Full text of Mimeograph Letters and Statements of the Board : Letter From Secretary Morrill re Copy of Resolution re Retirement System Status of Employees Leaving Service to Be Employed by Government Agency or Department Sent Federal Reserve Banks, Number S-274, Volume 55, Page 242

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242
B O A R D OF G O V E R N O R S
OF THE

FEDERAL RESERVE SYSTEM
WASHINGTON

8-274

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

July 2, 1941

Dear Sir:
Enclosed herewith for your information is a copy of
the Board's letter of July 2, 1941, to the Secretary of the
Retirement System of the Federal Reserve Banks approving the
resolution relative to the Retirement System status of employees who leave the service of an employing Bank to render special service to a Government department or agency, which was
adopted ty the Board of Trustees of the Retirement System at
its annual meeting on May 6, 1941. 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 last paragraph of the abovementioned resolution.
Very truly your

Chester Morrill,
Secretary.
Enclosure
TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS
To Mr. W. S. McL&rin, Jr., Chairman, Board of Trustees
To Mr. L. R. Rounds, Chairman, Retirement Committee




S-274—a

July 2, 1941

f4rs. 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 approves the resolution relative to the Retirement System status of employees who leave
the service of an employing Bank to render special service
to a Government department or agency, which was adopted ty
the Board of Trustees of the Retirement %stem on May 6,
1941, as reported in your letter of June 25, 194-1.
It is understood that under the above-mentioned
resolution a special additional benefit will be granted only
in the case of an employee who has discontinued service for
an employing Bank for a period in excess of two years, and
who otherwise would receive no service credit for service
rendered prior to his employment by the Government department or agency in question.
Copies of this letter are being sent to Mr. W. S.
McLarin, Jr., 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) Chester Morrill
Chester Morrill,
Secretary.