Smyrna times., 1941-05-15

0On SOllClllOJ N1IOuL IOWD waiter
Mary Keller, Betty Cirrigione, Be
Also sharing but not shown are V
Eighteen members of the staff of
the Sears, Roebuck and Co., Dover
store, recently learned they will
share in a $4,136, 129 "pot Of gold"
representing that company's con
tribution to The Savings and Profit
Sharing Pension Fund Of Sears,
Roebuck and Co. Employees for the
fiscal year 1910.
This sum is the largest contribu-
ton ever made by Sears in the 25
years of the funds existence 1t in
cludes five per cent Of the com
pany's 1910 net profits before taxes
as well as special contribution of
S1,OOO,OOO.
AS a result of this most recent
contribution, the local Sears en-
ployes who are members of the
fund now have credited to their ac-
counts a total of $50 shares of
Sears stock. Based on a market
value of 725s, these shares are
worth a total of S6,188.
4 At a meeting at which individual
profit sharing fund statements
were handed out, H A. Ulrich,
manager Of the store, revealed that
as Of January 81, 1941 a total of
698,096 shares of stock We're held
in the fund nationally. This figure
represents over II per cent Of the
issued stock and made Sears en-
ployes through their participation
in the fund the largest holders Of
company stock. Based on the jan
uary 81 market value, 725s, the
funds current assets total $50, 1922
712.
THE 47,155 Sears employees who
are members of this fund have de-
posted S14,883, 524 to get this
credit of over fifty millions Thus
there is a difference of $35, 819, 188
between what the employees have
put in and what their deposits are
worth" Mr.. Ulrich pointed out.
/ AS explained by aMnager Ulrich,
a regular employee Of the company
becomes eligible for fund member
ship after a year of service. He
then is given the right to deposit
five per cent of his salary in the
fund No employee may deposit
more than $3.50 year, however.
Each year, Sears, Roebuck and Co.
contributes a sum equal to five per
cent Of its net profit. The combin-
ed amount is invested, from time to
time, in Sears stock.
1.-The attractiveness of the plan is
attested by the fact that over 80
per cent of eligible employees are
members of the fund.-" said Mr.. I'll
rich.
During the quarter of century
of the funds operation, the 88,74O
employees who retired, died or
otherwise left the employ of the
company. or who made partial
Withdrawals as provided by its
rules, had put in S14,706,161 and
had withdrawn the equivalent of
S62,861 ,781 in cash or stock-a
profit to them, at the time of with
drawal. of over S48,000,000."
ITO sum up" he said, Sears
employees, past and present, have
deposited S29 ,5S9, 685. The company
has contributed $37,648,949. The
combined assets of the fund (both
those drawn out and those remain
ing in the fund, the latter with
market valuation of S72.62 q
shared on January 81, 1941, were
S113, 564, 493. In short, the employ
es savings, on this computation
have increased almost $84,0OO,ooo
During 1910 the Sears concern
spent an estimated $10,781,1 29 fol
voluntary employee benefits, over
and above it's record payroll OF
$40, 768, 900. Besides the proh'
sharing fund, these benefits includ-
ed paid vacations, paid holidays
, employee discounts, illness and sep
aration allowances. The amount
, expended by the company foi
/ these benefits was $2,013,5O7 more
than in 1889.
In addition, during 1910, Scar:
: paid out 81 ,594, 652 for such legally
f imposed employee benefits as work
: mems Compensation Insurance
! Unemployment Compensation tax
es and Federal Old Age Beneh'
r taxes. This figure represents al
5 increase Of SS36,172 over 1889.