Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-12-21

Lis ItDno1Nhnids SNhbihs
Philadelphia, Wilmington Il Baltimore |
and West Jersey Il Seashore railroads |
and the Philadei hia & Camden Ferry |
Co. having adopted similar flau OF |
pension allowances, and similar |
policy Of age limitation, to take effect |
on and after January 1st, 1900, Presi- |
dent Cassatt of the Pennsylvania yes
terday issued an official circular ad
vising the officers and employees of the
general terms of the plan and policy.
Those who will come under the rio-
visions of the plan are all the officers
and employees of the company, who are
required by the organization to give
their entire time to the service Of tho
company who shall have attained the
age of 70 years; or who, being between
the ages of 65 and 60 years, inclusive,
shall have been 30 or more yeats in the
service of the company, and shall then
te physically disqualified. The pensions
allotted will be subject to ratable re-
duction, so that the entire annual ex-
penditure for pension allowances by
the five companies above named shall
not at any time exceed the aggregate
sum of $500, COO.
The basis upon which pensions will
be allowed is as follows:
For each year Of service per centum
of the average regular monthly pay for
the 10 years preceding retirement.
Thus. by way Of illustration: If AN
employe has been in the service Of the
company for 10 years and has received
on an average Tor the last 10 years $40
per month in regular wages, his pen
sion allowance would be 40 per cent Of
$40 or SIG per month.
Pension allowances shall be paid
nfOntblv and Ghan fprDNinata tho
death Of the beneficiary.
No pension allowance shall be paid
to any officer or empoye for period
during which he may be receiving
accident OF sick benefits from the Re-
lief Department.
The acceptance of pension allow
ance shall not debar the beneficiary
from engaging in other business, but
such person cannot re-entef the service.
The Pension Department shall, under
the supervision of the president, he in
charge of board of officers, consisting,
until otherwise ordered, of the vice.
presidents, the general manager and
the assistant comptroller of the Penn
sylvania Railroad Co. The board of
officers shall be appointed annually by
the boards of directors of the several
companies. and shall, subject to the
approval of the said boards. make and
enforce regulations for the government
of the depai tment.
No action which shall now or here
after be taken in connection with the
origin or furtherance of Pension De.
partment or plan shall be held or con-
strued to give any officer, agent or EN-
pluye n right to be retained in the ser
vice or become entitled to pension
allowances; but, on the contrary, each
company may discharge any officer,
agent or employe at any time, when in its
Judgment the interests of the company
so require, without liability for pension
or for other allowances save only salary
or wages then earned and unpaid.
No person shall be taken into the
service of the company who is over 81
years of age except that, with the
approval of the board Of directors
Former employees may be re-employed
within period of three years from the
time of their leaving the service. Per-
sons may, Irrespective Of age limit, be
employed where the service for which
they are needed requires professional OF
other special qualifications but persons
may be temporarily taken into the
service, irrespective Of age limit, for q
period not exceeding six months, sub,
iect TO extension. when necessary IL
complete the work for which engaged
In addition to the pension allow
ance, which is entirely gratuity from
the company, the employees relieved
from the service on account of ag,
limit who are members of the Relic
Fund will also receive from the incom
Of the surplus fund, accumulated duTin!
the past IA years, an additional allow
ance each lAoEt tn, according to the elias
to which they have contributed durin,
the period they have been members
which would amount, in the case O
a highest-class member, to S. Is pc
month, and Trcportionately less 70
members OF lower classes. Members O
the Relief Fund relieved from seryic
on account of the age limit will be per
mitted to retain title to death benefits
ranging from $3.50 TO s., 500, accordin
to their class membership by the pay
ment of small contribution eac
month.
The pension fund thus provided fo
is the most liberal in the amount {
gratuity to he given the pensioners {
any in the world, SO far as railroad
are concerned. and is the only Lensio
plan that does not exact some previou
contribution fiom its beneiiciarit
during theii active service In foreig
countries many of the principal raj
roads provide for theiI superannuate
employees by pension, but this is pal
principally from funds previously cor
tributed by the pensioners. In tn
country the Baltimore Il Ohio is ii
only road that has pension fund fl
the maintenance of aged employees.
was also the first company tc introdu,
such q system in this country, as
was the first under the elder Garrett
establish a relief fund. The pensic
fund, however, is part of the reli
plan, and the amounts of the pension
paid depend entirely upon auy surpll
that the relief fund may have to i
credit The Pennsylyania's plan all
differs from all others in that its ben
fits apply to all employees, while in Il
other instances only those who a
members of the relief association
through their active service have co
tributed to the pension fund a
eligible.
Accompanying the official circular
President Cassatt was one from Gener
Manager Hutchinson, directing
officials to make themselves thorough
familiar with the plan, and to Ia
measures to see that all employees WI
shall on January LIST, 1900, be over
years of age are released from acti
service on that date. They are furth
instructed to see that all employees w
shall, after that date, attain the age
10 years, are relieved from aeti
service from the first calendar mon
following that in which thav rea