New-York tribune., 1902-02-22
LACKAWANNA'S NEW PLAN.
THE MANAGEMENT ADOPTS PENSION
SYSTEM FOR THE BENEFIT
OF EMPLOYEES

Further evidence OF the progressive policy which
has made the Lackawanna Railroad cOnspicu-
Gus among our leading railways is found in the an
nouncement made yesterday by its management
that a pension system for the benefit Of employees
who have faithfully served the company would be
placed in effect March l. The adoption of a
pension department has been favored by President
Truesdale almost from his identification with that
company. in 1899. and the plan which has just been
adopted by the board OF managers of the Lacka-
wanna has been the subject of careful and pro-
longed examination and study on his part.
Under this system any employe engaged for TWEEN
ty-ffve years in any capacity in the operation Of
the railroad proper. who has faithfully performed
his duties is to be retired sixtyve years Of age
and receive, after his honorable retirement. d
monthly allowance. dependent in amount upon his
pay and length OF service. The fund from which
such payments will be made will be regularly ap-
proprated each year by the company. employees
not being required at any time to pay anything
either for the support of the pension system to
add to the fund from which benefits will be made.
Any empoye actively engaged for twenty five
years in the railroad department of the Lacka-
wanna Railroad comes within the operation of the
pension system. and his time Of service will be
computed from the time he began work upon the
Lackawanna Railroad proper upon any Of It's
branches The amount Of pension will depend upon
served the comDanv and the anount of his average
REGULAR monthly pay for the ten years next preced-
monthly pay for the ten years preceding retire
ment has equaled $50 a month and the empoye
has been in the company service thirty years, his
pension will be SIS month, amount equal to
l per cent year. for thirty years. of an average
monthly salary of $50. The pension board also has
power in faithful employe has received in
jures which totally incapactate him from his
regular other avocatiOns to consider his case,
award pension, If 1t is considered merted, and
fix the time during which such pension shall be
paid.
This pension system has been adopted by the
Lackawanna Railroad said one of the officials
who active in arranging the details of the
plan, in the interests both Of the men and the
vice. The company's benefits consist for most part
in the added efficiency of service naturally
quent upon the employment of younger and more
active in the stead of those whose age has
rendered their retirement beneficial both to them
selves and the service: also in establishing more
fully the spirit of cooperation and of mutual in
terest Of employer and employe. thereby contribut
Ing to unity of effort and uniformity of action.
which are essential TO the successful management
and conduct Of a great railway company. From
the standpoint Of the men, II is primarily intended
giving assurance to faithful employees that after
a certain period OF service. and when they at
taining an age where they are not well adapted
for the performance of their work. they shall have
The board OF officers selected to administer the
affairs Of the pension department, under the direc-
ton Of the president of the company. General
Supertnte tendent T. E Clarke General Auditor O. c.
Post Chief Engineer w. K. McFarn, Superin-
tendent of Motive Power and Machinery r. S
Lloyd and Traffic Manager b. d. Caldwell AT the
organization OF the board Traffic Manager Caldwell
was elected chairman and General Auditor Post
secretary.