The Penn's Grove record., 1913-01-03
The Pension Plan of the Dupont Co.

The Pension Plan of the Dupont Co.
The Review, an insurance, commercial
and financial journal, in the issue of De-
cember 18th contains All interesting des-
cription of the pension plan of E. l. du
Pont de Nemours Powder Co. The Re-
view says:
1.-The board of directors of the E. 1.
du Pont de Nemours Powder Co. on
March LIST, 1912, adopted a plan for the
retirement of employees on a pension bas-
is. This %company's plan by reason Of
its simplicity affords a sharp contrast to
the complicated systems in use by other
corporations. 1t provides that employees
who have been continuously in the COM
psny9s service for a period OF 15.years or
longer may apply or be recommended for
a pension. The monthly payments al
lowed to pensioners are equal to II per
cent for each year OF service Oh the high
est average monthly pay of the employe
during any year of the last ten consecu-
tive years of service. For instance, a
person who's highest average monthly
wage for any year of the last ten consecu-
tive years has been $50 and who has been
20 consecutive years in the service,
would receive II per cent. of $50, or rs
cents multiplied by 20 years, or $l5 per
month.
"The rules and regulations adopted by
the pension board are in part as follows:
Employees of companies which have
been or hereafter may be acquired by the
company by lease or purchase will be
deemed to have been in the service of
this. company from the date when they
entered tile service OF the companies so
acquired.
"'No person shall be allowed a pension
if during the Is years preceding his or
her retirement, he OF she shall have been
engaged in any business or employment
that iii the Judgment of the board has
detracted from the value OF his or her
service to this company.
1hC DOalo may dCHyt ICFOHO VI
withhold a pension allowance to any en-
ploye or pensioner whenever it shall
deem such employee or pensioner unde-
serving.
GA person whose name does not ap-
pear OH the pay rolls of this or acquired
companies for any two consecutive
n,Optbc oboll bo hold to bavo loft ;to Gov
| vice, except that absence from the service
pursuant to leave OF absence duly grant
ed, or by reason Of suspension or dismiss
al made necessary by idle mills or reduc-
tion OF force shall not be held to be a
break in continuity of service. In case
of unemployment of any person so held
! to have left it's service he or she shall Tor
the purpose of the pension plan be con-
sidered a new employe.
"'Absence from the service solely OH
account of illness or injury or by written
permission OF competent authority shall
be held to be a break in continuity of
service.
extensions authorized pursuant to
these regulations. unless revoked, shall
be paid monthly, commencing with the
first day of the calendar month after re-
tirement, and shall terminate at the
death OF the pensioner. Pensions shall
be non-assignable.
con receiving written consent of this
company, but not otherwise, a pensioner
may engage in other business.
"'In case All employe shall be in the
service of this company and also in the
service OF some other company or in
terest, only the moun of the monthly
salary paid Or contributed by this com
pany shall be considered in fixing the
amount OF pension for such employee
"As the pension department OF the
company has been conducted for less
than a year, no figures are yet available
showing the results of its operation.
"The E. l. du Pont de Nemours
Powder Co. is a New Jersey corporation
formed in 1908 by Il consolidation OF the
various explosive manufacturers controll-
ed by the du Poht interests. The main
office is in Wilmington, Del. An &C.
count Of this compsny's profit-sliaring
plan Tor employs was printed in these
columns Oh November 18th"