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BOARD OF GOVERNORS
OF" THE
FEDERAL RESERVE SYSTEM
WASHINGTON
177
S-597
ADORES& DF"F"ICIAL CDRRE&PDNOENCE
TD THE BOARD
Decem.ber 3, 1942.
•·
Dear S:Lr:
In v1ew of the increas1ng difficulties of obtaining and
retaining adequate staffs during the period of the war emergency,
the Bo~rd cancels letters X--9798 dated January 21, 1937 and S·-2'/5
dated July 17., 1941 !'elating to the retention in serYiee o1· reemployment of officers and employees after attainment of age 65,
.
.
•
V'l1lenever· by reason of the employment situation it would
be to the advantage of your Bank to retain the services of an officer or employee after he reaches nge 65, the Boa:cd will offer no
objection to his retention ('11 a temporary basis, whethtC)r or not his
retirement is deferred pursua.nt to the resolution of the Hetirement
Committee dated November 28, 1942, with the understanding on his
part that :;;uch tempor<''l.ry employment may be terminated at any time,
The Board Hkewise will offer no objeetion to the temporary rec:mlploym.ont, with the s::une understanding, of former officers or employees who are over 65.
Each such case of retention or reemployment should be
reviewed not less frequently than once a year and a record made
of the action taken.
This letter of course does not modify the existing procedure wtth respect to the approval of salaries of officers nor
apply to the PresidentJs and First Vice Presidents.
Very truly yours,
..
.,
.
Chester Morrill,
Secretary •
TO THE PRESIDENTS OF ALL FEDERAL RESERVE BANKS
@FedFRASER