Evening star., 1939-03-10
Larger Age Pensions
Urged for Persons
Soon 10 Retire
N. A. Linton Speaks at
Dinner of Chartered
Life Underwriters

Sweeping changes in the old age
provisions of the Social Security
. Act. including larger pensions for
workers soon to retire, were urged
by M. A. Linton, president of the
Provident Mutual Life Insurance
Co. of Philadelphia, in an address
on Making Old Age Security Work"
at the annual dinner of the District
of Columbia Chartered Life Under
writer's Association at the Carlton
Hotel last night.
Mr.. Linton told more than 200
leading business and professional
men of the Capital the Federal plan
for old age security should be re-
garded as a great program for social
welfare, rather than as a Nation
wide savings plan, at the same time
registering vigorous opposition to
the building up of a huge reserve
far in excess of current needs.
The guest speaker was introduced
by Dwight L. Scott, president OF the
District Association, who announced
that Mr.. Linton was appointed a
member of the Social Security Ad-
visorv Council by the United States
Senate, that he is former president
of the Actuarial Society Of America
and former chairman of the Life In
surance Sales Research Bureau OF
Hartford. He is also noted writer
on insurance subjects.
Present Form Held Ineffective.
Although the old age provisions OF
the Social Security Act are valuable
for having broken the ice in an at
tempt to provide an old age income
for the country's workers, they can
hardly be made to work effectively
in their present form, Mr.. Linton
said.
"An immediate necessity" Mr..
Linton said, SIS that larger pensions
be paid to workers now about to
enter into retirement Under the
present plan far too many workers
who have contributed to the fund
will receive less than persons re-
ceiving old-age assistance through
the non-contributory plan supported
Jointly by the State and Federal
Government.
Furthermore, it is estimated that
only so per cent of the working
population is effectively covered
under the present provisions of the
act. 1t the act Is to work, domestic
and farm employees should be in
cluded in the system as soon as
practicable plan can be developed.
Seamen, employees of national banks
and employees of philanthropic Or
ganizations should certainly not be
debarred
Says Reserves Exceed Needs.
"Of paramount Importance is the
elimination of the present topheavy
reserve plan, which calls for present
payments far in excess of current
needs in order to build up a gigantic
reserve fund to furnish interest to
be used to pay pensions many years
hence" Mr.. Linton asserted. AL
though some small reserve is de-
sirable, it should be the aim to collect
only sufficient revenue through taxes
as will provide comfortably for cur
rent pensions"
Difference of opinion is bound to
develop with reference to the in
crease of so per cent scheduled to
be made at the beginning of next
year in the payroll taxes" Mr.. Lin.
ton said
The dinner was the largest yet
held by the association. which is
composed Of graduates of the Amer
lean College Of Life Underwriters.
In addition to President Scott, the
officers are H. Cochran Fisher, vice
president, and T. Allan Maphis. sec
retary and treasurer. j. Hicks Bald
win was chairman of the Dinner
Committee and James A. De Force
press representative.
Joseph E. Reese, national presi-
dent of the association, spoke briefly.
The guest list follows:
Addison q n sr Atwood A,hArt W