The Waterbury Democrat., 1939-04-13
Small Loan Rates


 Hartford, Conn, April 13-(UP)- The legislative banks committee to- day took under consideration sever- al measures proposing reductions ir small loan rates following hearing during which committee members sought to learn lobbying expenses of the loan firms.
 Rep. E. O. Smith, R., Mansfield committee chairman, repeatedly asked questions as to how much John Buckley, Holland county Re- publican leader, and David E. Fitz- gerald, Democratic national con- mitteeman, received in previous sessions for lobbying for small loan companies.
 The questions were directed at Barclay Robinson, representing the Connecticut Association of Personal Finance Companies, opposing the rate reductions.
 Robinson promised to provide the committee with data showing how lobby fees are handled by small loan firms.
 Buckley was criticized in the Wa terbury grand jury report for small loan lobbying while a state liquor commissioner.
 The state banking department op- posed any change in the present law because of lack of security the companies have.
 Bill Of Rights
 Hartford, Conn, April 13-(UP) The Senate today placed on its calendar for discussion, probably next week, resolution urging Con- necticut's ratification of the bill of rights, first 10 amendments to the federal constitution.
 The resolution passed unanimous ly in the House late yesterday fol- lowing reading of a message by Gov. Raymond E. Baldwin, which point ed out the bill of rights followed closely Connecticut's fundamental orders adopted in 1850.
 Connecticut is the only state in the union never to have ratified the bill of rights.
 Gov. Signs Bond Bill
 Hartford, Conn.,, April 13-(UP)- Gov. Baldwin today signed a bill authorizing issuing of $450000 in bonds to construct new dormitories at Connecticut State college. NOR E
 Legislative Council Reports
 Hartford, Conn.,, April l3,-UP). The legislative councils commit tee to study retirement plan for state employees, reported to the gov- ernor today and offered bill which Gov. Baldwin said he would submit to the legislature for enactment.
 The report recommended:
 The minimum age before retire. ment be 50 for women and 55 for men.
 Disability retirement at half-pay after IS years of service.
 Permanent disability retirement at half-pay at any time.
 Maximum age of employment from threC years after passage oi the act, be 65 for women and 7( for men.
 Retirement because of maximum age be at the rate of two and one- half per cent for each year of serv- ice based on the average salary oi the last five years in cases of 2( years of service; retirement at half. pay after 25. years.
 That persons employed for 2( years and reaching the age of 7( receive hal--pay. Those having more than 25 years of service at retire ment age would receive an addition. al ten per cent for each added five years of service over 20 years.
 One-half of the cost of the plar would be paid by employees contri- buttons and the other half by state appropriations.
 Persons leaving the state employt before becoming eligible for pension could withdraw their contributions without interest. In case of death contributions would be assigned tt heirs of executors.
 The committee reported sos mer and women now are employed who would be eligible for retirement July l, 1949. Their average annua p ,nsion would be $850. Another 1,l2t would Ie eligible to retire before 1949 and receive an average annua pension of 1850.