The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-01-26
TAKE CARE OF
ACED,' is PLEA
OF COMMITTEE
!. S. Chamber of Commerce
Recommends Pensions
and AnnuitieS.

Retirement annuities and old age
pensions have been recommended
by committee Of the United
States Chamber of Commerce, per-
sonnet of which include representa-
lives Of business organizations with
billions of dollars of capital, en-
ploying hundreds Of thousands Of
men and women, it is revealed in
an exhaustive report released by
the chamber at Washington.
Redfield Proctor of Vermont Mar
BILE Company, Proctor, VT, was
chairman Of the committee, which
included Otto P. Deluse, president
of the Western Furniture Company
Indianapolis, and the following:
NJ A. Cudlp. vice president and Sec
rotary, Packard motor Car Company. De.
frolt, Ernest q. Draper, vice president
HIS Brothers Company. New York; II. W
adeiphia: James W. Glover, Teachers In
surance and Annuity Association, New
York; Charles w. Gold, president, Pilot
Life Insurance Company, Greensboro, N
C.: C. J. Hicks. executive assistant to the
president. Standard Oil Company of New
Jersey; Leroy A. Lincoln, vice-president
Insurance Company, New York; r. Y
Massey, vice-presdent, Pennsylvania rail-
road Philadelphia John W. O'Leary. vice
chairman of the board, Central RepuoHe
Bank and Trust Company, Chicago: G. O
Sheriff., vice president, Kroger Grocery
and Baking Company CINCINNATI Ineo-
Company. BIRMINGHAM. Ala. and Harold II
Swift. vlce-presdent. Swift q Co.
Chicago
A thorough study and survey OF
the condition of dependent aged,
and plans for relief and financial
aid was made by the committee dur
ing the past year.
BY Special Committee
The report of the group, desig-
mated as the special chamber COM
mittee on employees retirement an
nuities, reads in part as follows;
Regard for the personal inter-
ests of their employees, for the well
fare OF society in general and Tor
rfficient administration of their own
enterprises should prompt employers
to develop some method for aiding
in providing for the financial Sc
curity of their superannuated en-
ployes.
Insofar as state or municipal old
age pension or relief acts make pos
sible the more humane and more
efficient care of the aged and i'm
poverished citizens, such acts, when
properly safeguarded by rigid eligi-
bility requirements and restricted
TO the relief OF INDECENT, serve a
valid social purpose and are not
detrimental to the interests of
American business.
a. Problem Intensified
The same conditions which led to
the development of private COM
pany retirement plans, namely, the
transition of the United States from
an agricultural to an industrial ma
ton, and the increase in the pro-
portion of aged citizens to the total
population, have intensified the
problem of old age relief.
There are in the United States
approximately 5000, 900 persons aged
65 years or more. 1t has been eSti-
mated that between Is to 80 per cent
of these persons are without suffic-
lent financial resources to maintain
themselves at the minimum level
Of subsistence"
Continuing, the report states that
old age pension laws are needed
despite annuities granted by en-
ployers, as many needy persons
would be left without help should
it be restricted solely to veteran
employees.
The committee calls attention to
the seventeen states in which old
age pension laws are in effect, stat
ing that the earlier of these laws
are modelled after a plan Endorsed by