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

the sum of that portion of the interest
reserve released by the withdrawal OF
members under Section TX (D and the
interest earned during the year ending
June 30, next preceding, on the deposit
reserve, less the amount necessary to
maintain, during said year, the said in
terest reserve; the said surplus arising
from annuity deposits, such excess shall
be forthwith paid over to the Railroad.
For the purposes of this paragraph the
Trustees shall adopt, subject to the
approval of the Insurance Commissioner,
and the State Actuary, an equitable
method of determining the excess inter
est and the gain from mortality and
withdrawal mentioned therein.
(c) Each month the Railroad shall
contribute such amount as the Trustees
determine to be necessary to pay current
pensions under VI ~ B; provided,
however, that it may contribute in any
month instead Of the sum so determined
by the Trustees, a greater or less
amount, if, in the opinion of the Di-
rectors, the interests of the Railroad
so require; provided, also, that any
amount so contributed for any month
and not needed for pensions for that
month, shall be credited to the contri-
button of the Railroad for the succeeding
month.
(3) FUND FOR ADDITIONAL ANNUITIEs:
Any member may authorize the Rail
road to make additional deductions
from his wages, to provide for addi-
tional annuities as provided for in
Section vi a..
AZ PROVISION FOR PAYMENTS:
A. All amounts payable By members
of the Association under paragraph O,
(2) and (3), of this Section, shall be
deducted by the Railroad from the
amounts payable to them as wages, as
often as the same are payable, and shall
be Immediately paid over by it to the
Trustees.
B. All accrued obligations on the
part of the Railroad, under paragraphs
u and (2) of this Section, shall be pre-
ferred claims against the Railroad in
like manner as claims for unpaid wages
are or may be preferred.
DISTRIBUTION OF FUNDS.
SECTION VI. The Trustees shall adj
minister the funds of the Pension System
in accordance with the following plan.
| (1) EXPENSE AND CONTINGENT FUNDS
The funds raised under Section V O
shall be used, so far as is necessary, for
the payment of expenses of management.
| The proportions not so used, If any,
Il, III 80 ha tn n
contingent fund.
(2) ANNUITY AND PENSION FUNDS
A. REFUNDS:
| (a) Should a member of the Association
cease to be an employee of the Railroad
from any cause other than death before
becoming entitled to a pension, there
shall be refunded to him all the money
which has been paid in by him under
Section V (2) A, without interest.
(b) Should a member of the Associa'
ton die before becoming entitled to a
pension, there shall be paid to his Legal
representatives all the money which has
been paid in by him under Section Y ~
A, with such interest as the Trustees
determine shall have been earned or
such deposits.
B. ANNUITIEs DERIVED FROM EN-
PLoYEEs' DEPOSITS:
ANY member OF the Association who
completes the service period as deter
mined by the Trustees under the provi
sions of Section " Isl [b], and any
member who reaches the voluntary agt
limit, and then or thereafter retires Oh
is retired shall receive the annuity tt
which the sum of his deposits under Sec
ton V ri A, with regular interest, shall
entitle him, according to the table:
adopted by the Trustees, in one of the
following forms:
[al A life annuity payable monthly
Tbl A life annuity payable monthly
with the provision that in the event o
the death of the aunuitant before receiv
ing payments equal to the sum at tht
date of his retirement, of his deposit:
under Section V ri A, with regular in
terest, the difference shall be paid to hi:
legal representatives.
| c. PENSIONS DERIVED FROM CoNTRI
BUTTONS BY THE RAILROAD:
| fall PENSIONS BASED UPON SUBSEQUENT
SERVICE:
ANY member entitled to an annuity un
der paragraph 2 shall receive in addition
thereto a pension for life payable month
ly equivalent to that annuity; to be paie
out of the fund contributed by the Rail
road under the provision of Section '
ri B, [a].
fb1 PENSIONS BASED Upon SERVICE:
Any member of the Association who
completes the service period as deter
mined by the Trustees under the provi
sions of Section " Isl [bl, and any
| member who reaches the voluntary age
limit and then or hereafter retires or is
retired, shall receive in addition to other
payments a pension for life payable
monthly equivalent to the annuity to
which he would have been entitled had
deductions been made from his wages
during his years of continuous service
Immediately prior to the date when this
Pension System was declared established
at the same rate as shall have been first
adopted by the Trustees, and had such
| deductions been accumulated with regu.
lar interest; provided, however, that, il
for any month the Railroad pays the
greater or less amount provided for in
Section V ri B [bl, then the pension
payable under this paragraph shall, for
such month, bear the same proportion
to the pension as computed above, as the
amount determined by the Trustees.
For the purpose of computing any
pension payable under the preceding
paragraph, the Trustees may estimate