The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1902-02-28
D, |. & ", TO PENSION
$50, 900 Appropriated for Balance
of 1902.


| Further evidence of the progressive policy
4 which has made the Lackawanna Railroad
| SO conspicuous among our leading railways Is
| found in the announcement made recently by
| Its management that pension system for the
| benefit Of employees who have faithfully serv
ed the company would be placed in effect
March LIST. The adoption Of a Pension Depart
| ment has been favored by President Truesdal-
almost from his Identification with that come
\ pany in 1899. and the plan which has just been
adopted by the Board. Of Managers of the
| Laekawarna has been the subject of a careful
/ and prolonged examination and study on his
| part, with view TO incorporating therein the
best features of those methods which have
| been in effect with other large corporations,
| together with such pro visions as were neces-
sary to meet the conditions applying parti-
cularly to the Lackawanna Railroad.
Under this system any employee engaged
| for twenty-five years In any capacity In the
| operation of the railroad proper, who has
faithfully performed his duties, y to &c retir-
| honorable retirement monthly allowance
| dependent in amount upon his pay and length
| of service.
The fund from which such payments will be
made viii be regularly appropriated each year
! BY the company. employees not being required
at any time to pay anything either for the sup
port Of the pension system or to add TO the
fund from which benefits will be made. To
meet pension claims during the remainder of
The year 1902 an appropriation of $780, 600 has
been madessn amount as large in proportion
to the number of employees as has been set
aside by any other large corporation which
Amy employee actively engaged for twenty
five years In the railroad department of the
Lackawanna Railroad comes within the op ra-
ton of the pension system, and his time of SER
vice will be computed from the time he began
work upon the Lackawanna Railroad proper
or upon any of its branches. The amount of
pension will depend upon two conditions. the
number Of years the person has served the
company. and the amount Of his average regu-
lar monthly pay for the ten years next proceed
lug his retirement. II, for instance, the aver
age monthly pay for the ten years preceding
retirement has equalled $50 per month, and
the employee has been In the company 3 SER
vice thirty years, his pension will be $18 per
month. an amount equal to one per cent, per.
| year, for thirty wears, of an average monthly
salary of $50. The Pension Board also has
ed injuries which totally incapacitate him
| from his regular or other avocations, to con-
slider his case, award q pension. il II is CON
sidered merited, and fix the time during which
such pension shall be paid.
Retirements under the pension fund will
be voluntary and involuntary: that is, all
employees 60 years of age and over will be
| considered as having attained the maximum
age limit for active service, and will be re-
tired and placed upon the pension fund roll,
| provided they have been twenty five years
or more In the company's service, while
| those whose ages range from sixty to sixty
four years inclusive. and who in the opin-
| ion of the Pension Board have become
| physically disqualified or otherwise per
manently i1capacitated after twenty i've or
more years of service may be either vOiun-
and pensioned.
| In computing service, it will be reckoned
from the date since which the employee
has been continuously in service, except
| leave of absence, suspension, or dismissal,
| followed by reinstatement within one year,
or temporary lay-oh on account of reduc-
/ tion of force when unattended by other
employment. will not be considered as a
break in continuity OF service. Persons
who leave the service thereby relinquish
all claim to the benefit of the pension al
| lowed.
"This Pension System has been adopted
| by the Lackawanna Railroad, !" said one of
| the officials who was active IN arranging
| the details of the plan, Gin the interests
both of the men and the service. The
company's benefits consist for most part in
the added efficiency OF service naturally
consequent upon the employment of young
or and more active men in the stead of
those whose age has rendered their retire
ment beneficial, both TO them, selves and
| the service also in establishing more fully
1 the spirit of cooperation and of mutual
interest OF employer and employee, thereby
| contributing to unity of effort and I'M
| iformity Of action which is essential TO the
successfui management and conduct OF a
| great railway company. From the stand
| point OF the men, 1t is primarily intended as
/ giving assurance to faithful employees that
| after a certain period of service. and when
| they are attaining an age where they are
| not SO well adapted for the performance OF
their work, they shall have provision for
their future support. Nothing Is so salts.
| factory to the average employee as to feel,
especially now, that the demands for
superior quality of service are constantly
increasing, that after spending his active
i life in the railroad service, and by reason
4 OF age or other disability he Is unable to
measure up as fully as formerly to the
requirements OF his work. he has the as
4 surnnce that his employer has made d
generous and assured provision for his
| future.
"Employees eligible to retirement viii not
receive the pension allowance as a favor,
nor as a charitable act on the part of the
company. They viii be liz a position TO
consider themselves tho recipients of a
permanent annuity earned by years Of
| faithful, efficient. and loyal service.
| The Board Of OfhCers selected TO admins
ter the affairs Of the Pension Department,
under the direction Of the President OF the
company, are General Superintendent 4. Il,
Clarke General Auditor D. q. Post, Ghief
Engineer w X. X. MeFarlin, Superintep,
dent az Motive Power and Machinery T. s.
Lloyd, and frame Manager b. y. Caldwell
Az the organization of the Board, Traffic
Manager Caldwell WAS elected Chairman,
and General Auditor Post, Secretary The
smembershfp Of this Board; con tanning, as Il
does, representative men OF ability ndfonR
experience in practical railroad service,
promises din ADMINISTRATION Of The pension
find not only to the best interests OF the
Stockholders, but 60 every employee Of the
company, no matter how humble his posi-.
tion, who comes Within the Jurisdiction a
the system.
LAST DAY Of February the shortest
month Ii the year,
IH