Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-12-28
One Per Cent. of salary.

percentage of the average compensation
of the person p%ensioned.
One Per Cent. of Salary.
This is to be for each year of service
i per cent. of the average salary for
the ten years preceding retirement, but
with the proviso that no pension shall
be less than S240 per year. AS an ex-
ample to show how the plan will work
out: An employee whose annual salary
for ten years had been s1,2 0 and whose
continuous service had been thirty
years would, on retirement. receive
thirty times 1 per cent. of $1,000, or
1850 a year. On the other hand, the
employee who had received SIS a week.
or $3.50 a year, and retired on pension
after twenty-five years service, in
stead of getting twenty-five times l per
cent of $3.50, or $195 per year. would be
awarded the minimum pension OF $24O
per year. In this way many OF the
employees will receive more than the
percentage basis would entitle them to.
1t is. further provided hat If an
eligible employee does not voluntarily
retire when he reaches the age of CD
years he may. If he likes, do so at any
time before reaching the compulsory
retirement age of 10. Special cases of
great hardship may be taken care of
by the directors ever though they are
not covered by the pension rules.
AS to the insurance feature, 1t Is
provided that $500 shall be paid at
death to the personal representatives
of permanent employees whose compen-
sation at the time of death did not
exceed 1900 per year. Those receiv-
ing more than 1900 a year will not
come within the scope of the insurance
plan, but with the others the insurance
is to become effective In the beginning
as to all employees who remain con-
tinuously in the service up to the time
of death. AS to employees entering the
service after the plan goes into effect,
insurance rights shall not be acquired
until the expiration of one year, and
shall then be dependent upon continu-
Gus employment.
Bar immortality and Drunkenness.
In the payment of benefits to sick or
injured employees. 1t Is stipulated that
no money will be given in cases where
the disability Is due to immoral con-
duct or the use of intoxicants. Nor
Will the employees who receive $1,000
per year or more, and those whose reg
ular pay is continued during disability,
share in the sick benefit fund. All 9TH
ers will, after the first week OF dis
ablement, be paid at the rate of one
dollar a day for not more than ninety
DAYS In any n year. Employees re-
ceiving a pension will not be entitled
to sick benefits also, but retirement on
pension will not deprive n employee
of the benefits of insurance.
+ The administration Of the beneficial
funds has beer placed in the hands of
a welfare committee, which consists OF
the president, the second vice-president,
who is chairman, the treasurer and the
general claim agent. 1t is figured that
for the first Jour years at least the
companies will have TO spend annually
for pensions $12, 900, for insurance $21,
600, for sick benefits $4,000, a total of
$51. 800. The necessary money will be
appropriated annually, properly appor-
toned among the several companies
and charged to operating expenses.
It Is not intended that the establish
ment of the new funds shall curtail
he social diversions provided by the
companies for the men. On the con-
trary these are to be carried on as in
the past, being left to h manage
ment Of the men themselves, under the
guidance of the operating officers. the
company bearing. separate and apart
from the new funds, whatever portion
of the expense of such entertainments
as may be thought desirable.
Existing benevolent associations
49, ---4-~
on the plans adopted by the com
panies. So far as the companies are
concerned such associations nay be
continued or dissolved as the employees
see fit, as their continued existence will
In no way interfere with the operation
of the company plans.