ".7 ...t LAV- .'Vrfifl 1V8 (jaw/w f w: UTI'J. .'3,‘ I—4 C}- J _ l. -'J ‘ ) .5 l 3 ..1 V.) J j ‘3 ) t. ?it an F"“1“"pp ¢*9n17 - .J u T) _’ ’Y‘: c f- I. 7) 2‘ j 2 (T) O“ ‘ )1 ,1. + '1‘ .3 ‘w d- b—J. - o . - ’~--‘ A '1‘ ~ - C’j-g 71- " 1 '\ "‘_ \ 'v . '1 ‘\ z I" .-‘ .t ‘4..:.‘J.l-". ‘ f1 ‘ 1 I 1:] C: ;_ ( r f rt r" m~ - ‘. 43. - -.1. - - .4.‘ 4. ‘1 ' - 1 ~ r- 7- L‘.-. ['1‘ 1w : W ' Pr“ . < ‘ 1 - v“. v-"‘" ‘ .\1 , t-.- ‘. -. , ~o .5-.K k1L-1.j. u-- -‘. . .2- C m -'u ..D.- L"..L..l.) - . -.- H- aj_.__\ ’ u’ n "‘r‘w"§’~s‘r‘ r Ifl~w~~~w—‘*TW+:F\~ ”YO ”'- '~" r man-M - ‘J-"':'-r“-"~.- \“ ..k. r— .. ,l‘r .; J '; ‘\ .. \A y .i- J1.- -'— L14 p : :‘ k. k' _ -‘.J -'.. _ _ -- ‘. U. —- (I; ”C“+ fnfl *“%"i***f‘*““*'“€“flffi "*Wv"‘“” ifipfiifiirnt in t3? L. J I v, _- .- ..._ ‘. s.» L; g g , -J L,’ -1 - - . . . ‘- _ H c a ‘ W - :1 O — I ‘ f‘ t .v- "fl ,I‘ z A '5'. P + , xx . 51 I m .f‘ -- "x. -, -‘ -f\ _ - 0 - 1'] r u "I m ‘ , w r - '7, ‘q 1 1.1... O..- - " ‘ '\ Li. J K ‘. \. _. ‘ J: 2-1 ‘. .. .-r L..' 0. fl -— C y - g- .1 g- .— [J ' (.‘- v H 4- ' m‘~ a I" 7" . A —~ ~§ » \.\-’~- A-- ---‘ .- \A -- ,— ~n It” - 4- .‘. - r- '~~= « ' 1 . m1 ”7 ~(‘ _ ~ . v _ _- . . (\ LJ-LOQO .L . t4 rt I- L,\ .t t A :1 ‘—/—— ..g, A.” T). \_ -. J L x.‘ L-\‘-~_ ‘ .‘.. l --x. ‘4. I k,- C a n c - H ~ h a 5" f Y‘ P- r- + . ,‘fi [)1 :- 3, OF - O: ‘ A - 1 t. L’ .1. O -_. m.” n .'yWfi ~ 5 r ‘A .rx 0 '1" v ’v‘ F r ‘3 f‘ ha '1 J'- v- ~-~ : vf- ., ‘A‘ t C"-‘ ,‘\’-r\ f): 1-\ f": 1?. -,1 -'-W1 1 A. .: I... V ¢ — -.l 4/" 1’ v» Q — U \Jl‘A ‘J ’0 - U 4 \ \— -h ‘ a \ —— a c - \ l— n L \..§J J — _ \ 7"v51‘i 31f“- vfa r Tfi . 2-1/5111-3 ~ -' - ., 1.1 'f 7". ~-.-; 1 _~p.~- .- ‘1 f J‘ . :‘N “'7’“ 1““1‘ ‘. Y‘ ,3 Atk. -.. ‘ ‘.‘ .L .. s. g. .L 1 -..z. ' I - J-j -. k‘ ..L‘..- 6- .. -_‘-- . Jl‘J.J. 'w'.» ... L .,. CL- I _ . ‘5 ' . ‘ a. . ( n .A. - - ~ ‘. ‘ p- L‘,-'— .c. \I \ ,_ .- 1’" '- “a "‘71/ ‘Nfif‘ - ‘7: t” 4 ‘V “‘. 9 . ' I‘- :1 A fi h+ ‘ ‘» "H-fihflf‘ “-0 r- ox. s . ‘fi '5 .— O .— \— I'~ \-—’ .t - J a.4*-v1‘a 49 PrOperly Operated retirement income programs operate as a stabilizing factor on employment and reduce turnover in personnel. It is believed that the five-year waiting period and minimum-age requirement might well be amended because the longer an employee is covered by and contributing toward a retirement plan, the larger his retirement benefit. More- over, according to actuaries, long waiting periods and minimum-age requirements do not save the employer very much on his overall costs. If the minimum age requirement were reduced and the five-year waiting period were lowered, it might exert a stabilizing influence on the group who has the highest rate of labor turnover. It is generally recognized today by medical authorities that physical age is not a matter of calendar age. Some individuals age sooner than others; otners age slowly. So the automatic retirement age keeps some people at work too long; retires others too soon. a solution to this problem would be to examine, periodically, worzers who are approaching age fifty. It should be the reaponsibility of the pension committee to decide whether an employee should be allowed to continue work or whether he snould be retired early. Size is no factor in setting up a retirement income program; however, more advantages accrue to employees of larger organizations in tne form of higher pension amounts. 50 A retirement income program is inherently complex and, therefore, should be permanent in its basic elements. Much emphasis Should be placed on the meticulous detail of com~ plying with Internal Revenue Code l65. The employer should be convinced that his plan is actiarially and humanly sound. Companies navinr retirement income plans should en- courage aetive participation by the employees in the admin— istration of the plan--perhaps a committee of five employees, five members of the compan and an impartial arbitrator. It is felt that lack of employee participation will lead to distrust and false accusation. Such representation may lead to improved morale, good will and loyalty of the employees. The position is taken that this presents an Opportunity to win the cooperation of labor by sound and attractive pension planning that will benefit not only the worker but the business for wnich he works. [7. a, .14.- -‘..u -fla. L.‘ \ " l v a i Lgv). .‘. q- . .~ . . ‘4 V ‘f‘Tr .__,'(.9.L..J' , 1 '71-“ .‘.-» o 4- -~./ O I‘- ’7‘". f‘\ Y‘ “ "" X- r“ . ‘J .1 Asa -L\ .— ...“. >1 ,u-vxfi L .L ‘h AVLv —f‘.‘r‘ av ~a' 7-. _-_.. -. . ._a 6; fi I o . O \J 4. Ou.’ ‘ I‘- £' 0 71' r A- V“? ‘l O f\ ‘ ~4 L O --.t .- .Q ilm '- o ... .‘.A.’ on -‘IHF‘ d—dg A ‘J l ) 9.2. 7:] o 1. -. ..-... S l _ w m. 0.. i i. .... ”n; «M.» ~ “d: A .1 O . 2 .i . r a-“ .-.. 2: in” .14.“ . ,. . a n __ .HI. .C .-. . ._ 4; p. .. .. C. we .r. n... u. l C. U” M...“ n. .. U .r. m. a... .J 1;. 3 a... a r... ~ ... . .. . - . r . . V... .5”... .1. u: or.“ m.» 1“ U. N. C. T n .... ...; ..i l; L 2C ..-. a . ...... m w L— w a... ..IL «’3 . J .1". .. o. c i r. w-” .i.. .. cl. T C.” . m: .-.. n. .w... ... on. W* ~l_ .'x. W. . v.~‘ +U u—.: f m.__i : Sm .1 :--. n... .r. 1m .... u. .... ...." . a. ...M w. ..Tc .1 . 3 _ u I“ ....i m. .. . . v n .“L m“ fl; Lb. e 1 . . ”T-.. up. II 9 V.. i1... .- _ .1“ n . n S T C .. no. 7..“ n m U r... H I u... .... 2— ...... C. L I ..h i... 5.. .T 8 1 f 1.... .. . . . .~ . 1. m. 2. . .1“ +,.... f I i h T. y .... ... Cum .1“ my fl” H... ., ..h Tu ... , . .. ... u 0 Av Mi 0. M: ......u 1 ..m... f ...; ...- .( ....” .... .3. O a. I . I no ., ...; .n“ p. ..-. ..-. ...... C S .h 6 r. A, a . . 1... .To. "V. .. w-“ i. ... .w J , ... r C I p... a A» - .m E 1 Ti— ".H e .1 d L at. V. 0. mt. .... l n O O .1.» H g “in” I. n] O r' B V. R, l .C ..o a... C ... n. .... C ..I E) ...o ... T . C . K n. / C n... 0 To w... l E C m... l U .6 C in. T. I Tu by T 3 ) O a A .~ 1 m-.. .1. n an: ..L my " n .1 ) ..-“ 1i o r .1/L .3. :_ +4 A. .l n nu ... .1 .0 ., i _ p. 3 r o. c. x . s ...; fl. ....u .A . ..." R...“ “.... .1 P. l m“ .-v A.» 1 E G i ..— .. u .C A i. .i 1 i .1..— Ofil NJ “...”. my.“ no C. T. ..L. Yor" l :...l ..C 311:“ - a f‘ V{‘)\-l J q- -._9 ‘ uh Tn -'1'1, or u 1 .— .m—l «TT'. :..-u“ I vs OI}. ...- ,I - a -s... .. .‘...L.) .- ou “ ' ' up -’— l‘ "—2 u. C“ .L/ ”JV ' r ...-I *‘x .‘.—g, ..-. Y) q TI —. r“ '7 {‘11 w— ‘.I J- »o 5 hi ~1- . nvr A“; n —‘ Li»..— 2.11 m ‘ 1: -... ~.~.~4-:.-,-—»,~.-‘~«+. I'd/“'2 p“ ...:3 .‘fi-"~V't“-‘~~.fi 4 __. -~- ... ’ "‘0 . ~ . ..Z—V‘ -_ .‘x ‘L_* - .‘..w.) ,. - \- L . i)- Q ~ ' v a -. J— L ‘.. -'- ..— .; .ll .4. V ”'4'"... .3 5' +4 fir." ‘3'“; " ‘5 ~.“ ”3‘7“; *N7' «‘1‘: 1.4.; vw 17.0“. 1-. .. .A. ' .. » ... .'- . 5.1 . U ' -.I ._ 1-... d1 J'.. .L -- : ' ._A . --. L) .‘.. a- g a ‘ .‘. o ' - . / I H 'I --_'—-,-~ ,5 t. “1“,?” '1 f.“ 5r \ - s .' . uh ’ in, .’- 0 7‘ v . ,- ‘Tfi " mon‘fln "17.3““ T ‘ ~rfi+w “'9 - ."'-':. ”.7 . “‘41-“ 3" .—J—,\-....,. "*1 4‘1“." v 1 I... .-. ‘ " .--'- Lo 0 ohm. .1 _ .‘ . _ —- - .. . - - .. .. -- - . - v. ... 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J . y-_i -- L..- ‘ . -. .. J'J ufi ..- g, -. J :-- ‘. l- “we“. _’ '1 1. ‘v ' ‘ (W _ ' _ Fl (’1 - + '-‘ .... . _\Afi n»- ”M r t 'f'Mc .1 A.’\-" ,-' .‘n "x . --L .‘.l J J-“-./ o -.k, I. X a’l -‘. O V\ P J; (9.x- A-;._. J \(rr L. '11.; V V0. -_ l - U- a ' o A ‘ y ." A 1“ ... M , ' »—-.- -‘ p ‘——'-1 -' '0 ”\‘W ‘V " A ‘ {-au'm r .- ,- fl 1- '- A l . _ . V . . ._ , , - ‘ ., .. . _ \ ._‘ V 4 r QC-‘ ’ ..u‘lfih. -" '. x ...—k) —- 3T - (. ~1 “I ~ . ‘1‘ \ ._\_,._’:£(~‘_ ---’WL' -ITU ‘ —--_ “-w— ’-—— .— --‘. I“ h ‘ ~~~ .’Iq ( ’5 '1 (f r- +1f‘ .’3 fl‘ (‘, I'\ '- "v1. :1 -" J- ': {W ' 1 '1' ‘1' -_ -p‘\‘/"\‘." ' '5 ‘ .... Lu-A A -- v c . s—' a" . K- .‘. - - - Lo ... >- U ‘1 ._~—-—-- 0 -—-'L.'..—— 'v .l 5.; ’ .. -\ a 33m 5 "- _ " .-.... ' _ ’ ‘ ’_" .\ l y—. . . _ , AIL.vL -\4\~1 .../., *//V. ~-\ .. T ' '17. .. . ' . {T1 ‘ ." \ ’1‘. . - ' >4- ‘ 'r‘V‘ f“. 9‘ ~. I‘M-1 \ r' 7.11 ‘ 1'1"“. . 1“ .‘ .'. _.‘-r'\ r-nr‘ «w-nwv-n-v ml —. $C1’ I..9 UL_V‘-1|J. 9'! ._.-. 4.7.. -I“ ...-.. 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"57'7"“ TTv-m . up ‘ mrti‘xvq K‘I‘_‘ 4 1-7.. nut. .54.“; Awlnia .L‘ #9.; v-4‘nLnu 55 SUMMARY OF THE GREAT ATLANTIC AND PACIFIC TEA COMPANY PENSION ITAN Approximately 35,000 employees of The Great Atlantic and Pacific Tea Company are covered under a retirement plan underwritten by The Prudential Insurance Company of America. The full cost of the plan, one of the largest ever written by Prudential, is borne entirely by the food chain. The plan is being funded under a Deposit Administration Group Annuity Contract. The effective date of the plan was October 1, 1948, at which time all regular full-time employees with five years or more of continuous service became covered. Employees ineligible on that date become members on the first of the month after they have served five years. For each year of future service an employee is credited with an annual retirement allowance based on regular earn- ings during that year. In addition employees are credited with a retirement allowance for any'recognized service before October 1, 1948, based on the earnings for the fifty-two weeks ended April 3, 1948. For employees in the United States the annual retire- ment allowance for each year of creditable prior or current service is 3/4 of 1 percent of the first $3,000 of annual earnings and 1 1/2 percent of earnings over $3,000. The plan covering Canadian employees is essentially the same as the plan for the United States employees, but recOgnizes that Canada has no equivalent to United State Social Security bene- fits. The "means test" is used in Canada to determine old age government assistance. Normal retirement date is the first of the month fol- lowing the sixty-fifth birthday. The first monthly install- ment of the retirement allowance is paid at the end of the first month of retirement. An employee over age fifty-five with at least ten years of service may elect early retirement or the company may require it. He then becomes entitled to a deferred retire- ment allowance beginning at age sixty-five based on his creditable service up to his early retirement. He can, how- ever, take a reduced allowance to start at once, that is actuarially equivalent to the payments otherwise to begin at age sixtyefive. The following table shows what percentage _ -... -_ . .1 .. r . 0‘ ~ 4L .. J_ ‘ ~_. . .- . a. n- ‘ . q . a f.) J". ‘, f c," _ + - fir} { » I \ v— 4-, — , . ~ . fi‘. . ‘. - , ~ .- . 1" a .. 1 ‘ q H w- — . ' _ . . \ i — K ‘ u. 4 r - - '— ~ \' .¢ -- , xx 4 ~-. :4 '1 W. l 4- ‘~\ a '1 ‘. f‘ r I. [a fi - fi-L “ I ~.- - - -- s . L ‘ - \ .. v‘ . —.——— —— -.—--— Q—A-c-——. “—— —_. - -— -—..-‘-—.——---- —— - -~ -. —— .- — -— -~——.——-—~ — - ..-“ v-o -——- “-9 -- - - aw ”- -._—. --—_‘.—-——.—.——..—. —. - -¢ --“-'-—--"-vr- ...-.... _. -. -— —-—- Adv—- -— - —. ~9— fi 4“ \ .m‘t -* “ WW" 1*". v . ' ‘s ' -l ‘ v‘ '— ‘F-f': 71."'~ r.\‘\+ Jr‘q r (a (g... .“Hfl_fi.f'."+: ‘ ’ .1 ..... ' . . d .2 ‘5 ‘ '1 ,. ~.' , 4L- \- —~.-. ~——._ _— "’--~.—q-.——-.-—-—.¢-— ...-m“. _ -....— ., - .\ \ —~ — "r“ - . / '1 ~‘ ,r ‘w I \ ‘- -‘~'_. V I v - f ,. -. ' '.fi . ..z' — .‘ J ,- - \l .'"’ ‘ '1 7h .. fi‘ -- -/ f' , ..‘ :... 5" ‘ .5 .~ J / 1' '.' 7*“ . .. | q .7 / _. / .\,\l / ,fi ./ “" 5 " ‘W I, ’ fl | '.- t V“ n A 1,, . 1 — / .- __ --.-— -..,__._. m.__._. _. . a o q - . n . . TI," 1 —I .'.-~1q 'r-‘m- (— ,- -L T, , no ,- J- : " n . ‘I . — m y. ‘-‘+ u: .’., ‘.-- ,5" -4.- + _ 1 1 W ' ,,‘ ’.‘ r.‘ uh a5 .... - . ... .'.—— g4 ~_ ~. - ... J ._ -- . '.1 - . us 3 kl .~ .'. ~ . ... " g.-—'¢—.— - - g .'..l V J '1 o - a “*1 "" 7 ‘n‘ x”. "- 3" r r~'\‘t f") ’v~f‘f"vv"" “W" PW" « nq‘fi‘i“: "‘+ "A' ~- ‘.I‘F'f L... L. \ .5 . s. i -.l l k} . ' r. ..‘ .. .— . x. . y '..-‘ , '-‘ .. . . U \_ .. . ' \J - ., . v 1 ~ - u .‘N - JI- -‘ ,fi-‘n T ‘3‘ — {- 09% +7! : . '~~. '1' ~ fl + -: (\YN .L-. V‘- r'— 'q‘ ‘ 1 - '1‘. (a .fi fi“ ‘1 '7 "\ '11 ."‘ q q '3 —~. . - . .' . C - I . '. x -- .' . - _ J J -.K , , .~ -. . 4 I» v \ ..- " g _ -’. ~ ~ L . .- L _- a . ft n“"-f“‘: “V1 '0’)“ ‘1 "'."r ' J? '1-4 1f\."v",".‘:' a—i '42? ‘.7"".T';,T”‘ ‘ 3-1 - :1 p. ‘-.I ‘- ... -’ ~ ~ -- --4 ... -.- .. , _ . _ -'. ' . ,‘ s . x 1 .. ~ ..- u k .-— . 5-. \.l —‘ ’.I ‘ 11-} " +‘Ab'fi new “we-7"." '.‘-K "' "*.‘~ I‘m" " . ~- 7 'r-n ' r‘mn '.‘ ‘\"" 'L'En « . .. a . L ‘ .-W. '.' - . '. \. ~_ .. .5 0 ~ g ,. ..- g .. ,a u. _ v- .i a. ' a n q a '“r‘ "'1" "W“ r-r‘fi‘ '1 143's -. '~ - d .. - - ... .‘.. .'_-- k. o v" o F! - _ - ‘ ' + 1" '.‘“ , ‘ "\ “'1 ' "‘ '\ \I- v ’.'-n ‘ ‘L -i ‘ . § . 3' 4- " J“ n . ’\ ‘\ r‘ . 1 71-1 .‘. ‘ , .7. t- - . . , .. _ l . . ' x x. . \J a a \. - x, .J. —- .'. -- v' a. o - f u my,“ -..... _ ”f ".."14. 43"1‘I -\ f. , -. 4.5 , ,_., .1- m —.'.L.,..,.. .,...~.'.,.., ': .p, l-..(.,_-....iw.1- A. _ ‘.’ ._, ‘. .- ‘ u -- v ....__ '~ . L; \ :.. L \ k ' -— ~~ . ~ _. \ .... — ‘_ V. J. . - A Q q - - a 0" . J.‘ .... ‘. 1 .’- 1 '.‘_ . . J. '- /‘ ‘-. ._«. 1 "N ~ v ,- , " , , .— '7 l q. J. .- A —\ 14. J— :I r, ’.‘ I‘- '1" ul- . -'-_ 1 , -'. .‘.- . r a.-. p . -- - _ . . 'g - ' g- . ... . q q” -,. ' , r L‘ \, -' . b 0 a - - —. IA, + '1 fix“! ‘.fi I‘ 1% ‘.' A 1A {a -- A - — A —u l M r ' - ‘ -...‘r-l Y. r '-i I: ‘ r-I'1 ’- .21 -. ...- -— .‘— ...1 "..‘a‘ fi-- I I | . _ ‘ ~ x *J.. .~ -. .. ,1 ._ \.~- a .. .r. . .. C -L — -. d—O'Jcn .1... . u Q 1 1 f" I 'r“: " 4‘ ‘ awe—T r‘ r? ‘ ‘.' 7‘ e r _- 7 ms» " ' "a "7-." 7" ' '. "i" 1. v '3? 01‘ " ' * 'Nv ~- ~1 .‘.-— . Ll-J . ‘.'-. _. .l . _._ ln\_ 4. ... - _. J .- .. L I \a.. \ __.,~,~ I ‘, -_ n 1 . . \ ’.' ': pJ‘ V? "F. ‘.I ' C V‘ --: +1.1 IL- , sq v’v ‘.~ 1., “s f‘“" 4".“ (N. '.- + .'. I "\ - 15"- --| ‘8 ‘ O - '1 ‘ w- - ‘35 _. \i -- ' . ,l. . .« . g _. .. u. . -- . . L. x. L ‘. — L. * -. \I . 'V '5 , —" ‘s - .3 A; _ .L .. .L'.: 'r‘ 1..- j, , - +1 . . “up, .n; ‘ .1. _ ,4 n -'..{J 7- ,.. .,1 n4- :‘ap'- . :-.? ‘ 4‘ a. \‘ — ' .’ \ ~ . a. n v . . s 1.. (...: ...I- ‘~ ..I \ .- .. _ .... . n . ': A .f.‘ '.' " 4‘“!- _r:- 1 1? A .~ an -- ‘.' a 4‘ .- N-fl -— — --. «'.‘? ' "I5." 4 "b. . I a... F. as J‘ 1- 3 " -~ a ...' l- - 4 l .4 \‘ .1 ' I . . . - . s _ . . g \ V - . ‘ ... I. - . a. - - , - ‘ g. 4 - \_ x \p I F! . h ' fl ... fie: 1, '1- .~ .- ' °‘ .- '~ r" f~ , “.‘L ~ ’N ‘5‘? ~ 7‘ -w " + ', “h A 'l 7% '4" ' - -' u . a- - x. ‘ —- H \ ‘ t L .' - .‘ k . \r‘ Q .\ .‘. __: 'V‘ . . 1 r. CC‘ 4. J" o“ u‘ ,—\. .1. -_ - _ \ .‘ + A‘ .'.. L‘ _' ‘J ., - .‘. — '. Jr 1 ' -5 —. .... _ -‘ ’1‘ r, .- - - w .~ .. »_ L' V y. " ~‘ ’~ ... ‘ _,/ u) s, ' . ~ L .... .. I; H + -. fi‘ "c 1 ‘- Y‘ + 'q +- ia- .. w. fl t-~. J“ Q|-. -~\ I“ .‘., ‘.‘-1‘ ~ , 1 -~,-~ ..M'fl - d!”- . ~ A. “ , -.~ J—‘i' . Y‘ '.’ . ~' L4. ‘.1 ~- . ..a ‘ 2 ’J -..‘ - \ .. V. g __ i . . ‘v' ‘ ' ~ “I - ) L- ' . _ L n” l vlv,‘ r 'r) J- r" f'.’ 5-, film . . ' ~ ‘N‘fi-T -r . 4- -L -- .f‘. “..r— ‘1 5, A. 4— ,—\'-l‘ J.‘ . ..z . - L " -_— L. .'. u. .. ' ‘— \ \r. ' L._ .' _| _ . —~ - . L \ _ .’ - «J A r v I ‘ “W” ,.- - n -~ - -. .. 1- L. 1 rfi t ~. n . -+ - , gr .. .... v A u x . \. - x4 -' . ~‘ 0 '.‘ e -r- - . - . ~ .0- . - - . - - - - 7 ~ ‘7‘ a, ‘3 - +1mq '1‘ [\‘VW . '3‘ “M1 .. ., ,-“ j") - 1“? -~ +- J- r .w .. -I:- L'. x | .. I. . A a- a. a, . . J l a J. 4 . . H ”4- 4 ”‘- (‘fir‘ ‘ -‘ 'V'f" ' '+*7‘;¢""“‘ 1~"".” ' ..' -. _ . . .. , ..q .~ -._ a '- .. -' - g ,. '. o 57 SUMMARY OF SAFEWAY STORES, INCORPORATED EMPLOYEES ' RETIREMENT PLAN Employees of Safeway Stores, Incorporated are now covered under a retirement plan administered under a trust fund. The plan is contributory and provides at least three times the future service benefits which an.employees' contribu— tions alone could provide. All contributions to the plan by the members and the company are paid into a trust fund with The City Bankaarmers Trust Company in New York City. The bank, acting as trustee, holds and invests the money in the trust. The effective date of the plan was December 1, 1946, at which time all regular full-time employees with five years or more of continuous service and age thirtybfive, but not age sixty-five became covered. Employees ineligible on that date become members on the first of the month after they have met the preceding quali- fications. Effective June 17, 1951, the following will apply. No basic change, but a provision is added that an employee who is a participant, or eligible for participation, under another pension or retirement plan to which the company contributes (such as a union negotiated plan) cannot qualify for the compa- ny'p an. For each year of future service an employee will be credited with an annual retirement allowance based on regular earnings during the year. In addition employees are credited with a retirement allowance for any recognized service before December 1, 1946 with the following stipulation: If when an employee becomes eligible for the plan he has passed his fourty-fifth birthday and if he Joins the plan within ninety days after date of eligibility he will receive a past service benefit for the period of con- tinuous full-time service between his fourty- fifth birthday and the date he becomes eligible. Under the plan dated December 1, 1946, an employee con- tributed 2 1/2 percent of his first $3,000 of annual earnings End approximately 5 per cent on earnings between $5,000 and 6,000. 58 Under the new plan, which is effective June 17, 1951, the following will apply: Changed to: 2 1/2 percent of the first $5,600 of the annual earnings and 5 percent of earnings between $3,600 and $7,200. For employees in the United States the annual retire- ment allowance for each year of creditable future service is 1 percent of compensation which is at an annual rate of not more than $3, 600 and 2 percent of that part which is at an annual rate of not more than $7, 200 and 1 1/2 percent over $7, 200 per year. Normal retirement date is the first of the month fol- lowing the sixtyhfifth birthday. The first monthly install- ment of the retirement allowance is paid at the end of the first month of retirement. Under the original plan the Optional retirement date was sixty; however, effective June 17, 1951 this date was lowered to fifty-five. The vesting date is changed from: Twenty years of continuous full-time employment since the thirty-fifth birthday or after attain- ment of age sixty to: Twenty years of continuous full-time employment since thirtieth birthday or after attainment of age fifty-five. In lieu of a straight lifetime retirement allowance, an employee can elect to retire under a contingent annuity option; provided this is done at least two years before his income is to start. under this election he would receive a reduced pension for life; if his beneficiary survives him, she would then receive the same or a smaller pension for the rest of her life. In event of death before an employee has received retire— ment income payments equal to his total contributions with interest, the balance will be paid to his estate or to the beneficiary he may have appointed. Normally, an employee cannot continue working after age sixty-five; however, with the approval of the company he may continue in service after age sixty-five. in such case, his retirement income payments will commence on the first of the 59 month following his actual retirement and will be in the same amount as he would have received had he retired at age sixty-five. In a letter dated April 16, 1951 from A. R. Koehler, Personnel Director, Brunswick Procedures Service, Division of Safeway Stores, Inc., it was pointed out that the above changes (effective June 17, 1951) were made primarily to make their retirement plan conform to the revised social security benefits. 60 SUMMARY OF THE KROGER COMPANY' EMELOYEES' RETIREMENT PROGRAM About 25,000 employees of the Kroger Company are now covered under a retirement plan which is unfunded. The full cost of the plan is borne entirely by the food chain. The company established a $2,000,000 reserve for employee retire- ment benefits. They call it the Employees' Benefit Fund and it is available for the payment of retirement benefits as provided under their plan. The Kroger Company will add to this reserve, annually, an amount equal to 5 percent of the year-end balance and any additional allocations may be made from time to time as the board of directors deems necessary or advisable. The effective date of the original plan was 1947 and an amendment was made January 1, 1950. This synOpsis will deal with the amended plan. All regular full-time employees who become age twenty-five are eligible to participate in the Kroger retirement plan. Employees ineligible on that date become members on the first of the month after they‘become twenty-five. For each year of future service an employee will be credited with an annual retirement allowance based on regular earnings during that year. In addition employees are credited with a retirement allowance for any recognized service before January 1, 1950. Irior service credit is given for each year of such service up to a maximum of fourty years and the attainment of age twenty-five. The annual retirement income will be computed as follows: (a) The employees' total earnings during the calendar years immediately preceding his retirement will be divided by ten to determine his average annual earnings. (b) The employees' years of continuous service between his twenty-fifth and sixty-fifth birth- days will be counted to determine his years of participating service. (c) If his average annual earnings do not exceed $5000, the average annual earnings (a) will -‘... "INA .,-u i? 4- U rawcr O 1 r t #5 n_“ (7-, fl“: ‘5- u, 1 ‘. -m 5- q —..._,-‘,.I .2. a;v- .1” +.v. 1.+ .b. ‘u,\ A u . +0 1* r» .1 AL \V . . y ... NV. - . F. ..u 1.* mwl a 12* V. ..M PL. . U a . . . 1:1 . L +5 w . 4.. .\ d .a _ +§ e F. .... s _. x .c y .u 0—...“ «1 u... .1. ...... . .7. v .3 L. l n” 2.. “a n A... «r. . m l I C. A- 1.1 1? AI,» n‘ V. J. . miw.n . / faj—~~-p .. .‘- ._ “+- — 5’ .E‘ 1w'fi t““ett p \— {)11‘ '-5) +9 :. .A are v . v'u \‘ . Circu“-tanoro ya? “at“ Up‘er 3 ~ \ 1"?“ (1w‘ (\4‘ t. .C'+‘ . l- :4 I Q J-Ver. .'.TULir - y“ W n,, 4. _".r__ v“, -- -...-- .- D '1 C. c:- o u C“ V IWIJ. a, C '. (:v. I . i elect av .’- I. N... - c... 0.. early ret 0. D. . ..— . & fibula C +.C C a...“ v! . 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"I'f'j'f‘ ---na.J-l WVJ—Ibd“ ubVfiIi~AcLfiH~J l. 2. 3. "3 Do you have a retirement income plan for employees? Please check if answer to #1 is To. Do you eXpect to place a Pension or Retirement Income Plan in Operation to supplement social security benefits? Please indicate the approximate date of plan How many employees do you have in your organization? What is the approximate annual cost of administering the pension plan? How long has your retirement income plan been in operation?r Is it contributory or non—contributory? What is the approximate annual sales volume in your chain store operation} If you do not care to indicate the approx mate volume, would you indicate in what classification it would fall? Under 5 million 5 M 20 H 51 M 65 M 21 n 35 M 66 n 80 II 36 H pg 50 H Over 80 million Eow many retail outlets do you Operate? Please indicate further any details of your retirement income plan for employees which would assist us in making this survey. .fi.-..\ 'v n Air“... 4; v "' "'"mr‘l‘HT‘ ‘. A ‘.’H '_ "'"1" '.'“ .’1_ .. TT'.‘ ‘11... ‘ "'.‘ " . -"T‘ “ é—i—ufi -Hni ‘ILUJs)--fid~1—IX&-HJ éu-I‘bubu WUHQ$&J.I--nloL-I§ 3,4211 , 1m]. ,1. tontirn: - I'r. 7.9-,TI131 .-.3:0.I‘_3.0?1319.3;-_321.119.QP.9£ .4 a ,3 _- 1.3 ‘5 '.‘... 3,. '3 ;0 3.0th .LJi: ,"J ;-.~.J.'. -. u. ~* '.f.;'.!..L- _ L wnw n3 r 1 ‘fs L . 3-3 -. o-i 3' ‘- am - n 1"“ '1 "sh-3 ---~. I LlVJJ ‘-) 1 l I 1: . a «J ... 31; I ' .4!) . l} ‘9... 0‘ I 0 'o ‘ I. i‘ood 0111.1. 1:3 he have VMP‘firnfl a rucsticéw.ire id wrfior '0 ~01- : . _ ' 1 _. I I I. v: .Q 1.3013 1". " “:01 J.” ‘.‘,Zix’fli 7:111 .i .3310" u“ :.w‘f! Ill. ,’ ‘ "‘“ 3.. 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