Full text of Mimeograph Letters and Statements of the Board : Letter From Asst. Secretary Bethea re Retirement System Status of Employees Called for Military Service, Number S-217, Volume 52, Page 314

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314

BOARD OF G O V E R N O R S
OF THE

FEDERAL RESERVE SYSTEM

S-217

WASHINGTON
ADDRESS

OFFICIAL C O R R E S P O N D E N C E
TO THE B O A R D

May 10, 1940

Dear Sir:
Enclosed herewith for your information is a copy of
the Board's letter of May 10, 194-0, to the Secretary of the
Retirement System of the Federal Reserve Banks approving the
report of the Retirement Committee relative to the Retirement
System status of employees who may be called for military or
related United States Government or affiliated service, which
was adopted ty the Board of Trustees of the Retirement System
at its annual meeting on April 16, 1940. Under the Board's
approval, payment by the Federal Reserve Banks is authorized
of the additional cost, if any, of allowing service credit
for previous service as provided for in the resolution on
page 3 of the above mentioned report.
Very truly yours

Enclosure

L. P. Bethea,
Assistant Secretary

TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS
To Mr. J. S. Sinclair, Chairman, Board of Trustees
To Mr. L. R. Rounds, Chairman, Retirement Committee



S-217-a
May 10, 1940

Mrs. Valerie R. Frank, Secretary,
Retirement System of the
Federal Reserve Banks,
33 Liberty Street,
New York, New York.
Dear Mrs. Frank:
This is to advise you that the Board of Governors
of the Federal Reserve System on May 10, 194-0, approved the
April 16, 1940 report of the Retirement Committee relative
to the Retirement System status of employees who may be
called for military or related governmental or affiliated
service, which was adopted by the Board of Trustees of the
Retirement System at its annual meeting on April 16, 1940,
as reported in your letter of April 25> 1940. It is understood that the report of the Retirement Committee and the
resolution of the Board of Trustees on this subject contemplate a special additional benefit only in the case of an
employee who has discontinued service for an employing bank
for a period in cxcess of two years, and who otherwise would
receive no service credit for service rendered prior to his
entrance into the military or related Government service.
Copies of this letter are being sent to Mr. J. S.
Sinclair, Chairman of the Board of Trustees, to Mr. L. R.
Rounds, Chairman of the Retirement Committee, and to each
Federal Reserve Bank.




Very truly yours,
(Signed) L. P. Bethea
L. P. Bethea,
Assistant Secretary.