The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-09
PENSION FUNDS
BY CORPORATIONS
GENERAL CAMPAIGN FOR REMUN-
ERATIoN Foa AGED on DIS
ABLED EMPLOYEES BEGINS.
FOLLOW MY LEADER
NEW YORK CITY CORPORATIONS
MAY FOLLOW PRECEDENT SET
ny STEEL AND TELE-
GRAPH COMPANIES.


lishment OF an old-age pension fund
jointly by Andrew Carnegie and the
United States Steel corporation in
1910, and the recent announcement
OF the American Telephone and Tele-
graph company that a similar and
mole liberal provision for employees
would be put into effect By tnat ousi-
ness organization on January /, 1918.
mas crysldllized IN Il general campaign
to Include these be..efIts in the BUSH
ness organizations OF other large cor
poratons having their headquarters
in this city.
Big Men at Head.
NO well defined step has been taken
openly by tnese corporations as yet.
but ii is known that the matter has
been under adYisement by the heaus
Of several Of the foremost organiza-
tons in the local business world, and
it Is expected that the termination Of
the present month wIll see a defiIrite
announcement as to the fate of the
project.
THESE large organizations have been
dCtudled II e. inside ration OF tne d n
sion s. stem Ly the obvious benefits
thai have accrued to the L Iltt states
Steel c0rpOI alton throuSh its ts.ab-
lishment IN the way OF sood viii and
appl ecidtite Effort on the part Il It's
empl yes.
The s.eel ind for old age pensions
was established in 1910 through the
joint action OF Andrew Carnegie and
the United States Steel cor!,,rntun.
The amount Of money SET ASIDE ny me
steel trust was SS,UG0,00J. #hiIe Mr..
Carnegie added si.0e0,04J, max ng d
total persi IN fund of 4I2,GGU,000.
Tn fund provided three ciasses
of pensions: First, pensions by COM
pulsory retirement. gtnntai 10 en-
pIoyes who have been t.ytEty wears or
longer IN the service. ana who have
reached The age of seventy years ! Or
M II and SIXTY years tcr woinen.
Second, pensions by retirement at
request, granted to employees who
have been twenty years or longer IN
the service ana hat q req filed the age
OF sixty years for men and hity years
for women.
Third. pensi ms for permanent IN
capaclty. gtdrted 10 employees who
have been twenty years or longer tn
the service ard have become perna-
nently iucapaeitated totally through
no fault of their own.
The Amount of Pensions.
The amount Of the allowances made
TO retired and disabled employees un-
les tban SI2 az nor rnnnth nor more
+har s1oo an ,ar rncpth The terms
MON which thn rensions shall be is
sled ara al ali tines suhiect to the
action Of the governing board II liz
also stipulated that the employe must
have given his entire time to the ser
: vice of the company in order to be
! eligible for the pens. on.
I Sfuch more liberal terms are en-
bodied in the S10.000.g0O provision
I n7ade ~, the American Teleuhone and
! rre1eataTh cfnuanv. Male employes
VIM have reached the age Of sixv
years and who have been twenty
& yeare ar more "a The service of the
i corncratIon or any If its subsidiary
o,..+1ari.e - Nv Teitre at non 47 i
The Inav also retire at the on,ion of
tho corIIanv when thew have reach
ad tho ave Of fftv-fye wears The
( nersion are Of female employees is in
+ eaob casa ave Years Younger than that
I If Tho rajcs ANY ntne ef.Il.>
/ haen thirty years in the employ of
+ the corporation may be pensiu ned
/ rneardIess of age. on the approval "
,be PRESIDENT ~ the corporation. The
minimum rersion will not be less thar
! 500 ner month.
In oddifi,n to these provisions. the
1 American Telenh ,ne and Telegraph
1 cornnany e,Inpiemen. s is straight old
aca re-, stons with far more liberal
s{cl. ana death benefits than those es.
= t,hrished nv the rJnited States Steel
! eorpcration,
! The regulations Of the steel trust
| fnna nroyide that an employe who
( bas tern in the service of the COM
49,, FOR twenty Years NAV be PEN
! strred at the discretion of the board
T ~ tr,'stees after total Interpretation
tbrouob m fault Of his own. The
. American TelaDhone and Telegraph
con,nanv pensiCn regulations provide
. ir-,,ranca benefits mn tn $1,000 in
cases where the enploye has met
/ dcath in the perfornance OF duties.
1 md nm IN 80 600 If he has met death
nuob accident or sickness outside
| ~ eervire Roth of these regufa-
! ,io,s Gro euhfect tn State regulation.
! u, C.so of Accidents
| T. tho csse ~ accidents occurring
l., IA aue r. Tho performance of duty
~ s,1aricap Teienhona and Tele-
frra,,b comnanv emnIaxa will receive
/ ,a+ot diearaity fuIi nav for thir-
/ ,,,an week ana half nav for the re-
ov,sar nS Al abtiiitv mn 10 siv Years.
! 49, up+i aha Ia earn a 1iveIih 1od.
Er,nloves Who are disa b,ed bv sick
$50 ar Incident outside Of the regu-
&; ss::" v si.* e Al. ri il: :;