The Bridgeport evening farmer., 1916-08-01
SWIFT & CO.'S EMPL0YES WILL
 HAVE PENSIONS
Employees Not Taxed at All for Great Fund Provided by
 Meat Syndicate.
MANY BRIDGEPORTERS
 SHARE IN BENEFITS
After Six Years of COnSidera-
 tiOn, Plan Is Formally Announced Today.


 made by Swift & Company to their employees yesterday. Announcement of the accumulation of this sum dur ing the past six years in the form of a pension fund occasioned much grati- ficatioh to workers in the plants and branch houses in all cities where it was made simultaneously. It is esti- mated that more than ,000 men and women are eligible. in time, to come under the provisions of the fund, which becomes active August 1.
 One of the striking features of the plan as outlined is that the employees do not contribute to the fund, the company furnishing absolutely all money needed to pay pensions. In this connection it is expected that Swift & Company will be called upon to pay $400,000 year in addition to the income from the fund, in order to meet the demands.
 In Chicago alone 5000 persons will come under the plan as outlined. Of these a number are already eligible and their cases will be passed upon by the board of pension trustees with in a comparatively short time. In Bridgeport there are about 25 em-
  ployes.
 The pension board as organized will consist of five members who are officers or employees of Swift & Go. They are to be appointed annually by the board of directors to serve one year until a successor is named. The board will elect chairman and secre- tary. The treasurer of the company is ex-officio treasurer of the fund.
 Swift & Company have had a pen sion plan under consideration for over six years and during that time have accumulated for the purpose a fund of two million dollars said Louis F. Swift, president of the company, yes- terday. 'In that time we have stud jed dozens of pension plans in effect in other organizations, both contribu- tory and non-contributory and we be- lieve that we have selected the best points of these and have added a num- Der of good features that are distinc- tive. We have made it possible for every man and woman in our employ to provide for his or her old age sim ply by giving efficent work and con- tinuous service. It has been the aim of Swift & Company to tie it's em- ployes to itself in many ways. We have worked to that end for years be- cause we believe that our employees become more valuable to us with ev- cry year of their continued service The pension plan is our scheme for rewarding this faithful service" The salient points of the plan as outlined in the formal announcement to employees follow:
 The employees do not contribute to the fund.
 2-Income from the $2,000, 900 foundation fund is to be supplement- ed annually by Swift & Company un- til the fund is large enough to meet the necessary demand.
 3IMore than 330,000 employees to benefit by the announcement 4-Men in the employ of the com pany twenty-five years, who have reached the age of sixty may be pen stoned.
 5-Men in the employ of the com pany twenty-five years and who have reached the age of sixty-five shall be pensioned.
 6-Women in service twenty five years, who, have reached the age of fifty may be pensioned.
 7-Women in service twenty-five years, who have reached the age of fifty-five shall be pensioned. 8-Employes in service fifteen years and up to twenty-five years, who are permanently incapacitated for work may be pensioned.
 9-Pension of those retired on &C., count of age and length of service, or if incapacitated after a service of twenty-five years, but prior to the age of retirement. shall be one-half of the average salary for the five years pre- ceding retirement.
 10-Pension of those retiring on ac- count of incapacity after fifteen to twenty five years of service shall be computed on a basis of 1 1-2 per cent of the average salary for the five year period preceding retirement, for each year of continuous service.
 11-No pension shall be less than $240 per year. -7
 12-No pension shall be in excess of $5,00G per year.
 13-The widow and children of an eligible employe shall receive one half of the pension to which an em- ploye shall be entitled at the time of his death. In their efforts to work out a plan which would be fair to all employees, the company have allowed employees, who were working for other concerns absorbed by Swift & Company in the past, credit for the full length of their services with those. concerns prior to | their absorption.