St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1909-04-14
p9ilrOad Pension System.

O1olN4--
Employees
FDoNIAN takes pleasure in print
nv ,onv of the bill which is now pend
ing ~ the Massachusetts, legislature
ing . al; for the establishment of CO.
PIos,4;;ye pension system between the
0PeIa 6, Maine Railroad and its en-
D BOSS The bill is the result of careful
plo!vegb, and consideration on the part of
i ,.s Rich and Hale of the legal staff
ME- t.Ia Roston & Maine assisted by Mr..
Bradley, insurance actuary IN comptrol,,
iors dcpartment ION the one hand), and
l tiI. nension committee assisted by Louis
ms BPrandeis counsel for the committee
Ion the other).
e.at PRINCIPLES, owing to the fact that no
n. .ob Potber plan concerning railroad
SUD- SUD It's employees was in existence in the
a a.G states and absence of data and
S. l-1t bearing on the subject rendered
tLe Undertaking especially difficult.
ANACT
To authorize the Boston and Maine
~ PaIroad and its employees to establish
aCo.oDerative Pension System.
Section |. In this Act, unless the
context otherwise requires:
'' IaI The word Railroad" means the
poston and Maine Railroad, its success
sors and assigns.
Roard of Directors of the Boston and
Maine Railroad.
lc1 The word Association" means
+be Pension Association.
IAN The word Trustees" means the
Roard OF Trustees of the Pension System.
lei The words pension System"
mean the machinery established by this
Act for the payment OF pensions.
N The word employees" means
regular employees and salaried officers.
7p) The word wages" means salary
or wages.
lh The word "annuities" means the
pavments for life derived from the money
deposited by the employees.
II The word pensions" means the
payments for life derived from the money
contributed by the Railroad.
u The words regular interest"
mean interest at three per cent. per an
mum compounded semi-annually on the
last days of June and December and
reckoned for full three and six months
periods only.
SECTION ii. The Railroad may, in
conjunction with its employees, establish
a system for the payment of pensions to
its employees as hereinafter set forth, to
be known as the Boston and Maine Pen
sion system. This Pension System shall
be established if and whenever votes to
establish the same are duly passed.
On By the Directors, and
(2) By vote of two-thirds of the
employees voting thereon; the vote to
be taken in manner to be determined
BY the President of the Railroad.
A copy of the vote of the Directors
certified to by the Clerk of the Directors
and a copy of the vote of the employees
sworn to by the President or a Vice
president of the Railroad, shall, within
thirty days respectively after such vote,
be filed in the Office of the Insurance
Commissioner of this Commonwealth OF
Massachusetts,, who shall, forthwith,
issue certificate that the pension sys-
TEN is declared established, to become
operative on the first day of July, fol-
lowing the expiration of ,three months
after the date of certihcate.
THE PENSION ASSOCIATION.
SECTION III. A Pension Association
shall be organized as follows:
~ All employees of the Railroad on
the date when this Pension System is
declared established by the issue of the
certificate as provided in Section II, may
become members of the Association.
On the expiration of three months
from said date every employee shall be
considered to have elected to become,
and shall hereby become, member, I'M
less he shall have voted against the ac-
ceptance of this Act, and also shall have,
within that period, sent notice in writ
ing to the President of the Railroad that
he does not wish to join the Association.
(2) All employees who enter the SER
vice of the Railroad after the date when
the System is declared established shall
become thereby members of the Associa-
ton.
(3) Temporary and joint employees
may be excluded from membership I'M
der adopted the rules by the Trustees.
az Any member reaching the volun-
tary age limit provided for in Section "
-(S), may retire or be retired by the
Railroad from its employ; any member
reaching the compulsory age limit must
so retire unless the Directors and the
Trustees shall decide otherwise.
THE BOARD OF TRUSTEES.
SECTION ". ~ The management of
the Pension system and the care and in
vestment of its fund are hereby vested IN
a board of seven trustees, three OF whom
shall be appointed by the Directors, three
elected by the Association in manner
to be determined at the first election by
the President of the railroad, and the
seventh chosen by the other six members.
The three Trustees who represent the
Pension Association shall, after the first
election, be elected in manner to be de-
termned by the Trustees. The three
trustees originally appointed by the
Directors shall serve, one for three years,
one for four years, and one for FIVE years;
the three Trustees elected by the Associa-
ton shall likewise serve one for three
years, one for four years. and one tor tve
years. Thenceforth the term of office OF
the three Trustees appointed by the
Directors and the three Trustees elected
by the Association, shall be three years.
The term of office of the seventh Trustee
shall be one year Each Trustee shall
hold Office until his successor is chosen
and qualities. On a vacancy occurring
In said Board of Trustees whatever the
cause, or on the expiration OF the term OF
office Of a Tructaa the successor to the