Evening journal., 1899-08-09
PENNSY'S NEW FUND.
NIX - ts
RELIEF AND PENSION FUND FOR
RETIRED employees.

Local employees Of the p, W. & B.
Railroad Company are discussing the
new pension fund, recently referred to-
for the superannuated employees. In
conversation with one of the promi-
nent officials of the company this
morning he stated that the pension
feature had long been contemplated,
the operations of the relief fund having
early demonstrated the advisability of
such an adjunct. Provision was then
made in the regulations to set aside
any surplus that might be shown at
the end OF each triennial period as a
foundation for the superannuation and
pension fund. A special committee OF
the Relief Department formulated
plan and submitted it to the board of
directors, who referred it to special
committee Of that body. The plan en-
bodied only the care OF superannuated
employees who were members Of the re-
lief fund, and allowances were to be
made from that fund. 1t was subse-
quently changed into purely pension
basis for all employees, whether mem
bers of the relief fund or not
The pension fund as practically
agreed upon is to be put in force jan
uary 1. 1900: the company is to con-
tribute the money necessary for its
operation, and will be relieved from
any further payments of amounts here
tofore made by it on account Of what
is known as company relief" that is,
carrying with it's own money members
Of the relief fund whose sickness ex-
ceeds the regulation maximum Of fifty
two weeks. A board Of officers has
been created, consisting OF the four
Independents Of the company, the
general manager and assistant comp
troller, who will make and enforce the
rules incident to the care and opera
ton Of the fund.
Under the plan employees OF 20 and
more years OF age viii be considered
as having reached the age limit and
will be retired aad placed on the PEN
sion roll, while those from 65 to 60
years, who are physically or otherwise
permanently incapacitated after thirty
or more years of service, may be re-
tired and pensioned.
The bases OF retirement are age and
service; for each year Of service a fix
ed percentum Of the average regular
pay for a specific period Immediately
preceding retirement, with a minimum
monthly allowance. An additional al
lowance will be given to a retired en-
ploye who is a member of the Relief
Fund. taken from the interest on the
Relief Fund surplus. to be proportion
ate to the amount contributed during
the time said employe was a member
Of that fund. It is proposed, also, tC
amend the regulations Of the Relief
Fund so that benefits to its members
on account OF sickness or disability
will be continued at half rates. ire
spectiye Of the duration.
The object endeavored to be attained
is to grant every employe an opportu
nifty to provide for himself il
case OF sickness, disability or dealt
through the Relief Fund. while in ac
tive service. and when retirement ag
is reached by the company pension al
lowance. in addition to what he vii
receive from the Relief Fund in tn
shape of an allowance proportionate {
the amount he has contributed to ths
fund.
Conferences between the pensio
board and advisory committee in tn
near future will probably complete II
necessary changes in the relief depar
ment regulations. and put the matte
in shape for final action by the bear
Of directors, preparatory to putting Il
plan in effect by January 1. The ne
fund will affect all the employees OF Il
company east Of Pittsburg and Erie.
The benefits to be derived by 4
company by this plan consist for I
most part in the efficiency Of servi
naturally consequent upon the emplo
ment of younger and more robust me
instead of those whose incapacitati
has rendered their retirement bene
cial to both themselves and the 81
vice; also in welding more firmly
mutual interests Of employer and e
ploye. thereby the bettG enabling Il
concentration Of effort and uniform
Of action so essential to the manal
meat and conduct Of corporate affai
Il is estimated that the annual out
on the part OF the company invol'
in the execution Of this plan viii be
excess Of $500. 900.
crrJDAV FXCITRCTON To RAJ