bls_1373_1963.pdf

D i g e s t o /

50 Selected Pension Plans —

for Salaried Employees, Spring 1963

UNITED STATES DEPARTMENT OF LABOR Bulletin No. 1373W. Willard Wirtz, Secretary

BUREAU O F LABOR STATISTICS Ewan Clague, Commissioner

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Digest of

50 Selected Pension Plansfor Salaried Employees, Spring 1963

V---- ------------ 7

U K

Bulletin No. 1373August 1963

BUREAU O F LABOR STATISTICS Ewan Clague, Commissioner

UNITED STATES DEPARTMENT O F LABOR W. Willard Wirtz, Secratary

For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington 25, D.C. - Price cents



Preface

This bulletin describes the principal features of 50 selected pension plans in effect in the early spring of 1963 covering salaried employees. It is designed to serve as a companion publication to the Bureau's Digest of 50 Selected Health and Insurance Plans for Salaried Employees, Spring 1963 (BLS Bulletin 1377, 1963).

These 50 plans are not presented as model or typical plans, nor as a representative sample. They were selected to illustrate the plans of one or more major employers in each industry. All but one plan cover large numbers of workers; they range in size from coverage of a thousand workers to several hundred thousand.

The present bulletin— the Bureau1 s first digest of pension plans covering salaried workers— supplements the Bureau’ s Digest of One-Hundred Selected Pension Plans Under Collective Bargaining, Spring 1961 (BLS Bulletin 1307, 1962). It is expected that both of these digests will be revised at fairly regular intervals, thus providing up-to-date information and a continuous series of studies reflecting changes in specific employee benefit plans.

The cooperation of plan administrators and other company officials is gratefully acknowledged, as is the assistance of the Department' s Office of Welfare and Pension Plans.

The digest was prepared by Harry E. Davis, assisted by Stanley S. Sacks, under the supervision of Donald M. Landay, in the Bureau's Division of Industrial and Labor Relations, under the general direction of H. M. Douty, Assistant Commissioner for Wages and Industrial Relations.

Contents

Page

Index_______________________________________________________________ iv

Explanatory notes__________________________________________________ 1

Selected pension plans under collective bargaining ______________ 6

Appendix___________________________________________________________ 51


Aluminum Co. of America _____________American Airlines, Inc. -----------------------American Telephone and Telegraph Co.

Borden Co. , The_________Burlington Industries, Inc.

Campbell Soup Co. ----------------------Caterpillar Tractor Co. _________Chase Manhattan Bank, The ------Cluett, Peabody and Co. , Inc. —Consolidated Foods Corp. ______Crown Zellerbach Corp. ------------

Detroit Edison Co., The -----------------Douglas Aircraft Co., Inc. -------------du Pont de Nemours, E. I. and Co. .

Eastman Kodak C o ._________________

General Electric Co. ------------------------General Motors Corp. ______________Gimbel Brothers, Inc. ----------------------Goodyear Tire and Rubber Co. , The Greyhound Corp., The ---------------------

Hart, Schaffner and Marx -------------------

International Business Machines Corp.International Harvester Co. -----------------International Paper Co. -----------------------International Shoe Co. _________________

Index

Page

688

1010

121214141416

161818

18

2020222224

24

24262628

Page

Kresge, S. S. , Co. --------------------------------------------------------------------------- 28Kroehler Manufacturing Co. ________________________________________ 30

Lerner Shops of America, Inc. ____________________________________ 30

McCrory Corp. (McCrory—McLellan—Green Stores Division)------- 30Melpar, Inc. (Subs, of Westinghouse Air Brake Co. ) _____________ 32

New York Times Co. , The _______________________________________ 32North American Aviation, Inc. _____________________________________ 34

Pacific Gas and Electric Co. _______________________________________ 34Pennsylvania Railroad Co. _________________________________________ 36Pfizer, Chas. & Co. , Inc. -------------------------------------------------------------- 36Pittsburgh Plate Glass Co. _________________________________________ 36Prudential Insurance Co. of Am erica______________________________ 38

Radio Corp. of America ____________________________________________ 38Research Institute of America, Inc. _______________________________ 40

Safeway Stores, Inc. ________________________________________________ 40Sperry Gyroscope Co. (Division of Sperry Rand Corp. ) __________ 42Standard Oil Co. (New Jersey)_____________________________________ 44Stevens, J. P. and Co. --------------------------------------------------------------------- 44Swift &: Co. ---------------------------------------------------------------------------------------- 44

Thompson, Ramo-Wooldridge, Inc. ------------------------------------------------ 46Time, Inc. ---------------------------------------------------------------------------------------- 46

Union Carbide Corp. ________________________________________________ 46United States Lines Corp. -------------------------------------------------------------- 48United States Steel Corp.___________________________________________ 48

Weyerhaeuser C o .---------------------------------------------------------------------------- 48

lv


Digest o f 50 Selected Pension Plans for Salaried Employees, Spring 1963

Explanatory Notes

Many terms and concepts used in this bulletin may be interpreted in different ways. For this reason, definitions and qualifications of some terms and concepts used in this digest are set forth below. Except for a few which have general application, the terms and concepts are grouped according to the section in which they first appear. It must be emphasized that a summary of a pension plan necessarily omits many of the features and administrative details contained in the agreements, contracts, and regulations which control the actual operation of the plan. The program applicable to most salaried employees is the one shown; exceptions are not indicated. Also, it should be noted that the program of benefits is described rather than each separate plan.

Plans for Salaried Employees

For purposes of this study, salaried employees include professional, administrative, technical, and clerical workers.

Symbol

__ When used in this digest, this symbol means that thecolumn is either not applicable or that the provision is not included under the program.

Differences by Sex

Unless otherwise specified, the plan provisions apply uniformly to men and women.

Reduction of Plan Benefits by Other Payments

A number of plans described in this bulletin include provisions for reducing the private plan benefit by all or a part of income from other sources. Among these are old-age, survivors', and disability insurance benefits (social security benefits); workmen's compensation payments; unemployment insurance payments; benefits from other public programs (statutory payments); payments under other plans financed in whole or in part by the employer; and severance payments. For purposes of this digest, the only deductions accounted for are social security old-age benefits and social security disability benefits, where these deductions are stipulated in the plan.

Full social security old-age benefits are payable to qualified workers at age 65. Workers may, however, elect to receive a permanently reduced social security old-age benefit to begin at age 62 or later. A worker who becomes disabled before age 65 so that he is unable to "engage in any substantial gainful activity" is entitled to a social security disability benefit.

In summarizing plans for this bulletin, it was assumed that a worker retiring under the normal retirement, early retirement, and vesting provisions of a plan would not be receiving a social security disability benefit. Provision for deduction of social security disability benefit is noted only in the disability retirement benefit formula column.

The primary social security benefit is treated in the following manner: In the absence of a reference to the primary social security benefit in the normal retirement benefit formula column, the plan benefit indicated is in addition to any primary social security benefit the worker may receive; an entry "less primary social security benefit, " or a similar entry in the normal retirement benefit formula column, indicates that the plan benefit is reduced by the amount of such payment. 1

The term "when eligible, " as used in reference to the primary social security benefit, means that a reduction is made, or the benefit is recomputed, even though the worker does not elect to receive payments.

In the plans studied, the normal benefit formula was generally used to compute benefits under early retirement (also disability retirement and vesting in some cases), based on service and/or earnings to date of retirement. If the normal benefit formula includes a provision for deduction of primary social security benefit, the early retirement benefit, unless otherwise indicated, will be reduced by an estimated primary social security benefit (even though the worker is not yet eligible to receive such benefit).

In computing the illustrative monthly pensions it was assumed that workers with annual average earnings o f $4, 800 or more would receive the maximum primary social security benefit o f $127 a month even though that benefit w ill not be payable, with a few rare exceptions, during the tim e period covered by the illustrations. However, many workers with m aximum taxable earnings w ill becom e elig ible for slightly less than the m aximum benefit.


2

Supplemental and Optional Contributory Plans

Supplemental Contributory Plan. Refers to a plan that is offered to the worker on an optional basis, with the employer and worker sharing the cost. The benefits under such a plan are in addition to those provided under the basic noncontributory plan.

Optional Contributory Plan. Refers to a plan that is offered to the worker on an optional basis, with the employer and worker sharing the cost. This is offered in lieu of the basic noncontributory plan.

Years of Service

This term applies to that service credited toward qualification, or for the purpose of computing benefits under the various plan provisions, however, service is defined in the plan. It may be described in the plan as continuous service, plan membership service, covered service, credited service, covered employment, years of service, consecutive service, etc.

EarningsThis term refers to the worker’ s compensation, however de

fined in the plan, used in the computation of benefits under the various plan provisions. It includes, among other terms, gross earnings, basic earnings, wages, pay, compensation, salary and basic annual wages or salary.

Participation Requirements

This term refers to the requirements which the new worker must fulfill; i. e. , period of service, minimum age, etc. , in order to be covered by the plan, or to become eligible to participate in the plan. In the absence of such requirements, the worker is eligible to join the plan upon becoming employed, or shortly thereafter.

Normal Retirement

Under a normal retirement provision, the worker becomes entitled to a benefit, having otherwise qualified, upon reaching the normal retirement age specified in the plan. In general, this age is defined as the earliest age at which the worker, having qualified for benefits, may choose to retire and receive the full benefit to which his length of service and/or earnings entitle him under the normal retirement provision of the plan.

Minimum Requirements. Refers to years of service, age, union membership, service in the industry, covered employment, etc., required to qualify for benefits. This definition is also applicable under the early retirement, disability retirement, and vesting provisions.

Excludes Premembership Service. This phrase means that the worker’s service prior to participation in the plan cannot be counted for the purpose of qualifying for benefits and/or in the computation of benefits.

Includes Premembership Service. This phrase means that the worker’ s service prior to participation in the plan can be counted for the purpose of qualifying for benefits and/or in the computation of benefits.

Illustrative Monthly Pensions for Future Service

Illustrative monthly pensions were computed for purposes of general evaluation and comparison of potential benefits among the selected plans. In general, they reflect the anticipated benefit payments 20 to 30 years hence, on the basis of provisions currently in effect. Although the illustrative amounts shown are computed on the ba$is of future service under the currently existing formula, under many plans there is no distinction between future and past service benefits.

Although some plan benefit formulas exclude primary social security benefits and others include such payments, only the benefit provided by the private plan is shown in the illustrative monthly pensions at age 65. Thus, private plan benefits for future service are shown on a comparable basis.

To provide the illustrative amounts, benefits under the private plan were computed on the basis of arbitrarily selected average annual earnings levels (assumed to be constant throughout the period of service) and specific periods of credited future service. Selected for this purpose were future service periods of 20 and 30 years, and average annual earnings levels of $4,800, $10,000, and $15,000.Years of future service do not include participation requirements as previously defined.

Early Retirement

Under an early retirement provision, the worker can retire prior to the specified normal retirement age and receive an immediate benefit. In contrast with normal retirement, under which the right to retire is at the option of the worker, early retirement in some plans is contingent upon the consent of the employer.

Excludes Premembership Service. This phrase means that the worker's service prior to participation in the plan cannot be counted for the purpose of qualifying for benefits and/or in the computation of benefits.

Includes Premembership Service. This phrase means that the worker’ s service prior to participation in the plan can be counted for the purpose of qualifying for benefits and/or in the computation of benefits.


Benefit Formula. Actuarial equivalent refers to a reduction in the benefit, computed on an actuarial basis, to reflect the longer period of benefit payment and shorter period of fund accumulation because of early retirement.

Normal and Early Retirement Benefit Options

Under many pension plans, benefit payments cease when the pensioner dies. Increasingly, plans are providing optional methods of benefit payments, wherein the worker elects to receive a reduced benefit during his lifetime in order to provide for the continuation of some benefit to a designated beneficiary after his death. Under many plans the worker must make such a choice in a prescribed time prior to retirement— usually 5 years— or pass a physical examination. The scope of this study was restricted to extension of optional forms under normal and early retirement provisions, although they may also be applicable under disability retirement and vesting provisions.

Joint and Survivor. Under this provision, the pensioner receives a reduced benefit with a guaranty that if he dies while his beneficiary is living, payments at a predetermined rate will continue to the beneficiary for life. The actual provisions under which this option operates varies considerably among plans. For example, the beneficiary to be designated may be limited to the spouse; the benefit to be continued may be the same, one-half, or in some cases, any selected percentage of the amount of benefit the retired worker receives, etc.

Period Certain. The pensioner receives a reduced benefit for life, but if he dies before receiving a specified number of payments, the balance is continued to his beneficiary. The most common option under this type is a 10-year certain payment (guaranty of 120 monthly payments), although shorter and longer certain payments are provided by plans in this digest.

Cash Refund. Provides that if total benefits received by the pensioner are less than the purchase price of the benefit at retirement, on his death the balance is paid to a designated beneficiary.

Modified Cash Refund. Provides that if total benefits received by the pensioner are less than the worker's contributions (usually with interest), on his death the balance will be paid to a designated beneficiary.

Level Income (Social Security Adjustment Option). The early retirement provision of some plans contains an optional method of computing the benefit, the purpose of which is to provide a level income throughout retirement. Under this option, a larger plan benefit is paid than actually due under the regular formula up to the time the social security benefit is received, so that the monthly payments received prior to that time and those received under the combined reduced plan benefit and social security benefit are equal.

3

Disability Retirement

The primary purpose of a disability provision is to permit the worker who becomes totally and permanently disabled before the normal retirement age to retire with an immediate benefit. Some pension plans which do not specifically provide for a disability benefit may utilize the early retirement or vesting provision to provide retirement benefits to the disabled worker.


Includes Premembership Service. This phrase means that the worker's service prior to participation in the plan can be counted for the purpose of qualifying for benefits and/or in the computation of benefits.

Minimum Requirements. In addition to minimum age and/or service requirements, the worker must be totally and permanently disabled as defined in the plan. The definition may vary considerably among plans; no attempt was made in this study to analyze this aspect of disability retirement.

Benefit Formula. "At age 65, normal benefit payable," "Upon receiving social security disability benefit, or at age 65, normal benefit payable," and similar entries, indicate that the disability benefit is recomputed at that time and the normal benefit formula is used to compute the benefit payable thereafter.

Vesting

Vesting may be defined as a guaranty to the worker of a right or equity in a pension plan based on all or part of the employer's contributions made in his behalf should his employment be terminated before he becomes eligible for retirement benefits. This equity, of course, would not be as large as if he had worked until normal retirement age.

Under all contributory plans in this report, the worker is permitted to withdraw his own contributions, with or without interest, when terminated. However, in all of these plans, withdrawal of the contributions means loss of benefits purchased by employer contributions. Also, in some of the contributory plans the terminated non- vested worker can elect to leave his own contributions in the plan and receive a benefit purchased by his own contributions.



4

Includes Premembership Service. This phrase means that the worker's service prior to participation in the plan can be counted for the purpose of qualifying for benefits and/or in the computation of benefits.

Types. Deferred full vesting is a provision under which the worker retains a right to all accrued benefits after he attains a certain age and/or completes a specified period of service. In deferred graded vesting, the worker has a right to a certain percentage of accrued benefits after he has fulfilled specified requirements. This percentage increases as additional requirements are fulfilled until the worker is entitled to the full (100 percent) benefit.

Conditions. This term refers to the nature of the termination or separation under which vesting is permitted.

Involuntary- Retirement

Compulsory Retirement Age. For purposes of this study, compulsory retirement age is that age at which the worker can be retired by reason of age alone. It is that point at which the worker loses the privilege of deciding whether he should retire or continue in his job. A worker may, however, be permitted to continue employment on a year-to-year basis, in some cases subject to passing annual physical examinations or meeting standards of job performance.

Automatic Retirement Age. For purposes of this study, automatic retirement age is that age at which the worker must cease his employment, the plan having irrevocably established this age as a maximum.

Death Benefits

Before and After Retirement. Entries in these columns are limited to the death benefits provided by the pension plan itself, including return of worker's contributions with or without interest. Benefits provided under group insurance and other plans are not within the scope of this study.

Financing

Information on the amount of contributions is provided to the extent that details are available in the literature describing the plan. No attempt was made to determine the actual amount of contribution or cost where the plan stated the employer paid the full cost or balance of cost.

Medium of Funding

Entries in this column refer to the organization, or type of organization, through which benefits are provided. Medium of funding is to be distinguished from the method of funding which refers to the technique by which the money required to provide the benefits is accumulated or budgeted.

Trusteed; Bank Administered. This term is used to include both a bank, and trust companies (corporate trustees) with which contributions are deposited. Among the functions performed by the trustee are investments of funds and payment of benefits to eligible workers.

Trusteed; Self Administered. A board of trustees or an individual trustee (not a bank or trust company) administers the trust fund. Functions performed are similar to those mentioned above.

Insured; Group Annuity. An insurance company is selected to underwrite the benefits of the plan. Contributions (in the form of premiums) are made to the insurance company and paid-up units are purchased each year for each worker. Amount of retirement income for each worker at retirement is the sum of these paid-up units.

Insured; Deposit Administration. An insurance company is selected to underwrite the benefits of the plan. Contributions (in the form of premiums) are held as a fund by the insurance company. There is no allocation to the account of the individual worker, but accumulated funds are used to purchase the benefit for each worker at retirement in accordance with the provisions of the plan.


SELECTED PENSION PLANS FOR SALARIED EMPLOYEES

5


6Selected Pension Plans

Company

Alum inum Com pany o f A m erica .

Salaried employees not under collective bargaining.

Participation

Normal retirementIllustrative monthly pensions at age 65 under normal retirement

formula excluding Social Security benefits and assuming average

Early retirement

requirements Minimumrequirements Benefit formula

annual earnings of Minimumrequirements Benefit formula

Age Service(years) $ 4 ,8 0 0 $ 1 0 ,000 $15 ,000 Age Service

__________(vears)__________Plan I

*65 15 Monthly. 2 For service after Dec. 31, 1956, 0.5 percent of first $400 of average monthly earnings during 10 years immediately preceding date of final compensation and 1. 25 percent of monthly earnings exceeding! $400 for each year of such servic^; and for service prior to Jan. 1, 1957, 0 .7 5 percent of first $350 of average monthly earnings for the years 1951 through 1956 and 1. 25 percent of such earnings exceeding $350 for each year of such service.

After 20 years of future service $ 5 2 .0 0 $148. 33 $252. 50

After 30 years of future service $ 7 8 .0 0 $222 .50 $378.75

55 15

with employer's consent.

55 15

(or combined age and service equals 80 or more) and absence requirements. 4

Actuarial equivalent of normal benefit, commencing immediately; or normal benefit, commencing at age 65.

Normal benefit except 1. 25 percent applied to average compensation until eligible for unreduced social security benefit, thereafter normal benefit.

50 j 15

and recall requirements.

Normal benefit, commencing immediately.

Minimum. $2 . 60 for each year of service after Dec. 31, 1959, plus $2 . 50 for each year of service prior to Jan. 1, i960, to a maximum of 40 years of service.

Salaried employees under collective bargaining.

Maximum. Via of 45 percent of the average of highest 5 amounts of annual compensation.

Plan II

Same as above.

Monthly. 1 2 3 Via of 1. 25 percent of compensation6 less $80 for primary social security benefits.

Minimum. Same as above.

After 20 years of future service $ 5 2 .0 0 $ 1 28 .33 $232.50

After 30 years of future service $ 7 8 .0 0 $232 .50 $388 .75

60 j 15

at worker's request.

55 | 15

and termination requirements.7



or or

50 15

and recall requirements. 5

Age 55 and combined age and service equals 75 or m ore (or combined age and service equals 80) and absence re quirements. 8

Normal benefit except no offset for primary social security benefit until eligible for un-* reduced social security benefit, thereafter normal benefit.

1 No service credited after age 65.2 Benefit payments start the fourth full month following retirement. A lum p-sum benefit equal to 13 weeks of vacation pay less any vacation pay received in year of retirement is paid

at time of retirem ent v3 Lump-sum benefit not payable.

Employee must be: (a) Absent 2 years due to layoff, sickness or accident commencing on or after Aug. 1, I960; or (b) absent less than 2 years due to (1) permanent shutdown of plant, department or substantial portion thereof, or (2) elimination of position by reason of technological changes, reorganization, or realignment of personnel; or (c) mental or physical conditions prevent from performing position satisfactorily and qualified physician certifies that employee should no longer be burdened with responsibilities of job.


7

for Salaried Employees

Normal and early

retirement

Disability retirement Vesting Involuntaryretirement Death benefits Financing

Mediumbenefitoptions

Minimumrequirements Benefit formula

Type, conditions, and minimum requirements

Benefit formulaCompul

sory at age

Auto- Before After Employee Employerof funding

Age Service(years!. at age retirement retirement

Plan I

Joint and survivor. —

15 Normal benefit, commencing immediately. ($80 offset for social security disability benefit, only if eligible therefor.)

Minimum. 3 Greater

Deferred full.

Laid off and not recalled within 2 years or terminated for any reason.

Normal benefit, 3 commencing at age 65.

— — -Full cost. Trusteed;

bank administered.

of: (1) $100, less $80 for social security disability benefit, or (2) $ 2 .6 0 times years of service after Dec. 31, 1959, plus $ 2 . 50 times years of service prior to Jan.1, I960 to a maximum of 40 years.

Age 40 and 15 years of service.

At age 65, normal benefit payable.

Plan IIT


Minimum. Same as above.


Deferred full.

Laid off and not recalled within 2 years or terminated for any reason other than discharge for just cause.

Same as above. Sam e as above.

Age 40 and 15 years of service. 5 6 7 8

5 Satisfactory conditions when laid off and little likelihood of recall.6 Compensation for service prior to Jan. 1, 1944, based on compensation for 1943.7 Terminated as result of permanent shutdown of plant, department or substantial portions thereof, or absence due to layoff or physical disability for 5 years.8 Employee must be: (a) Absent 2 years due to layoff, sickness or accident commencing on or after Aug. I , I960; or (b) absent less than 2 years due to (1) permanent shutdown of plant,

department or substantial portion thereof, or (2) absent due to sickness, accident or layoff and return to work declared unlikely by company; or (c) retirement is in mutual interest of employeeand company.


8

Selected Pension Plans

Company

American Airlines, Inc.

Normal retirement

Participationrequirements Minimum

requirements A ~ IService Age ( v e » . )

Benefit formula

Illustrative monthly pensions at age 65 under normal retirement


annual earnings of

$ 4 ,8 0 0 $ 10 ,000 $15 ,000 Age

Age 25 and 1 year of service.

65 Monthly. 1. 25 percent of monthly earnings subject to social security tax (currently $400) and 2 percent of monthly earnings exceeding such amount for each year of service .1 2 3

After 20 years of future service $100. 00 $273. 33 $440. 00


55

American Telephone and Telegraph Co.

Men

60 I 4 520or

55 j *25

or

5 30

Monthly. 1 percent of average monthly earnings during 5 consecutive years immediately preceding retirement (at benefit committee's discretion, 5 consecutive years of highest earnings) times years of service, less one-half primary social security benefit when eligible.

After 20 years of future service $ 5 1 .5 0 $ 103 .20 $186 .50

After 30 years of future service T55T50 $186 .50 $311 .50

Early retirement

Minimum requirements

Service ________(years)

Benefit formula

15


Actuarial equivalent of normal benefit, commencing im m ediately.

See normal retirement.

Women

55 | 4 20

or

50 | *25or

5 30

Minimum. While under age 65— $85; at age 65 with 20 but less than 30 years of service at date of retirement— $115; at age 65 with 30 but less than 40 years of service at date of retirement— $120; at age 65 with 40 or more years of service at date of re tirement— $125; less one-half primary social security benefit when eligible.

1 No service credited after age 65.2 Excludes premembership service.3 Company allows retiree to elect a higher monthly benefit in lieu of the modified cash refund annuity.4 At worker's request or at discretion of benefit committee.5 With approval of benefit committee.


9


N orm al and early

D isab ility retirem en t Vesting Involuntaryretirem en t Death benefits Financing

M ediumbenefitoptions

M inim umrequ irem en ts B en efit form u la

Type, conditions, and minim um requirem ents

C om pu l- A uto B efore A fter E m ployee E m ployero f funding

Age S erv ice(years) at age

m atic at age retirem en t retirem en t

Joint and su rv iv or .

P e r io dcerta in .

L ev e lin com e(ea r ly ).

50 15 M onthly. 1 percen t o f average monthly earnings during 3 yea rs im m ediately p reced in g retirem ent fo r each yea r o f s e r v ic e to a m axim um o f 25 y ea rs .

M inim um . $65.

A t age 65, norm al benefit payable.

D eferred graded.

Term inated for any reason .

A ge 45 and 10 years o f s e r v ice o r 15 years o f s e rv ice .

50 p ercen t vested, plus 10 p e r cent fo r each additional year of age and serv ice o r s e rv ice only to 100 percen t at age 50 and 15 yea rs , o r 20 years o f s e rv ice .

A ctu aria l equ ivalent o f n orm al benefit anytim e during 10-y ea r p er iod p r io r to age 65, o r norm al benefit at age 65.

65 70 W ork er 's contributions plus in terest.

W ork er 's contributions plus in terest, le ss benefits re ce iv ed . 3

3 p ercen t o f annual ea rn ings sub ject to s o c ia l s e cu rity tax (cu rren tly $ 4 ,8 0 0 ), and 6 percen t o f earnings e x ceeding such amount.

B alance o f cost.

Combination:

Trusteed.

Insured.

6 15 Sam e as norm al benefit.

M inim um . If not e l i- g ib le fo r n orm al ben e fit by rea son o f age and s e r v ic e but with 20 o r m o re years o f s e r v ic e , $85 p r io r to age 65 le s s on e -h a lf s o c ia l se cu r ity ben efit that is granted, at age 65, $115. M in im um , i f e lig ib le for n orm al benefit, $85 to age 65; at age 65, $115 le s s on e-h a lf s o c ia l se cu r ity benefit.

65 (6 7) Annual earnings at r e tirem en t reduced 10 p ercen t fo r each fu ll yea r elapsed s in ce r e tirem ent; m inim um amount equal to annual pension . A t d iscre tion o f benefit com m ittee , up to 12 m onths o f ea rn ings paid.

F u ll cost. Serv ice pensions: T rusteed; bank ad m in istered .

D isability pensions and death benefits: Unfunded.

6 T otal d isa b ility as resu lt o f s ick n ess o r in jury, other than a ccid en ta l in ju ry ar is in g out o f and in the co u rse o f em ploym ent.7 (1) 3 y ea rs o f earnings to m axim um o f $3 0 ,0 0 0 , or amount payable under sick n ess death benefit (see (2) below ), w hichever is g reater— fo r death by occupational a ccid en t plus $500 burial

benefit. (2) 4 m onths o f earnings fo r 6 months but less than 2 years o f s e rv ice , in crea sed by 2 months o f earnings fo r each additional year o f s e rv ice to 12 m onths o f earnings fo r 5 o r m ore y ea rs , o r $500, w h ich ever is g rea ter— fo r death by other cause.


10


Com pany P a rtic ipa tionrequ irem en ts

N orm a l re tirem en tIllustrative m onthly pensions at age 65 under norm al retirem ent

form u la excluding Social Security benefits and assum ing average

E a rly re t irem en t

M inim umrequ irem en ts

annual earnings o f

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,0 0 0


Age S erv ice(years) Age S erv ice

(yea rs)B en efit fo rm u la

The B orden Co.

B a sic plan.

N oncontributory plan

1 65 15 M onthly. F or se rv ice after M ar. 31, I960, $2 . 25 fo r each year o f such s e rv ice ; fo r se rv ice p r io r to A p r. 1, I960, $2 fo r each y ea r o f such s e rv ice .

A fter 20 yea rs o f future se rv ice $ 4 5 .0 0 $ 4 5 .0 0 $ 4 5 .0 0

A fter 30 vea rs of future se rv ice $ 6 7 .5 0 $67 . 50 $ 6 7 .5 0

55 15

it w o rk e r 's requ est.

N orm al benefit redu ced 6 p ercen t fo r each y ea r under age 65, c o m m en cin g im m edia tely .

C ontributory plan.

2 y ea rs o f s e r v ice and annual earnings e x ce e d ing $4 , 800.

l 6 5 M onthlv. F o r each vear o f s e r v - ice a fter M ar. 31, I960, a p p rox im ately 1. 5 p ercen t o f m onthly earnings exceeding $400; fo r each yea r o f se rv ice betw een O ct. 1, 1956 and M ar. 31, I960, a p p rox im ately 1. 5 p ercen t o f m onthly earnings exceeding $350, and fo r each yea r o f p r io r s e rv ice ,1 percen t o f m onthly earnings.

A fter 20 vea rs o f future se rv ice __ $ 1 3 2 .0 0 $258 .00

A fter 30 vea rs o f future s e rv ice __ $ 1 9 8 .0 0 $387. 00

55

it w o rk e r 's request.

Sam e as above.

Burlington Industries, Inc.

A ge 25 and 2 yea rs o f s e rv ice .

2 65 M onthlv. 0. 75 p ercen t o f m onthlv earnings sub ject to s o c ia l secu rity tax (cu rren tly $400) and 1. 5 p e r cent o f m onthly earnings exceeding such amount fo r each year o f s e rv ice . 1 2 3

A fter 20 v ea rs o f future se rv ice $ 6 0 .0 0 $ 1 9 0 .0 0 $31 5 .00

A fter 30 vea rs o f future se rv ice $ 9 0 .0 0 $285. 00 $472. 50

55

at w o rk e r 's request.

A ctu a ria l equivalent o f n orm al ben efit, com m en cin g im m e d ia te ly ;4 o r n orm al benefit, c o m m en cin g at age 65.

1 A ll s e rv ice cred ited a fter age 65.2 No se rv ice cred ited after age 65.3 E xcludes prem em bersh ip s e rv ice .


11


N orm al and e a r ly

D isab ility re tirem en t V esting Involuntaryretirem en t Death benefits Financing

Medium o f fundingbenefit M inim um

requ irem en ts B en efit form u laType, conditions,

and m inim um requirem ents

B enefit form u laC om pu l

sory at age

Autom atic at age

B eforeretirem en t

A fterretirem en t E m ployee E m ployer

Age S erv ice(y ea rs )




55 15 N orm al benefit, p a y able im m edia tely .

D eferred full.

T erm inated for any reason .


A ctu aria l equ ivalent o f n orm al benefit, co m m e n cing anytim e during 10 yea r p er iod p r io r to age 65; or n orm al benefit, com m en cing at age 65.

F u ll cost. Trusteed; bank adm inistered .

C ontributory plan

S a m e as abov e. D eferred fu ll.


15 years o f s e r v ic e .

Sam e as above. W ork er 's contributions plus in terest.

W ork er 's contributions plus in terest, less benefits re ce iv ed .

5 p ercen t o f annual e a rn ings e x ce e d ing $4, 800.

Balance o f cost.

Same as above.

Joint and su rv iv o r .


M odifiedcashrefund.

L e v e lin com e(ea r ly ).

Sam e as ea r ly r e t ir e m ent b en efit. 4 5

Im m ediate full.

Involuntary te rm ination.

Sam e as d isab ility re tirem en t benefit.

65 A ctu aria l equivalent of a ccru ed pension payable in a lump sum.

W ork er 's contributions le s s benefits re ce iv ed . 6

1. 5 p ercen t of annual earnings su bje c t to so c ia l secu rity tax (cu rren tly $ 4 ,8 0 0 ), and 3 p ercen t o f earnings e x ceeding such amount.

Balance o f cost.

Trusteed; bank adm inistered .

4 E m ployee m ay requ est such amount in a lump sum.5 If d isa b ility o c c u r s p r io r to age 55, em ployee has option o f rece iv in g actuaria l equivalent o f norm al benefit o r a lump sum, o r norm al benefit if d e fe rred to age 65.6 Not prov id ed if em ployee e le cts jo in t and su rv ivor or p er iod certa in option.


12


Com pany

Cam pbell Soup Co.

P a rtic ipa tionrequ irem en ts

5 years o f s e rv ice .

N orm al retirem en t

M inim umrequirem en tsA S erv ice

(years)B enefit form u la

Illu strative m onthly pensions at age 65 under norm al retirem ent


annual earnings o f

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 .0 0 0 Age


S erv ice_______ (ve a r s )

E a rly re tirem en t

B en efit form u la

1 65 M onthly. F o r s e rv ice after D ec. 31, 1958, 1 percen t o f m onthly earnings su b ject to so c ia l s e cu rity tax (cu rren tly $400), and 1. 5 p ercen t o f m onthly earnings exceed in g such amount fo r each yea r o f s e r v ic e ;1 2 3 fo r s e rv ice p r io r to Jan. 1, 1959, grea ter of: (1) 1 p ercen t o f 1954—1958 a v e r age annual earnings up to $4 , 800 and 1 .33 percen t o f such earnings exceed in g $4 ,800 fo r each year o f s e r v ic e aftejr age 35, and (2)110 p ercen t o f benefits a ccru ed p r io r to Jan. 1, 1959.

A fter 20 y e a rs o f future se rv ice $80 . 00 $210. 00 $335. 00

A fte r 30 yea rs o f future se rv ice"$ 120. 00 f 3 15. 00--------- $-502; 50

55 __

with e m p loy er 's consent.

A ctu a r ia l equivalent o f n orm a l ben efit, com m en cin g im m ed ia te ly ; o r n orm al benefit, com m en cin g at age 65.

M in im um . $25 p er m onth, plus $ 1. 50 p er month fo r each year o f s e r v ic e in e x cess o f 15 y ea rs .

C aterp illa r T ra cto r Co.


1 65 M onthly. 1 p ercen t o f m onthly earnings su b ject to so c ia l s e c u rity tax (cu rren tly $400), and 2 percen t o f m onthly earnings e x ceeding such amount fo r each year o f s e rv ice . 2

A fter 20 years o f future se rv ice $80 . 00 $253. 33 $420. 00 55 2 10

A fter 30 years o f future se rv ice $120. 00 $380. 00 $630. 00

at w o rk er 's request.

N orm al ben efit reduced by a d e cre a s in g p ercen ta ge fo r each y ea r re t irem en t p re ce d e s age 65, 4 com m en cin g im m ediately .

M inim um . F o r s e rv ice a fter N ov. 30, 1955, 1 p ercen t o f m onthly average o f total e a rn ings during 10 years im m ediately preced in g retirem en t fo r each year o f s e rv ice , 2 le ss p r im a ry soc ia l secu rity benefit; fo r s e r v ice p r io r to D ec. 1, 1955, 0.75 p ercen t o f f ir s t $350 o f m onthly earnings and 1. 5 p ercen t o f m onthly earnings exceeding $350 fo r each year o f such s e rv ice . 2

M axim um . $4, 166. 67 p er month.

1 No s e rv ice cred ited a fter age 65.2 E xcludes p rem em bersh ip se r v ic e .3 Includes p rem em b ersh ip s e rv ice .4 R eduction ranges fro m 8 .4 p ercen t (7. 2 p ercen t fo r women) fo r em ployees retir in g at age 64 to 53. 5 p ercen t (49. 8 p ercen t fo r women) fo r em p loyees re tir in g at age 55.


13


N orm al and ea r ly



M inim umrequ irem en ts Type, conditions, C om pu l- Auto

m atic at age

B e fore A fter E m ployee E m ployero f funding

Age S erv ice(y ea rs ) requirem ents at age retirem en t retirem en t



L ev e lin com e(e a r ly ) .

55 A ctu a ria l equivalent o f n orm a l benefit, com m en cin g im m ediate ly .

D eferred full.


5 years o f s e rv ice . 3

N orm al benefit, com m en cing at age 65.

67 70 A fter age 55, 60 m onthly paym ents fo r w hich w ork er was qualified at tim e o f death.

60 m onthly paym ents le s s benefits rece ived .

F u ll co s t . Combination: Trusteed; bank a d m in istered .

Insured.



L ev e lin com e(e a r ly ) .

D eferred full.



(2) (s )

N orm al benefit, com m en cing at age 65.

(5)

66 66 (6) (6) F u ll co s t. Combination: Trusteed; bank adm in istered .

Insured; deposit ad m in istered .

5 P lan p rov id es a d e fe r re d d isab ility pension at age 65 fo r w ork ers qualified fo r plan participation . W orker disab led anytim e p r io r to age 65 and who rem ains d isab led until age 65 r e ce iv e s , at age 65, a benefit equal to the sm a ller of: (1) The norm al benefit the w ork er would have re ce iv e d had he w orked up to age 65, o r (2) 3373 p ercen t o f m onthlv earnines maxim um ^ $1 , 389 p e r m onth. y 5 ’

6 C on tributory plan in e ffe c t p r io r to D ec. 1, 1959. If w ork er did not w ithdraw contributions as o f that date, a benefit, i f death o ccu rs b e fo re retirem en t is paid to ben eficiary , co n s istin g o f w o rk e r 's contribu tions plus in terest; a fter retirem en t, w ork e r 's contributions plus in terest, le s s future s e rv ice benefits rece ived .


14


Com pany P articipationrequ irem en ts

N orm al retirem en tIllustrative m onthly pensions at age 65 under norm al retirem ent


annual earnings o f

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,0 0 0


M inim umrequirem en ts B en efit form u la

M inim umrequ irem en ts B en efit fo rm u la

Age S erv ice(years) Age S e rv ice

(y ea rs )

The Chase Manhattan Bank.

1 65 M onthlv. 1. 5 p ercen t o f average m onthly earnings during 5 yea rs im m ediately p reced in g retirem en t (or average sa lary during entire p er iod o f s e rv ice ) t im es yea rs o f s e rv ice , le s s on e -h a lf p r im a ry so c ia l secu rity benefit.

M inim um . $1 tim es vea rs o f s e rv ice . M axim um se rv ice cred ited , 20 y ea rs .

M axim um . 60 p ercen t o f average m onthly earnings, including on e - half p r im a ry so c ia l secu rity benefit.

A fter 20 y ea rs o f future se rv ice $ 5 6 .5 0 $ 1 8 6 .5 0 $31 1 .50

A fte r 30 yea rs o f future s e rv ice $116. 50 $311. 50 $499. 00

60

o r

2 55

a

o r

225

it w o rk e r 's requ est.

N orm al benefit; p ortion o f benefit attributable to s e r v ic e a fter M ar. 31, 1957; redu ced 6 p ercen t fo r each y ea r under age 65, portion o f b en efit attributable to s e rv ice p r io r to A p r. 1, 1957; redu ced 3 p ercen t fo r each y e a r under age 65 and 5 p ercen t fo r each yea r under age 60.

Cluett, Peabody, and Co. , Inc.


4 65 M onthlv. 0. 75 p ercen t o f average m onthly earnings o f 5 con secu tive y ea rs o f highest earnings during 10 y ea rs im m ediately p reced in g retirem en t fo r each year o f s e rv ice .

M axim um . $2, 083. 33.

A fter 20 vea rs o f future se rv ice $ 6 0 .0 0 $12 5 .0 0 $18 7 .50

A fter 30 vea rs o f future se rv ice $90 . 00 $187. 50 $ 28 1 .25

55

at w o rk e r 's requ est.

A ctu a ria l equivalent o f n orm a l b en efit, com m en cin g im m ediately ; o r norptial ben efit, com m en cin g at age 65.

C on tributory plan 7

A ge 30 and 1 y ea r o f s e rv ice .

4 65 M onthlv. Vi* o f 25 p ercen t o f em ployee*s total contribu tions.

A fter 20 vea rs o f future s e rv ice $ 2 5 .0 0 $108. 33 $21 2 .50

A fter 30 vea rs o f future se rv ice $37 . 50 $16 2 .5 0 $ 31 8 .75

<same as above. Sam e as above.

C onsolidated F oods Corp.

Age 30. 9 65 M onthlv. 1. 25 p ercen t o f average m onthly earnings exceeding $350 fo r each yea r o f s e rv ice .

M inim um . $20 p er month.

A fter 20 v ea rs o f future se rv ice $ 2 0 .0 0 $ 1 2 0 .8 3 $22 5 .00

A fter 30 v ea rs o f future s e rv ice $ 2 0 .0 0 $ 1 8 1 .2 5 $33 7 .50

60

a

15

t w o rk e r 's requ est.

A ctu a ria l equivalent o f n orm a l benefit, com m en cin g im m edia tely .

1 No s e rv ice cred ited a fter age 65, h ow ever, if retirem en t is a fter age 65, the benefit the em ployee is entitled to at age 65 is in crea sed 3 p ercen t fo r each y ea r em p loyee rem ain s in s e r v ice a fter age 65.

2 Initial age requ irem en t is 55 and w ork er m ay re tire , up to age 59, if sum o f age plus se rv ice equals o r exceeds 80.3 E m ployee m ust be age 60 o r o ld er o r com bin ed age and s e rv ice m ust equal 80 to be cov ered .4 No s e rv ice cred ited a fter age 65.5 Options m ay be e lected as a preretirem en t death benefit e ffective a fter age 55.


15



D isa b ility re tirem en t V esting Involuntaryretirem en t Death benefits F inancing

M ediumben efitoptions


T ype, conditions, and m inim um requirem ents

B en efit form u laC om pu l

sory at age

Autom atic at age

B e fo re A fter E m ployee E m ployero f funding


retirem en t retirem en t



Sam e as norm al ben efit.

65 70 50 p ercen t o f re tirem en t benefit em ployee entitled to at tim e o f death. 3

F u ll co s t. T rusteed; bank adm inistered .


Joint and 15 N orm al benefit, c o m D eferred fu ll. A ctu aria l equivalent 65 (6) (6) F u ll co s t. T rusteed;su rv iv or . m en cin g im m ediately . o f n orm al benefit, bank adm in

Term inated fo r any com m en cing any istered .P e r io d reason . tim e during 10 yearcerta in . 5

A ge 45 and 20 yearsp er iod p r io r to age 65; o r n orm al b en e

L ev e l o f s e rv ice ; o r age fit , com m en cing atin com e 50 and 15 yea rs o f age 65.(e a r ly ) . s e rv ice .

C ontributory plan 7

Sam e as above.

— 15 Sam e as above. Same as1 above. Sam e as above. 65 — W o rk e r 's contributions plus in terest.

W o rk e r 's contributions plus in terest, le s s benefits re ce iv ed .

5 p ercen t o f annual e a rn ings in e x ce ss o f $4 , 800.®M inim um . $15

B alance o f cost.

Same as above.

p er annum.



D eferred graded.

Term inated fo r any reason .

A ge 50 and 15 years o f s e rv ice , 50 p e r cent; age 55 and 15 yea rs o f serv ice , 75 p ercen t; age 60 and 15 yea rs of s e rv ice , 100 p e r cent.

A ctu a ria l equivalent o f n orm al benefit, com m en cing at age 60; o r n orm al b en efit, com m en cing at age 65.

70 F u ll cost. Trusteed; se lf adm inistered .

6 C on tributory plan in e ffe c t from January 1940 through January 1952 finances h igher benefits fo r w ork er who did not w ithdraw his contribu tions. A ben efit, i f death o ccu rs b e fo re r e tirem en t, is paid to b e n e fic ia ry , consisting o f w o rk e r 's contributions plus in terest; a fter re tirem en t, w o rk e r 's contribu tions plus in terest, le s s benefits re ce iv ed .

7 O nly sa la r ied em p loy ees earning in e x cess o f $ 4 ,8 0 0 p er annum are e lig ib le fo r plan.8 P a rtic ip a n ts contributing to plan as o f Jan. 1, 1961, w hose annual com pensation is le s s than $ 4 ,8 0 0 m ay contribute 5 p ercen t o f earnings in e x ce ss o f $3,600; and those whose c o n tr i

butions am ount to le s s than $60 p e r annum m ay contribute $60 p e r annum.9 A ll s e r v ic e up to age 70 cred ited .


16





annual earnings o f

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,0 0 0


M inim umrequ irem en ts Benefit form u la


Age S erv ice(yea rs) Age S erv ice

(yea rs)B en efit fo rm u la

Crown Z e lle rb a ch C orp .

5 years of s e rv ice .

1 65 M onthly. V12 o f 0. 75 p ercen t o f the f ir s t $ 3 ,0 0 0 o f annual e a rn ings and V12 o f 1 .5 p ercen t o f annual earnings exceed in g such am ount fo r each yea r o f s e r v ic e .2

M inim um . F o r 5 o r m ore years o f s e r v ic e 3 : (1) B ased on s e r v - ice-— $2 . 50 a month fo r each yea r o f s e r v ic e to a m axim um o f 20 y e a rs , o r (2) based on t e r - m in al earnings— A/i2 o f 1. 5 p e r - cent o f average annual earnings during h ighest 5 con secu tive ca lendar yea rs out o f last 10 ca len dar years im m ediately p r e ced ing retirem en t fo r each year o f s e r v ic e to a m axim um o f 33A/3 yea rs o f s e r v ic e , le ss 75 percen t o f p r im a ry s o c ia l se cu r ity b en efit.

M axim um . $ 1 ,666 . 66 p er month.

A fter 20 y ea rs o f future se rv ice $ 8 2 .5 0 $ 2 1 2 .5 0 $ 3 3 7 .5 0

A fter 30 yea rs o f future se rv ice $ 1 2 3 .7 5 $ 3 1 8 .7 5 $50 6 .2 5

55

or

60

a

4 20

o r

5

t w ork er ’ s requ est.

P e rce n t (as set forth below ) o f n orm a l benefit, com m en cin g im m edia te ly , 5 o r n orm al b en efit, com m en cin g at age 65.

A ge at P e r ce n t re tirem en t payable

6 4 ________________ 976 3 ________________ 946 2 ________________ 9061 ________________ 846 0 ________________ 785 9 ________________ 725 8 ________________ 655 7 ________________ 585 6 .............................. 515 5 ________________ 44

The D etroit Edison C o.


6 m onths o f s e rv ice .

9 65 M onthly. F o r s e rv ice after M ar. 1, 1943, 1 p ercen t o f a v e r age m onthly earnings during 5 yea rs o f highest earnings tim es yea rs o f s e r v ic e ;3 fo r s e rv ice p r io r to A p r. 1, 1943, g reater o f: (1) V12 o f 1 p ercen t o f annual earnings at A p r. 1, 1955, tim es yea rs o f such s e rv ice , o r (2) V12 o f 1 p ercen t o f 1 .333 tim es the h ighest annual earnings p r io r to A p r. 1, 1949, fo r each year o f such s e rv ice , o r (3) V12 o f 1 p e r cent o f 1. 777 tim es annual ea rn ings fo r the year im m ediately p reced in g A p r. 1, 1943, fo r each y ea r o f such s e rv ice .

M inim um . F o r 15 o r m ore years o f s e r v ic e 3— $40.

A fter 20 years o f future se rv ice $ 8 0 .0 0 $166. 67 $ 2 5 0 .00

A fter 30 years o f future se rv ice $ 1 2 0 .0 0 $ 2 5 0 .0 0 $37 5 .00

45

a

3 15

.t w ork er 's requ est.

A ctu a ria l equivalent o f n orm a l benefit, com m en cin g im m e diately ; o r n orm a l benefit, com m en cin g at age 65.

Supplem ental plan

— 9 65—

M oney pu rch ase plan. A fter 20 years o f future se rv ice

( 10)A fte r 30 years o f future s e rv ice

<“ >

—

1 No service credited after age 65, except for minimum $2. 50 a month for each year of service to a maximum of 20 years of service.2 Excludes premembership service.3 Includes premembership service.4 Age and service requirements between ages 56—59 are as follows: Age 56 and 18 years; age 57 and 16 years; age 58 and 14 years; and age 59 and 10 years.5 Minimum benefit applicable to workers retiring at age 62 and over with 5 or more years of service.


17



re tirem en t benefit options

D isab ility re tirem en t Vesting Involuntaryretirem en t Death benefits Financing

M edium o f fundingM in im um


and minim um requirem ents

B en efit form u laC om pu l

sory at age

Autom atic at age

B eforeretirem en t


A ge S erv ice(y ea rs )

Joint and 15 A ctu a ria l equivalent D eferred full. N orm al benefit, 65 W ork er ’ s contributions $ 1, 000 lump sum plus 2 p ercen t of B alance T rusteed;su rv iv or . o f n orm a l benefit, com m en cin g at age plus in terest. w ork e r 's contributions f ir s t $3 , 000 o f cos t . bank

o r com m en cin g im m e- T erm inated for 65 (m inim um s not plus in terest, le ss o f annual adm inis -P e r io d diate ly . 3 any reason . a p p lica b le ). benefits re ce iv ed . earnings and tered.certa in . e lig ib le fo r 4 p ercen t of

e a r ly r e t ir e - Sam e as ea r ly A ge 40 and 20 earnings e x M od ified fnent. re tirem en t. 7 years o f s e rv ice . 8 9 10 ceeding suchcash amount.refund.

L eve lin com e 5 6(ea r ly ).



65 65 F u ll cost. Trusteed; bank adm inis - tered.

Supplem ental plan

Sam e as above. — — — — — — —

W ork er 's contributions plus in terest.

60 m onthly paym ents, le s s benefits re ce iv ed .

$ 1 p er w eek and up in units o f $ 1 up to 10 p e r cent of sa lary .

Insured;groupannuity.

5 M in im um benefit app licab le to w ork ers retiring at age 62 and o v e r with 5 o r m ore years o f s e rv ice .6 L ev e l in com e option only availab le to w ork er retirin g p r ior to age 62.7 If e lig ib le fo r ea r ly re tirem en t, m ore lib era l percentages of the n orm al benefit m ay be prov ided at the d iscre tio n o f the retirem en t plan com m ittee .8 Initial m in im um age requ irem en t is 40 and w ork er is fully vested i f sum o f age and s e rv ice , including p rem em b ersh ip s e rv ice , equals 60.9 No s e r v ic e c red ited a fter age 65.10 N oncom putable m oney pu rch ase plan.



Com pany

Douglas Aircraft Co. , Inc.

P a rtic ipa tionrequ irem en ts


M inim umrequ irem en tsA S erv ice Age (yea rs)

B enefit form u la

Illu strative m onthly pensions at age 65 under n orm al retirem ent


annual earnings o f

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,0 0 0 Age


S erv ice


B en efit fo rm u la

1 65 10 M onthly. 0. 5 p ercen t o f m onthly earnings su b ject to s o c ia l secu rity tax (cu rren tly $40 0 )2 and 1 .5 p e r cent o f m onthly earnings e x ce e d ing such amount during the 10 yea rs im m ediately p receed in g r e tirem ent fo r each year o f s e rv ice to a m axim um o f 30 y ea rs .

A fter 20 y ea rs o f future se rv ice $41 . 05 $171. 05 $29*>. 05

A fter 30 y e a rs o f future s e rv ice $ 6 1 .0 5 $256. 05 $ 44 3 .55

60 10

with e m p lo y e r 's consent.

A ctuaria l equivalent o f n orm al Denefit, com m en cin g im m edia tely .

E. I. du Pont de N em ours and Co.

>65 15 M onthly. 1. 1 p ercen t o f average m onthly earnings during 10 yea rs o f h ighest earnings tim es yea rs o f s e rv ice .

M inim um . $45 plus 0. 67 p ercen t o f average m onthly earnings d u ring 10 yea rs o f h ighest earnings tim es yea rs o f s e rv ice .

A fter 20 y ea rs o f future se rv ice $ 9 9 .0 0 $ 1 8 4 .0 0 $275. 00

A fter 30 yea rs o f future s e rv ice $ 132.00 $ 2 7 5 .0 0 $41 3 .0 0

60 30

at w o r k e r 's request.

N orm al b en efit, com m en cin g im m edia tely .

or o r

( ’ ) 15

N orm al benefit red u ced 0. 5 p ercen t fo r each m onth under age 65, c o m m encing im m edia tely .

involuntary separation .

Eastm an Kodak Co. M onthly. 1 p ercen t o f f ir s t $400o f average m onthly earnings and 2 p ercen t o f average m onthly ea rn ings exceeding such amount fo r each year o f s e rv ice .

M inim um . $2 . 50 tim es yea rs o f

A fter 20 y ea rs o f future s e rv ice $ 8 0 .0 0 $253. 33 $420. 00

A fter 30 yea rs o f future s e rv ice $120. 00 $380. 00 $630. 00

under m utually sa tis fa c to ry conditions.

60 j 30

under mutually sa tis fa cto ry conditions.

A ctu aria l equivalent o f norm al benefit, com m en cin g im m edia tely .

N orm al ben efit, com m en cin g im m edia tely .

No s e r v ic e c red ited a fter age 65.A ssum ed s o c ia l se cu rity base is $370 a month fo r 1963, in crea sin g in annual in crem en ts o f $5 to $400 in 1969. M ust be within 10 yea rs o f e lig ib ility fo r norm al o r voluntary retirem en t.


19



D isa b ility retirem en t V esting Involuntaryretirem en t Death benefits Financing


M inim umrequ irem en ts B enefit form u la

Type, conditions, and m inim um requirem ents


sory at age

A utom atic at age


A ge S erv ice(y ea rs )


Joint and su rv ivor.

P er io dcerta in .

45 10 Sam e as norm al benefit.

D eferred graded.

Term ination for any reason .

10 years o f s e rv ice ; 50 percen t vested , plus 10 percen t fo r each additional y ea r to 100 p ercen t fo r 15 o r m ore years o f se rv ice .

A ctu aria l equ ivalent o f norm al benefit, co m m e n cing anytim e during 1 0 -year p er iod p r io r to age 65, o r norm al benefit, com m en cing at age 65.

68 A fter 10 yea rs o f s e r v ic e ; lum p-sum equivalent o f vested benefit.

F u ll cost. Trusteed; bank adm in istered .

Joint and su rv iv or . 4

15 N orm al o r m inim um b en efit, com m en cing im m edia tely .

D eferred full.



N orm al b e n e f it ,5 com m en cing at age 65 (m inim um not app licab le).

65 F u ll cost. Trusteed; bank adm in istered .


15 M onthly. 2 percen t o f average m onthly earn ings fo r each year of s e rv ice .M in im um . $ 5 for each y ea r o f se rv ice .

W hen e lig ib le for any s o c ia l secu rity ben efit , o r at age 65, n or m a l benefit payable.

M in im um . $ 3 .5 0 t im es y e a rs o f s e r v ic e .

D eferred full.



N orm al ben efit, com m en cing at age 65.

Fu ll cost. Combination:

Trusteed; bank adm in istered .


4 A va ilab le fo r n orm al and voluntary early retirem ent only.5 E a rly re tirem en t ben efit available at age 60 to w ork ers who had 30 years o f se rv ice when term inated.


20


Com pany P a rtic ipa tionrequ irem en ts


M inim umrequirem en tsAge S erv ice

(yearsB enefit form u la

Illu strative m onthly pensions at age 65 under n orm al retirem ent


annual earnings o f

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,0 0 0


Age


S erv ice(years)

B en efit form u la

G eneral E le c tr ic Co.

1 year o f s e rv ice .

*65 M onthly. F o r s e r v ic e a fter Aug. 31, 1946, V12 o f 0. 8 percen t o f annual earnings su b ject to so c ia l s e cu rity tax (cu rren tly $4 , 800), and V12 o f 2 p ercen t o f annual earnings exceed in g such amount fo r each yea r o f s e rv ice . F o r s e rv ice p r io r to Sept. 1,1946, 130 p ercen t o f 1. 165 (w om en 1. 5) p ercen t o f m onthly earnings rate on July 1, 1946, fo r each yea r o f such s e rv ice , le ss an adjustm ent representin g a p rop ortion a l part o f orig in a l s o c ia l s e cu rity benefit a ccru ed to Sept. 1, 1946.

M in im um . F o r 15 o r m ore years o f s e r v ic e 2— $ 2 .5 0 fo r each year o f s e rv ice a fter A p r. 1, 1962, and $ 2 .4 0 fo r each year o f s e rv ice p r io r to A p r. 2, 1962.

A fter 20 y ea rs o f future se rv ice $ 6 4 .0 0 $ 2 3 7 .3 3 $40 4 .00

A fte r 30 yea rs o f future s e rv ice$ 96: 00 $ 356:00---------$ 606. 00

at w o rk e r 's request.

N orm al benefit redu ced 4 p ercen t fo r each y ea r under age 65; plus (with at lea st 15 yea rs o f s e r v i c e 2 and until e lig ib le fo r p r i m a ry s o c ia l se cu rity benefit) $65 , com m en cin g im m edia tely .

M in im um . F o r 15 o r m o re yea rs o f s e r v i c e 2 (until e lig ib le fo r p r i m a ry s o c ia l se cu r ity b en efit), $3 tim es y ea rs o f s e r v ic e .

When e lig ib le fo r p r im a ry so c ia l s e cu r ity benefit, n orm al m in im um is ap p licab le .

N oncontributory

G eneral M otors C orp. 1 65 10 M onthly. 0. 6 p ercen t o f average A fter 20 years o f future se rv icem onthly earnings 5 during 10 $56 . 00 $100. 00 $150. 00 55 10yea rs im m ediately preced in g r e at w o rk e r 's requ esttirem en t fo r each year o f s e rv ice . A fte r 30 years o f future se rv ice or o r

$84 . 00 $150. 00 $225. 00 55 10M inim um . $2 . 80 tim es years o fs e rv ice . at e m p lo y e r 's requ est

M axim um . $ 2 ,0 8 3 .3 3 .or

Ior

I60 10under m utually sa tis fa c to ry con d ition s.

1

A ctu a ria l equivalent o f n orm al benefit, com m en cin g im m e diately ; o r n orm al benefit, c o m m encin g at age 65.

N orm al benefit, plus additional benefit o f $2 . 80 tim es yea rs o f s e r v ic e to age 65, unredu ced if com m en ced betw een age 60 and 65. If com m en ced p r io r to age 60, a ctu a ria lly reduced .

C ontributory

Age 30 and 1 year o f se rv ice and annual e a rn ings exceeding$ 3 , 000 .

M onthly. F o r s e rv ice after July 1, 1940, 1 .5 p ercen t o f m onthly earnings in e x cess o f $250 fo r each year o f s e rv ice , 4 to a m axim um o f 35 y ea rs ; fo r s e rv ice p r io r to July 1, 1940, 1 p ercen t o f m onthly earnings in e x ce ss o f $250 (to a m axim um o f $2 , 333. 33) fo r each year o f such se r v ic e a fter age 40, to a m a x im um o f 20 years o f such s e rv ice .

M inim um . $20.

A fte r 20 years o f future se rv ice $ 4 5 .0 0 $175~00 $300. 00A fter 30 yea rs o f future se rv ice $67 . 50 $262. 50 $450. 00 at w o rk e r 's request.

at e m p loy er 's requ est

60

under mutually sa tis fa c to ry conditions.

A ctu a ria l equivalent o f n orm al benefit, com m en cin g im m e diately .

N orm al ben efit unreduced if c o m m en ced betw een age 60 and age 65. If com m en ced p r io r to age 60, a ctu a ria lly reduced .

1 No se r v ic e cred ited a fter age 65.2 Includes p rem em b ersh ip s e rv ice .3 S oc ia l s e cu rity d isa b ility benefits do not a ffect the amount o f the supplem ental paym ent o r the m inim um benefit.4 B enefit m ust equal amount o f w o rk e r 's contributions plus in terest.5 E arnings o f le ss than $466. 67 shall be con sid ered as $466. 67.


21





M edium o f fundingM inim um




sory at age

A utom atic at age

B e foreretirem en t


Age S erv ice(y ea rs)


15 N orm a l benefit, r e duced 4 p ercen t fo r each y ea r under age 65, up to a m axim um redu ction o f 20 p e r cent; plus (until e l i g ib le fo r p r im a ry s o c ia l se cu r ity ben efits ) $ 65 3 p er month.

M in im u m .3 (Until e lig ib le fo r p rim a ry s o c ia l se cu r ity b en efits ) $3 tim es years o f s e r v ic e .

A t age 65, norm al m in im um benefit payable.

D eferred full.


15 years o f s e r v ic e 2

or

age 40 and 10 years o f s e r v ic e .2

E a rly benefit, com m en cing at age 60; o r n orm al benefit, c o m m encing at age 65.

65 P r io r to age 60 o r with le ss than 15 years o f s e rv ice , w o rk e r 's co n tributions plus in terest.

A fter age 60 o r 15 years o f s e rv ice ; 60 m onthly d isab ility benefit p a y m ents (m inim um and supplem entary benefits not app licab le). 4

60 m onthly paym ents (m inim um o r supplem ental benefits not a p p licab le) . 4

3 p ercen t o f annual e a rn ings e x ce e d ing $4 , 800.

Balance o f cos t.

T rusteed; s e lf ad m in istered .

N oncontributory

Joint and 10 N orm al benefit, c o m D eferred fu ll. N orm al benefit, 7 68 F u ll cost. Trusteed;su rv iv or . m en cin g im m ediately ; com m en cing at bank a d

plus additional b en e Term inated fo r age 65. m in istered .L eve l f it o f $2 . 80 tim es any reason .in com e 6 7 y ea rs o f s e rv ice to(e a r ly ). age 65 o r until e l i A ge 40 and 10

g ib le fo r unreduced s o c ia l se cu rity benefit.

years o f se rv ice .

C ontributory

Joint and 55 N orm al benefit, un D eferred full. N orm al benefit, 65 W ork er 's contributions 50 paym ents certa in ; o r 5 percen t o f B alance Insured;su rv iv or . red u ced i f c o m com m en cing at plus in terest. 125 p ercen t o f w o rk e r 's annual ea rn o f cos t . group

m en ced betw een age Term inated fo r age 65. contributions less b en e ings in e x annuity.60 and age 65. If any reason . (9) fits re ce iv ed . cess o fcom m en ced betw een age 55 and age 60, 5 years o f

$3 , 000.

a ctu a ria lly reduced fro m the amount that

se rv ice . 8

w ould have been pay able at age 60.

6 A v a ilab le on ly i f em p loyee re t ire s at o r a fter age 60 and p r io r to age 62.7 If e lig ib le to re ce iv e benefits o r contribute under the contribu tory plan, involuntary retirem en t age is 65.8 E xclu des p rem em b ersh ip s e rv ice .9 At age 60, em ployee has option o f contributing additional 1 p ercen t o f annual earnings in e x cess o f $ 3 ,0 0 0 to p rov ide his spouse a lifetim e retirem en t benefit equal to a percentage,

depending on the sp ou se 's age, o f the e m p lo y e e 's pension (including noncontributory pension in e x ce ss o f m inim um ) in the event o f the e m p lo y e e 's death p r io r to re tirem en t o r age 65, w hichever f ir s t o c c u r s .


22




form u la excluding Socia l Security benefits and assum ing average

annual earnings of

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,0 0 0




Age S erv ice(vears) Age S erv ice

(yea rs)

G im bel B ro th ers , Inc. A ge 30 and 5 yea rs o f s e rv ice

or

age 35 and 2 y ea rs o f s e rv ice .

J65 20 M onthly. F or s e r v ic e a fter Jan. 1, 1957, / i2 o f 0. 5 p ercen t o f average annual earnings fo r each y ea r o f such s e r v ic e , and fo r s e rv ice p r io r to D ec. 31, 1956, V12 o f 0. 5 p ercen t o f h ighest average annual earnings during the 3 y ea rs im m ed ia tely p reced in g D ec. 31, 1956, fo r each y ea r o f past s e r v ic e . 1 2

M inim um . F or 20 o r m o re yea rs o f s e r v ic e ; $35.

A fter 20 yea rs o f future se rv ice $40 . 00 $ 8 3 .4 0 $ 12 5 .00

A fte r 30 yea rs o f future s e rv ice $60. 00 ^ 7 2 5 . 0 0 $ 18 7 .50

60 20

at w o r k e r 's request.

A ctu a ria l equivalent o f n orm al benefit, com m en cin g im m edia tely ; o r n orm a l ben efit, com m en cin g at age 65.

The G oodyear T ire and Rubber Co.


1 65 M onthly. F or s e rv ice a fter D ec. 1, 1958, 0. 75 p ercen t o f f ir s t $200 of actual m onthly earnings and 0. 5 p ercen t o f earnings exceeding such am ount fo r each y e a r o f such s e rv ice .

F o r se r v ic e p r io r to Jan. 1, 1959,0. 75 p ercen t o f f ir s t $200 o f a v era ge m onthly earnings betw een Jan. 1, 1949, and Jan. 1, 1959, and 0. 5 p ercen t o f average earnings exceed in g such amount; fo r s e r v ic e p r io r to A pr. 1, 1940, an additional 0. 5 p ercen t o f such a verage m onthly earnings e x ceeding $250.

M axim um . $ 8 0 ,0 0 0 annual from a ll com pany plans.

A fter 20 yea rs o f future s e rv ice $50. 00 $93. 33 $135. 00

A fter 30 yea rs o f future s e rv ice $ 7 5 .0 0 $140. 00 $202. 50

w it

1 „1h e m p lo y e r 's consent.

N orm al ben efit, p lus (until e l ig i b le fo r p r im a ry s o c ia l se cu r ity ben efit) 0. 5 p e rce n t o f average annual earnings su b ject to s o c ia l se cu r ity tax, redu ced by 0. 4 p e r cent fo r each m onth under age 65, com m en cin g im m ediately .

Contributory plan

6 m onths o f s e rv ice and earn ings exceeding amount sub ject to so c ia l secu rity tax.

1 65 M onthly. V12 o f 40 p ercen t o f w o rk e r 's aggregate contribu tions.

M axim um . Same as above.

A fte r 20 yea rs o f future s e rv ice ” $121”. 36 $238. 00

A fter 30 yea rs o f future s e rv ice __ $ 1 8 2 .0 0 $35 7 .00

55

with e m p lo y e r 's consent.

N orm al ben efit, reduced 0. 4 p e rce n t fo r each m onth under age 65, com m en cin g im m ediately .

1 No s e rv ice cred ited a fter age 65.2 E xcludes p rem em b ersh ip s e rv ice .


23



D isab ility re tirem en t Vesting Involuntaryretirem en t Death ben efits Financing


M inim umrequ irem en ts Type, conditions, C om pu l

sory at age

A uto- B e fore A fter E m ployee E m ployero f funding

Age S erv ice(y e a r s )

B enefit loxiiiuldrequirem ents

B enefit formulcLat age retirem en t retirem en t


Full cost. Unfunded.




15 N orm al benefit, c o m m encin g im m ediately ; p lus (until e lig ib le for a s o c ia l secu rity ben efit) an am ount equal to 75 p ercen t o f the m ax im um so c ia l secu rity benefit.

D eferred full.


Age 50 and 15 years o f s e rv ice .

N orm al benefit, com m en cing at age 65. 3

68 Full cost. Insured; deposit adm inis - tration.

Contribu tory plain

Sam e as above.

15 N orm al benefit, c o m m en cin g im m ediately .

Same as above. E a rly retirem en t benefit, com m en cing a fter age 55; o r n orm al benefit, com m en cing at age 6 5 3

W o r k e r 's contributions plus in terest.

W o r k e r 's contributions plus in terest, le ss b en e fits re ce iv ed .

3. 5 p ercen t of annual ea rn ings in ex ce ss o f amount sub ject to so c ia l s e curity tax (cu rren tly $ 4 ,8 0 0 ).

M inim um .$2 p er month.

B alance o f cost.


Only s e r v ic e a fter age 30 used to com pute benefit.


2 4


Company Participation



Early retirement

requirements Minimumrequirements

annual earnings of Minimumrequirements

Age Service(years) $ 4 ,8 0 0 $10 ,0 0 0 $15 ,000 Age Service

(years)Benefit formula

The Greyhound Corp.

1 year of service.

1 65 Monthly. For service after June 30, 1953, 1 .5 percent of monthly earnings for each year of such service. 1 2 For service from July 1, 1949, through June 30, 1953, 1. 23 percent of monthly earnings for each year of such service;2 and for service prior to June 30, 1949, 1 percent of monthly earnings for each year of such service. 2

Minimum. For 20 or more vears of service ,2 50 percent of average monthly earnings 3 less primary social security benefit; or 35 percent of average monthly earnings,3 whichever is greater.

After 20 years of future service $120 .00 $291 .67--------- $495 ,66

After 30 years of future service $ 180 .00 $375 .00 $562 .50

55

ait worker's request.

Actuarial equivalent of normal benefit, commencing immediately.

Minimum for 20 years of s e r v ic e -

Percent of average

final earnines 3

Age at re - At retire- At age tirement m ent3 654

6 4 -------------- 39V2 3163 -------------- 39 2962 -------------- 39 276 1 -------------- 38V2 2660 -------------- 38Vz 2559 - 35 245 8 _________ 33 235 7 -------------- 31 2256 - - . 29 21 55 -------------- 27 20

Percentages shown above are proportionally reduced for less than 20 years of service.

Hart, Schaffner and Marx.

Age 30 and 3 years of service,

or

age 40 and 1 year of service.

1 65 Monthlv* 0. 75 percent of first $350 of average monthly earnings and 1. 75 percent of earnings exceeding such amount for each year of service. 2

After 20 vears of future service $70 .0 0 $ 2 21 .66 $367.50

After 30 vears of future service $105 .00 $332 .50 $551 .25

55

ait worker's request.


International Business Machines Corp.

1 65 5 Monthlv. 0. 75 percent of first $400 of average monthly earnings and 1. 5 percent of earnings exceeding such amount for each year of service.

Minimum. $4. 50 for each vear of service.

Maximum. $ 2 ,9 1 6 .6 6 .

After 20 vears of future service $ 9 0 .0 0 $190 .00 $315 .00

After 30 vears of future service $135 .00 $285 .00 $472 .50

55

or

6 62

witlh

15

or

6 5

employer's consent.

Normal benefit, reduced 0. 5 percent for each month under age 65 and 0. 33 percent for each month under age 60, commencing im m ediately; or normal benefit, com mencing at age 65.

1 No service credited after age 65.2 Excludes premembership service.3 Average monthly earnings means the greatest of: (1) The average monthly earnings of the last 5 years of employment; (2) the average monthly earnings of the highest 5 calendar years;

or (3) for an employee retiring at age 65, the average monthly earnings for the calendar year in which the employee reached age 63.


25


Normal and early


Medium of fundingbeneftt Minimum

requirements Benefit formulaType, conditions,

and minimum requirements


sory at age

Automatic at age

Beforeretirement

Afterretirement Employee Employer

Age Service(vears)

Joint and survivor.

Periodcertain.

Levelincome(early).

Monthly. 25 percent Deferred graded.

Terminated for any reason except physical disqualification. 4 5 6

5 to 10 years of service, 2 25 percent; 10 to 15 years of service, 2 50p er- cent; 15 or more years of service, 2 100 percent.

Normal benefit, commencing at age 65.

65 W orker's contributions plus interest.

W orker's contributions plus interest, le s s benefits received.

4 percent ofannualearnings.

Balance of cost.

Combination:

Trusteed; bank administered.


of average monthly earnings.3

Minimum. $100 per month.

Joint and survivor.

Levelincome(early).

Deferred full.

Terminated for any reason.

Age 50 and 10 years of service; or age 55 and 5 years of service; or age 60; or 15 years of service. 2


W orker's contributions plus interest.

W orker's contributions plus interest, less benefits received.

1. 5 percent of first $4, 200 of annual earnings and 3. 5 percent of earnings in excess of $4, 200.

Balance of cost.


Joint and survivor.

Levelincome(early).

10 Monthlv. Full salarv Deferred graded.Voluntary term ination.15 years of service; 50 percent vested, plus 10 percent for each additional year to 100 percent for 20 years of service.Deferred full.Involuntary term ination for any reason.15 years of service.


Full cost. Trusteed; bank administered.

for 2 years after expiration of accident and sickness benefits; thereafter same as normal.

4 Following minimum percentages are maintained from date of retirement to age 65; at age 65 the minimum is reduced to that shown in the percent at age 65 column.5 Employees under age 65 with 10 years of service who are terminated by reason of physical disqualification are fully vested.6 Only available to employees that elect to receive a primary social security benefit prior to age 65.



Company ParticipationNormal retirement



Early retirement



Age Service(years) $ 4 ,8 0 0 $ 1 0 ,0 0 0 $15 ,000 Age Service


International Harvester Co. *65 10 Monthly. $ 2 .8 0 times years of service.

(2)

After 20 years of future service $56. 00 $ 5 6 .0 0 $f>6. 00

After 30 years of future service T5"4'. 00— $877 00----------- $84. 00

60

60

At err der n condi

_J

10

at w orker's request.

10

iployer's request or un- lutually satisfactory tions.

1__________

Normal benefit reduced 0. 6 percent for each month under age 65, commencing immediately; or normal benefit, commencing at age 65.

Monthly. $ 5. 60 times years of service, commencing immediately. When eligible for unreduced social security benefit, or at age 65, normal benefit payable.

Contributory plan

2 years of serv 65 Monthly. l/36 of w orker's contri- After 20 years of future service 55ice and annual earnings exceeding $ 4 ,8 0 0 .

butions. __ $173. 33 $340.00

After 30 years of future service __ $ 2 60 .00 $510 .00



Managerial employees1 plan

(5 ) Monthly. Minimum-combined contributory; plus noncontributory; plus primary social security pension benefit must equal l/u of 50 percent of first $5 , 000 of highest annual earnings and V12 of 40 percent of earnings in excess of such amount.

After 20 years of future service ---------------- <*>----------------------------

After 30 years of future service $ 8 4 .0 0 $3 4 4 .0 0 $594.00

International Paper Co. 3 years of service.

*65 Monthly. For service after Dec. 31, 1944, 0. 75 percent of first $250 of monthly earnings and 1. 5 percent of earnings exceeding $250 for each year of such service;9 for service prior to Jan. 1, 1945 ,10 0. 5 percent of first $250 of monthly earnings, on Jan. 1, 1945, and 1 percent of earnings exceeding $250 for each year of such service.

Minimum. $60 for 25 or more years ol' serv ice ,4 $55 for 20 to 25 years of serv ice ,4 $50 for 15 years of serv ice ,4 reduced proportionately for less than 15 years of service .4

After 20 years of future service $ 8 2 .5 0 $2 1 2 .5 0 $337.50

After 30 years of future service $123 .75 $ 318 .75 $506.25

55 1120

at worker’ s request.


All service credited to age 68.Employees retiring at age 68 with 5 but less than 10 years of service are eligible for a monthly benefit of $28.Option not available to employees retiring after age 62.Excludes premembership service.Must have joined contributory plan within 60 days after becoming a managerial employee.Managerial employees with less than 25 years of service only received benefits under noncontributory and contributory plans.


27


Normal and early

Disability retirement Ves ting Involuiretire:

ltaryment Death benefits Financing

Mediumretirement

benefitoptions

Minimumreauirements Benefit formula

Type, conditions, and minimum Benefit formula

Compulsory

at age

Automatic Before After Employee Employer

of funding

Age Service(years)

requirements at age retirement retirement

Joint and survivor.

Level income (early). 5

10 Monthly. $ 5 .6 0 times years of service.

Upon becoming eligible for social security disability benefit, or when eligible for unreduced social security benefit, or at age 65, normal benefit payable.

Deferred full.



Early benefit, (double normal not applicable), commencing at age 60; or normal benefit, commencing at age 65.

68 Full cost. Trusteed; bank administered

Contributory plan

Joint and Deferred full. Actuarial equivalent 68 Prior to age 55, worker's 120 monthly payments, 6 percent of Balance of Combination:survivor. of normal benefit, contributions plus inter less benefits received. annual earn cost.

Terminated for any commencing at age est; after age 55, 120 ings in ex Trusteed;reason. 55; or normal bene monthly payments for cess of bank ad

fit, commencing at which worker was quali amount sub ministeredAge 55; or 15 years age 65. fied at time of death. ject to socialof service.4 security tax Insured; de

(currently posit admini$ 4 ,800). stration.

Managerial employees* plan

C) 65 Full cost. Unfunded.

Joint and survivor.

Actuarial equivalent of normal benefit, commencing immediately. If worker has 25 or more years of service, 7 8 9 10 11 normal benefit, commencing immediately.

Deferred full.


Age 45 and 20 years of service. 4



Workers' contributions plus interest, less benefits received.

2. 25 percent of first $ 3 ,0 0 0 of annual earnings and 4. 5 percent of earnings exceeding $ 3 ,0 0 0

Balance of cost.


7 Long-term disability benefit plan available to managerial employees on a contributory basis. See: BLS Bulletin 1377.8 No service credited after age 65.9 Excludes premembership service. Effective June 1, 1961, dollar amount of benefits accrued up to Dec. 31, I960, are increased by 331/* percent.10 Excludes service before age 30 and first 5 years of service.11 Includes premembership service.


28


Company Participationrequirements



annual earnings of

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $15 ,000

Early retirement



Age Service(years) Age Service

(years)______

International Shoe Co.

Weekly and biweekly employees

1 65 15 Monthly. $18. 75 and $1 . 25 for each year of service in excess of 15 years; to a maximum of 30 years service.

After 20 years of future service $ 2 5 .0 0 $ 2 5 .0 0 $25.00

After 30 years of future service $ 3 7 .5 0 $ 3 7 .5 0 $37.50

—

1 year of serv- 2 ice and annual earnings exceeding $ 3 ,0 0 0 .

65

Monthlyearnings

$ 250 to $ 325 $325 to $400 $400 to $475 $475 to $525 e tc ., by $50 intervals to $ 2 ,0 7 5 and over.

Executives and administrative employees

Monthly annuity for

each year of such service

After 20 years of future service $ 8 0 .0 0 $ 2 40 .00 $400.00

3 After 30 years of future service $ 1 20 .00 $360 .00 $600.00

55 __


Actuarial equivalent of normal benefit, commencing im m ediately; or normal benefit, commencing at age 65.

$2$3$4$5

e t c ., by $ 1 intervals to $37.

Minimum. $45.

S. S. Kresge Co. Age 35 and 5 years of service.

Maximum. 25 percent of average monthly salary exceeding $250 during 1 0 consecutive years of highest earnings, and 0. 25 percent of such earnings times years of service since Jan. 1, 1942, or date of employment, whichever is later, and Via of 10 percent of employee' s contributions.

65 10 Monthly. 1 percent of first $400 oT average monthly earnings, and 2 percent of monthly earnings exceeding such amount for each year of service ;3 plus $ 1 . 2 0 a month for each year of premembership service.

After 20 years of future service $ 8 0 .0 0 $ 253 .40 $420.00

After 30 years of future service $ 1 20 .00 $380. 10 $630.00

50

or

60

20

at worker's request

Actuarial equivalent of normal benefit, commencing im m ediately .3

or

20 Normal benefit, commencing immediately. 4


1 Service credited to age 6 8 .2 No service credited after age 65.3 Excludes premembership service.4 Includes premembership service.


29





M edium o f fundingM inim um

requ irem en ts B enefit form u laType, conditions,



sory at age

Autom atic at age

B e foreretirem en t


Age S erv ice(yea rs)

W eekly and biw eek ly em ployees

—50

o

15

r

25

N orm al benefit, c o m m encin g im m ediately. — — — — — —

F u ll cost. T rusteed: bank a d m in istered .

E xecutives and adm in istrative em ployees

Joint and su rv ivor .

D eferred full.


Age 55 and 5 years o f s e rv ice . 4

A ctu aria l equ iva lent of norm al benefit c o m m encing at age 65.

70 E m p loyee 's contributions with in terest.

E m p loyee 's contributions with in terest, less b e n e fits rece ived .

2 p ercen t o f f ir s t $ 3, 900 o f annual earnings,4 .3 3 p ercen t o f each $900 o f annual earnings fro m $ 3, 900 to $5 , 700, and 6. 5 p e r cent o f e x c e s s .

B alance o f cost.


Joint and su rv ivor .

50 15 N orm al benefit, c o m m encing im m ediately . 4

D eferred full.


A ge 40 and 20 years o f s e rv ice .

N orm al benefit, com m en cing at age 65. 3

65 W ork er 's contributions with in terest.

W ork er 's contributions with in terest, le ss b en e fits rece ived .

4 p ercen t o f earnings in e x cess o f amount su bje c t to s o c ia l s e cu rity tax (cu rren tly $4, 800).

Balance o f cost.

Insured: D eposit adm inis - tration; plus co llate ral trust.


30


Com pany P articipation




requ irem en ts M inim umrequirem en ts B en efit form u la

annual earnings o f M inim umrequ irem en ts

Age S erv ice(years) $ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,0 0 0 Age S erv ice

(yea rs)B en efit form ula.

K roeh ler _ _ 1 65 15 M onthly. 0. 4 p ercen t o f average A fter 20 yea rs o f future se rv ice 60 25 A ctu a ria l equivalent o f n orm al ben efit, com m en cin g im m edia tely ; o r n orm a l benefit, com m en cin g at age 65.

M anufacturing Co. m onthly earnings during the last 10 com pleted calendar yea rs p r e ceding retirem en t for each year o f s e rv ice , to a m axim um o f 30 y ea rs .

$32 . 00 $ 6 6 .7 0 $10 0 .00

A fter 30 yea rs o f future s e rv ice $ 4 8 .0 0 $10 0 .0 0 $15 0 .00

(2)


L erner Shops o f A m e r ica , Inc.

A ge 35 and 1 year o f se rv ice and annual ea rn ings exceeding $4 , 200.

3 65

W

3 60

VIen

-om en

M onthly. F or se rv ice a fter F eb . 1. 1955, 1 percen t o f m onthly ea rn ings exceeding $350 fo r each year o f s e rv ice ; fo r se rv ice from F eb . 1, 1944, through Jan. 31, 1955,1 p ercen t o f m onthly earnings e x ceeding $250 fo r each year o f such s e rv ice ; and fo r se rv ice p r io r to Jan. 31, 1944, 0. 75 percen t o f m onthly earnings exceeding $250 rece iv ed in the year ending Jan. 31, 1944, fo r each yea r o f such s e rv ice . 4

M inim um . $0. 67 fo r each year o f s e rv ice . 4

A fter 20 yea rs o f future se rv ice $ 1 3 .3 3 $96 . 66 $18 0 .00

A fter 30 yea rs o f future se rv ice $ 2 0 .0 0 $ 1 4 4 .99 $ 27 0 .00

60

55

45

Ter:

Men

I 4 10

W om en

j 4 10


I 4 10

m inated fo r any reason .

A ctu a ria l equivalent o f n orm al ben efit, com m en cin g im m ediately .

M cC rory C orp.(M cC rory—M cL ellan—G reen S tores D iv ision ).


5 65 M onthly. F or each year o f s e rv ice a fter D ec. 31, 1961, l/ i2 o f 1 p e r cent o f annual earnings sub ject to so c ia l secu rity tax (cu rren tly $4 , 800) and V12 o f 1. 5 p ercen t of e x ce ss earn ings. 4 F or s e rv ice p r io r to Jan. 1, 1962, the accru ed pension determ ined under p r io r plan as o f Jan. 1, 1962.

M axim um . $1, 300 p er month.

A fter 20 yea rs o f future se rv ice $ 8 0 .0 0 $ 2 1 0 .0 0 $335. 00

A fter 30 yea rs o f future se rv ice $12 0 .0 0 $ 3 1 5 .0 0 $ 50 2 .50

55

wit;

15

h em p lo y e r 's consent.

N orm al benefit reduced 5 p ercen t fo r each yea r under age 65, c o m m en cin g im m edia tely .

A ll se rv ice cred ited after age 65.Company allow s em ployees to in crea se benefits by purchasing an additional annuity financed so le ly from their own contributions. No se rv ice cred ited a fter age 65 fo r m en, age 60 fo r w om en.


31




Mediumretirem en tbenefitoptions

M inim umrequ irem en ts B enefit form ula

Type, conditions, and m inim um requirem ents


sory at age

Autom atic at age




15 A ctu a ria l equivalent o f n orm a l benefit, com m en cin g im m e diately .

Fu ll cost. Trusteed; bank adm inistered .


45 10 A ctu a ria l equivalent o f n orm a l benefit, com m en cin g im m ediately .

A lu m p-su m actuaria l equivalent o f benefit fo r which em ployee was qualified at last an n iversary date o f plan.

120 paym ents certa in (norm al and early ).

F u ll cost. T rusteed; bank adm inistered .




15 N orm al benefit, c o m m encin g im m ediately .

D eferred full.


Age 50 and 15 years o f s e rv ice , or sum o f age and serv ice equals 65.

N orm al benefit, com m en cing at age 65; i f age 55 with 15 y ea rs o f s e rv ice w ork er m ay e lect ea r ly retirem en t benefit; if t e r m inated p r io r to age 55, w ork er, with consent o f com pany, m ay e le ct benefit equal to 50 p ercen t o f a ccru ed norm al retirem en t benefit, reduced 2. 5 p e r cent fo r each b e tween date te r m inated and age 55.

Fu ll cost. T rusteed; bank adm inistered .

4 E xclu des p rem em b ersh ip se rv ice .5 No s e r v ic e cred ited a fter age 65.


32





annual earnings of

$ 4 ,8 0 0 $10 ,0 0 0 $15 ,000

Early retirement




(years)

Melpar Inc. (Subs, of W est- inghouse Air Brake C o .)

1 year of service 1 65 Monthly. V12 of 67 percent of em - ployee's total contributions.

Minimum. 1 percent of average monthly earnings during 5 years immediately preceding retirement for each ^ a r of service, to a maximum of 50 years , 2 less prim ary social security benefit.

After 20 years of future service $ 8 0 .4 0 $ 254 .60 $422. 10

After 30 years of future service $ i£ 6 . 16 $ 3 81 .90 $633. 15

55

or

60

wii

1 0

at w orker's request

or

th em ployer's consent.


The New York Times Co.

Noncontributory plan

Age 35 and 5 years of service, or if hired after age 45, age 50 and one-half year of service.

4 65 Monthly. For service*after Mar. 31, 1947, 1 percent of average monthly earnings for each year of service ; 5 for service prior to Apr. 1, 1947, 0. 5 percent (1 percent if born prior to Apr. 1, 1897) of average monthly earnings during 1 0 years immediately preceding Apr. 1, 1947, times years of such service . 5

After 20 years of future service $ 8 0 .0 0 $166 .60 $250.00


60

«1 15it w orker's request.


Contributory plan

Same as above. Satat

ne as >ove.

Monthly. For service after Dec. 31, 1954, 1 percent of monthly earnings exceeding amount subject to social security tax (currently $ 4 ,800) for each year of service ;5 for service prior to Jan. 1, 1955, (members of old plan), 1 percent of monthly earnings exceeding $250 for each year of such service. 5

After 20 years of future service ~ $ 8 6 . 67 $170.00

After 30 years of future service “ $ 1 30 .00 $255. 00

11Same as above. Same as above.

No service credited after age 65. Includes premembership service. Minimum benefit is unfunded.

CPO 093*700-9


33


Normal and early






sory at age

Automatic at age

Before After Employee Employerof funding

Age Service(years)

retirement retirement

Joint and survivor.

Periodcertain.

Deferred full.


1 0 years of service?

Normal benefit commencing at age 65.

W orker's contributions, with interest.

W orker's contributions, with interest, less benefits received.

1. 5 percent of annual earnings subject to social se curity tax (currently $ 4 ,8 0 0 ), and 3 percent of annual earnings in excess of such amount. 3

Balance of cost. 3

Insured; 3groupannuity.

Noncontributory plan

Joint and 50 Actuarial equivalent Deferred full. Actuarial equiva (6) Full cost. Trusteed;survivor. of normal benefit, lent of normal ben self ad

commencing im Terminated for efit, commencing ministered.Level mediately. any reason. anytime duringincome(early). Age 60 and 15 years

5-year period prior to age 65; or

of service. 5 normal benefit, commencing at age 65.

Contributory planT

Same as above. Same as above.t---------r

Same as above. W orker's contributions plus interest.

W orker' s contributions plus interest, less benefits received.

5 percent of Balance of earnings ex- cost, ceeding amount subject to social security tax (currently $ 4 ,800).


Service credited to age 70.Excludes premembership service.Age 75 prior to Apr. 1, 1963, reduced on yearly basis thereafter to age 70 after Mar. 31, 1967.


34


CompanyNormal retirement

Participationrequirements Minimum

requirementsAge Service




annual earnings of

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,000 Age

Minimumrequirements

Service(yearg)

Early retirement

Benefit formula

North American Aviation, Inc.

65 10 Monthly. $2 . 50 plus 1 .5 percent of average monthly salary exceed* ing $350* for each year of serv ice, to a maximum of 35 years.

Minimum. $25.

After 20 years of future service $ 6 5 .0 0 $ 1 9 5 .0 0 $320 .00

After 30 years of future service $ 9 7 .5 0 $2 9 2 .5 0 $480 .00

55 10



Pacific Gas and Electric Co.

1 year of service.

65 Monthly. For service after Dec. 31, 1953, 1 .5 percent of first $300 of monthly earnings and 2. 5 percent of monthly earnings exceeding such amount for each year of such service :5 for service between Jan. 1, 1953, and Dec. 31, 1936, V24 of worker's total contributions for such period. For service prior to Jan. 1, 1937, 1. 5 percent of monthly earnings in December 1936 for each year of such service5 for women ages 45 through 49 on Jan. 1, 1937,1. 25 percent for women ages 40 through 44 (men ages 45 through 49), and 1 percent for women under age 40 (men tinder age 45 ) . 6

After 20 years of future service $ 1 40 .00 $3 5 6 .6 0 $565 .00

After 30 years of future service $210. 00 $ 5 3 4 .9 0 $847. 50

7 55 __


Normal benefit reduced 0. 33 percent for each month under age 65, commencing immediately.

Minimum. $5 for each year of service, to a maximum of 25 years. 1 2 3 4

1 Service credited to age 6 8 .2 Average monthly salary is the average of the 5 highest consecutive monthly salaries as of January 1 of each of the last 10 years during which credits were allowed for monthly salary

in excess of $350. For earnings prior to Jan. 2, 1955, monthly earnings in excess of $350 as of Jan. 1, 1955, are used.3 Beneficiary of a retired employee receiving a vested retirement benefit is not eligible for this benefit.4 Age 60 for women covered by plan prior to Jan. 1 , 1954. No service credited after age 65.


35



D isab ility re tirem en t V esting Involuntaryretirem en t Death benefits F inancing


M inim umrequ irem en ts Type, conditions,


sory at age

A uto- B e fore A fter E m ployee E m ployero f funding

Age S erv ice(yea rs) requirem ents at age retirem en t retirem en t

Joint and su rv iv or . —

10 A ctu a ria l equivalent o f n orm a l benefit, com m en cin g im m e -

D eferred full.

Term inated for

A ctu aria l equ iva lent o f norm al benefit, c o m -

68 68 — M onthly e a rn ings at tim e o f re tirem en t

Am ount o f death benefit

— F u ll cost. Trusteed; bank a d m in istered .

d iately .

M inim um . $70.

any reason .

Age 45 and 10 years o f se rv ice .

m encin g anytim e during 10 -y ea r p er iod p r io r to age 65 with c o m pany consent; o r n orm al benefit, com m en cing at age 65.

L ess than $450 $450 to $500 $500 to $600 $600 to $700 $700 to $833 $833 to $1,000 $1,000 to $1 ,166 $1 ,166 to $1,333 $ 1,333 to $1,500 $1,500 to $1,666 $1 ,666 to $1,833 $1, 833 to $2,000 $ 2, 000 and over

$ 1 ,0 0 0 $1 , 250 $ 1 ,5 0 0 $1 , 750 $2 , 000 $2 , 500 $2 , 750 $3 , 000 $ 3 ,4 0 0 $3 , 800 $4 , 200 $4 , 600 $5 , 000

(3 )


D eferred full.


15 years o f s e rv ice . 8

A ctu aria l equ iva lent o f norm al b en efit, com m en cing anytim e during 10 -year period p r io r to norm al retirem en t; o r norm al benefit, com m en cing at age 65.

65 Contributions plus in terest.

Contributions plus in terest, le s s benefits rece ived .

3 percen t o f f ir s t $ 3, 600 o f annual earnings, and 5 percen t o f earnings exceeding $3 , 600.

B alance o f cost.

Combination:

T rusteed; bank ad m in istered .


5 Includes p rem em b ersh ip s e rv ice .6 If annual future s e r v ic e benefit, plus p r im a ry soc ia l secu rity benefit is grea ter than 2 p ercen t o f total earnings, past se rv ice benefit is reduced by the amount o f such e x ce ss .7 A ge 50 fo r w om en cov ered by plan p r io r to Jan. 1, 1954.8 E xclu des p rem em b ersh ip s e rv ice .



Com pany P articipationN orm al retirem en t

Illustrative m onthly pensions at age 65 under norm al retirem ent



requ irem en ts M inim umrequirem en ts B enefit form u la

annual earnings of M inim umrequ irem en ts B en efit form u la

Age S erv ice(years) $ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,0 0 0 Age S e rv ice

(y ea rs)

Pennsylvania R a ilroad Co.

Earnings e x ceed amount su b ject to R a ilroad R etirem ent A ct (cu rren tly $4 , 800) in any ca lendar y ea r . 1 2 3

2 65 M onthly. 1 percen t o f average m onthly earnings exceeding amount su b ject to R a ilroad R etirem en t A ct (cu rren tly $4, 800) during 10 yea rs im m ediately p receed in g r e t ir e m ent tim es yea rs o f s e rv ice .

M inim um . Em ployee* s c o n tr i- butions with in terest.

M axim um . (B ased on com pany contribu tions) $ 3 ,1 2 5 .

A fter 20 yea rs o f future se rv ice ----- $ 8 6 .6 6 $170 .00

A fter 30 yea rs o f future se rv ice ___ $ 1 2 9 .99 $25 5 .00

60

or

62

30

or

it w ork e r 's requ est.

N orm al benefit reduced Viso fo r each m onth under age 65, c o m m en cin g im m edia tely .

P f iz e r , Chas. & Co. , Inc.

2 65 M onthly. o f 1 .4 p ercen t o f total earnings during s e rv ice as a m e m b e r .4'

M axim um . $ 1 ,6 6 6 . 66.

A fter 20 yea rs o f future se rv ice $ 1 1 2 .0 0 $233. 34 $350 .00

A fter 30 vea rs o f future se rv ice $ 1 6 8 .0 0 $35 0 .0 0 $525 .00

55

or

wit

10

o r

20

h e m p loy er 's consent.

A ctu a ria l equivalent o f n orm al ben efit, com m en cin g im m ediately ; o r n orm a l benefit, com m en cin g at age 65.

P ittsburgh P late G lass Co.

65 M onthlv. F or s e rv ice after D ec. 31, 1962; 0. 75 p ercen t o f f ir s t $400 o f average m onthly sa lary fo r the h ighest 5 y ea rs d u r ing the 10 yea rs im m ediately p r e ceding retirem en t, and 1. 5 p ercen t o f such average m onthly earnings in e x ce ss o f $400 fo r each yea r o f s e r v ic e .5 F or s e rv ice p r io r to Jan. 1, 1963, the g rea ter o f: (1) The m onthly annuity purchased by the em p lo y e r 's contribu tions from D ec. 24, 1945 to D ec. 24, 1962, o r (2) 0. 75 p ercen t o f f ir s t $400 o f average m onthly sa lary and 1. 5 p ercen t o f such average m onthly earnings in e x ce ss o f $400 fo r each year o f s e r v ic e 5 p r io r to Jan. 1, 1963, plus the m onthly annuity purchased by the em ployees contribu tions p r io r to D ec. 24,1945.

M inim um . $2 . 80 fo r each vea r o f s e r v ic e plus m onthly annuity p u r chased by em ployees contributions p r io r to D ec. 24, 1945.

A fter 20 vea rs o f future se rv ice $ 6 0 .0 0 $190. 00 $315 .00

A fter 30 vears o f future se rv ice $ 9 0 .0 0 $ 2 8 5 .0 0 $472. 50

55

ait w o rk e r 's request.

A ctu a ria l equivalent o f n orm al benefit, com m en cin g im m ediately .

1 Only em ployees in nonagreem ent position s are e lig ib le to p a rticipate in the plan.2 No s e rv ice cred ited a fter age 65.3 A ge 65 fo r those em ployees w hose appointm ent o r com pensation req u ires approva l o f the board o f d ir e c to r s .4 Earnings fo r s e rv ice p r io r to Jan. 1, 1943, based on earnings fo r 1942.


37


Normal and early






sory at age

Automatic at age


Age Service(years)


Joint and survivor.

—

20but less than

30

30

Normal benefit computed on 30 years, then reduced Visoth for each month under 30 years.

Normal benefit.

Deferred full.

Terminated for resignation, dism issal or furlough.

Age 55 and 10 years of plan membership;

or

10 years of plan membership and 20 years of service.


(3) (3) Employee's contributions with interest.

Employee's contributions with interest, less benefits received.

4. 25 percent of annual earnings in excess of amount subject to Railroad Retirement Act (currently $4, 800).

Matches employee contribution and unfunded past service liability at time of retirement.

Trusteed; self administered.

Joint and survivor.

Levelincome(early).

65 If death occurs within 5 years after retirement, benefit continued for 12 months, but not beyond 5th anniversary of retirement.


Joint and survivor.

Levelincome(early).

40 10 Same as normal (maximum service credited 35 years).

Deferred full.

Termination for any reason.

Age 55.

Actuarial equivalent of normal benefit, commencing anytime during lO.year period prior to age 65, or normal benefit, commencing at age 6 5 .1

65 (5 6) (7) Full cost. Combination:

Trusteed;

Insured; deposit adminis - tration.

5 Only service between ages 30 and 65 credited in computing benefit.6 W orker's prior contributions plus interest.7 W orker's prior contributions plus interest, less benefits received.


38





Early retirement

requirements Minimumrequirements


Age Service(vears) $ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 15 ,000 Age Service

(vears)

Prudential Insurance Company of America.

1 65

(4)

Monthly. For service after Dec. 31,1954 , 1 V3 percent of monthly earnings subject to social security tax (currently $400), and 2 percent of earnings exceeding such amount for each year of service.

Minimum. 50 percent of average monthly earnings for 5 years p re ceding retirement reduced I73 percent for each year of service less than 30, less primary social security.

After 20 years of future service "yT Z 80 .0 0 --------- $446. 67

After 30 years of future service $ 160. 00 $420. 00 $670. 00

4 55

4 60

wii

10


10

th em ployer's consent.


Normal benefit, commencing im mediately.

Radio Corporation of America.

3 years of service.

5 65 Monthly. For service after Nov.30, 1952, Vi2 of 40 percent of w orker's aggregate contributions made after Nov. 30, 1952.

For service from Dec. 1 ,1944, through Nov. 30, 1952, greater of:(1) 0. 8 percent of first $300 of monthly earnings, and 2 percent of earnings exceeding $300, or(2) benefit based on age at entering plan, contributions and sex. For service prior to Dec. 1, 1944,1 percent of first $250 of monthly earnings on Nov. 30,1944 , and 1. 5 percent of earnings between $250 and $400 and 2 percent of excess times years of service, less3 years.

Minimum. For service after Dec.31, 1962, $2 . 50 for each year of service ;6 for service prior to Jan. 1, 1963, $ 2 .4 0 for each year of service— maximum service credited, 32 years. 6 Minimum requirement, 7 years. 6

After 20 years of future service $ 6 4 .0 0 $237. 33 $404 .00

After 30 years of future service $ 9 6 .0 0 $ 3 56 .00 $606 .00

55

a

Must be vested,

it w orker's request.

Normal benefit (minimum not applicable) reduced 4 percent for each year under age 65, commencing immediately, or normal benefit (minimum not applicable) commencing at age 65. ’

1 All service credited after age 65.2 Benefit is reduced by 50 percent if employee takes outside employment, provided he is still too disabled for reemployment by the company.3 Benefits accrued for service before Oct. 25, 1950, are vested only if worker made all possible contributions.4 Age 60 for women hired prior to 1953. Age 50 and 55, respectively,for women hired prior to 1953 for early retirement.5 No service credited after age 65.


39


Normal and early






sory at age

Automatic at age


Age Service(years)


Joint and survivor.

Levelincome.

10 Monthly. 2 percent of total earnings, divided by 12. 2

Upon receipt of social security disability benefit, or at normal retirement date, normal benefit is payable.

Deferred full.


10 years of service.3

Actuarial equivalent of normal benefit, commencing anytime during 10- year period prior to age 65,4 or normal benefit, payable at age 6 5 .4

465 68 W orker's contributions plus interest, less any disability retirement benefits received.

Beneficiary receives greater of: (1) Worker's contributions plus interest, less benefits received, and (2) 12 times monthly benefit based on accrued service after Dec. 31, 1940.

Full cost. Insured;groupannuity.

Joint and survivor.

Cashrefund.

Level income (early).

60 6 15 Normal benefit (minimum not applicable) with minimum of $50 monthly, commencing immediately.


Deferred full.


Age 50 and 10 years of service2 or age 55 and 25 years of service. 8

5 years of service. 6 7

Early retirement benefit commencing anytime in 10-year period prior to age 65.

Same as above except excludes service prior to Dec. 1, 1944.


60 monthly payments, less benefits received; if 60 monthly payments do not equal w orker's contributions plus interest, difference is paid to beneficiary. 9

2 percent of first $400 of monthly earnings and 5 percent of excess.

Balance of cost.

Combination:



Insured; deposit administration

6 Excludes premembership service.7 Supplemental monthly benefit of $55 provided workers with 15 to 20 years of credited service, $60 with 20 to 25 years of credited service, $65 with 25 to 30 years of cred ited service, $70 with 30

to 35 years of credited service, and $75 with 35 or more years of credited service. Benefit is paid until receipt of social security.8 Includes premembership service.9 Not applicable in case of election of joint and survivor and cash refund options.


40





Early retirement



Age Service(years) $ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 1 5 ,000 Age Service


Research Institute of America, Inc.


1 65 Monthly. 0. 75 percent of average monthly earnings subject to social security tax (currently $400) and 1 .5 percent of monthly earnings exceeding such amount for each year of service1 2 plus 0 .5 percent of earnings subject to social s e curity tax and 1 percent of earnings exceeding such amount for each year of premembership service after age 30.

After 20 years of future service $ 6 0 .0 0 $ 1 9 0 .0 0 $315 .00

After 30 years of future service US— $ZH3.00---------$4T275S

55

c

20

it worker’s request.

Actuarial equivalent of normal benefit, commencing im m ediately; or normal benefit, com mencing at age 65.

Safeway Stores, Inc. Age 35 and 5 years of service.

165 Monthly. For service after Dec. 31, 1946, 1 percent of monthly earnings subject to social security tax (currently $400), and 2 percent of monthly earnings exceeding such amount up to $ 800 and 1 .5 percent of monthly earnings in excess of $800 for each year of such service;2 for service prior to date of eligibility, from age 45 or date of employment, whichever is later, 0. 75 percent of monthly earnings subject to social security tax, and 1 .5 percent of monthly earnings exceeding such amount for each year of such service.

Maximum. $ 1,500.


After 30 years of future service $ 1 20 .00 $3 7 5 .0 0 $5^2.50

50

a

or

55

a

20

it worker's request

or

it worker's request.


1 No service credited after age 65.2 Excludes premembership service.


41for Salaried Employees

Normal and early

Disabi lity retirement Ves ting Involuntaryretirement Death benefits Financing


Minimumrequirements Type, conditions,

Benefit formulaCompul- Auto

matic at age


Age Service requirementssory

at age retirement retirement

Joint and survivor.

Levelincome(early).

Deferred graded.


Age 55 or 10 years of service;2 10 percent vested, plus 10 percent for each additional year of age or service to 100 percent at age 65 or 20 years of service.



Joint and survivor.

Levelincome(early).

65 Employee's contributions with interest.

Employee's contributions with interest, less benefits received.

2. 5 percent of annual earnings subject to social s e curity tax (currently $4, 800) and 5 percent of annual earnings exceeding such amount, to a maximum of twice such earnings subject to social s e curity tax.

Balance of cost.



42



Normal retirementIllustrative monthly pensions at age 65 under nor mad retirement


Early retirement



Age Service(years) $ 4 ,8 0 0 $10 ,0 0 0 $1 5 ,0 0 0 Age Service

(years)

Sperry Gyroscope Co. (Division of Sperry Rand Corp.)

Part 1

Nonexempt employees

Age 30 (25 for women) and 2 years of se rv ice .1 2

Men

H -Women

2 60

Monthly. For service after Jan. 1, 1949, formula (1) l/iz of 1 percent of annual earnings for each year of service, 3 plus formula (2) l/u of 1 percent of annual earnings exceeding amount subject to social security tax (currently $4 , 800) for each year of service.


After 30 years of future service $ 1 20 .00 $ 380 .00 $ 630.00

55

50*

Men

3

Actuarial equivalent of normal benefit, commencing immediately

5 or normal benefit commencing atage 65 (women 60). 6

Women

*5

For service from May 1. 1941, through Dec. 31, 1948, Vu of 1 percent of annual earnings for each year>of such service; for service prior to May 1, 1941,Vi2 of 0. 75 percent of annual earnings 4 for each year of such service. 5


Same as above,

Exempt employees------1----------Same as above.

Same as above except formula (2) is not applicable.

Total income (part 1 plus part 2) approximately the same as nonexempt employees benefit, if average annual earnings under part 2 equals average annual earnings for total period of plan service.

Same as above. Actuarial equivalent of normal benefit commencing at age 65 (women 60). 7 *

Part 2 Same as above, Same as Approximately Vu of 1 percent of above.9 the amount by which average an

nual earnings for 15 or less years immediately preceding retirement exceed average annual earnings subject to social security tax during entire plan membership multiplied by years of plan service.

Same as above or at earlier Same as above except footnote 7ages subject to insurers' does not apply.consent.

1 May 1 or November 1 following such service.2 No service credited after age 65 for men and 60 for women.3 Excludes premembership service.4 Average annual earnings for 5 years preceding Jan. 1, 1941.5 Excludes service prior to age 35 (age 30 for women or 1 year of service, whichever is later).6 An employee may elect to receive lump-sum payment equal to 2. 5 percent of annual earnings for each year of plan service plus interest, instead of these benefits. An employee with

less than 5 years of plan service may choose a lump-sum payment equal to 2. 5 percent of annual earnings for each year of plan service, plus interest, or a retirement benefit purchased bysuch sum commencing at anytime during 10-year period prior to age 65 (women 60) or at age 65 (women 60).


43


Normal and early


Mediumretirement

benefitoptions



Benefit formulaCompul- Auto

matic at age


Age Service(years) at age retirement retirement

Nonexempt employees

Joint and __ __ Deferred full. Actuarial equiva _ Equal to 2. 5 percent of Equal to 2. 5 percent of No contribu Balance of Insured;survivor. lent of normal ben total earnings plus in total earnings plus inter tion except by cost which group

Terminated for any efit, commencing terest. 3 est, 3 less retirement a few employ includes annuity.Level reason. anytime during 10- benefit received prior to ees who con "em ployeeincome. year period prior death under formula (1) tribute 21/ 2 contribu

5 years of service.3 to age 65; or nor applied to all service percent of tions" ofPeriod m al benefit, com after May 1, 1941. gross pay re Zllz percertain. mencing at age 65 .6 ceived during cent of

plan service gross paypursuant to a receivedlabor agree during planment. service for

those em ployees who make no contributions.

Exempt employees

Same as above.

Same as above. Actuarial equivalent of normal benefit commencing anytime during 10- year period prior to age 65 (women 60); or normal benefit commencing at age 65 (women 60).7 8 9

Equal to (1) 2. 5 percent of the annual earnings, subject to social security tax plus (2) 4. 0 percent of the balance of gross pay received each calendar year while a member in the plan, plus interest.

Equal to (1) 2. 5 percent of the annual earnings subject to social security tax, plus (2) 4 percent of the balance of gross pay received each calendar year while a member in the plan, plus interest, less retirement benefit received prior to death under formula (1) applied toall services after May 1, 1941.

A few em ployees contribute in each plan service year 2 percent of annual earnings subject to social security tax and 3*/2 percent of balance of such annual earnings. All others contribute l l /2 percent of annual earnings in each plan service year in excess of those subject to social se curity tax.

Balance of cost which includes amount necessary to bring "em ployee contributions" up to 2 V2 percent of annual earnings subject to social security tax ana 4 percent of the balance of such annual earnings.


Optionsgenerallyfound inindividualannuitycontracts.

At same time as part 1.

Pension purchased under the plan with normal benefit commencing at age 65 (women 60) or actuarial equivalent commencing at any prior date with consent of insurer.

Greater of: Cash surrender value or sum of the premiums paid under each unit of coverage.

Variable, depends on method of settlement in effect and time of death.

Full cost. Insured;groupannuity.

7 An employee may elect to receive a lump-sum payment equal to (1) 2. 5 percent of annual earnings subject to social security tax plus (2) 4 percent of the balance of annual earnings for each year of plan service plus interest instead of these benefits. An employee with less than 5 years of plan service may choose a sim ilar lump-sum payment or a retirement benefit purchased by such stun, commencing at anytime during the 10-year period prior to age 65 (women 60) or at age 65 (women 60).

8 Adm ission date is on December 28 of each year.9 Nearest birthday on December 28 of each year.




Normal retirement

MinimumrequirementsA Service * * * (years)

Benefit formula



annual earnings of

$ 4, 800 f 10,000 >15 ,000

Early retirement

Minimum requirements

Service Benefit formula

Standard Oil Co. (New Jersey)

Men

165 | 15

Women

160

Monthly. 1. 5 percent of averagemonthly earnings, and 0. 75 per cent of average monthly earnings exceeding amount subject to social security tax (currently $400) during 5 years immediately preceding retirement for each year of service.

Minimum. 5. 56 percent of em ployee's contributions. 2

After 20 years of future service $ 1 2 0 .0 0 $ 3 15 .00 $502 .50

After 30 years of future service $ 1 8 0 .0 0 $ 4 72 .50 $75377$

Actuarial equivalent of normal benefit, commencing im m ediately; plus, until eligible for social security benefit, actuarial equivalent of 0. 75 percent of average monthly earnings subject to social security tax (currently $400) during 5 years immediately preceding retirement for each year of service.

50 15

with em ployer's consent.

J .P . Stevens and Co.


65 Monthly. Via of 1 percent of first $4, 800 of average annual earnings during 10 years immediately preceding retirement and Via of 1. 5 percent of earnings exceeding $4 , 800 for each year of service .3


After 30 years of future service $ 1 *0 .6 6 $ 3 l $ 0 0 --------- $ 5 0 2 3 0

60



Swift & Co. 65 Monthly. 1 .125 percent of monthly earnings for each year of service or $2 . 50 for each year of service, whichever is greater.

Minimum. $30.

After 20 years of future service $ 9 0 .0 0 $ 187. 50---------$ 2 8 0 5After 30 years of future service$ 135.66 $ 281.25-----------$421788

55 20


55 | 20

at em ployer's request. 4 •



No service credited after age 65.This minimum applies where 15 years of service has been attained at retirement. If less than 15 years of service is attained, this is the maximum benefit. Excludes premembership service.


45for Salaried Employees

Normal and early

retirement benefit options

Disability retirement Ves ting Involuiretire:

itaryment Death benefits Financing

Medium of fundingMil

requilimumrements Benefit formula



sory at age

Automatic at age

Beforeretirement


Age Service (year s i

Joint and survivor.

15 Monthly. Annuties accrued to date of disability retirement, withdut discount, less social security benefit. At normal retirement age, normal benefit payable.

Minimum. 37. 5 percent of earnings for 15 years of service increasing by 2. 5 percent for each additional 5-year period up to 50 percent of such earnings for 40 or m ore years of service. Minimum does not apply after attainment of normal retirement age.

Me

65 |

Won

n

I65ten

Employee's contributions with interest.

60 monthly payments, less benefits received.

2. 25 percent of annual earnings subject to social s e curity tax (currently $ 4 ,8 0 0 ), and3. 0 percent of excess.

Balance of cost.

Combination: Trusteed; self administered. Insured; deposit administration.60 60

Joint and survivor.

55 10 Normal benefit, commencing im m ediately.

Widow's pension applicable between age 60 and age 65: 50 percent of worker's pension accrued to date of death.


20 Normal benefit, com mencing immediately.

After 20 years of service-50 percent of em ployee's normal benefit.9

Minimum. $15 per

After 20 years of service—50 percent of em ployee's normal benefit. 9


month.

4 Except discharge for cause.5 Available to widows, and children under 18 years of age only.






axrnual earnings of

$ 4 ,8 0 0 $ 1 0 ,0 0 0 $ 15 ,000

Early retirement

Mixrequi

limumrements Benefit formula



(years)

Thompson, Ram o- Wooldridge, Inc.

165 10 Monthly. For 30 or more years of service, 40 percent of average monthly earnings during 5 years of highest monthly earnings in 15 years immediately preceding re tirement, company provided benefit is reduced proportionately for less than 30 years of service less prim ary social security benefit.

Minimum. For 30 or more years of service, $ 175 less primary social security benefit.

After 20 years of future service $ 3 2 .0 0 137:54---------WZW.T F


55

a

10

Lt worker's request.


Tim e, Inc. 2 years of service.

*65 Monthly. 1 percent of first $ 300 of monthly earnings and 1. 5 percent of monthly earnings exceeding such amount times years of service. 1 2 3 4 *

(4 )

After 20 years of future service 4 $ 9 0 .0 0 $ 2 2 0 .0 0 $345 .00

After 30 years of future service4 $135 . 00 $330. 00 $517. 50

(5 )

a

3 10



Union Carbide Corp.

Noncontribhtory

6 65

o

60

10r

30

Monthly. 1. 1 percent of average monthly earnings during 120 calendar months immediately preceding retirement times years of service.

After 20 years of future service $ 8 8 .0 0 $183. 33 $ 275 .00

After 30 years of future service $132. 00 $275. 00 $412 .50

62

a

10

.t w orker's request.


Contributory

1 year of service and annual earnings in excess of $ 3, 000.

*65 Combined benefit (contributory and noncontributory plans):

Monthly. V24 of em ployee's contributions plus noncontributory benefits less the sm aller of the noncontributory benefit or 80 percent V24 of employee contributions.


After 30 years of future service $ 1 5 0 .0 0 $ 3 5 0 .0 0 $ 600 .00

55


Same as above.

1 No service credited after age 65.2 Prior to age 50, only service after age 30 used to compute benefit; after age 50 all service up to 30 years used to compute benefit.3 Excludes premembership service.4 One-half the benefit amount is provided as a fixed dollar income; the other half is provided as a variable annuity. The illustrative monthly pensions above make no allowance for

fluctuations in the value of the variable annuities.


47


Normal and early


Medium of fundingbenefit

options




sory at age

Automatic at age

Beforeretirement


Age Service(years)

Joint and survivor.

50 15 Actuarial equivalent of normal benefit, commencing im m ediately.

Minimum. $65.


Deferred full.


Age 40 and 10 years of service. 2

Normal benefit (minimum not applicable), com mencing at age 65.

65 65 Full cost. Trusteed; bank administered.

Joint and survivor.

Levelincome(early).

50 3 13 Normal benefit, commencing im m ediately.

Deferred full.


10 years of service. 3


65 Full cost. Trusteed; bank administered.

Noncontributory

Joint and survivor.

15 Monthly. Greater of:(1) 1 .1 percent of average monthly earnings during 120 calendar monlbs immediately preceding disability times years of service, or(2) $ 2 . 50 times years of service, plus $50 until social security disability benefit is payable.


Deferred full.



Normal benefit, commencing at age 6 5 .5 6 7

65 Full cost. Trusteed; bank administered.

After retirement: Insured, deposit administration.

Contributory

Joint and Deferred full. Normal benefit, 65 70 More than 10 years 120 monthly payments, 4 percent of Balance Insured:survivor. commencing at prior to normal: less benefits received. annual earn of cost. group


age 65. (a) Less than 15 years of service, em ployee's contributions; (b) more

ings in excess of

annuity.

$ 3, 000.15 years of than 15 years of servservice. ice, 50 percent of nor

mal benefit for 120 months. Within 10years of normal:120 monthly payments.

5 Benefits are in addition to possible pay-out of profit-sharing funds in annual installments on retirement.6 All service credited alter age 65.7 Only service after age 30 used to compute benefit.


48





Early retirement


annual earnings of

$ 4 ,8 0 0 $10 ,0 0 0 $15 ,000

Minimum_________ requirements

Age Service(vears)

Age Service(years)

Benefit formula

United States Lines, Corp.

Age 25 and 2 years of service; or age 30.

*65 Monthly. 1. 375 percent of average monthly earnings 1 2 subject to social security tax (based on 1957 rate of $350 per month) and 2 percent of earnings exceeding such amount for each year of service. 3 4 5 6

Maximum. $ 2, 083. 33.

After 20 years of future service $ l !6 . 25 $289. 58 $456. 25

After 30 years of future service T 1 7 C 3 8 $'434. 38--------- $SB3. 38

45 20


Actuarial equivalent of normal benefit, commencing im m ediately; or normal benefit at age 65.

United States Steel Corp.

Noncontributory

5 65 15 Monthly. 8 1 percent of average monthly earnings during 120 months immediately preceding retirement times years of service, less $80 for primary social se curity benefit.

Minimum. $ 2. 60 times years of service after Dec. 31, 1959, and $2. 50 times years of service prior to Jan. 1, I960. Maximum service credited, 35 years.


After 30 years of future service $78. 00 $ 170. 00 $295. 00

60 | 15


(7) | 15

Mutually satisfactory conditions or continuous service broken due to permanent shutdown, layoff,or disability.


Normal benefit commencing immediately. 8

Contributory

165 Monthly. For service after June 30, 1962, l/i2 of 1 percent of employee's aggregate annual com pensation in excess of $2, 500; for service prior to July 1, 1962, V12 of 1 percent of employee's aggregate annual compensation in excess of $3, 000.

After 20 years of future service $ 3 8 .3 3 $ 125 .00 $208 .33


Same as above. Actuarial equivalent of normal benefit, commencing im m ediately; or normal benefit, com mencing at age 65.

Weyerhaeuser Co. *65 10 Monthly. Greater of: (1) 1 percent of first $400 of average monthly earnings during 10 years immediately preceding retirement and 1. 5 percent of monthly earnings exceeding $400 for each year of service, and (2) $2 for each year of service, maximum service credited, 25 years.

After 20 years of future service $ 8 0 .0 0 $210 .00 $335 .00

After 30 years of future service $ 120 .00 $ 3 15 .00 $502 .50

60

or

55

or

55

10 20

or

10 30

or

1110

Normal benefit reduced 3 percent for each year under age 65 through 60, 7 percent for each year under age 60 through 55, commencing immediately.

Minimum. $2 for each year of service, maximum service credited, 25 years.

1 No service credited after age 65.2 Average annual earnings for the years prior to Dec. 31, 1955, are based on earnings from Jan. 1, 1951, through Jan. 1, 1955, only.3 Excludes premembership service.4 Contributory plan in effect prior to July 1, 1957. A benefit, if death occurs before retirement, is paid to beneficiary, consisting of worker’ s contributions plus interest; after retire

ment, worker's contributions plus interest, less benefits received.5 All service credited alter age 65.6 Benefit payments start the fourth full month following retirement. A lump-sum benefit equal to 13 weeks of vacation pay less any vacation pay received in year of retirement is paid

at time of retirement.GPO 803-700-3


49


Normal and early

retirement benefit options


MediumMinimum

requirements Benefit formulaType, conditions,

and minimum requirements

Benefit formulaCompul- Auto Before After Employee Employer

of funding

Age Service(years) at age

matic at age retirement retirement

Joint and survivor.

(4) (4) Full cost. Trusteed: self administered.

Contributory

Same as above.

----------1

Sameabov<

1---------------

‘ as Actuarial equivalent of normal benefit commencing im m ediately; or normal benefit at age 65.

Same as above. Actuarial equivalent of normal benefit, commencing immediately; or normal benefit, commencing at age 65.

Worker's contributions with interest.

Worker's contributions with interest, less benefits received.

3 percent of annual earnings in excess of $3, 000.

Balance of cost.

Same as above.

Joint and survivor.

Levelincome(early).

10 Same as early retirement and actuarial reduction for years under age 55.

Deferred full.

Terminated for any reason except dishonesty.

20 years of service.

1 percent for each full year of attained age under 60 plus 1 percent for each full year of service up to age 55 and 1 V2 percent for each year of service from age 55 to age 60 times benefit obtained by normal formula.

65 Employees who have elected joint and survivors option and are qualified for early retirement.

Same as early retirement but further actuarially reduced. 7 8 9 10 11 12


7 Age 55, and age and service total 75, or any age, and age and service total 80.8 The $80 deduction is not applicable until the employee is eligible for a unreduced social security benefit.9 Lump-sum benefit not payable.10 Terminated for any reason.11 At employer’ s request because of worker's physical inability to satisfactorily perform duties assigned him.12 Early retirement benefit is further reduced actuarially to cover period during which the risk of paying benefits existed.



Appendix

Companies and Their Major Products

Company

Aluminum Co. of America

American Airlines, Inc. American Telephone and

Telegraph Co.

Borden Co. , The Burlington Industries, Inc.Campbell Soup Co.Caterpillar Tractor Co.

Chase Manhattan Bank, The Cluett, Peabody and Co. , Inc. Consolidated Foods Corp.Crown Zellerbach Corp.

Detroit Edison Co., The

Douglas Aircraft Co., Inc. du Pont de Nemours, E. I.

and Co.Eastman Kodak Co.

General Electric Co.

General Motors Corp.Gimbel Brothers, Inc.Goodyear Tire and Rubber

C o., TheGreyhound Corp., The

Hart, Schaffner and Marx

International Business Machines Corp.

International Harvester Co.

International Paper Co. International Shoe Co.

Major products

Aluminum and aluminum products

Air transportation Communications

Dairy products TextilesCanned soups and other foods Farm and construction

equipment BankingShirts and other apparelWholesale trade - foodPaper and other forest products

Electric energy production and distribution

Aircraft and related products Chemicals, and allied products

Photographic equipment and supplies

Electrical equipment and supplies

Transportation equipment Retail trade - department stores Rubber products

Intercity motor bus line

Men's apparel manufacturing

Computing and accounting machines, typewriters and related products

Farm and construction equipment, trucks

Paper and related products Shoes and related products

Company

Kresge, S. S. Co.Kroehler Manufacturing Co.Lerner Shops of America, Inc.McCrory Corp. (McCrory—

McLellan—Green Stores Division)

Melpar, Inc. (Subs, of West- inghouse Air Brake Co. )

New York Times Co., The North American Aviation, Inc.Pacific Gas and Electric Co.

Pennsylvania Railroad Co. Pfizer, Chas. & Co. , Inc.

Pittsburgh Plate Glass Co. Prudential Insurance Co.

of AmericaRadio Corp. of America

Research Institute of America, Inc.

Safeway Stores, Inc.Sperry Gyroscope Co. (Division

of Sperry Rand Corp. ) Standard Oil Co. (New Jersey)

Stevens, J. P. and Co.Swift & Co.Thompson, Ramo-

Wooldridge, Inc.Time, Inc.Union Carbide Corp.United States Lines Corp.United States Steel Corp.Weyerhaeuser Co.

Major products

Limited price variety stores FurnitureRetail trade - women's apparel Limited price variety stores

Communications equipment

Newspaper publishing Aircraft and related productsElectric energy and gas

production and distribution Railroad transportation Medicinal chemicals and

pharmaceutical products Flat glass, paints and chemicals Life insurance

Radio and television equipment communications

Business research services

Retail trade - grocery stores Instruments and control devices,

communications equipment Petroleum production, refining

and distribution Textiles Meat productsAircraft, aerospace, and auto

motive parts and equipment Magazine publishingChemicals and allied products Deep sea transportation Iron, steel, and steel productsLumber and other forest

products

51 GPO 8 0 3 -7 0 0 -2



ulletinlumber

1284

1307

1326

1334

1250

1274

1280

1293

1296

1330

1325

1365

Recent BLS Publications on Employee Benefit Plans

Pensions

Pension Plans Under Collective Bargaining: Normal Retirement, Early and Disability Retirement, Fall 1959.

Digest o f One-Hundred Selected Pension Plans Under C ollective Bargaining, Spring 1961.

Multiemployer Pension Plans Under Collective Bargaining, Spring 1960.

Pension Plans Under Collective Bargaining: Benefit for Survivors, Winter 1961—62.

Recent Changes in Negotiated Pension Plans. Monthly Labor Review, May 1962. (Reprint 2392)

Preliminary Release: Prevalence o f Multiemployer Pension Plans Under Collective Bargaining, Spring 1960. (February 1961)

Preliminary Release: Prevalence and Characteristics of Unfunded Pension Plans. (January 1963)

Health and Insurance

Health and Insurance Plans Under Collective Bargaining: Accident and Sickness Benefits, Fall 1958.

Health and Insurance Plans Under Collective Bargaining: Hospital Benefits, Early 1959.

Health and Insurance Plans Under Collective Bargaining: Surgical and Medical Benefits, Late Summer 1959.

Health and Insurance Plans Under C ollective Bargaining: Major Medical Benefits, Fall 1960.

Health and Insurance Plans Under C ollective Bargaining: Life Insurance and Accidental Death and Dismemberment Benefits, Early Summer 1960.

Digest o f One Hundred Selected Health and Insurance Plans Under Collective Bargaining, Winter 1961—62.

Recent Changes in Negotiated Health and Insurance Plans. Monthly Labor Review, September 1962. (Reprint 2402)

Other

Digest o f Profit-Sharing, Savings, and Stock Purchase Plans, Winter 1961—62.

Health, Insurance, and Pension Plan Coverage in Union Contracts, Late 1960. BLS Report 228.

Digest o f Nine Supplemental Unemployment Benefit Plans, Early 1963.
