Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1916-08-01
SWIFT & CO. s
PENSION PLAN

Hearts of nearly 5000 employees of
Swift & Company in Chicago and of
more than 22,G00 in addition employ
ed at other plants and branch houses
in other cities of the United States
were made glad yesterday 0y an an
nouncement that s2,000000 accumu-
lated during the past six years IS
set aside by the company as the
nucleus Of 4 pension fund. TIE plan
becomes operative today.
one of the features of the plan. as
rounced by Louis f. Swift. president
of the company, was that the en-
ploves do not contribute to the fund
and that in addition to the income
from the S2,000,000 fund 100000
year will he added by the company
to care for the demands upon it.
"All we ask of our employees is that
they give us efficient and continued
service" said Mr.. Swift. yesterday
when a man or woman has been
with us without a break for twenty
five years. and has reached the age
If sixty for the man and fifty for
the woman we believe that he or
she is entitled to "A rest Swift &
Company haze been considering the
various pension plans in operation in
other corporations for many years.
ard we have chosen. | believe. the
best features of these and added some
ea.uceS Of our own that are distinc
tive. " hon our empoyes stick to us.
we intend to stick to them. and we
believe that we can best show our
appreciation by providing for their
comfort in old age
Tho noncion board as organized will
consist Cf five members who are of
ficeTs or employees of Swift & Com
panN They are to &c appointed an
nually Ky tie hoard of directors to
serve one y'eat or until a successor is
named. The board viii elect chair
man and secretary. Tho treasurer of
he company is cX-officio treasurer of
| the fund.
The salient points of the plan as
| outlined in the formal announcement
| to employees follow:
| The employees do not contribute to
| he fund.
Income from the s2.OO0.ooo founda-
ton filrd is 10 be supplemented an
nual;v by Swift & Company to meet
he necessary demands.
| More than 10000 employees benefit
| ted by the announcement
| Men IN the employ of the company
| twenty-five years. who have reached
'ke age of sixty may be pensioned.
| Men in the employ Of the company
twenty-five years. and who have
reached the age of sixtyfive shall
be reGsiorod
Women in service twenty five years
WHO have reached the age of fifty
may 10 pensioned
Women in service TWENTY-FIVE years.
who have reached the age of fifty
five snail he pensioned.
Employees in service fifteen years
AMI NJ TO twenty-five years. who arc
ncrmanentlY incapacited for work
may .bc pcnsioned.
Pension of those retired on account
If age ard length of service. or if
lincanacitated after service of TWEEN
ty-fiNc years, hut prior to the age of
retirement, shall be one-ha,f of the
average salary for the five years pre-
ceding retirement
| Pension of those retiring on ac-
count of incarac;tv after from fifteen
to twenty-five years of service shall
ne computed ON a basis of l IL per
cent Of tho average salary for the five
wears period preceding retirement, for
, leach year of continuous service.
No pension shall De less than $240
wear.
No pension shall be in exoes OF
IS eco wear.
TIE widow and children of an
eligible emnlcve shall receive one-half
. OF Inc Pens lcn 10 winch an employs
, shall be entitled at the time of his
, death.
In their efforts 10 work out a plan
which would be fair 10 all employees
the company have allowed employees
: who we've working for other concerns
Iahscrhed by Swift e Comapny in the
past credit for the full length of their
-o-a'ice with these concerns prior to
their absorption.