Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1916-07-31
SWIFTS GIVE
TWO MILLIONS
10000 Men and Women Eligi-
BILE to Come Under Big
Pension Fund

Chicago, ILL.,, July 31.-Two million
dollars was the gift made by Swift L
Company to their employees to-day.
/ announcement of the accumulation
of this sum during the past six years
IN the form of pension fund occa-
stoned much qualification to workers
in the plants and branch houses in all
cities where it was made simultan-
eously. It is estimated that more than
10000 men and women are eligible, in
time, to come under the provisions of
the fund, which becomes active Au-
gust /.
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 100000 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. The
pension board as organized will con-
sist OF five members who are officers
or employees of Swift & Company.
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, to-
| day. In that time we have studied
dozens of pension plans in effect in
oNher organizations, both contributoryI
and noncontributory and we believeI
that we have selected the best points,
of these and have added number of
good features that are distinctive. Wei
have made it possible for every mani
and woman in our employ to provided
for his or her old age simply by givingI
efficient work and continuous service.
Points of Plan
The salient points of the plan as
outlined in the formal announcementI
to employees follow: The employees dol
not contribute to the fund; incomeI
from the S2,000,0 900 foundation fund.-
to be supplemented annually by Swift
& Company until the fund is largeI
enough to meet the necessary del
mands; more than 0,000 employees to-
benefit; men in the employ of theI
company twenty-five years, who haveH
reached the age of sixty may be pen-l
stoned; men in the employ of the'
company twenty-five years and whoI
have reached the age or sixty-hveH
shall be pensioned; women in service
twenty-five years, who have reached
the age of fifty may be pensioned !.
women in service twenty-five years,
4
shall be pensioned.
Employees in service fifteen years
and up to twenty-five years, who are
permanently incapacitated for work
may be pensioned; pension of those
retired on account of age and length
of service, or if incapacitated after
service of twenty-five years, but prior
to the age Of retirement, shall be one !
half of the average salary for the five
years preceding retirement; pension
of those retiring on account of inca
pacity after from fifteen to twenty-five
years of service shall be computed or
a basis of one and one-half per cent
of the average salary for the five-yea
period preceding retirement, for eacl
year of continuous service; no pen
sion shall be less than $240 per year
no pension shall be in excess of S., 900
per year.
The widow and children of an elig
ible employe shall receive one-half o
the pension to which an employe shall
be entitled at the time Of his death
In their efforts to work out a plaIs
which would be fair to all employees
the company have allowed employees
who were working for other concernI
absorbed by Swift & Company in thu
past, credit for the full length of thei
| services with those concerns prior t
their absorption.