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

SAID lunds; provided, however, that all
funds received by the Trustees not re-
qulred for current disbursements shall
be invested in the same classes of securi-
ties and IN the same manner as the CAPT.
tai OF domestic insurance company,
other than lie, is, or may hereafter be,
required to be invested by the laws of
Massachusetts. They may, whenever
they sell such securities, deliver the
securities so sold upon receiving the pro-
ceeds thereof, and may execute any and
all documents necessary to transfer the
title thereto
AZ The Trustees shall have power to
make bylaws and regulations not incon-
sistent with the provisions of this Act,
and to employ such clerical or other as
sstance as may be necessary for the full
flment its purposes.
(5) The Trustees shall, subject to the
joint approval Of the Insurance Commits
sioner and the State Actuary of this
Commonwealth, adopt one or more NOR
| tally tables, and one or more tables rep
resenting as nearly as may be the rates
Of withdrawal of employees from the
service of the Railroad for reasons other
than death, and determine what rates of
interest shall be used in connection with
such tables and subject to like approval
may modify said tables to more accu-
rately represent the experience of the
pension system, or may change said rates
of interest and may determine the ap-
plication of the charges so made.
(6) The Trustees may, from time to
time, change the rate of regular interest
and determine the application of such
charges.
~ The Trustees, subject to the ap-
prevail of the Directors, shall define the
words Continuous service" for the pur-
pose of this Act.
Is; The Trustees shall, subject to the
approval of the Directors,-(a) classify
the employees and establish for each class
voluntary and compulsory age limits;
and may from time to time change these
age limits; o. determine what period of
continuous service in the several classes
mentioned above, shall entitle member
to retire and receive an annuity under
| the provisions of Section vi ~ before
reaching the voluntary age.
(9) The Trustees shall, in September
of each year. unless for cause the lnsur-
ance Commissioner shall have granted
an extension of time, file in the office
of the Insurance Commissioner state
ment sworn to by at least five of the
| Trustees. which statement shall exhib-
| it the financial condition of the Pen
sion system on the thirtieth day of the
preceding June, and its financial transac-
tons for the year ending with said day.
Such statement shall be in form ap-
proved by the Insurance Commissioner
and the State Actuary, and shall show
among other things the liability of the
Pension System on account OF the follow
ing items:
A. DEPOSIT RESERVE:
The total of the deposits of the men,
bers actually received by the Trustees
under Section Y (2) A, and held subject to
withdrawal by such members.
B. INTEREST RESERVE:
Regular interest on such deposits.
c. ANNUITY RESERVE:
The net value of the annuities entered
upon under Section VI on the basis of the
mortality tables and interest rates pro-
vided for in this Act.
D. PENSION RESERVE:
(a) The net value of the pensions tc
be paid under Section VI 81 A, on the
basis of the mortality and withdrawal
tables and interest rates provided for il
this Act.
(b) The net value of the pensions
entered upon under Section VI on the
basis of the mortality tables and interest
rates provided for in this Act.
E. RESERVE FOR ADDITIONAL
ANNUITIEs:
The total of the deposits of the mem
bers actually received by the Trustee:
Section V ~ with such interest as the
Trustees determine shall have beer
earned on such deposits
F. GIFTS AND REQUESTS;
The amounts received as gifts and be
quests and held under the terms of sucf
gifts or requests.
g. EXPENSE AND CONTINGENT FUNDS:
(a) The unexpended portion of the
amounts received under Section Y ~.
(b) The contingent fund.
H. OTHER LIABILITIES.
(a) The amount contributed by The
Railroad under Section V (2) B (c) and
not distributed
(b) All other liabilities.
l. SURPLUS:
The surplus arising from annuity de
posts and pension contributions and the
sums contributed by the Railroad all as
provided for under Section V (2) (b).
(10) Five of the Trustees shall consti
tute quorum, and no act of the Trus-
tees shall be valid unless authorized by a
vote of at least five members of the
Board.
THE CREATION OF THE PENSION
FUND:
SECTION V. The funds of the Pension
system shall be raised as follows:
(1) EXPENSE AND CONTINGENT FUNDS
A. Each member on joining the Asso-
citation shall pay an entrance fee of one
dollar and in addition thereto shall,
after his first year, pay an annual men,
bership fee of fifty cents. =,
B. Each month the Railroad shall
contribute an amount equal to what has
been contributed by the employee during
the preceding month, under paragraph
of this Section.
(2) ANNUITY AND PENSION FUND:
A. DEPOSITS BY MEMBERS: