Full text of Mimeograph Letters and Statements of the Board : Letter From Secretary Morrill re Advising Board of Each Request Submitted to Retirement Committee Asking Retention for Employees Reaching 65,, Number X-9798, Volume 46, Page 40

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40

BOARD OF G O V E R N O R S

X-9798

OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON
A D D R E S S OFFICIAL C O R R E S P O N D E N C E
TO T H E BOARD

January 21, 1957.

"«««»»»

i

Dear Sirs
At a recent meeting of the Board of Governors, the
Board reviewed its policy with respect to the retirement of
officers and employees upon attainment of age 65 and directed
that the Federal Reserve banks be advised that, except in
particular cases involving exceptional circumstances which
should be submitted to the Board for consideration in advance, the Board would not in the future approve a salary
beyond the end of the calendar year in the case of any officer or employee who was 65 years of age or more at the
end of the preceding calendar year. This action of the
Board does not apply, of course, to Presidents and First
Vice Presidents who have been appointed for terms of 5 years.
In the future, therefore, the Board should be advised of each request submitted to the Retirement Committee
with respect to the retention in service of an officer or
employee after attainment of age 35, with a full statement
of the exceptional circumstances which in the judgment of
the Board of Directors of the bank justify such retention,
and the Board's approval of the payment of salary involved
for any period beyond the end of the year in which such officer or employee attains the age of 65 should be obtained
in advance.
Very truly yours,

Yy
Chester Morrill,
Secretary.
TO ALL PRESIDENTS.