The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1909-06-05
PENSIONS FOR EMPLOYEES
cIeveland-cllffs Company Announces Details
OF New System.

OF new system.
The Cleveland Cliffs Iron company
has established pension system for
the benefit Of employees which has been
in effect since the first OF this year.
In an official announcement, just is
sued. the company states
The object of the pension system il
TO recognize the value Of long contin-
ued and faithful service and to In some
measure provide for those whose years
Of activity have been expended in the
service of the company, and who
through age, injury or infirmity have
become incapacitated for further labor
In connection with our work. 4"
The system il available TO employees
of the company's mining, land. fur
mace and numbering departments II
is stated further:
"All employees who have attained
the age Of seventy years and have
been in the service of the company
for twenty years or more. the last ten
of which shall have been continuous.
shall be retired and pensioned.
Amy employee who has attained the
age of sixty TO sixty-nine, and who
has been in the service of the company
twenty-five years or more, the last
ten years Of which have been contin-
nous. and who mas become incapicated
for further employment, may be retir-
ed and pensioned.
Amy employee who shall have reach
ed the age of sixtyfive years and has
been twenty-five years or more in the
service of the company, the last ten
years which shall have been contin-
uous. ,may at his own request be re-
tired from active service and become
elegible TO peuison.
"The monthly allowance paid each
person shall be on the following basis
"For each year Of service one per
cent Of the average monthly pay for
the ten years next preceding retire
ment. provided that the annual pension
disbursements for all persons shall not
exceed the amount available from the
pension fund set aside by the pension
board.
Should the aggregate pension al
lowance for two successive years ex-
coed the amount added for those two
years to the pension fund through APP
portionment and interest In absence OF
action by the board OF directors. a new
rate shall be established by the pension
board proportionally reducing all al
lowances. Notice OF change of rate
shall be given employees who are on
pension roll before he beginning OF the
fiscal year in which the change shall
become effective.
THE retirement Of employees shall
become effective on the first day OF the
calendar month. following the approval
OF retirement by the pension board
The acceptance OF a pension shall
not debar any retired employe from
engaging In any other business which
is not In the opinion of the pension
board preiudicial TO the interests OF
this company
THE amount Of pension will de
pend, as above stated, upon two condi-
tions the number Of years an employe
has served the company, and the
amount OF his average wages per
month. for the ten years preceding re-
tirement. Therefore, as an illustra-
ton. IL il is found that the average
monthly pay for the ten years next
preceding retirement 10 be- 500 90. and
the years service 20l6, the monthly
pension would be 90. 5 percent Of $50 90
or SI59 80 per month. II the average
earnings. as above should exceed
800. 90 per month, the pension payment
will be based on 800. % this being the
maximum wage on which the pension
allowance will be computed. but no
pension as above provided for shall be
less than $500 per month. "
The present members ofsthe pension
board are VIM. @. Mather. NJ. M.
Duncan. Austin Farrell G. " r..
Townsend. w. r. Belden and w. III.
MouIton. Mr.. Mather Is president and
Mr.. Moulton secretary.
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