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PENSIONS

*

>nd

<4 3 $

Dayton & Montgomery Co.
P ublic L ib rary

MAY 3 - 1965
DOCUMENT COLLECTION

Digest of
100 Selected Pension Plans Under
Collective Bargaining, Late 1964

UNITED STATES DEPARTMENT OF LABOR
W. Willard Wirtz, Secretary
BUREAU OF LABOR STA TIS TIC S
Ewan Clague, Commissioner




Bulletin No. 1435




Digest of
100 Selected Pension Plans Under
Collective Bargaining, Late 1964

Bulletin No. 1435
March 1965




UNITED STATES DEPARTMENT OF LABOR
W. Willard Wirtz, Secretary
BUREAU OF LABOR STATISTICS
Ewan Clague, Commissioner

For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C., 20402 - Price 50 cents




Preface

Contents
Page

This bulletin d e s c r ib e s the p rin cip a l features o f 100 selected
pension plans under co lle c tiv e bargaining.
Although the inform ation
fo r m o st plans was co lle cte d in the sum m er o f 1964, as indicated in
each sum m ary, the changes in m a jo r plans negotiated in the fa ll,
p a rticu la rly in the auto, farm equipment, and m achine tool in du stries,
have been included.
T hese 100 plans are not p resen ted as m od el o r typ ica l plans,
nor as a represen tative sam ple.
They w ere se le cte d b eca u se they
co v e re d larg e num bers o f w o rk e rs in m a jo r in d u stries, o r becau se
they illu strated d ifferen t approaches to pension planning, o r becau se
o f w id esp read in terest in the plan, as m an ifested in in qu iries r e ce iv e d
in the Bureau. The num ber o f w o rk e rs co v e re d by each plan ranged
fro m about one thousand to s e v e ra l hundred thousand.
This bulletin is a re v isio n o f the D igest o f One-H undred
S elected P ension Plans Under C o lle ctiv e Bargaining, Spring 1961 (BLS
B ulletin 1307, 1962).
The Bureau plans to re v ise these d igests at
fa irly regu lar in terva ls, thus providing u p -to -d a te inform ation and a
continuous s e r ie s of studies re fle ctin g changes in s p e c ific em ployee
ben efit plans. An a rticle highlighting developm ents in private pension
plans betw een 1961 and 1964, as shown by a com p a rison o f this and
the p reced in g digest, w ill appear in the Monthly L abor R eview . A
listing o f recen t BLS publications on em ployee benefit plans is shown
on the inside back co v e r of this bulletin. *
The coop era tion o f union and m anagem ent o ffic ia ls who fu r ­
nished inform ation about their plans is gratefu lly acknow ledged. This
d igest was p rep ared by H arry L . L evin, under the su p ervision o f
Donald M. Landay, in the Bureau* s D ivision o f Industrial and L abor
R elations, Joseph W. B loch , C hief, under the gen eral d ire ctio n of
L . R . L in sen m ayer, A ssistan t C o m m is sio n e r, W ages and Industrial
R elation s.

1 These include the Digest o f One-Hundred Selected Health and Insurance Plans Under C ollective
Bargaining. Winter 1961-62 (BLS Bulletin 1330, 1962) which complements this bulletin. Comparable
information for salaried workers was presented in the Digest o f 50 Selected Pension Plans for Salaried
Employees. Spring 1963 (BLS Bulletin 1373, 1963), and the Digest of 50 Selected Health and In­
surance Plans for Salaried Employees. Spring 1963 (BLS Bulletin 1377, 1964).




iii

Index (by industry)------------------------------------------------------------------------------

v

Index (by alphabet)---------------------------------- -------------------------------------------

ix

Explanatory n otes----------------------------------------------------------------------- .-------

1

S elected pension plans under co lle ctiv e bargaining, late 1964____

6

Union id e n tific a tio n ___________________ _________ _____-______________

80




ex (By Industry)
Manufacturing— Continued

Manufacturing

Page

Page
A pparel— Continued

F ood
A rm ou r and C o ------------------------------------------------------M eat C utters
Packinghouse W ork ers (UPWA)
G en eral F ood s C orp -----------------------------------------------V ariou s unions
C am pbell Soup C o. (Camden, N. J . ) ______________
Packinghouse W ork ers (UPWA)
B rew ers B oard o f Trade (New Y ork, N. Y . ) _____
T ea m sters
B akery and con fection ery industry,
variou s e m p lo y e r s_______________________________
B akery and C on fection ery W ork ers

D ress industry, A ffiliated D ress M anufacturers, In c .,
and other em p loyers (New Y ork , N .Y .) _________________________
Ladies* Garm ent W ork ers'
(New Y ork D ress Joint B oard)
M illin ery industry, E astern Women*s
Headwear A sso cia tio n , Inc. , and
other e m p loyers (New Y ork , N .Y .) -------------------------------------------H atters, Cap and M illin ery W orkers
Fur m anufacturing industry,
A sso cia te d Fur M anufacturers, I n c .,
and other e m p loyers (New Y ork, N .Y .) _________________________
Meat Cutters (F u r r ie r s Joint C ouncil of New Y ork )

6

6
6
8

8

Lum ber industry, variou s em p loyers
(Southern C alifornia) _____________________________________________
C arpenters
W eyerhaeuser C o ___________________________________________________
W oodw orkers

8

T extile
B igelow -S an ford C arpet C o . , In c _________________
T ex tile W ork ers (TWUA)
A rm stron g C ork C o _______________________________
R ubber W ork ers
T ex tile industry, dyeing and printing,
variou s e m p lo y e r s _______________________________
T ex tile W ork ers (TWUA)

14

14

Lum ber

T ob a cco
A m erica n T ob a cco C o ., T h e ______________________
T o b a cco W orkers

14

14
16

10
Furniture
10

Furniture industry, variou s e m p lo y e r s ___________________________
F urniture W orkers
U pholstering and allied trades in du stries,
variou s e m p lo y e rs_________________________________________________
U p h olsterers

12

16
16

A pparel
P aper
Clothing industry, men* s and boys* ,
variou s em p loyers _________________________
Clothing W orkers
Cotton garm ent and a llied in du stries,
variou s em p loyers _________________________
Clothing W orkers
Coat and suit industry, wom en*s, New Y ork
Coat and Suit A ssocia tion , Inc. , and
oth er em p loyers (New Y ork, N. Y . ) _______
Ladies* Garm ent W o rk e rs’
(New Y ork Cloak Joint B oard)




12

Gair, R obert, C o ., Inc. (D ivision o f
Continental Can C o . , I n c .)________________________________________
P a p erm a k ers and P a p erw ork ers
Pulp, Sulphite and P aper M ill W ork ers
International P aper C o _____________________________________________
P ap erm ak ers and P a p erw ork ers
Pulp, Sulphite and P aper M ill W ork ers
W est V irgin ia Pulp and Paper C o __________________________________
P ap erm ak ers and P a p erw ork ers
Pulp, Sulphite and P aper M ill W ork ers

12

12

v

18
18
20

Index (By Industry)— Continued
Manufacturing— Continued

Manufacturing— Continued

Page

Page
Leather P rod u cts— Continued

Printing and Publishing
Printing industry, E m ploying L ithographers
A ssocia tion o f San F r a n c is c o , and other e m p lo y e r s -------------------L ith ograp h ers, L o c a l 17
Publishers* A sso cia tio n o f New Y ork C ity -------------------------------------T yp ograp h ers, L o c a l 6
New Y ork T im es C o , , T h e --------------------------------------------------------------N ew spaper Guild

L adies handbag and novelty industry,
variou s e m p loyers (New Y ork , N. Y .) -----------------------------------------P ock etbook W ork ers, New Y ork , N. Y .
(L eather G oods, P la stic and Novelty W ork ers)

20
22
22

G lass
O w en s-Illin ois G lass C o -------------------------------------------------------------------G lass B ottle B low ers
P ittsburgh Plate G lass Co ---------------------------------------------------------------* G lass and C e ra m ic W ork ers

C hem ical
L ev er Bros*.. C o --------------------------------------------------------------------------------C h em ical W ork ers
O il, C h em ical and A tom ic W ork ers
Monsanto C h em ical C o ______________________________________________
C hem ical W ork ers
Union C arbide C o r p --------------------------------------------------------------------------V ariou s unions
A m erica n V is c o s e C o rp . (D ivision o f FMC C o r p . ) ________________
T extile W ork ers (TWUA)

24
24

P rim a ry M etal Industries

24

Aluminum C o. o f A m e r ic a __________________________________________
Aluminum W ork ers
S teelw ork ers
Anaconda A m erica n B ra ss C o. (fo rm e rly
The A m erica n B ra ss C o . )_________________________________________
S teelw ork ers
Inland Steel Co _______________________________________________________
S teelw ork ers
R eynolds M etals C o __________________________________________________
S teelw ork ers
United States Steel C o r p _____________________________________________
S teelw ork ers

26

P etroleu m
S in clair O il C o r p ___________________________-________________________
O il, C hem ical and A tom ic W ork ers
T ex a co, Inc______________________________ -____________________________
O il, C h em ical and A tom ic W orkers

26
28

R ubber
F ireston e T ire & R ubber C o . , T h e ________________________________
Rubber W ork ers
G ood rich , B . F . , C o ., T h e _________________________________________
R ubber W ork ers
United States R ubber C o -------------------------------------------- ----------------------R ubber W ork ers




30
32

32

34
34
36
36

F a b rica ted M etal P rod u cts
28
A m erica n R adiator & Standard
Sanitary C orp . (L o u isv ille , K y .)---------------------------------------------------Standard A llie d T rad es C ouncil
A m erica n Can C o ____________________________________________________
S teelw ork ers
R heem M anufacturing C o -----------------------------------------------------------------S teelw ork ers
National L ock C o ------------------------------------------------------------------------------A utom obile W ork ers
S co v ill M anufacturing Co ___________________________________________
A utom obile W ork ers

28
30

Leather P rod u cts
M cE lw ain, J . F . , C o ----------------------------------------------------------------------New H am pshire Shoe W ork ers Union
New H am pshire Shoe W ork ers Union o f M anchester

30

30

vi

38
38
38
40
40

(By Industry)— Continued
Manufacturing— Continued

Nonmanufacturing

Page

Page

M ach in ery (except E le c tr ic a l)

Mining

A ddres so graph-M ulti graph C o r p ------------------------------------M achinists
O ffice E m ployes
C a terp illa r T ra cto r C o ___________________________
A utom obile W orkers
D etroit T oolin g A s s o c ia t io n ______________________
A utom obile W orkers
Hughes T o o l C o. (O il T o o l D iv is io n )_____________
S teelw ork ers
International H arvester C o _______________________
A utom obile W orkers

Kennecott C opper C orp . (W estern Mining D iv ision s)______________
V arious unions
C oal industry (bitum inous), variou s e m p loy ers____________________
United Mine W ork ers
Pan A m erica n P etroleu m C o rp _____________________________________
V arious unions

42
42

C onstruction industry, variou s em p loyers
(New Y ork , N. Y . ) _________________________________________________
C arpen ters (New Y ork D istrict C ouncil)
C onstruction industry, National E le ctrica l
C on tra ctors A sso cia tio n , and
other e m p lo y e rs____________________________________________________
E le c tr ic a l (IBEW)
C onstruction industry, New Y ork E le c tr ic a l
C on tra ctors A sso cia tio n , and
other e m p lo y e rs____________________________________________________
E le c tr ic a l (IBEW), L o ca l 3
P ainters and D e co ra to rs o f the City o f New Y ork, Inc.
(A sso cia tio n o f M a s te r )____________________________________________
P a in ters, D istrict C ouncil 9
C onstruction industry, Plum bing C on tractors
A sso cia tio n o f C hicago area, and
other em p loyers (C hicago, 111.) ____________________________________
P lu m b ers, L o ca l 130
C onstruction industry, variou s em p loyers,
San F r a n c is c o , C a lif ., a r e a ______________________________________
P lu m b ers, L o ca l 38
C onstruction industry, Sheet M etal C on tractors A ssocia tion
o f New Y ork City, Inc. , and M ech anical C on tractors
A ssocia tion o f New Y ork , I n c ., and other e m p lo y e r s ___________
Sheet M etal W ork ers, L o c a l 28

44
46
____

46

48
48
50
50
___

52
52
54




58

58

58
58

60
60

60

L o ca l Bus Lines

Instrum ents
A m erica n B osch A rm a C orp . (A rm a D iv ision )_________
E le c tr ic a l (IUE)
S p erry G y roscop e C o. (D ivision o f S perry Rand C o r p .)
E le c tr ic a l (IUE)

56

C onstruction

44

T ransportation Equipment
Bendix C o r p ., T h e _______________________________________
A utom obile W orkers
B oeing C o. , T h e _________________________________________
M achinists
Douglas A ircra ft C o . , I n c _______________________________
A utom obile W orkers
M achinists
Dravo C o r p _______________________________________________
M arine and Shipbuilding W ork ers
F ord M otor C o____________________________________________
A utom obile W orkers
G en eral M otors C o r p ____________________________________
A utom obile W orkers
Pullm an, Inc. (Pullm an-Standard D iv is io n )____________
S teelw ork ers

56

42

E le c tr ic a l M achinery
E ltra C o rp . (fo rm e rly The E le c tr ic A u to-L ite C o . ) -----A utom obile W orkers
Radio C orp . of A m e r ic a _________________________________
E le c tr ic a l (IBEW)
E le c tr ic a l (IUE)
W estinghouse E le c tr ic C o r p _____________________________
E le c tr ic a l (IUE)

56

C hicago T ran sit A uthority___________________________________________
Am algam ated T ra n sit W ork ers
Philadelphia T ransportation C o___________________________________ —
T ra n sport W orkers

54
__

54

vii

60
62

Index (By Industry)— Continued
Nonmanufacturing—-Continued

Nonmanufacturing— Continued

Page

Page

Trucking and W arehousing

R etail and W holesale T rade

Trucking industry, lo c a l ca rta ge and o v e r -t h e -r o a d
freigh t, variou s a sso cia tio n s and individual
e m p loy ers, C entral States, Southeast,
and Southwest a r e a s _______________________ ________________________
T ea m sters
T rucking, w arehousing, and other
in du stries, variou s a sso cia tio n s and
e m p loy ers, W estern S ta te s-----------------------------------------------------------T ea m sters (W estern C on feren ce)

Restaurant in d u stry _______________
H otel and Restaurant E m p loy ees, L o ca l 89
F ood industry (re ta il), F ood E m p loyers
C ouncil, I n c ., and other em p loyers,
Southern C a liforn ia a r e a __________________________________________
R etail C lerk s
Drug industry (reta il), variou s a ssocia tion s and
e m p loyers (New Y ork , N. Y . ) ______________________________
R etail, W holesale and Departm ent S tore Union,
L o ca l 1199
R etail, w h olesa le and w arehouse
in d u stries, variou s em p loyers
(New Y ork , N. Y . ) __________________________________________________
R etail, W holesale and Departm ent Store Union,
D istrict 65 (65 S ecurity Plan)
M ilk D e a le rs, variou s em p lo yers,
C hicago, 111., a rea---------------------------------------------------------------------- . . .
T e a m ste rs, L o c a l 753

62

64

W ater T ransportation
M aritim e industry, variou s e m p lo y e rs ,
Atlantic and Gulf C o a s ts ___________________________________________
M a sters, M ates, and P ilots
M aritim e industry, variou s e m p lo y e rs ,
Atlantic and Gulf C o a s ts ___________________________________________
M aritim e (NMU)
New Y ork Shipping A sso cia tio n , In c.---- -------- . . . ---------------- ---- -------International L o n g s h o r e m e n s A sso cia tio n
P a c ific M aritim e A s s o c ia tio n .______________________________________
L on gsh orem en and W arehousem en (ILWU)

64
64




72

74

74

Insurance and R ea l Estate
66
John H ancock Mutual L ife Insurance C o ..____ _______________ _____ Insurance W ork ers International Union
P rudential Insurance C o. o f A m e rica , T h e __________________-__ ___
Insurance W ork ers International Union
B ronx R ealty A d v iso ry B oard, I n c ., and
other e m p loyers (New Y ork , N. Y .) ______________________________
Building S e rv ice E m p loyees, L o ca l 32E

66

76
76
76

68
S e rv ice s

68

H otel A sso cia tio n o f New Y ork City, I n c ___________________________
New Y o rk H otel T ra d es C ouncil

Gas and E le c tr ic U tilities
A labam a P ow er C o -------- --------_______________ _______ ________________
E le c tr ic a l (IBEW)
D etroit E dison C o ., T h e ____________________________________________
E le c tr ic a l (IBEW)
Utility W orkers
P a c ific Gas and E le c tr ic C o ______________________________ __________
E le c tr ic a l (IBEW)

72

64

C om m unications
G en eral T elephone C o. o f C a lifo r n ia _____________- _________________
C om m unications W ork ers o f A m e rica
Southern B e ll Telephone and T elegraph C o ------------------------------------C om m unications W ork ers o f A m e rica
W estern Union T elegrap h C o . , T h e ________________________________
C o m m e rcia l T eleg ra p h ers

72

78

70
Interindustry
70
V arious e m p lo y e rs, St. L ouis, M o ., a r e a ------------------------------------M ach in ists, D istrict 9
V ariou s e m p lo y e rs, In terin d u stry-__ -_________ . . . _________ 78
M achinists

70

viii

78

Index (By Alphabet)
Page

Addressograph-Multigraph Corp---------------------------------------Machinists
Office Employes

Page

40

Clothing industry, men*s and boys*, variou s em p lo y e rs___________
Clothing W orkers
C oal industry (bitum inous), variou s e m p lo y e rs___ ___________________
United Mine W ork ers
Coat and suit industry, w om en’ s, New Y ork
Coat and Suit A sso cia tio n , I n c ., and
other e m p loyers (New Y ork, N. Y . ) ________________________________
L a d ie s1 Garm ent W o rk e rs’ (New Y ork C loak Joint Board)
C onstruction industry, National E le c tr ic a l C ontractors
A ssocia tion , and other e m p lo y e r s __________________________________
E le c tr ic a l (IBEW)
C onstruction industry, New Y ork E le c tr ic a l C on tractors
A sso cia tio n , and other e m p lo y e r s __________________________________
E le c tr ic a l (IBEW), L o c a l 3
C onstruction industry, Plum bing C on tractors A ssocia tion
o f C hicago area, and other em p loyers (C hicago, 111.)-----------------P lu m b ers, L o ca l 130
C onstruction industry, Sheet M etal C on tractors A ssocia tion
o f New Y ork C ity, I n c ., and M echanical C on tractors
A sso cia tio n o f New Y ork, In c ., and other e m p lo y e rs-----------------Sheet M etal W ork ers, L o ca l 28
C onstruction industry, various em p loyers (New Y ork, N. Y . ) ____
C arpen ters (New Y ork D istrict Council)
C onstruction industry, variou s em p loyers,
San F r a n c is c o , C a lif ., a r e a ---------------------------------------------------------P lu m b ers, L o ca l 38
Cotton garm ent and a llied in d u stries, variou s e m p lo y e r s ________
Clothing W orkers
D etroit E dison C o . , T h e ____________________________________________
E le c tr ic a l (IBEW)
Utility W orkers
D etroit T ooling A sso cia tio n —_______________________________________
A utom obile W orkers
Douglas A ir c r a ft C o . , I n c ___________________________________________
A utom obile W ork ers
M achinists
D ravo C orp --------------------------------------------------------------------------------------M arine and Shipbuilding W ork ers
D re ss industry, A ffiliated D ress M anufacturers, In c .,
and other em p loyers (New Y ork , N. Y . ) __________________________
Ladies* Garm ent W o rk e rs’ (New Y ork D ress Joint Board)
Drug industry (reta il), variou s a ssocia tion s and
em p loyers (New Y ork , N. Y . ) _____________________________________

70
Electrical (IBEW)
Aluminum Co. of Am erica________________ _____ . ____ . ___ _
Aluminum Workers
Steelworkers
American Bosch Arma Corp. (Arma Division)_________. __
Electrical (IUE)
American Can C o ______ -______ . . . . . . . . . . . . . . . _______ . . . . . . _____
Steelworkers
American Radiator & Standard Sanitary Corp.
(Louisville, K y .) _____________________ ______ . . . _____ _____
Standard Allied Trades Council
American Tobacco C o ., The_______________________________
Tobacco Workers
American Viscose Corp.(Division of FMC C o rp .) ________
Textile Workers (TWUA)
Anaconda American Brass Co. (formerly
American Brass C o ., The)_______________________________
Steelworkers
Armour and C o ______________________________________________
Meat Cutters
Packinghouse Workers (UPWA)
Armstrong Cork C o _____________ ____ _______________________
Rubber Workers
Bakery and confectionery industry, various employers —
Bakery and Confectionery Workers
Bendix C o rp ., The--------------------------------------------------------------Automobile Workers
Bigelow-Sanford Carpet C o ., Inc__________________________
Textile Workers (TWUA)

32
54
38
38
8

26
34
6

10

8

48
10
48

Machinists
Brewers Board of Trade (New York, N. Y .) ______________
Teamsters
Bronx Realty Advisory Board, In c., and
other employers (New York, N. Y . ) ______________________
Building Service Employees, Local 32E
Campbell Soup Co. (Camden, N. J . ) _______________________
Packinghouse Workers (UPWA)
Caterpillar Tractor C o _____________________________________
Automobile Workers
Chicago Transit Authority _________________________________
Amalgamated Transit Workers




8

76
6

42

12
56

12
58
58
60

60
58
60
12
70
42
50
50
14
72

Retail, Wholesale and Department Store Union, Local 1199
60

E ltra C orp . (fo rm e rly The E le c tr ic A u to-L ite C o . ) ----------------------A utom obile W orkers

ix

44

Index (By Alphabet)---- Continued
Page
F ireston e T ir e & Rubber C o. , T h e ________________________________
Rubber W ork ers
F ood industry (retail), F ood E m p loy ers C ouncil, Inc. ,
and other em p lo y e rs , Southern C a liforn ia a r e a --------------------------R etail C lerk s
F ord M otor Co _______________________________________________________
A utom obile W ork ers
Fur m anufacturing industry, A sso cia te d Fur M anufacturers,
In c ., and other em p lo y e rs (New Y ork , N. Y .) ----------------------------Meat C utters (F u r r ie r s Joint C ouncil o f New Y ork)
Furniture industry, variou s e m p lo y e r s -------------------------------------------F urniture W ork ers
G air, R obert, C o . , Inc. (D ivision of
Continental Can C o. , I n c .)_________________________________________
P ap erm ak ers and P a p erw ork ers
Pulp, Sulphite and P ap er M ill W ork ers
G eneral F oods C o r p _________________________________________________
V arious unions
G eneral M otors C o r p ________________________________________________
A utom obile W ork ers
G eneral Telephone C o. o f C a l i f _____________________________________
C om m unications W ork ers o f A m e r ic a
G oodrich, B . F . , C o . , T h e _________________________________________
Rubber W ork ers
H otel A ssocia tion o f New Y ork City, I n c ___________________________
New Y ork H otel T rad es C ouncil
Hughes T o o l C o. (O il T o o l D iv is io n )________________________________
S teelw ork ers
Inland Steel C o ----------------------S teelw orkers
International H arvester C o---------------------------------------------------------------A utom obile W orkers
International P aper C o ______________________________________________
P ap erm ak ers and P a p erw ork ers
Pulp, Sulphite and P aper M ill W orkers
John H ancock Mutual L ife Insurance C o ___________________________
Insurance W orkers International Union
Kennecott C opper C orp . (W estern Mining D iv isio n s)______________
V arious unions
L adies handbag and novelty industry,
variou s em p loyers (NewY ork, N. Y . ) -------------------------------------------P oeketbook W ork ers, New Y ork , N. Y.
(L eather G oods, P la stic and N ovelty W ork ers)

Page

28

Lum ber industry, variou s e m p loyers (Southern C a liforn ia )_______
C arpen ters
Machinists, District 9, various employers,
St. L ouis, M o. , a re a ______________________________________________
M achinists, variou s em p lo y e rs, interindustry— N ation al_________
M aritim e industry, variou s em p loyers,
Atlantic and Gulf C o a s t s ___________________________________________
M aritim e (NMU)
M aritim e industry, variou s em p loyers,
Atlantic and Gulf C oasts __________________________________________
M a ste rs, M ates and P ilots
M cElw ain, J . F . , C o _______________________________________________
New H am pshire Shoe W orkers Union
New H am pshire Shoe W ork ers Union o f M anchester
M ilk D e a le rs, va riou s em p lo y ers, C hicago, 111., a r e a ___________
T e a m ste rs, L o ca l 753
M illin ery industry, E astern W om en’ s
Headwear A sso cia tio n , I n c ., and
other em p loyers (New Y ork, N. Y . ) _______________________________
H atters, Cap and M illin ery W ork ers
Monsanto C h em ical C o ______________________________________________
C h em ical W ork ers
National L ock C o ____________________________________________________
A utom obile W ork ers
New Y ork Shipping A sso cia tio n , I n c ________________________________
International L on gsh orem en ’ s A ssocia tion
New Y ork T im es C o . , T h e _________________________________________
N ew spaper Guild
O w en s-Illin ois G lass C o _____________________________________________
G lass B ottle B low ers
P a c ific Gas and E le c tr ic C o _________________________________________
E le c tr ic a l (IBEW)
P a c ific M aritim e A s s o c ia tio n _______________________________________
L ongsh orem en and W arehousem en (ILWU)
P ain ters and D e co ra to rs o f the City o f New Y ork , Inc.
(A sso cia tio n o f M a s te r )__________________________________________
Painters, District Council 9
Pan A m erica n P etroleu m C o r p _____________________________________
V arious unions
P hiladelphia T ransportation Co ------------------------------------------------------T ra n sp ort W ork ers
P ittsburgh Plate G lass C o___________________________________________
G lass and C e ra m ic W ork ers
Printing industry, E m ploying Lithographers A sso cia tio n
o f San F r a n c is c o , and other e m p lo y e r s ___________________________
L ith ograp h ers, L o ca l 17

72
52
14
16
18
6
52
66
28
78
42
34
44
18
76
56
30

C h em ical W ork ers
Oil, C h em ical and A tom ic W orkers




x

14
78
78
64
64
30
74

14
24
40
64
22
30
70
66
58
56
62
32
20

Ind ex (By Alphabet)— Continued
Page

P rudential Insurance C o. o f A m e rica , T h e ___________________
Insurance W ork ers International Union
P ublishers* A ssocia tion o f New Y ork City ___________________
T y p ograp h ers, L o ca l 6
Pullm an, Inc. (Pullm an-Standard D ivision )----------------------------S teelw ork ers
Radio C orp . o f A m e r ic a -----------------------------------------------------------E le c tr ic a l (IBEW)
E le c tr ic a l (IUE)
R estaurant in d u stry _____________________________________________
H otel and Restaurant E m p loyees, L o ca l 89
R etail, w h olesale and w arehouse in d u stries,
variou s em p loyers (New Y ork , N. Y . ) _______________________
R etail, W holesale and Departm ent Store Union,
D istrict 65 (65 S ecurity Plan)
R eynolds M etals Co ____________________________________________
S teelw ork ers
R heem Manufacturing C o _______________________________________
S teelw ork ers
S co v ill Manufacturing C o _______________________________________
A utom obile W orkers
S in clair O il C o r p _______________________________________________
O il, C h em ical and A tom ic W orkers
Southern B e ll Telephone and T elegraph Co -----------------------------C om m unications W ork ers o f A m e r ic a
S perry G y roscop e C o. (D ivision o f S perry Rand C o r p .) _____

Page

76

T extile industry, dyeing and printing,
variou s e m p lo y e rs_________________________________________________
T extile W ork ers (TWUA)
T rucking industry, lo c a l cartage and o v e r -th e -r o a d
freight, variou s a ssocia tion s and individual
em p lo ye rs, C entral States, Southeast
and Southwest areas _______________________________________________
T ea m sters
T rucking, w arehousing, and other in du stries, various
a ssocia tion s and em p lo y e rs, W estern S ta tes_____________________
T e a m ste rs (W estern C on feren ce)
Union C arbide C o r p _________________________________________________
V arious unions
United States Rubber C o -----------------------------------------------------------------Rubber W orkers
United States Steel C o r p ____________________________________________
S teelw ork ers
U pholstering and allied trades in du stries,
variou s em p loyers ________________________________________________
U ph olsterers
W est V irgin ia Pulp andP aper C o ___________________________________
P ap erm ak ers and P a p erw ork ers
Pulp, Sulphite and P aper M ill W orkers
W estern Union T elegraph C o . , T h e ________________________________
C o m m e rcia l T eleg ra p h ers
W estinghouse E le c tr ic C o r p ________________________________________

22
54
46
72
74
36
38
40
26
6 8

54

E l e c t r i c a l (IU E )

62
64
24
30
36
16
20
68
46

E l e c t r i c a l (IU E )

28

W eyerhaeuser C o _________________-______________________ -_________
W oodw orkers

O il, C hem ical and A tom ic W orkers




12

xi

16




Digest of 100 Selected Pension Plans Under Collective Bargaining, Late 1964
Explanatory Notes
other public p rog ra m s (statutory paym ents); payments under other
plans financed in whole or in part by the em p loyer; and sev eran ce pay­
m ents.
F o r pu rposes o f this digest, the only deductions accounted
fo r are so c ia l secu rity o ld -a g e benefits and so cia l secu rity disability
benefits, w here these deductions are stipulated in the plan.

Many term s and concepts used in this bulletin m ay be in te r­
p reted in differen t w ays. F or this reason , definitions and q u a lifica ­
tions o f som e term s and con cepts used in this digest are set forth
below .
E xcept fo r a few which have gen eral application, the term s
and con cep ts are grouped a ccord in g to the section in which they fir s t
appear.
It m ust be em phasized that a sum m ary of a pension plan
n e c e s s a r ily om its many of the features and adm inistrative details c o n ­
tained in the agreem en ts, con tra cts, and regulations which con trol the
actual op eration o f the plan.

w ork ers
manently
o r la ter.
is unable
a so c ia l

Plans Under C ollectiv e Bargaining
F or pu rposes o f this study, plans under c o lle c tiv e bargaining
include (1) those establish ed fo r the fir s t tim e as a resu lt o f c o lle ctiv e
bargaining and (2) those o rig in a lly establish ed by either the em p loyer
o r the union, but sin ce brought within the scop e of the agreem ent, at
least to the extent that the agreem ent establish es em p loyer r e s p o n s i­
bility to continue or provide certain b en efits.

In sum m arizing plans for this bulletin, it was assum ed that
a w ork er retirin g under the n orm al retirem en t, early retirem en t, and
vesting p rov ision s o f a plan would not be receivin g a so cia l secu rity
d isability benefit. P ro v isio n fo r deduction o f s o cia l secu rity disability
benefit is noted only in the d isability retirem en t benefit form u la
colum n.

Although these plans are under co lle c tiv e bargaining, as d e ­
fined above, they are not n e c e s s a r ily lim ited in application to w ork ers
co v e re d by co lle ctiv e bargaining agreem ents in each com pany. M o r e ­
o v e r, in com panies where m o re than one union rep resen ts w ork ers
under the sam e plan, the union o r unions identified in the plan digest
account fo r a large p roportion , but not n e c e s s a r ily all o r a m a jority
of the w ork ers under c o lle ctiv e bargaining a greem en ts.

The p rim a ry so c ia l secu rity benefit is treated in the follow ing
m anner: In the absence of a re fe re n ce to the prim ary so cia l s e cu ­
rity benefit in the n orm a l retirem en t benefit form u la colum n, the plan
benefit indicated is in addition to any p rim ary s o cia l secu rity benefit
the w ork er m ay r e c e iv e ; an entry "le s s p rim a ry socia l secu rity ben ­
efit, " o r a sim ila r entry in the n orm al retirem en t benefit form ula
colum n, indicates that the plan benefit is reduced by the amount of
such payment.

Sym bol
— When used in the d igest, this sym bol m eans that the
colum n is either not applicable or that the p rov ision is
not included under the p rog ra m .

The term "when e lig ib le, " as used in re fe re n ce to p rim ary
s o c ia l secu rity benefit, m eans that a reduction is m ade, o r the ben e­
fit is recom puted, even though the w ork er does not e le ct to re ce iv e
paym ents. This is p a rticu la rly pertinent in the ca se of a w ork er who
r e tire s b e fo re age 65, sin ce he has an option to e le ct a perm anently
reduced p rim a ry s o cia l secu rity benefit starting as early as age 62.

D ifferen ces by Sex
Unless oth erw ise sp e cifie d ,
fo rm ly to men and wom en.

the plan p ro v isio n s apply uni­

In the plans studied, the n orm al benefit form u la was generally
used to com pute benefits under ea rly retirem en t (also d isability r e ­
tirem en t and vesting in som e c a s e s ), based on se r v ic e a n d /or earnings
to date of retirem en t. If the n orm al ben efit form u la includes a p r o ­
v ision fo r deduction o f p rim a ry s o c ia l secu rity benefit, the early r e ­
tirem ent benefit, u nless oth erw ise indicated, w ill be reduced by an
estim ated p rim a ry so c ia l secu rity benefit (even though the w ork er is
not yet elig ib le to r e ce iv e such ben efit).

R eduction o f Plan B enefits by Other Paym ents
A num ber o f plans d e s crib e d in this bulletin include p r o v i­
sions fo r reducing the private plan benefit by a ll o r a part of incom e
from other s o u rce s . Among these are o ld -a g e , survivors* , and d is ­
ability insurance benefits (s o c ia l secu rity b en efits); w o r k m e n s c o m ­
pensation paym ents; unem ploym ent insurance paym ents; benefits from




F ull so c ia l secu rity o ld -a g e benefits are payable to qualified
at age 65. W ork ers m ay, h ow ever, e lect to re ce iv e a p e r ­
redu ced s o cia l secu rity old -a g e benefit to begin at age 62
A w ork er who b e com es disabled b e fo re age 65 so that he
to "engage in any substantial gainful activity" is entitled to
secu rity d isability benefit.

1

2
Supplemental and Optional Contributory Plains

Supplemental C ontributory P lan .
R e fe rs to a plan that is
o ffe re d to the w ork er on an optional b a sis, with the em p loyer and
w ork er sharing the c o s t. The benefits under such a plan are in ad­
dition to those provided under the b a sic noncontributory plan.
Optional C ontributory P lan .
R e fe rs to a plan that is o ffe re d
to the w ork er on an optional b a s is , with the em p loyer and w ork er
sharing the co s t.
This is o ffe re d in lieu o f the b a sic noncon tribu ­
tory plan.
Y ears of S erv ice
This term applies to that s e r v ic e cred ited tow ard q u a lifica ­
tion, or fo r the purpose o f com puting benefits under the variou s plan
p ro v isio n s, h ow ever s e r v ic e is defined in the plan.
It m ay be d e ­
scrib e d in the plan as continuous s e r v ic e , plan m em b ersh ip s e r v ic e ,
co v e re d s e r v ic e , cred ited s e r v ic e , co v e re d em ploym ent, y e a rs of
s e r v ic e , con secu tive s e r v ic e , e tc.
E arnings
This term r e fe r s to the w o r k e r 1s com pensation, how ever d e ­
fined in the plan, used in the com putation o f benefits under the various
plan p ro v isio n s.
It in cludes, among other te rm s, g ro ss earnings,
b a sic earnings, w ages, pay, com pensation, and b a sic annual w ages.
P articip ation R equirem ents
This term r e fe r s to the requ irem en ts which the new w ork er
m ust fu lfill; i. e. , p eriod of s e r v ic e , m inim um age, e t c ., in o rd e r to
be co v e re d by the plan, o r to becom e elig ib le to participate in the
plan. In the absen ce o f such req u irem en ts, the w ork er is elig ib le to
join the plan upon b ecom ing em ployed, o r shortly th erea fter.
E xclu des P rem e m b e rsh ip S e r v ic e .
This phrase m eans that
the worker* s se r v ic e p r io r to participation in the plan cannot be
counted for the purpose o f qualifying fo r benefits a n d /o r in the c o m ­
putation of ben efits.
Includes P rem em b ersh ip S e r v ic e .
This phrase m eans that
the w orker*s s e rv ic e p r io r to p a rticipation in the plan can be counted
for the purpose o f qualifying fo r benefits a n d /o r in the com putation
o f b en efits.
N orm al R etirem en t
Under a n orm al retirem en t p ro v isio n , the w ork er b ecom es
entitled to a benefit, having oth erw ise qualified, upon reaching the
n orm al retirem en t age sp e cified in the plan. In gen eral, this age is
defined as the e a r lie s t age at which the w ork er, having qualified for
ben efits, m ay ch oose to re tire and re c e iv e the full benefit to which
his length of se r v ic e a n d /o r earnings entitle him under the n orm al
retirem en t p rov ision o f the plan. 1




M inimum R eq u irem en ts. R efers to y ea rs of s e r v ic e , age,
union m em b ersh ip , s e r v ic e in the industry, co v e re d em ploym ent, etc. ,
req u ired to qualify fo r ben efits. This definition is also applicable under
the ea rly retirem en t, disability retirem en t, and vesting p rov ision s.
S erv ice C redited A fter N orm al A g e .
E ntries in this colum n
indicate whether s e r v ic e p e rform ed after n orm al retirem en t age may
be counted tow ard qualification for ben efits, or fo r com putation of
b en efits. A ll m eans that such s e rv ice is cred ited (to the extent n e c ­
e ssa ry ) tow ard qualification for a n d /or com putation o f benefits up to
the date o f actual retirem en t.
Illustrative Monthly P ensions
Illustrative monthly pensions w ere com puted fo r purposes of
gen eral evaluation and com p a rison o f potential benefits among the
selected plans. In general, they r e fle c t the anticipated benefit pay­
m ents 25 to 35 y ea rs hence, on the b asis of p rov ision s cu rren tly in
e ffe ct. Although the illu strative amounts shown are com puted on the
form u la fo r cu rren t s e r v ic e , under many plans there is no distinction
between cu rren t and past se r v ic e ben efits.
Although som e plan benefit form u las exclude prim ary socia l
secu rity benefits and oth ers include such paym ents, only the benefit
provid ed by the private plan is shown in the illu strative monthly pen­
sions at age 65. 2 Thus, private plan benefits fo r future s e rv ice are
shown on a com p arable b a sis.
To provid e the illu strative amounts, benefits under the private
plan w ere com puted on the b a sis of a rb itra rily selected annual average
earnings le v e ls (assum ed to be constant throughout the p eriod o f s e r v ­
ice ) and s p e c ific p eriod s of cred ited future s e r v ic e . S elected fo r this
purpose w ere cu rren t se r v ic e p eriod s o f 25, 30, and 35 y e a rs, and
annual average earnings le v e ls of $4, 200, $4, 800, and $5, 400. Y ears
o f cu rren t s e r v ic e do not include p articipation requ irem en ts as p r e ­
viou sly defined.
NOTE: P rev iou s digest in this s e r ie s included so cia l se cu ­
rity benefits in illu stra tive monthly p en sion s.
This digest excludes
s o c ia l secu rity ben efits.

1 Plans negotiated by automobile and farm equipment companies and the Automobile Workers in
late 1964 specify a normal retirement age o f 65, but also provide, under the early retirement pro­
vision, the same benefit to workers with the same amount o f credited service who request retirement
as early as age 62. Because some plan benefits do not becom e effective until age 65 or are discon­
tinued or modified at that age, the summaries o f plans of this type indicate a normal retirement age
o f 65 with a footnote stating that full benefits, as shown in the column headed "Illustrative Monthly
Pensions, " are payable as early as age 62. Company opinions differed as to the appropriate designation
o f the normal retirement age; for the sake of consistency, however, all plans of this type were
similarly treated in this digest.
2 In computing the illustrative monthly pensions where benefit formulas include social security
payments it was assumed that workers with annual average earnings of $4,200 would receive $116 a
month as a primary social security benefit and the maximum of $127 a month would be received by
those earning $4, 800 a year or more even though that benefit will not be payable, with some e x ­
ceptions, for many years to com e. However, many workers with maximum taxable earnings will
becom e eligible for slightly less than the maximum benefit.

3

E arly R etirem en t

D isability R etirem ent

Under an ea rly retirem en t p rov ision , the w ork er can re tire
p rio r to the sp ecifie d n orm al retirem en t age and r e c e iv e an im m ediate
ben efit.
In con trast with n orm al retirem en t, under which the right
to retire is at the option of the w ork er, ea rly retirem en t in som e
plans is contingent upon the consent of the e m p lo y e r.

The p rim a ry purpose o f a d isability p rovision is to perm it
the w ork er who b e co m e s totally and perm anently disabled b efore the
n orm al retirem en t age to re tire with an im m ediate benefit.
Some
pension plans which do not sp e cifica lly provide for a disability benefit
m ay u tilize the ea rly retirem en t o r vesting p rov ision to provide r e ­
tirem en t benefits to the disabled w ork er.

B enefit F orm u la . A ctu arial equivalent r e fe r s to a reduction
in the benefit, com puted on an actu arial b a sis, to r e fle c t the longer
p eriod o f benefit payment and sh orter p eriod o f fund accum ulation b e ­
cause of ea rly retirem en t.
N orm al and E arly R etirem ent B enefit Options
Under many pension plans, benefit payments ce a se when the
p en sion er d ie s. In creasin gly, plans are providing optional m ethods o f
benefit paym ents, w herein the w ork er ele cts to r e c e iv e a reduced
benefit during his lifetim e in o rd e r to provide fo r the continuation o f
som e benefit to a designated b en eficia ry after his death. Under many
plans the w ork er m ust make such a ch o ice in a p r e s c r ib e d tim e p r io r
to retirem en t— usually 5 y ea rs— o r pass a ph ysical exam ination. The
scop e of this study was r e s tricte d to extension o f optional fo rm s under
n orm al and early retirem en t p ro v isio n s, although they m ay also be
applicable under d isability retirem en t and vesting p ro v isio n s.

M inimum R eq u irem en ts.
In addition to m inim um age a n d /or
s e r v ic e requ irem en ts, the w ork er m ust be totally and perm anently
disabled as defined in the plan. The definition may vary con sid erably
among plans; no attempt was made in this study to analyze this aspect
o f d isability retirem en t.
B enefit F o rm u la . " At age 65, n orm al benefit payable, "
"Upon re ce iv in g s o c ia l secu rity d isability benefit, or at age 65, n orm al
benefit payable, " and sim ila r en tries, indicate that the d isability ben­
efit is recom puted at that tim e and the n orm al benefit form ula is
used to com pute the benefit payable th ereafter.

Joint and S u rviv or. Under this p rov ision , the pensioner r e ­
ce iv e s a redu ced benefit with a guaranty that if he dies while his ben ­
e ficia ry is living, payments at a pred eterm in ed rate w ill continue to
the b en eficia ry fo r life . The actual p rov ision s under which this option
op erates v a ries con sid era b ly among plans. F o r exam ple, the b e n e fic i­
ary to be designated may be lim ited to the sp ou se; the benefit to be
continued may be the sam e, o n e-h a lf, o r in som e c a s e s , any selected
percen tage of the amount o f benefit the re tire d w ork er r e c e iv e s , etc.

V esting m ay be defined as a guaranty to the w ork er o f a right
o r equity in a pension plan based on all or part of his accru ed r e ­
tirem ent benefits should his em ploym ent be term inated b efore he b e ­
com es elig ib le fo r retirem en t ben efits.

P e rio d C erta in . The p en sion er r e c e iv e s a reduced benefit
fo r life , but if he dies b e fo re re ce iv in g a s p e cifie d num ber o f p ay­
m ents, the balance is continued to his b e n e ficia ry . The m ost com m on
option under this type is a 10-y e a r certain payment (guaranty o f 120
m onthly paym ents), although sh orter and lon ger certa in payments are
p rovided by plans in this d igest.

Under all con tribu tory plans in this rep ort, the w ork er is
perm itted to withdraw his own contributions, with or without in terest,
when term inated. H ow ever, in all o f these plans, withdrawal of the
contributions m eans lo s s o f all benefits including those purchased by
em p loyer contributions. A lso, in som e o f the con tribu tory plans the
term inated nonvested w ork er can e lect to leave his own contributions
in the plan and r e c e iv e a ben efit purchased by his own contributions.

Cash Refund.
P rov id es that if total benefits re ce iv e d by the
p en sion er are le ss than the purchase p r ic e o f the benefit at r e t ir e ­
m ent, on his death the balance is paid to a designated b e n e ficia ry .
L ev el Incom e (S ocial S ecurity A djustm ent O ption).
The ea rly
retirem en t p rov ision o f som e plans contains an optional method o f
com puting the benefit, the purpose o f which is to provid e a le v e l in ­
com e throughout retirem en t. Under this option a la rg e r plan benefit
is paid than actually due under the regu lar form u la up to the tim e
the so c ia l secu rity benefit is re ce iv e d , so that the monthly payments
r e ce iv e d p rio r to that tim e and those re c e iv e d under the com bined
redu ced plan benefit and s o c ia l secu rity benefit are equal.




Vesting

T y p e s.
D e fe rre d fu ll vesting is a p rov ision under which the
w ork er retains a right to a ll accru ed benefits after he attains a certain
age a n d /o r com p letes a sp ecified p eriod o f s e r v ic e .
In d eferred
graded vesting, the w ork er has a right to a certain percentage of
a ccru ed benefits after he has fu lfilled sp ecified requ irem en ts. This
percen tage in cre a se s as additional requ irem en ts are fu lfilled until the
w ork er is entitled to the fu ll benefit.
C ondition s. This term r e fe r s to the nature of the term ination
o r separation under which vesting is perm itted.

4

Involuntary R etirem en t
C om p u lsory R etirem en t A g e .
F o r pu rp oses o f this study
com p u lsory retirem en t age is that age at which the w ork er can be
retired by reason of age alone. It is that point at which the w ork er
lo se s the p riv ile g e of deciding whether he should r e tire or continue
in his jo b . A w ork er m ay, h ow ever, be perm itted to continue e m ­
ploym ent on a y e a r -t o -y e a r b a sis, in som e ca se s su bject to passing
annual p h y sical exam inations o r m eeting standards o f job p e rfo rm a n ce .
A utom atic R etirem en t A g e .
F o r p u rposes o f this study auto­
m atic retirem en t age is that age at which the w ork er m ust ce a se
his em ploym ent, the plan having ir r e v o c a b ly establish ed this age as
a m axim um .
Death B enefits
B efore and A fter R etirem en t. E ntries in these colum ns are
lim ited to the death benefits p rovided by the pension plan itse lf, in ­
cluding return o f w orker*s contributions with o r without in terest.
B enefits p rovided under group insurance and other plans are not w ith­
in the scop e o f this study.
Financing
Inform ation on the amount of contributions is provid ed to the
extent that details are available in the literatu re d e scrib in g the plan.
No attempt was made to determ ine the actual amount o f contribution
or co st in ca se s w here the plan stated the em p loyer paid the full co st
o r balance of co st.
M edium of Funding
E ntries in this colum n r e fe r to the organization, o r type of
organ ization, through which benefits are p rovid ed . M edium o f funding
is to be distinguished fro m the m ethod o f funding which r e fe r s to the
technique by which the m oney requ ired to p rovid e the benefits is a c ­
cum ulated o r budgeted.
T ru steed ; B a n k -A d m in istered .
This term is used to include
both a bank, and tru st com panies (co rp o ra te tru stees) with which co n ­
tributions are deposited .
Among the functions p e rfo rm e d by the
tru stee are investm ent of funds and payment o f benefits to elig ib le
w o rk e rs.
T ru steed ; S e lf-A d m in iste re d . A board o f tru stees o r an in ­
dividual tru stee (not a bank o r trust com pany) adm in isters the trust
fund.
Functions p e rfo rm e d are sim ila r to those m entioned above.




Insured; Group Annuity. An insurance com pany is selected
to underw rite the benefits o f the plan. C ontributions (in the form of
p rem ium s) are m ade to the insurance com pany and paid-u p units are
purchased each year fo r each w ork e r. Amount of retirem en t incom e
fo r each w ork er at retirem en t is the sum o f these paid-up units.
Insured; D eposit A dm in istration .
An insurance com pany is
selected to underw rite the benefits o f the plan. Contributions (in the
fo rm of prem iu m s) are held as a fund by the insurance com pany.
T h ere is no allocation to the account o f the individual w ork er, but
accum ulated funds are used to purchase the ben efit fo r each w orker
at retirem en t in a cco rd a n ce with the p rov ision s o f the plan.
A dm inistration
F o r pu rp oses o f this
two m a jo r a re a s.

study, adm inistration is divided into

A dm in istration o f Funding (financial co n tro l).
L oca tes the
re sp on sib ility fo r selection o f m edium o f funding, adoption o f funding
m ethods, investm ent, se le ction of actuary, etc.
A dm in istration o f P lan .
L oca tes the resp on sib ility fo r the
d a y -to -d a y m anagem ent o f the plan, such as determ ination o f eligib ility,
s e r v ic e cred itin g, interpretation o f plan, p ro ce s s in g application s.
C ertain o f the adm inistrative functions d e scrib e d above may
be delegated to a bank, insurance com pany, tru st com pany, etc. H ow­
e v er, fo r p u rposes o f this study, adm inistration is cla s s ifie d on the
b a sis o f w here the orig in a l resp on sib ility fo r these functions re s id e s .
A single entry in this colum n indicates that the party noted
has resp on sib ility fo r o v e r a ll adm inistration, including financial con ­
tr o l and adm inistration o f the plan.
B ip a rtite.
A joint (m anagem ent-union) board o f ad m in istra­
tion is establish ed to adm inister the plan. M ost plans in this study
also provid e fo r selection o f neutral m em b ers who m ay vote only in
ca se o f a deadlock.
T rip a r tite . A board of adm inistration is establish ed to ad­
m in ister the plan. It is made up o f an equal num ber of em p loyer and
union designated m e m b e rs, who in turn se le ct the third party.
B ipartite A dm inistration o f Plan (s p e c ific re sp on sib ilities out­
lined in a greem en t).
A s used in this rep ort, this ph rase indicates
that the m anagem ent-union com m ittee has adm inistrative functions as
sp e cifie d in the c o lle c tiv e bargaining agreem en t. The em p loyer gen­
era lly retains re sp on sib ility fo r the functions not sp ecified to be under
the ju ris d ictio n o f the bipartite com m ittee. No attempt was made to
define the a rea o f sole em p loyer resp on sib ility .




Selected Pension Plans Under Collective Bargaining, Late 1964

5

6

Selected Pension Plans Under
E A R L Y ’ R E T IR E M E N T

N O R M A L R E T IR E M E N T
IL L U S T R A T IV E M O N T H L Y

P A R T IC I­
C O M P A N Y , U N IO N , A N D
DATE OF

IN F O R M A T IO N

P A T IO N
R E Q U IR E -

M in im u m
r e q u ire m e n ts

S e r v ic e

S e r v ic e
c re d ite c
a fte r
n o rm al

(Y e ars)

age

MENTS
A ge

65

A r m o u r and C o.

at age

10

A ll.

65 u n d e r

P E N SIO N S

c u r re n t n o rm al re tire m e n t

M i n im u m

fo r m u la , fo r a n n u a l a v e r a g e

r e q u ir e m e n ts

e a r n in g s o f—
B e n e fit

fo r m u la

B e n e f it fo r m u la

*4.200
M onthly— $ 3 . 25 tim e s y e a r s o f s e r v ic e .

*4,800

*5,400

A ge

1Vlen

25 y e a r s o f s e r v ic e :
$ 8 1 .2 5

$ 8 1 .2 5

S e r v ic e
(Y e ars)

$ 8 1 .2 5

60

10

N o rm a l b en efit red u ced
0 .5 p e r c e n t fo r each
m onth under age 65,
co m m e n cin g im m e ­
d ia te ly .

30 y e a r s o f s e r v ic e :

M eat C u tte rs : P a c k in g ­
hou se W o r k e r s (U P W A ).

$ 9 7 . 50

$ 9 7 .5 0

$ 9 7 .5 0

W om en

35 y e a r s o f s e r v ic e :

O cto b e r 196 4.

$ 1 1 3 .7 5

$ 1 1 3 .7 5

$ 1 1 3 .7 5

55

10

At wio r k e r 1 *s
requc ;st.

G e n e ra l F o o d s C o r p .

1 year of
s e r v ic e .

65

N one.

V a rio u s u n ions.

Ju ly

M onthly— a p p ro x im a te ly 1 .5 p e r c e n t o f m on th ly e a rn in gs
e x c e e d in g $50 plus a p p ro x im a te ly 0 .5 p e r c e n t o f m onthly
e a rn in g s e x c e e d in g $25 0 tim e s y e a r s o f s e r v ic e . 3
M in im u m f o r w o r k e r s w ith 15 y e a r s o r m o r e o f s e r v ic e :
1 p e r c e n t o f e a rn in gs s u b je c t to s o c ia l s e c u r it y tax
(c u r r e n tly $4 0 0 ) and 1 .5 p e r c e n t o f e a rn in g s e x c e e d in g

55

25 y e a r s o f s e r v ic e :
$ 12 0 .0 0

$ 1 50 .00

$ 1 7 0 .0 0

At wc>rker1s
reque :st.

30 y e a r s o f s e r v ic e :

N o rm a l b e n e fit red u ced
4 p e r c e n t fo r each y e a r
under age 65, c o m ­
m e n c in g im m e d ia t e ly ; or
n o r m a l b en efit, c o m ­
m e n c in g at age 65.

s u c h a m o u n t t i m e s y e a r s o f s e r v i c e to a m a x i m u m o f

1964.

25 y e a r s and 0. 333 p e r c e n t o f e a rn in gs tim e s y e a r s o f
s e r v ic e e x c e e d in g 25.

$ 1 4 4 .0 0

$ 1 8 0 .0 0

$ 2 0 4 .0 0

35 y e a r s o f s e r v ic e :
$ 16 8 .0 0

C a m p b e ll Soup C o .
(C am den , N. J . ) .

P a ck in g h ou se W o r k e r s
(U P W A ).

A g e 30
and 5
years
of
s e r v ic e .

65

N one.

M onthly— 1 p e r c e n t o f m on th ly ea rn in g s fo r e a ch y e a r
o f s e r v ic e . 3

$ 2 1 0 .0 0

$ 2 3 8 .0 0

55

25 y e a r s o f s e r v ic e :
$ 8 7 . 50

$ 1 00 .00

$ 1 1 2 .5 0

6 10

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
m
e n c in g im m e d ia te ly ;
With e:m p lo y e r ' s
o r n o r m a l b en efit,
con ser it.
co m m e n cin g at age 65.

30 y e a r s o f s e r v ic e :
$ 10 5 .0 0

$ 1 20 .00

$ 1 3 5 .0 0

S ep tem b er 1964.
35 y e a r s o f s e r v ic e :
$ 122. 50

$ 1 40 .00

$ 1 5 7 .5 0

1 If entitled to a severance benefit and not an immediate pension, worker receives both; severance immediately and vesting benefit at age 65.
If entitled to an immediate pension, terminated
due to plant closing and age 55 with 20 years of service or age 60 (55 for women) with 10 years of service, the worker is given the choice of payment of one or the other.
* A widow's and orphans' benefit.
A widow of a worker with 10 years of service is paid a monthly benefit equal to V2 the deceased w orker's accrued normal benefit and actuarially
reduced for age. An orphan's benefit (children under 18 years of age) of 4 2 .5 percent the deceased w orker's accrued norm al benefit is payable after the death of the widow or if there is no
surviving widow.




7

Collective Bargaining, Late 1964
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NORM AL
AND

DEATH

B E N E F IT S

F IN A N C IN G

EARLY

R E T IR E M E N T
B E N E F IT

MEDIUM

M in im u m
r e q u ire m e n ts

T y p e , c o n d itio n s,
a n d m in i m u m
r e q u ir e m e n ts

O P T IO N S
A ge

J oin t and
s u r v iv o r .

B e n e f i t fo r m u la

C o m p u lso r y
at a g e -

A u to m a t ic
at age -

B e fo r e
re tire m e n t

A fte r
re tire m e n t

OF
E m p lo y e e

F U N D IN G

A D M IN IS T R A T IO N

E m p lo y e r

S e r v ic e
(Y e a r s)

10

L e v e l in c o m e
(e a r ly ).

M onthly— double n o r m a l b e n e fit,
c o m m e n cin g im m e d ia te ly .

When e lig ib le fo r any s o c ia l s e c u r it y
b e n e fit, o r at age 65, n o r m a l b e n e fit
p aya ble.

D e fe r r e d fu ll.

T e r m in a te d fo r any
re a s o n .

A g e 40 and 15 y e a r s o f
s e r v ic e .

N o rm a l b e n e fit
re d u c e d 0. 5
p e r c e n t fo r each
m onth under age
65 to date
b e n e fit b e g in s ,
c o m m e n cin g
any tim e during
5 -y e a r p e r io d
p r io r to age 65;
o r norm al ben e­
fit, c o m m e n cin g
at age 65.

F u ll
cost.

( 2)

T r u s teed ;
banka d m in is te r e d .

E m p lo y e r
a d m in istra tion
o f funding.

B ip a rtite
a d m in istra tion
of plan ( s p e c i ­
fic r e s p o n s i­
b ilitie s o u t­
lined in
ag re e m e n t).

(M

Join t and
s u r v iv o r .

D e fe r r e d fu ll.

N o rm a l b e n e fit,
c o m m e n cin g
at age 65. 3
4

65

T e r m in a te d fo r any
reason .

P e r io d
c e r ta in .

L e v e l in c o m e
(e a r ly ).

Join t and
s u r v iv o r .

L e v e l in c o m e
(e a r ly ).

W o r k e r 's
c o n t r ib u ­
tion s plus
in te re s t,
le s s
b e n efits
r e c e iv e d .

A g e 55 o r 10 y e a r s
o f s e r v ic e .

D e fe r r e d fu ll.

N o rm a l b e n e fit,
c o m m e n cin g
at age 65.

T e r m in a te d fo r any
reason .

E x clu d e s p r e m e m b e r s h ip s e r v ic e .
W o r k e r m u st have 15 y e a r s o f s e r v ic e to be e lig ib le fo r b e n e fits co m p u te d by the m in im u m fo rm u la .
A w idow o f a w o rk e r age 55 w ith 10 y e a r s o f s e r v ic e , is e n titled to a w id o w 's b e n e fit.
In clu des p r e m e m b e r s h ip s e r v ic e . S e r v ic e r e q u ir e m e n t re d u c e d to 6 y e a r s in c a s e o f i l l h ealth.
Inclu des p r e m e m b e r s h ip s e r v ic e .




W o r k e r 's
co n trib u tio n s
plus in te re s t.
(5 6
)

A g e 45 and 5 y e a r s
o f s e r v ic e . 7

3
4
5
6
7

65

65

65

E m p lo y e d
a fte r age 55,
60 m onthly
paym ents fo r
w hich w o rk e r
w as q u a lifie d
at tim e o f
death.

60 m on th ly
paym en ts,
le s s pay­
m e n ts r e ­
c e iv e d .

A p p r o x i­
m a tely
2 .5 p e r ­
cent o f
m onthly
ea rn in gs
betw een
$ 5 0 and
$25 0
and a p ­
p r o x i­
m a tely
4 per­
cent o f
m onthly
ea rn in gs
exceed­
ing $250.

B a lan ce
of cost.

T r u s te e d ;
s e l fa d m in is ­
te r e d .

E m p lo y e r .

F u ll
cost.

T ru s te e d ;
s e lfadm inis te r e d .

E m p lo y e r .

8

Selected Pension Plans Under Collective
E A R L Y ’ R E T IR E M E N T

N O R M A L R E T IR E M E N T
I L L U S T R A T IV E M O N T H L Y

P A R T IC I­
C O M P A N Y , U N IO N ,
DATE

OF

A ND

IN F O R M A T IO N

P A T IO N

M in im u m

R E Q U IR E -

c r e d ite d
afte r

MENTS
A ge

B r e w e r s B oa rd o f T ra d e
(New Y o r k , N. Y. ).

250 days
of em ploym en t.

65

P E N S IO N S

a t a g e 6 5 u n d e r c u r re n t n o rm a l re tire m e n t
fo r m u la , fo r a n n u a l a v e r a g e

S e r v ic e

n o rm al

(Y e a rs)

age

_

A ll.

T ea m sters.

M i n im u m
re q u ire m e n ts

e a r n in g s o f—
B e n e fit

fo r m u la

B e n e f it fo r m u la

$4,200
M onthly---- 53. 85 p e r c e n t o f w o r k e r 1s a g g r e g a te co n trib u tio n s
fo r s e r v ic e a fte r Sept. 30, 1949; and fo r s e r v ic e p r io r to
O ct. 1, 1949, $7 tim e s y e a r s o f s e r v ic e . M axim um past
s e r v ic e c r e d it e d , 30 y e a r s .

$4,800

$5,400

25 y e a r s o f s e r v ic e :

A ge

S e r v ic e
(Y e a rs)

55

$ 1 7 5 . 00

$ 1 7 5 .0 0

$17 5. 00

$ 2 1 0 .0 0

$ 2 1 0 .0 0

$ 21 0. 00

At w o r k e r 's
req u est.

n
July 1964.

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
m en cin g im m ed ia tely ;
o r n o r m a l b e n e fit ,c o m ­
m en cin g at age 65.

30 y e a r s o f s e r v ic e :

35 y e a r s o f s e r v ic e :
$ 2 4 5 . 00

$ 2 4 5 .0 0

$ 24 5. 00

( 2 *)

B a k ery and c o n fe c t io n e r y
in d u stry , v a r io u s e m ­
p lo y e r s .

_

65

4 15

( 5)

B a k ery and C o n fe c tio n e r y
W ork ers
N ational plan.
S ep tem b er 1964.

M onthly— $10 fo r each 40 cen ts o f e m p lo y e r w e e k ly c o n t r i ­
bution, fo r co n trib u tio n r a te s in e ffe c t p r i o r to Jan. 2, 1964.
$10 fo r each 48 cen ts o f e m p lo y e r w e e k ly co n trib u tio n , fo r
c o n trib u tio n ra te s e s ta b lis h e d a fte r Jan. 1, 1964, e x ce p t that
an e m p lo y e r who e n te rs into a c o lle c t iv e ba rga in in g a g r e e ­
m en t with a lo c a l union f o r the f ir s t tim e a fte r Jan. 1, 1964,
sh a ll r e q u ir e a co n trib u tio n rate o f 40 cen ts p e r w eek fo r
each $10 o f m on th ly b e n e fits up to $10 0, and a rate o f 48
cen ts p e r w eek fo r each $10 in e x c e s s o f $ 10 0,

55

25 y e a r s o f s e r v ic e :
6$ 50. 00
7$ 1 0 0 .0 0

$ 5 0 .0 0
$ 1 0 0 .0 0

$ 5 0 .0 0
$ 10 0. 00

4 15

At w o r k e r 's
req u es t.

N o rm a l b en efit red u ced
0. 5 p e r c e n t f o r each
m onth under age 65,
c o m m e n cin g im m e d i­
ately.

30 y e a r s o f s e r v ic e :
6$ 50. 00
7$ 10 0. 00

$ 5 0 .0 0
$ 1 0 0 .0 0

$ 5 0 .0 0
$10 0. 00

R ed u ced p r o p o r tio n a te ly fo r 15 o r m o r e but le s s than 25
y e a r s o f s e r v ic e .
35 y e a r s o f s e r v ic e :
6$ 50. 00
7$ 1 0 0 .0 0

A m e r ic a n T o b a c c o C o.
T ob a cco W ork ers.
July 1964.

_

65

12

N one.

M onthly— f o r s e r v ic e a fte r D e c. 31, 1959, V12 o f 1 p e r c e n t
o f annual ea rn in gs fo r each y e a r o f such s e r v ic e and fo r
s e r v ic e p r io r to Jan. 1, I960, V12 o f 0. 75 p e r c e n t o f f ir s t
$ 4 ,8 0 0 o f a v e r a g e annual e a rn in gs fr o m Jan. 1, 1955, to
D e c. 31, 1959, and V12 o f 1. 5 p e r c e n t o f such e arn in gs e x ­
ce e d in g $ 4 ,8 0 0 tim e s y e a r s o f such s e r v ic e w ithin 35 y e a r s
p r e c e d in g age 65 o r a ctu a l re tir e m e n t d ate, w h ic h e v e r is
e a r lie r .

$ 5 0 .0 0
$ 1 0 0 .0 0

$ 5 0 .0 0
$10 0. 00

55

25 y e a r s o f s e r v ic e :
$ 87. 50

$ 1 0 0 .0 0

$11 2. 50

12
A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
At w o r k e r 's
m en cin g im m e d ia te ly ;
re q u e s t.
o r n o r m a l b en efit, c o m ­
m en cin g at age 65.

30 y e a r s o f s e r v ic e :
$1 0 5 . 00

$ 1 2 0 .0 0

$13 5. 00

35 y e a r s o f s e r v ic e :
$ 1 2 2 . 50

$ 1 4 0 .0 0

$15 7. 50

1 Upon p a r ticip a tio n , w o rk e r is given c r e d it fo r 1 y e a r o f s e r v ic e .
In com putin g b e n e fits , w o rk e r w as a ssu m e d to have been e m p lo y e d 52 w eeks p e r y e a r and co n trib u te d $ 0 . 25 w e e k ly .
Inclu des p r e m e m b e r s h ip s e r v ic e .
15 y e a r s o f s e r v ic e in the in d u stry in clu d in g 3 m onths with con trib u tin g e m p lo y e r .
S e r v ic e in clu d e s (1) e m p lo y m e n t with con tribu tin g em p lo y e r s, and (2) em p loy m en t p r io r to date e m p lo y e r began con tribu tin g to the plan, if w o rk e r w as e m p lo y e d at le a s t 135 days in each o f the p r e c e d in g 3 ca le n d a r y e a r s and such em p loym en t was ini a jo b and plant then c o v e r e d by a c o lle c t iv e bargain in g a g re e m e n t o r su b seq u en tly by a g r e e m e n t on date e m p lo y e r began con tribu tin g to plan.




9
Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

NORM AL
AND

R E T IR E M E N T

DEATH

B E N E F IT S

F IN A N C IN G

EARLY
M in im u m

R E T IR E M E N T
B E N E F IT

MEDIUM

r e q u ire m e n ts

T y p e , c o n d itio n s,
B e n e f i t fo r m u la

O P T IO N S
A ge

r e q u ire m e n ts

S e r v ic e

C o m p u ls o r y
at a g e -

A u to m a t ic
at ag e-

B e fo r e
re tire m e n t

A fte r
re tire m e n t

M onthly— n o r m a l b e n e fit, c o m ­
m en cin g im m e d ia te ly .

D e fe r r e d fu ll.

Sam e as e a r ly
r e tir e m e n t
b e n e fit.

T e rm in a te d fo r any
re a s o n .

W orker* s
co n trib u tio n s
plus
in te re s t.

36 m onthly
pa ym en ts,
le s s p a y ­
m ents
r e c e iv e d .

15 y e a r s o f s e r v ic e . 3

Join t and
s u r v iv o r .

55

4 15

M onthly----e a r ly r e tir e m e n t b e n e fit
in c r e a s e d 10 p e r c e n t but not to e x ­
ce e d n o r m a l b e n e fit, co m m e n cin g
i mm edi at el y, o r n o r m a l b e n e fit
co m m e n cin g at age 65.

8 45

8 15

M onthly— $27 b a se d on $100 b e n e ­
fit le v e l, in c r e a s e d o r re d u ce d p r o ­
p o r tio n a te ly fo r o th er b e n e fit le v e ls ,
co m m e n cin g im m e d ia te ly .

20

M onthly----fo r s e r v ic e a fte r D e c. 31,
1959, V12 o f 1 p e r c e n t o f annual
earn in gs f o r each y e a r o f s e r v ic e
w ithin 35 y e a r s p r e c e d in g d is a b ility
and fo r s e r v ic e p r i o r to Jan. 1, I960,
Viz o f 0. 75 p e r c e n t o f a v e r a g e a n ­
nual earn in gs fr o m Jan. 1, 1955, to
D e c. 31, 1959, tim e s y e a r s o f such
s e r v ic e , co m m e n cin g im m e d ia te ly .

Level
in c o m e
(early).

(5 )

W ith e m p lo y e e s
c o n se n t, a c tu ­
a r ia l equivalent
o f n o r m a l bene­
fit, 10 c o m ­
m e n cin g any
tim e during 5y e a r p e r io d
p r io r to age 65;
o r n o r m al b en ­
efit, c o m m e n c ­
ing at age 65. 10

D e fe r r e d fu ll.
T e rm in a te d f o r any
reason .
A g e 50 and 20 y e a r s
o f s e r v ic e .

(5 )8
7

65

.
5
6
7
8
9
10

F U N D IN G

ADMINISTRATION

E m p lo y e r

(Y e a rs’

Join t and
s u r v iv o r .

Joint and
s u r v iv o r .

OF
E m p lo y e e

An eligib le w o rk e r (age 65 o r o l d e r with 15 y e a r s of
Ba sed on e m p l o y e r 's we ekl y cont ribu tion rate o f $2,
Bas ed on e m p l o y e r 's wee kly cont ribu tion rate of $4,
Ag e p l u s s e r v i c e must equal at le ast 70.
Not appli cab le if jo in t and s u r v i v o r option el ec te d o r
Only s e r v i c e after age 30 used to c om put e benefit.




s e r v i c e ) l o s e s all rights to benefits if he do es not r e t ir e at age 70.
p r i o r to Jan. 2, 1964.
p r i o r to Jan. 2, 1964.
w o r k e r re t ir e d under dis abi lity p r o v i s i o n s .

36 m onthly
paym en ts,
le s s p a y ­
m ents
r e c e iv e d . 9

$ 0 . 05
per
day—
m a x i­
m um
$ 0 . 25
per
w eek.

$2 p er
day p e r
w ork e r—
m a x i­
m um
$ 10 per
w eek.

T ru steed;
s e l fadm inis te r e d .

B ip a rtite.

F u ll
cost—
c o n t r i­
bution
rate
a ccord­
ing to
lo c a l
agree­
m ent
(s e e
norm al
ben efit
fo rm u la
fo r e f ­
fe c t on
b e n efit).

T ru steed;
s e lfadm inis te r e d .

B ip a rtite.

T ru steed;
bankadm inis te r e d .

E m p lo y e r .

F u ll
c o s t.

10

Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T

EARLY
I L L U S T R A T IV E M O N T H L Y

P A R T IC I­
C O M P A N Y , U N IO N ,
DATE

OF

AN D

IN F O R M A T IO N

P A T IO N

M in im u m

R E Q U IR E -

r e q u ire m e n ts

MENTS
A ge

B ig e lo w -S a n fo r d , Inc.

—

65

at age
S e r v ic e
c re d ite d
afte r

S e r v ic e

n o rm al

(Y e ars)

age

20

T ex tile W o r k e r s (TW U A ).

To
age
68.

65 u n d e r c u r r e n t n o r m a l r e t i r e m e n t
fo r m u la , fo r a n n u a l a v e r a g e

M in im u m
r e q u ir e m e n ts

e a r n in g s o f—
B e n e fit

fo r m u la

B e n e fit fo r m u la

S4.200
M onthly— $1 tim e s y e a r s o f s e r v ic e .
c r e d ite d , 30 y e a r s .

R E T IR E M E N T

P E N SIO N S

M axim um s e r v ic e

$4,800

$5,400

60

25 y e a r s o f s e r v ic e :
$25 . 00

$25 . 00

S e r v ic e
(Y e a r s)

A ge

$ 2 5 .0 0

20

At w o r k e r 's
r e q u e s t.

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
m en cin g im m ed ia tely ;
o r n o r m a l b en efit,
c o m m e n cin g at age 65.

30 y e a r s o f s e r v ic e :

D e ce m b e r 1964.

$ 3 0 . 00

$30 . 00

$ 3 0 .0 0

35 y e a r s o f s e r v ic e :
$30 . 00

A u gust 1964 .

$ 3 0 .0 0

N on co n trib u to ry plan

A r m s tr o n g C ork Co.
R u bber W o r k e r s

$ 3 0 .0 0

1 year
of
s e r v ic e .

65

21

N one.

M onthly— fo r s e r v ic e a fte r D e c. 31, 1958, m on th ly equivalent
25 y e a r s o f s e r v ic e :
o f 0. 5 p e r c e n t o f annual e a rn in gs s u b je c t to s o c ia l s e c u r ity
4 $53 . 00
$ 5 0 .0 0
tax and 1 p e r c e n t o f annual e arn in gs e x ce e d in g am ount s u b je c t
to s o c ia l s e c u r it y tax fo r each y e a r o f s e r v i c e ; 3 and f o r s e r v ­
ic e f r o m Jan. 1, 1958, to D e c. 31, 1958, m on th ly equivalent
30 y e a r s o f s e r v ic e :
o f 0. 5 p e r c e n t o f f ir s t $4 , 200 o f annual e arn in gs and 1 p e r ­
cent o f annual e arn in gs e x ce e d in g $4 , 200 and fo r s e r v ic e fr o m
June 1, 1937, to D e c. 31, 1957, m onthly equivalent o f 0. 5 p e r ­ 4 $63 . 50
$ 6 0 .0 0
cen t o f f ir s t $3 , 000 o f annual e a rn in gs and 1 p e r c e n t o f annual
e arn in gs e x ce e d in g $ 3 ,0 0 0 , and fo r s e r v ic e p r io r to June 1,
35 y e a r s o f s e r v ic e :
1937, m on th ly equivalent o f 1 p e r c e n t o f annual e a rn in gs o f
1936 tim e s y e a r s o f s e r v ic e betw een age 30 and June 1, 1937.
4 $74 . 00
$ 7 0 .0 0
M in im um — $190 fo r 35 y e a r s o r m o r e o f s e r v ic e , 2 re d u ce d
$ 2 . 10 fo r each y e a r o f s e r v ic e le s s than 35 to a m in im u m o f
$ 13 7. 50 fo r 10 y e a r s o f s e r v ic e , le s s s o c ia l s e c u r it y b e n e fit.4

55
$62 . 50

21

With e m p lo y ­
e r 's co n s e n t.

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
m en cin g im m e d ia te ly ;
o r n o r m a l b en efit,
c o m m e n cin g at age 65.

$75 . 00

$87 . 50

Sup plem ental c o n tr ib u to r y plan
Sam e
as
above.

----------1---------Sam e as Sam e
ab o ve .
as
ab o ve .

M onthly— fo r s e r v ic e a fte r D e c. 31, 1958, m onthly equivalent 25 y e a r s o f s e r v ic e :
o f 0. 5 p e r c e n t o f annual e a rn in gs s u b je c t to s o c ia l s e c u r it y
$ 4 3 . 75
$50 . 00
tax and 1 p e r c e n t o f annual e arn in gs e x ce e d in g am ount s u b je ct
to s o c ia l s e c u r it y tax fo r each y e a r o f s e r v ic e , 3 and fo r s e r v ­
ice fr o m Jan. 1, 1958, to D e c. 31, 1958, m on th ly equivalent
30 y e a r s o f s e r v ic e :
o f 0. 5 p e r c e n t o f f ir s t $ 4 , 200 o f annual ea rn in gs and 1 p e r ­
cen t o f annual e arn in gs e x ce e d in g $ 4 , 200 and fo r s e r v ic e fro m
$52 . 50
$60 . 00
June 1, 1937, to D e c. 31, 1957, m on th ly equ ivalen t o f 0. 5 p e r ­
cen t o f f ir s t $ 3 , 000 o f annual earn in gs e x ce e d in g $ 3 , 000 fo r
ea ch y e a r o f such s e r v ic e .
35 y e a r s o f s e r v ic e :
$61 . 25

1
2
3
4

$ 7 0 . 00

1

Sam e as a b ov e.

Sam e as above.

$62 . 50

$75 . 00

$87 . 50

If w o rk e r attains age 65 w ithin 6-m onth p e r io d fo llo w in g date o f d is a b ility , he m u st apply f o r n o r m a l re tir e m e n t b e n e fit.
In clu des p r e m e m b e r s h ip s e r v ic e .
E x clu d es p r e m e m b e r s h ip s e r v ic e .
C a lcu la ted by assu m in g c u r r e n t m a xim u m p r im a r y s o c ia l s e c u r it y b e n e fits f o r the e a rn in gs s p e c ifie d , i. e . , $ l l 6 p e r m onth at $4 , 200 and $127 p e r m onth at $ 4 , 800 and $5, 400.




11

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NORM AL
AND

DEATH

B E N E F IT S

F IN A N C IN G

EARLY

R E T IR E M E N T
B E N E F IT

MEDIUM

M in im u m
r e q u ir e m e n ts

T y p e , c o n d itio n s,
B e n e f i t fo r m u la

O P T IO N S
A ge

(M

a n d m in i m u m
r e q u ire m e n ts

B e n e f i t fo r m u la

C o m p u lso r y
at a g e -

A u to m a t ic
at ag e-

B e fo r e
re tire m e n t

A fte r
re tire m e n t

OF
E m p lo y e e

F U N D IN G

A D M IN IS T R A T IO N

E m p lo y e r

S e r v ic e
(Y e a r s)

20

68

M onthly— $ 5 0 , re d u c e d to $25 a
m onth when e lig ib le fo r s o c ia l
s e c u r it y b e n e fit, c o m m e n cin g i m ­
m e d ia te ly .

Fu ll
c o s t.

Not
funded.

E m p lo y e r .

F u ll
c o s t.

C o m b in a ­
tion:

E m p lo y e r .

N o n co n trib u to ry plan
2 15

Joint and
s u r v iv o r .
P e r io d
c e r ta in .
Level
in c o m e
( e a r ly ) .

M onthly----$150, le s s m on th ly b e n e fit
fo r w hich e lig ib le under total d i s ­
a b ility o f grou p in s u r a n c e , e a r ly
re tir e m e n t, any s o c ia l s e c u r ity
b e n e fit, n o n co n trib u to ry p e n s io n
and co m p a n y -p a id p a rt o f c o n t r ib ­
u to ry p e n sio n .

D e fe r r e d fu ll.
T e rm in a te d fo r any
re a s o n .
5 y e a r s o f s e r v ic e . 3

A c tu a r ia l
equ ivalen t o f
n o r m a l b en efit
(m in im u m not
a p p lic a b le ),
co m m e n cin g
a n y tim e during
1 0 -y e a r p e r io d
p r io r to age
65; o r n o rm a l
b e n e fit (m in i­
m um not a p ­
p lic a b le ), com ­
m e n cin g at age
65.

65

T ru steed;
bankadm inis te r e d .
Insured;
d ep osit
adm inis tration .

Sup plem ental co n tr ib u to r y plan

_

_




See e a r ly re tir e m e n t and vestin g
p r o v is io n .

Sam e as a bove.

Sam e as ab o ve .

W orker' s
W o r k e r 's
co n trib u tio n s c o n t r ib u ­
plus in t e r e s t . tion s plus
in te re st,
le s s b e n e ­
fits r e ­
c e iv e d .

2 p ercen t
o f annual
earning s
subj ect
to s o c ia l
s e c u r ity
tax and
4 percent
of ea rn ­
ings e x ­
ceedin g
such
am ount.

B a lan ce
of cost.

Sam e as
ab ove.

12
Selected Pension Plans Under Collective
NO RM AL

R E T IR E M E N T

EA R LY
IL L U S T R A T IV E

P A R T IC I­
C O M PA N Y,
D A TE

OF

U N IO N ,

AND

IN F O R M A T IO N

P A T IO N
R E Q U IR E ­

Minimum
requirements

M E N TS

Age

T e x tile in d u stry, dyeing
and prin tin g , v a r io u s
e m p lo y e r s .

Servii
credited
after
Service normal
age
(Years)

age _
70. ‘

M O N TH LY

R E T IR E M E N T

P E N S IO N S

at age 65 under current normal retirement
formula, for annual average
earnings of—

Minimum
requirements
Benefit formula

$4,8(

M onthly— $ 1. 34 tim e s y e a r s o f s e r v ic e .
c r e d it e d , 25 y e a r s . 3

M axim u m s e r v ic e

$5,400

25 y e a r s o f s e r v ic e :
$ 3 3 .5 0

$ 3 3 . 50

Age

Service
(Years)

60
$ 3 3 .5 0

At w o rk e r 1
re q u e s t.

30 y e a r s o f s e r v ic e :

T e x tile W o r k e r s (T W U A ).

$ 33. 50

$ 3 3 .5 0

$ 3 3 .5 0

S ep tem b er 1964.

N o rm a l b en efit
(p a y m e n t-c e r ta in
guaran tee not
a p p lica b le), red u ced
6 p e r c e n t fo r each
y e a r under age 65,
co m m e n cin g
im m e d ia te ly .

35 y e a r s o f s e r v ic e :
$ 3 3 .5 0

C loth in g in d u stry, m en's
and b o y s ', v a r io u s
e m p lo y e r s .

M onthly— $ 50.

$ 5 0 .0 0

M onthly— $ 50.

At w ork er' s
r e q u e s t.

$ 5 0 .0 0

N o rm a l b en efit red u ced
5 p e r c e n t fo r each
6 -m on th p e r io d under
a ge 65, co m m e n cin g
im m e d ia te ly .

$ 5 0 .0 0

$ 5 0 .0 0

$ 5 0 .0 0

25 y e a r s o f s e r v ic e :
$ 5 0 .0 0

$ 5 0 .0 0

$ 5 0 .0 0

A t w o r k e r 's
r e q u e s t.

30 y e a r s o f s e r v ic e :

C lothing W o r k e r s
N ational plan.

$ 5 0 .0 0

$ 5 0 .0 0

N o rm a l b en efit red u ced
5 p e r c e n t fo r each
6 -m on th p e r io d under
age 65, co m m e n cin g
im m e d ia te ly .

$ 5 0 .0 0

35 y e a r s o f s e r v ic e :

O cto b e r 1964.

$ 5 0 .0 0

July 1964.

62
$ 5 0 .0 0

35 y e a r s o f s e r v ic e :
$ 5 0 .0 0

L a d ie s ' G arm en t W o rk e r s '
(New Y o rk C loa k Joint
B o a rd ).

$ 5 0 .0 0

30 y e a r s o f s e r v ic e :

O cto b e r 1964.

C oat and suit in d u stry,
w o m e n 's , New Y o r k Coat
and Suit A s s o c ia t io n , Inc.,
and oth er e m p lo y e r s
(New Y o r k , N. Y . ).

$ 3 3 .5 0

25 y e a r s o f s e r v ic e :
$ 5 0 . 00

C lothing W o r k e r s
N ational plan.

C otton ga rm en t and a llie d
in d u s tr ie s , v a r io u s
e m p lo y e r s .

$ 3 3 .5 0

M onthly— $ 6 5 . ($ 5 0 if not e m p lo y e d co n tin u o u sly la st
10 y e a r s in New Y o r k co a t and suit in d u stry .)

$ 5 0 .0 0

$ 5 0 .0 0

A g e at
r e tir e m e n t

25 y e a r s o f s e r v ic e :
$ 6 5 .0 0

$ 6 5 .0 0

$ 6 5 .0 0

30 y e a r s o f s e r v ic e :
$ 6 5 .0 0

$ 6 5 .0 0

$ 6 5 .0 0

At w o r k e r 's
r e q u e s t.

64
63
62

M onthly
ben efit
$ 60
54
45

35 y e a r s o f s e r v ic e :
$ 6 5 .0 0

$ 6 5 .0 0

$ 6 5 .0 0

1 F o r w o r k e r s attaining age 65 a fte r D e c. 31, 1957: 15 y e a r s o f s e r v ic e in in du stry in clu d in g 5 o f 10 ca le n d a r y e a r s im m e d ia te ly p r e c e d in g r e tir e m e n t. F o r w o r k e r s attaining age 65 fr o m
Jan. 1, 1953, through D e c. 31, 1957: 15 y e a r s o f s e r v ic e in in d u stry if age 65 b e fo r e 1955, 17 if age 65 attained in 1955, 18 in 1956, 19 in 1957, includ ing 5 o f 10 ca len d a r y e a r s im m e d ia te ly p r e ­
ced in g r e tir e m e n t, or 15 y e a r s o f s e r v ic e in in du stry (at le a s t 5 y e a r s s in ce D e c. 31, 1948) in clu d in g 5 o f 10 c a le n d a r y e a r s im m e d ia te ly p r e c e d in g r e tir e m e n t. S e r v ic e in clu d es (1) em p loym en t
with con trib u tin g e m p lo y e r s a fte r D e c . 31, 1948, and (2) e m p lo y m e n t in in du stry fr o m Jan. 1, 1933, through D e c. 31, 1948.
2 S e r v ic e c r e d ite d a fte r age 70 on ly to attain m in im u m s e r v ic e e lig ib ilit y fo r b e n e fits and cannot be u se d to com p u te b e n e fits .
3 P a y m e n t-c e r ta in guaran tee fo r 36 m on th s.
4 S e r v ic e as defin ed in fo otn ote 1.
5 15 y e a r s o f em p lo ym e n t w ith an e m p lo y e r who had co n tr a c tu a l r e la tio n s w ith union b e fo r e Jan. 1, 1935, and 24 w o rk -m o n th s w ith a con tribu tin g e m p lo y e r during p e r io d Sept. 1, 1948, through
D ec. 31, 1952.
6 15 y e a r s o f s e r v ic e in clu d in g 10 y e a r s a fte r D e c. 31, 1948.
7 E lig ib le fo r v e s te d b e n e fits (s e e fo o tn o te 6) o r at age 65.




13

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

EA RLY

R E T IR E M E N T
B E N E F IT

Minimum
requirements

requirements

Service
(Years)

4 20

M onthly— n o r m a l b e n e fit, c o m ­
m en cin g im m e d ia te ly .

D e fe r r e d fu ll.
T e r m in a te d fo r any
re a s o n .
25 y e a r s o f s e r v i c e , 4
o r 15 y e a r s o f
s e r v ic e . 5 6

9 20

B E N E F IT S

F I N A N C IN G

M E D IU M

Type, conditions,

O P T IO N S

Age

D E A TH

M onthly— n o r m a l b e n e fit, c o m ­
m e n cin g im m e d ia te ly .

D e fe r r e d fu ll.
T e rm in a te d as r e s u lt
o f p e rm a n e n tly d is c o n ­
tinued o p e r a tio n s with
no oth er c o v e r e d e m ­
p lo ym e n t a v a ila b le and
age 60.

Benefit formula

N o rm a l b en efit
r e d u c e d 0.5 p e r ­
cent fo r each
m onth under
age 65, to date
b e n e fit b egin s
co m m e n cin g
any tim e during
5 -y e a r p e r io d
p r io r to age 65;
or n orm al ben ­
e fit, c o m m e n c ­
ing at age 65.

Compulsory
at age-

Automatic
at age-

Before
retirement

7 $750

After
retirement

36 m onthly
paym en ts,
le s s p a y ­
m en ts
r e c e iv e d .

Sam e as e a rly
r e tir e m e n t
b e n e fit.

OF

Employee

(")

M onthly— e a r ly r e t ir e m e n t b en efit,
co m m e n cin g at age 62.

D e fe r r e d fu ll.
T e r m in a te d as re s u lt
o f p e rm a n e n tly d is c o n tined o p e ra tio n s with
no oth er c o v e r e d e m ­
plo ym e n t a v a ila b le and
age 60.

Sam e as e a r ly
r e tir e m e n t
b e n e fit.

T ru steed ;
s e lfa d m in is te r e d .

B ip a r tite .

F u ll
cost—
3. 4 p e r ­
cent of
gross
p a y r o ll.

T r u steed ;
s e l fa d m in is ­
te r e d .

B ip a r tite .

F u ll
cost—
2. 65
percen t
of gross
p a y r o ll.

A g e 62 and 20 y e a r s
o f s e r v ic e . 9

13 56

14 20

M onthly— age 60, $65 r e d u c e d $ 4 .5 5
fo r each y e a r under age 60. ($ 5 0 if
not e m p lo y e d con tin u ou sly last
10 y e a r s in New Y o r k co a t and suit
in d u stry, re d u ce d $ 3 .5 0 fo r each
y e a r under age 60), c o m m e n cin g
im m e d ia te ly .

$500

A D M IN IS T R A T IO N

F u ll
cost—
$ 11 per
w o rk e r
per
m onth. 8

A g e 62 and 20 y e a r s
o f s e r v ic e . 9

60

F U N D IN G

Employer

F u ll
cost—
6 p er­
cent of
w eek ly
w ages.

A fte r r e ­
tirem en t:
In su red ;
individual
annuity
ren ew ed
annually.

T r u steed ;
s e l fadm inis te r e d .

B ip a rtite.

A fter r e ­
tirem en t:
In sured;
individual
annuity
ren ew ed
annually.

T r u s teed ;
s e lfadm inis te r e d .

T r ip a r tite .

E m p lo y e r con trib u tion in c r e a s e d to $ 1 2 on O ct. 1, 1965.
20 y e a r s o f s e r v ic e in the in d u stry, in clu d in g 10 y e a r s o f s e r v ic e with con tribu tin g e m p lo y e r s im m e d ia te ly p r e c e d in g a p p lica tio n fo r r e tir e m e n t.
20 y e a r s of s e r v ic e in in du stry, in clu d in g s e r v ic e with con trib u tin g e m p lo y e r s s in ce M ay 1, 1950 (10 y e a r s w ith con tribu tin g e m p lo y e r s im m e d ia te ly p r e c e d in g ap p lica tion fo r r e tir e m e n t after
Apr.
3 0 , I960).
11 Sam e as footn ote 6. D is a b ility a fte r age 60 d oes not con stitu te a b re a k in s e r v ic e and such s e r v ic e is c r e d it e d to qu a lify fo r b e n e fit.
1 E m p loym en t by e m p lo y e r s under co n tr a c t w ith C lo a k Joint B o a rd fo r 20 o f 25 y e a r s im m e d ia te ly p r e c e d in g re tir e m e n t with la st 10 y e a r s contin uous (c r e d it m ay be given fo r em p loym en t ou t­
side New Y o r k coat and suit in du stry w h e re funds e x is t that pay b e n e fits under ILGWU c o n t r a c ts ).
13 A ge 56 p rov id ed d is a b ility dates no e a r lie r than age 55.
14 E m p loym en t by e m p lo y e r s under c o n tr a c t with C loa k Joint B o a rd fo r 20 contin uous y e a r s p r io r to d is a b ility (c r e d it m ay be given fo r e m p loy m en t ou tsid e New Y o r k coat and suit industry w here
funds e x is t that pay ben efits under the ILGWU c o n t r a c ts ).




14

Selected Pension Plans Under Collective
N O RM A L R E T IR E M E N T

EA R LY
IL L U S T R A T IV E

P A R T IC I­
C O M P A N Y , U N IO N ,
D A TE

OF

AND

IN F O R M A T I O N

P A T IO N
R E Q U IR E ­

Minimum
requirements

M E N TS

Age

D r e s s in d u stry, A ffilia te d
D r e s s M a n u fa c tu r e r s ,In c .
and oth er e m p lo y e r s
(New Y o r k , N. Y . ).

65

Service
credited
after
Service normal
age
(Years)

M O N TH LY

Benefit formula

R E T IR E M E N T

P E N S IO N S

at age 65 under current normal retirement
formula, for annual average
earnings of—

Minimum
requirements
Benefit formula

$4,200

Age

$4,800

Service
(Years)

25 y e a r s o f s e r v ic e :

M onthly— $ 50.

$ 5 0 .0 0

$ 5 0 .0 0

$ 5 0 .0 0

$ 5 0 .0 0

$ 5 0 .0 0

N o rm a l b en efit red u ced
$ 3. 50 fo r each y ea r
under age 65, c o m ­
m e n c in g im m e d ia te ly .

At w o r k e r 's
r e q u e s t.

30 y e a r s o f s e r v ic e :
L a d ie s ' G arm en t W o r k e r s '
(New Y o r k D r e s s Joint
B o a rd ).

62

$ 5 0 .0 0

35 y e a r s o f s e r v ic e :
July 1964.

M illin e r y in d u stry,
E a s te r n W om en 's
H eadw ear A s s o c ia t io n ,
Inc. , and oth er e m ­
p lo y e r s (New Y o r k , N .Y .)

$ 5 0 .0 0

65

M onthly— $5 5 fo r o p e r a t o r s , c u tte rs , and b l o c k e r s ; $45 fo r
t r im m e r s , s l ic k e r s , s e a s o n a l straw o p e r a t o r s , and shipping
c le r k s .

$ 5 0 .0 0

$ 5 0 .0 0

25 y e a r s o f s e r v ic e :
5 $ 5 5 .0 0
6 $ 4 5 .0 0

$ 5 5 . 00
$ 4 5 .0 0

$ 5 5 .0 0
$ 4 5 . 00

30 y e a r s o f s e r v ic e :
H a tte rs , Cap and
M illin e r y W o r k e r s .

5 $ 5 5 .0 0
6 $ 4 5 . 00

$ 5 5 .0 0
$ 4 5 .0 0

$ 5 5 .0 0
$ 4 5 .0 0

O cto b e r 1964.
35 y e a r s o f s e r v ic e :
5 $ 5 5 .0 0
6 $ 4 5 .0 0

F u r m a n u fa ctu rin g industry,
A s s o c ia t e d F u r M anu­
f a c tu r e r s , In c. , and oth e r
e m p lo y e r s (New Y o r k ,
N. Y . ) .

M onthly— $ 60.

30 y e a r s o f s e r v ic e :
$ 6 0 .0 0

S ep tem b er 1964.

$ 6 0 .0 0

$ 6 0 .0 0

35 y e a r s o f s e r v ic e :
$ 6 0 .0 0

D e c e m b e r 1964.

C a rp e n te rs .

$ 5 5 .0 0
$ 4 5 . 00

25 y e a r s o f s e r v ic e :

M eat C u tters (F u r r ie r s
Joint C o u n c il o f
New Y o r k ) .

L u m b er in d u stry , v a r io u s
e m p lo y e r s (Southern
C a li f o r n ia ) .

$ 5 5 .0 0
$ 4 5 .0 0

M onthly— $ 3, 333 tim e s y e a r s o f s e r v ic e .
c r e d it e d , 30 y e a r s .

M axim u m s e r v ic e

$ 6 0 .0 0

$ 6 0 .0 0

25 y e a r s o f s e r v ic e :
$ 8 3 . 33

$ 8 3 . 33

$ 8 3 .3 3

30 y e a r s o f s e r v ic e :
$ 100.00

$ 100.00

At w o r k e r 's
r e q u e s t.

M onthly— am ount in
table below tim es
y e a r s o f s e r v ic e to a
m a x im u m o f 30 y e a r s .
A ge at
r e tir e m e n t

$ 100.00

35 y e a r s o f s e r v ic e :

64
63
62
61

$ 100.00

$ 100.00

$ 100.00

60

M onthly
$ 3 .0 6
2 .8 2
2 .6 0
2 .4 1
2. 23

1 E m p loy m en t by e m p lo y e r s under c o n tr a c t w ith D r e s s Join t B o a rd fo r 20 o f 25 y e a r s im m e d ia te ly p r e c e d in g r e tir e m e n t w ith the la s t 10 y e a r s contin uous (c r e d it m ay be g iven fo r e m p loy m en t
ou tsid e New Y o r k d r e s s in d u stry w h e re funds e x is t that pay b e n e fits und er ILGW U c o n t r a c ts ).
2 A g e 60 p r o v id e d d is a b ility dates no e a r l ie r than age 59.
3 E m p loy m en t by e m p lo y e r s under c o n tr a c t w ith D r e s s J oin t B o a rd f o r 20 contin uous y e a r s p r io r to d is a b ility (c r e d it m a y be given fo r em p loy m en t ou tsid e New Y o r k d r e s s in du stry w h ere funds
e x is t that pay b en efits under ILGW U c o n t r a c ts ).
4 18 y e a r s o f c o v e r e d e m p lo y m e n t in clu d in g 12 y e a r s in c o v e r e d e m p lo y m e n t with e m p lo y e r s in c o n tr a c tu a l r e la tio n s h ip w ith lo c a l unions o f jo in t b o a r d im m e d ia te ly p r e c e d in g r e tir e m e n t, and
em p loy m en t by con trib u tin g e m p lo y e r s s in c e Jan . 1, 1949.




15

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

D E A TH

B E N E F IT S

F I N A N C IN G

EA RLY

R E T IR E M E N T
B E N E F IT

Minimum
requirements

M E D IU M

Type, conditions,
and minimum
requirements

O P T IO N S

Age

Service
(Years)

260

3 20

Benefit formula

Compulsory
at a g e -

Automatic
at age -

Before
retirement

$500

M onthly— n o r m a l b e n e fit, c o m ­
m e n cin g im m e d ia te ly .

$ 1, 000

(8 )

J oin t and
s u r v iv o r .

(8 )

1010

(8 )

M onthly— $ 2 .5 0 tim e s y e a r s o f
s e r v ic e ; m a xim u m $ 5 0 , c o m m e n cin g
im m e d ia te ly .

At age 65, n o r m a l b e n e fit p a y a b le .

After
retirement

$40 0

OF

Employee

F U N D IN G

A D M IN IS T R A T IO N

Employer

F u ll
cost—
3. 5 p e r ­
cent of
w eek ly
w a g es.

T r u steed ;
s e l fadm inis tered.

T r ip a r tite .

F u ll
cost—
3 p er­
cent of
total
w eek ly
p a y r o ll.

T ru s te e d ;
s e l fadm inis te r e d .

B ip a rtite .

F u ll
cost—
2. 5 p e r ­
cen t of
w eek ly
s tr a ig h ttim e
p a y r o ll.

T ru steed ;
s e l fadm inis te r e d .

B ip a r tite .

F u ll
T r u steed ;
cost—
ban k$ 17.30
a d m in is per
te r e d .
m onth
fo r f u l l ­
tim e
w ork ers.

B ip a rtite.

5 B lo c k e r s , cu tte rs , and o p e r a t o r s .
6 T r im m e r s , straw o p e r a t o r s , s l ic k e r s , and shipping c le r k s .
7 30 y e a r s o f s e r v ic e as a c o v e r e d e m p lo y e e in in du stry s in c e Jan. 1, 1912, includ ing e a rn in gs o f at le a s t $ 1, 300 fr o m co n trib u tin g e m p lo y e r s in each of 7 o f 10 y e a r s im m e d ia te ly p r e c e d in g r e ­
tir e m e n t, and e m p loy ed by a con tribu tin g e m p lo y e r w ithin 3 y e a r s im m e d ia te ly p r e c e d in g r e tir e m e n t.
8 If d is a b le d a fter age 60, n o r m a l b e n e fit p a ya b le at age 65 (age 62 fo r w o m e n ).
9 5 y e a r s o f s e r v ic e in the in du stry in clu d in g 1 y e a r w ith a con trib u tin g e m p lo y e r im m e d ia te ly p r e c e d in g r e tir e m e n t.
10 10 y e a r s o f s e r v ic e in the in d u stry in clu d in g 1 y e a r w ith a co n trib u tin g e m p lo y e r im m e d ia te ly p r e c e d in g r e tir e m e n t.




16
Selected Pension Plans Under Collective
NO RM AL

R E T IR E M E N T

C O M PA N Y,
D A TE

OF

U N IO N ,

AND

IN F O R M A T I O N

P A T IO N
R E Q U IR E ­

EA R LY
IL L U S T R A T IV E

P A R T IC I­

Minimum
requirements

M E N TS

Age

Service
creditec
after
Service normal
age
(Years)

W o o d w o rk e rs .

R E T IR E M E N T

P E N S IO N S

Minimum
requirements
Benefit formula

$4,200
M onthly— g r e a te r of: ( l ) 0. 6 p e r c e n t of f ir s t $400 of a v e r a g e
m on th ly e a rn in g s during 10 y e a r s im m e d ia te ly p r e c e d in g
r e tir e m e n t and 1 p e r c e n t of m on th ly e a rn in gs e x c e e d in g $400
t im e s y e a r s o f s e r v ic e , o r (2) $2 t im e s y e a r s of s e r v ic e ,
m a x im u m s e r v ic e c r e d it e d , 25 y e a r s .

W ey erh a eu ser C o.

M O N TH LY

at age 65 under current normal retirement
formula, for annual average
earnings of—

$4,800

$5,400

Age

Service
(Years)

N o rm a l ben efit re d u ce d
3 p e r c e n t fo r each yea r
under age 65 through 60,
7 p e r c e n t fo r each y e a r
under age 60 through 55,
c o m m e n cin g im m e d ia te ly .

25 y e a r s o f s e r v ic e :
$ 5 2 .5 0

$ 6 0 .0 0

$ 7 2 .5 0

30 y e a r s o f s e r v ic e :
August 1964.
$ 6 3 .0 0

$ 7 2 .0 0

$ 8 7 .0 0

At w o r k e r 's
r e q u e s t.

M in im um — $ 10.

35 y e a r s o f s e r v ic e :
$ 7 3 .5 0

$ 8 4 .0 0

$ 1 0 1 .5 0
nplo^ e

M onthly— $ 30.

F u rn itu re in d u stry,
v a r io u s e m p lo y e r s .

25 y e a r s o f s e r v ic e :
$ 3 0 .0 0

F u rn itu re W o r k e r s
N ational plan.

$ 3 0 .0 0

$ 3 0 .0 0

At w o r k e r 's
re q u e s t.

A c tu a r ia l equivalent of
n o r m a l b e n e fit, c o m ­
m e n cin g im m ed ia tely ;
o r n o r m a l b en efit, c o m ­
m en cin g at age 65.

30 y e a r s o f s e r v ic e :
$ 3 0 .0 0

$ 3 0 .0 0

$ 3 0 .0 0

A u gust 1964.
35 y e a r s o f s e r v ic e :
$ 3 0 .0 0

U p h olsterin g and a llie d
tr a d e s in d u s tr ie s ,
v a r io u s e m p lo y e r s .

U p h o ls te r e r s
N ational plan.

age

70. 6

M onthly— 0 .4 5 p e r c e n t o f a v e r a g e m on th ly e a r n in g s 7 t im e s
y e a r s o f s e r v ic e to a m axim u m o f 25 y e a r s ; and 0. 9 p e r c e n t
o f a v e r a g e m on th ly e a rn in g s tim e s y e a r s o f s e r v ic e (not
m o r e than 3 y e a r s ) e x c e e d in g 25 y e a r s a c c r u e d a fte r age 65.

$ 3 0 .0 0

$ 3 0 .0 0

25 y e a r s o f s e r v ic e :
$ 3 9 .3 8

$ 4 5 .0 0

(5 )

$ 5 0 .6 3

At w o r k e r ':
re q u e s t.

A c t u a r ia l equivalent of
n o r m a l b e n e fit, c o m ­
m e n cin g im m e d ia te ly .

30 y e a r s o f s e r v ic e :
$ 3 9 .3 8

$ 4 5 .0 0

$ 5 0 .6 3

A ugust 1964.
35 y e a r s o f s e r v ic e :
$ 3 9 .3 8

$ 4 5 .0 0

$ 5 0 .6 3

1 If e m p lo y e d on June 1, 1957, and age 55 through 59, n o r m a l r e tir e m e n t date is la st day o f m onth in 1967 in w hich w o r k e r 1 s birth day o c c u r s . If e m p lo y e d on June 1, 1957, and age 60 or
o ld e r , n o r m a l r e tir e m e n t date is la st day o f m onth in w hich w o rk e r attains age 70.
2 T e r m in a te d fo r any r e a s o n .
3 At e m p lo y e r 1 s re q u e s t b e c a u s e o f w ork er* s p h y s ic a l in a b ility to s a t is fa c t o r ily p e r fo r m du ties a s s ig n e d h im .
4 15 y e a r s of s e r v ic e in in du stry in clu d in g 3 y e a r s w ith co n trib u tin g e m p lo y e r s . S e r v ic e in clu d e s ( l ) em p lo ym e n t with co n trib u tin g e m p lo y e r s a fte r D e c. 31, 1952, and (2) em p loym en t in
in du stry p r io r to date c o n trib u tio n s w e re m ade fo r w o rk e r if such co n tr ib u tio n s be g in p r io r to Jan. 1, I960. W o r k e r s en te rin g in d u stry a fte r D e c. 31, 1959, m u st have 25 y e a r s o f em p loym en t
with con tribu tin g e m p lo y e r s .
5 If h ir e d a fte r date e m p lo y e r w as o b lig a te d to co n trib u te to plan: 25 y e a r s o f s e r v ic e in clu d in g 5 y e a r s w ith co n trib u tin g e m p lo y e r s im m e d ia te ly p r e c e d in g r e tir e m e n t.
If e m p lo y e d on date e m p lo y e r w as o b lig a te d to co n trib u te to plan: 5 y e a r s o f s e r v ic e w ith con trib u tin g e m p lo y e r s im m e d ia te ly p r e c e d in g r e tir e m e n t. A w o rk e r r e t ir in g w ith 1 y e a r o r m o r e




17

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

D E A TH

B E N E F IT S

F I N A N C IN G

EA RLY

R E T IR E M E N T
B E N E F IT

Minimum
requirements

M E D IU M

Type, conditions,
and minimum
requirements

O P T IO N S

Age

Service
(Years)

10

Joint and
s u r v iv o r .

M onthly— sam e as e a r ly re tir e m e n t
b en efit and a ctu a r ia l re d u ctio n
fo r y e a r s under age 55, c o m ­
m e n cin g im m e d ia te ly .

Benefit formula

Compulsory
at age-

Automatic
at age -

1 65

70

Before
retirement

After
retirement

OF

Employee

F U N D IN G

A D M IN IS T R A T IO N

Employer

F u ll
c o s t.

T ru s teed ;
ban kadm inis tered.

E m p lo y e r .

F u ll
cost—
2 p er cent of
gross
w ages.

T r u s te e d ;
s e lfa d m in is tered.

B ip a rtite.

F u ll
cost—
2 p er­
cent of
total
w a ges.

T ru s te e d ;
ban ka d m in is te r e d .

B ip a rtite.

L evel
in c o m e
(e a r ly ).

50

8 15

M onthly— n o r m a l b e n e fit, c o m ­
m e n cin g im m e d ia te ly .

( 9)

(9 )

but le s s than 5 with con tribu tin g e m p lo y e r s im m e d ia te ly p r e c e d in g re tir e m e n t r e c e iv e s an am ount as com p u ted in ben efit fo rm u la tim e s ra tio of n um ber of y e a r s of em p loym en t with con tribu tin g
e m p lo y e r s to 5 y e a r s .
S e r v ic e in clu d es (1) em ploym en t with con trib u tin g e m p lo y e r s , and (2) e m p loym en t p r io r to date e m p lo y e r b e c a m e o b lig a te d to co n trib u te to plan if e m p lo y e d on such date.
6 A w o rk e r em p loy e d on date e m p lo y e r began co n trib u tin g to the fund a c c u m u la te s s e r v ic e c r e d it s to a m a xim u m of 5 y e a r s r e g a r d le s s of age.
7 E a rn in g s fo r past s e r v ic e (s e e (2) of fo otn ote 5) is defin ed as g r e a te r of: (1) A v e ra g e annual ea rn in gs during 1950—52, o r (2) $ 2 ,5 0 0 .
8 15 y e a r s of s e r v ic e in in du stry includ ing 5 y e a r s with con tribu tin g e m p lo y e r s im m e d ia te ly p r e c e d in g re tir e m e n t.
9 A w ork er e lig ib le fo r a p en sion m ust r e t ir e at age 68. A w o rk e r not e lig ib le at age 68 m ay w o rk until age 70. If e m p lo y e d on date e m p lo y e r began con tribu tin g to the fund, w ork er m ay req u est
ex ten sion of em ploym en t fo r 5 y e a r s r e g a r d le s s o f age.




18

Selected Pension Plans Under Collective
N O RM A L R E T IR E M E N T

C O M P A N Y , U N IO N ,
D A TE

OF

AND

IN F O R M A T IO N

P A T IO N
R E Q U IR E ­

EA R LY
IL L U S T R A T IV E

P A R T IC I­

Servi
credited
after
normal
Servii
age
(Years)

R o b e rt G air C o. , Inc.
(D iv isio n of Continental
Can C o. , Inc. ). 1

(2 )

R E T IR E M E N T

P E N S IO N S

at age 65 under current normal retirement
formula, for annual average
earnings of—

Minimum
requirements

M E N TS

M O N TH LY

Minimum
requirements
Benefit formula

*4.200
M onthly— $ 2 . 50 t im e s y e a r s o f s e r v ic e .

Age

Service
(Years)

25 y e a r s of s e r v ic e :
$ 6 2 .5 0

P a p e r m a k e r s and
P a p e r w o r k e r s ; P u lp,
■Sulphite and P a p er M ill
W ork ers.

*5,400

*4,800

$ 6 2 .5 0

$62 . 50

With e m p lo y ­
e r 1 s co n s e n t.

30 y e a r s o f s e r v ic e :
$ 7 5 .0 0

N o rm a l ben efit red u ced
0 .5 p e rce n t fo r each
m onth under age 65,
c o m m e n cin g im m e ­
dia tely ; or n orm a l
b e n e fit, co m m e n cin g
at age 65.

$ 7 5 .0 0

35 y e a r s o f s e r v ic e :
O ctob er 1964.
$ 8 7 .5 0

Intern ation al P a p er Co.

P a p e r m a k e r s and
P a p e r w o r k e r s ; P u lp,
Sulphite and P a p e r M ill
W ork ers.

3 years
of s e r v ­
ic e .

65

N one.

$ 8 7 .5 0

M onthly— fo r s e r v ic e a fte r D e c. 31, 1944, Vi 2 ° f 0 .7 5 p e r ­
cent o f f ir s t $ 3 ,0 0 0 o f annual ea rn in g s and Vi 2 ° f 1. 5 p e r c e n t
o f e a rn in g s e x c e e d in g $ 3 ,0 0 0 tim e s y e a r s o f s e r v ic e ; 3 fo r
s e r v ic e p r io r to Jan. 1, 1 9 4 5 ,4 Vi 2 of 0. 5 p e r c e n t o f f ir s t
$ 3 ,0 0 0 o f annual e a rn in g s on Jan. 1, 1945, and Vi 2 of
1 p e r c e n t o f e a rn in g s e x c e e d in g $ 3 ,0 0 0 t im e s y e a r s o f such
s e r v ic e ; fo r s e r v ic e p r io r to Jan. 1, 1961, b en efit in c r e a s e d
3 3 V3 p e r c e n t.

25 y e a r s o f s e r v ic e :

M in im um — $60 fo r 25 y e a r s o r m o r e o f s e r v i c e ; 3 20 but le s s
than 25 y e a r s — $ 5 5 ; 15 but l e s s than 20 y e a r s — $ 5 0 , re d u c e d
p r o p o r tio n a te ly fo r le s s than 15 y e a r s o f s e r v ic e .

35 y e a r s o f s e r v ic e :

$ 8 4 . 38

$ 1 0 3 .1 3

$ 8 7 . 50

55

$

1 2 1 . 88

30 y e a r s o f s e r v ic e :
$ 1 0 1 .2 5

$ 1 2 3 .7 5

$ 146. 25

O ctob er 1964.

1
2
3
4

$ 1 1 8 .1 3

$ 1 4 4 .3 8

C on trib u tory plan in e ffe c t p r io r to July 1, 1961.
S e r v ic e c r e d it e d a fte r age 65 (up to 15 y e a r s and age 72) only to attain m in im u m s e r v ic e re q u ir e m e n t fo r n o r m a l r e tir e m e n t b e n e fit.
E x clu d e s p r e m e m b e r s h ip s e r v ic e .
E x clu d e s p r e m e m b e r s h ip s e r v ic e b e fo r e age 30 and f ir s t 5 y e a r s o f s e r v ic e , if p r io r to e f fe c t iv e date o f plan.




$ 170. 63

W ith
er* s
o r at
er* s

4 20

e m p lo y ­
con sen t
e m p lo y ­
r e q u e s t.

A c tu a r ia l equivalent
o f n o r m a l b e n efit,
c o m m e n cin g im m e ­
d ia tely ; o r n orm a l
b e n e fit, co m m e n cin g
at age 65.

19

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

EA R LY

R E T IR E M E N T
B E N E F IT

Mininaurn
requirements

Joint and
s u r v iv o r
(n o r m a l).

Service
(Years)

15

B E N E F IT S

F I N A N C IN G

M E D IU M

Type, conditions,
and minimum
requirements

O P T IO N S

Age

D E A TH

M onthly— g r e a te r o f: (1) $ 9 0 ,o r (2)
$3 tim e s y e a r s o f s e r v ic e , c o m ­
m e n cin g im m e d ia te ly .
At age 65, n o r m a l b en efit p a ya b le.

Benefit formula

Compulsory Automatic
at age at age-

Before
retirement

After
retirement

OF

Employee

D e fe r r e d fu ll.

N o rm a l b e n e fit,
c o m m e n cin g at
L a id o ff and not r e c a lle d age 65.
w ithin 2 y e a r s , o r t e r ­
m in ated as r e s u lt of
perm an en t plant
shutdown.

F U N D IN G

A D M IN IS T R A T IO N

Employer

F u ll
cost.

T ru s teed ;
ban ka d m in is te r e d .

E m p lo y e r .

B a lan ce
of c o s t .

T ru s te e d ;
ban ka d m in is te r e d .

E m p lo y e r .

A g e 40 and 15 y e a r s o f
s e r v ic e .

Joint and
s u r v iv o r .

4 20




M onthly— a ctu a r ia l equivalent of
n o r m a l b e n e fit, co m m e n cin g
im m e d ia te ly .

D e fe r r e d fu ll.

M onthly— n o r m a l b e n e fit, c o m ­
m e n cin g im m e d ia te ly .

A g e 45 and 20 y e a r s
of s e r v ic e .4

T e r m in a te d fo r any
re a s o n .

N o rm a l b e n e fit,
c o m m e n cin g at
age 65.

65

W ork er1s
co n trib u tio n s
plus
in te re s t.

W o rk e r1s
c o n t r ib u ­
tio n s plus
in te re s t,
le s s b e n e ­
fit s r e ­
c e iv e d .

2. 25
p ercen t
o f fir s t
$ 3 ,0 0 0
of
annual
earn ­
ings and
4 .5 p e r ­
cent of
earn ­
in gs e x ­
ceed in g
$ 3, 000.

20
Selected Pension Plans Under Collective
E A R L Y R E T IR E M E N T

NORM AL R E TIR E M E N T
COM PANY, UNION, AND
D A T E O F IN FORM ATIO N

P A R T IC I­
P A TIO N
R E Q U IR E M EN TS

Minimum
requirements

Age

W est Virginia Pulp and
Paper Co. 1

Age 20.

Service
credited
after
Service normal
age
(Years)

Benefit formula

Minimum—$55 for 25 years or m ore of s e r v ic e ,2 reduced
$ 1. 50 for each year less than 25 to a minimum of $ 40 for
15 years of s e r v ic e .2

Papermakers and Paper w orkers; Pulp, Sulphite
and Paper M ill W orkers.

Minimum
requirements
Benefit formula

84,200

None . Monthly— $ 2. 75 times years of service. 23

65

IL L U S T R A T IV E M O N TH L Y PENSIONS
at age 65 under current normal retirement
formula, for annual average
earnings of—

$4,800

$5,400

55

25 years of service:
$ 6 8 .7 5

$ 6 8 .7 5

Service
(Years)

Age

$ 6 8 .7 5

At v'o rk er 's
reqrtest.

30 years of service:
$ 8 2 .5 0

$ 8 2 .5 0

$ 8 2 .5 0

Norm al benefit (mini­
mum not applicable),
reduced 0. 5 percent for
each month under age 65,
commencing any time
prior to age 65; or
normal benefit, com ­
mencing at age 65.

October 1964.
35 years of service:
$ 9 6 .2 5

A ll.

Monthly— for service after June 30, 1950, 1 .9 percent of
total contributions made in w orker's behalf.

$ 7 6 .9 5

w

J

At w
requ

w
^

$ 6 8 .4 0

u

$ 5 9 .8 5
For service prior to July 1, 1950, and after Dec. 31,
1936:4 $2 for each year of such service on and after age
55, and 1. 872 percent of weekly wage as of July 1, 1950,
for each year of such service prior to age 55, each
calculation multiplied by 1. 5833. Provided, however, that
the benefit for any year prior to age 55 shall not exceed
(1. 5833 times) (1) $ 1. 50 monthly for each year of service
after attaining age 45, (2) $ 1 monthly for each year of
service after attaining age 35 and prior to age 45, and
(3) $ 0 . 50 monthly for each year of service prior to age 35.

55

25 years of service:

o

310

r-l

August 1964.

65

o <D

Lithographers, Local 17.

1 year of
service.

$ 9 6 .2 5

^

Printing industry, E m ­
ploying Lithographers
Association of San
Francisco, and other
em ployers .

$ 9 6 . 25

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

30 years of service:
$ 7 1 .8 2

$ 8 2 .0 8

$ 9 2 .3 4

35 years of service:
$ 8 3 .7 9

$ 9 5 .7 6

$ 1 0 7 .7 3

1 Optional contributory plan in effect prior to Apr. 1, 1963.
2 Excludes service prior to age 20.
3 A worker terminated with 2 years or more of service with contributing employers after June 30, 1950, who remains in craft (employed by noncontributing employers) for a total of 10 years, will
be entitled to a normal benefit (based on service with contributing employers) at age 65.




21

Bargaining, Late 1964--- Continued
D IS A B IL ITY R E T IR E M E N T
NORMAL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P TIO N S

Joint and
survivor.

Minimum
requirements
Benefit formula
Age

Service
(Years)

45

15

Level income
(early).

Monthly— greater of: (1) $ 5 0 , or (2)
normal benefit, commencing
immediately.

IN V O L U N TA R Y
R E T IR E M E N T

V E S TIN G

Type, conditions,
and minimum
requirements

Deferred full.
Terminated for any
reason.

Benefit formula

Same as early
retirement
benefit.

Compulsory
at age-

65

Automatic
at age-

65

D E A TH B E N E F IT S

Before
retirement

After
retirement

FIN A N C IN G
MEDIUM
O F FUNDING
Employee

A D M IN ISTR A TIO N

Employer

Full cost. T rusteed;
bankadminis tered.

Em ployer.

Full
cost—
3 percent
of basic
weekly
wage of
each
m em ber.

Bipartite.

At age 65, normal benefit payable.
Age 45 and 15 years
of service.

Joint and
survivor
(normal).

Deferred full.
Terminated for any
reason.
10 years of s e r v ic e ,4
5
after June 30, 1950. 3

Same as early
retirement
benefit.

Trusteed;
bankadminis tered.

4 Excludes premembership service.
5 10 years of service in craft. Service includes (1) employment with contributing employers after June 30, 1950 (excludes premembership service), and (2) employment in craft from Jan. 1, 1937,
through June 30, 1950 (worker must be qualified as a m ember on July 1, 1950, to receive credit for past service).




22
Selected Pension Plans Under Collective
NORMAL R E TIR E M E N T
COM PANY, UNION, AND
D A T E O F INFORM ATIO N

P A R T IC I­
P A TIO N
R E Q U IR E ­
M EN TS

Minimum
requirements

Age

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N TH L Y PENSIONS
at age 65 under current normal retirement
formula, for annual average
earnings of—

Service

credited
after
normal
age
CYe^s)

Benefit formula

$4,200
Monthly— $ 40.

Publishers’ Association
of New York City.

Minimum
requirements

Benefit formula

$4,800

$5,400

Age

Service
(Years)

60

4 15

25 years of service:
$ 4 0 .0 0

$ 4 0 .0 0

$ 4 0 .0 0

Typographers, Local 6 .
30 years of service:
July 1964.
$ 4 0 .0 0

$ 4 0 .0 0

$ 4 0 .0 0

35 years of service:
$ 4 0 .0 0

$ 4 0 .0 0

$ 4 0 .0 0

(2 )

Noncontributory plan

The New York Tim es Co.
Newspaper Guild.
September 1964.

Age 35
and 5
years of
service,
or if
hired
after age
45, age
50 and
V2 year of
service.

65

_

To
age
70.

Monthly— for service after M ar. 31, 1947, 1 percent of
average monthly earnings for each year of s e rv ic e ;3 for
service prior to Apr. 1, 1947, 0. 5 percent (1 percent if
born prior to Apr. 1, 1897) of average monthly earnings
during 10 years immediately preceding Apr. 1, 1947,
times years of such s e r v ic e .3

25 years of service:
$ 8 7 . 50

$ 100.00

$ 1 1 2 .5 0

At w orker1s
request.

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

30 years of service:
$ 105.00

$ 120.00

$ 1 3 5 .0 0

35 years of service:
$ 105.00

$ 120. 00

$ 1 3 5 .0 0

Supplemental contributory plan
Same as
above.

Same as
above.

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 se rv ice ;3
for service prior to Jan. 1, 1955 (members of old plan),
1 percent of monthly earnings exceeding $ 2 5 0 for each year
of such s e r v ic e .3

25 years of service:

Same as above. Same as above.
$ 12. 50

30 years of service:
$ 15.00

35 years of service:
$ 15.00

20 years of service in the trade, including 10 years of service with contributing em ployers, and employed by a contributing employer for 1 year immediately preceding retirem ent.
Norm al benefit initially payable at age 70.
Excludes prem em bership service.




23
Bargaining, Late 1964--- Continued
D IS A B IL ITY R E T IR E M E N T
NORMAL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P TIO N S

Minimum
requirements
Benefit formula
Age

60

Service
(Years)

1 20

IN V O L U N TA R Y
R E T IR E M E N T

V E S TIN G

Type, conditions,
and minimum
requirements

Benefit formula

Automatic
at age-

Compulsory
at age-

D E A TH B E N E F IT S

Before
retirement

After
retirement

Monthly— normal benefit, com ­
mencing immediately.

F IN A N C IN G
MEDIUM
O F FUNDING
Employee

ADMINISTRATION

Employer

Full
cost—
1.5 per­
cent of
gross
payroll.

T rusteed;
se lfadminis tered.

Bipartite.

Full
cost.

T rusteed;
selfadminis tered.

Em ployer.

Noncontributory plan
Joint and
survivor.

50

Monthly— actuarial equivalent of
normal benefit, commencing
immediately.

Deferred

full.

Same as early
retirement
benefit.

(5
4 )

Terminated for any
reason.

Level income
(early).

Age 60 and 15 years
of service. 3

Supplemental contributory plan

----1----Same as

Same as above.

Same as above.

abo\/e.

4 Includes premembership service.
5 Age 74 prior to Apr. 1, 1964, reduced on yearly basis thereafter to age 70 after M ar. 31, 1967.




1

Same as
above.

W orker's
contributions
plus interest.

W orker's
contri­
butions plus
interest,
less bene­
fits r e ­
ceived.

5 p e r­
Balance
cent of
of cost.
earnings
exceed­
ing
amount
subject
to
social
security
tax (cur­
rently
$4, 800).

Insured;
group
annuity.

24
Selected Pension Plans Under Collective
NORMAL R E TIR E M E N T
COM PANY, UNION, AND
D A T E O F IN FORM ATIO N

P A R T IC I­
P A TIO N
R E Q U IR E M EN TS

Minimum

Age

Lever B ros. Co.

Chemical W orkers; Oil,
Chemical and Atomic
W orkers.

Age 30
and 1
year of
service.

E A R L Y ’ R E T IR E M E N T
IL L U S T R A T IV E M O N TH L Y PENSIONS
at age 65 under current normal retirement
formula, for annual average
earnings of—

credited
after
Service normal
age
(Years)

65

Mone.

Benefit formula

Minimum
requirements
Benefit formula

$4,200
Monthly— $30 for each year of s e rv ic e 1 from age 30 to age 35,
plus equivalent of 0. 5 percent of annual earnings2 for each
year of se rv ic e 1 from age 35 to age 45 and 1 percent of earnings from age 45 to age 65, plus 0. 5 percent of annual earnings exceeding $3, 600 for each year of service from age 35 to
age 65, divided by 12.

$4,800

$5,400

25 years of service:
$ 8 5 .0 0

$ 1 0 2 .5 0

Age

Service
(Years)

55

35

$ 120.00
or

30 years of service:
$ 9 5 .0 0

$ 1 1 5 .0 0

$ 135.00

—

Actuarial equivalent of
norm al benefit, com ­
mencing any time prior
to age 65; or normal
benefit, commencing at
age 65.

3 30

December 1964.
35 years of service:
$ 107.50

$ 1 2 7 .5 0

$ 147.50

At w orker's or
em ployer's re ­
quest.

Noncontributory plan

Monsanto Chemical Co.
65

10

None.

Chemical W orkers.

Monthly— for each year of service 0. 95 percent of average
earnings during 10 years preceding retirement; maximum
$ 2 .8 5 , minimum $ 2 .7 5 .

August 1964.

55

25 years of service:
$ 7 1 .2 5

$ 7 1 .2 5

$ 7 1 .2 5

10

At w orker's
request.

30 years of service:
$ 8 5 .5 0

$ 8 5 .5 0

Normal benefit reduced
0. 25 percent for each
month under age 65, com ­
mencing im m ediately; or
normal benefit, com ­
mencing at age 65.

$85. 50

35 years of service:
$ 9 9 .7 5

$ 9 9 .7 5

$ 99. 75

Supplemental contributory plan
1 year
of
service.

Same Monthly— V36 of em ployee's contributions.
is
above.

65

25 years of service:
$ 1 8 .0 0

$ 3 6 .0 0

55

$54. 00

3 10

At w orker's
request.

30 years of service:
$ 2 1 .7 5

$ 4 3 .5 0

N orm al benefit reduced
0. 25 percent for each
month under age 65, com ­
mencing immediately; or
normal benefit, com ­
mencing at age 65.

$ 65. 25

35 years of service:
$ 2 5 .5 0

Union Carbide Corp.

65

10

A ll.

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

$ 5 1 .0 0

$76. 50

25 years of service:
$ 9 6 .2 5

$ 1 1 0 .0 0

62
$ 123.75

or

Various unions.

30 years of service:
July 1964.

60

30

$ 1 1 5 .5 0

$ 1 3 2 .0 0

$148.50

10

At w orker's
request.

Norm al benefit reduced
5/ 9 of 1 percent for
each month under age
65, commencing im ­
m ediately; or normal
benefit, commencing at
age 65.

35 years of service:
$ 134.75

$ 1 5 4 .0 0

$ 173.25

Excludes prem em bership service.
For service prior to Jan. 1, 1951, annual earnings to be taken as the greater of: (1) Regular wages as of Jan. 2, 1951, adjusted to annual b asis, or (2) annual earnings in 1950.
Includes prem em bership service.




25
Bargaining, Late 1964--- Continued
D IS A B IL ITY R E T IR E M E N T
NORM AL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P TIO N S

Joint and
survivor.

Minimum
requirements
Benefit formula
Age

Service
(Years)

45

15

Period
certain.

Monthly— normal benefit, com ­
mencing immediately.

Actuarial equivalent of normal
benefit, commencing any time prior
to age 65; or normal benefit, com ­
mencing at age 65.

Level income
(early).

IN V O L U N TA R Y
R E T IR E M E N T

V E S TIN G

Type, conditions,
and minimum
requirements

Benefit formula

Deferred full.

Same as early
retirement
benefit.

Compulsory
at age-

Automatic
at age-

D E A TH B E N E F IT S

Before
retirement

After
retirement

FIN A N C IN G
MEDIUM
O F FUNDING
Employee

65

A D M IN ISTR A TIO N

Employer

Full
cost.

T rusteed;
bankadminis tered.

Employer.

Full
cost.

T rusteed;
bankadminis tered.

Employer.

Balance
of cost.

T rusteed;
bankadminis tered.

Same as
above.

Full
cost.

T rusteed;
bankadminis tered.

Employer.

Terminated for any
reason.

15 years of vesting
service. 4

Noncontributory plan
Joint and
survivor.

15

Period
certain.

Level income
( early).

Monthly— for each year of service
up to 30, 1 .9 percent of average
monthly earnings during 10 years
preceding retirement; maximum
$ 5 .7 0 , minimum $ 5 .5 0 , com ­
mencing immediately.

Upon receiving social security
disability benefit or at age 65,
normal benefit payable.

Deferred full.

Same as early
retirement
benefit.

68

68

Terminated for any
reason.

Age 45 and 10 years of
service.

Supplemental contributory plan
S am e as

See e a r ly r e tir e m e n t and v e stin g

above.

provisions.

Deferred full.

Same as above.

Terminated for any
reason.

1--------------Same as above.
4. 5 p e r­
W orker's
W orker's
contributions contributions cent of
annual
plus interest. plus inter­
est, less
earnings
benefits
exceed­
received.
ing
$3, 600.

10 years of s e r v ic e .3

15

Monthly— greater of: (1) Norm al
benefit, or (2) $2. 50 times years of
service, plus $50 until social secu ­
rity disability benefit is payable,
commencing immediately.
At age 65, normal benefit payable.

D e fe r r e d full.

Terminated for any
reason.

Age 40 and 10 years of
s ervice.

Norm al benefit,
commencing at
age 65. 5

65

After re ­
tirement:
Insured;
deposit
adminis tration.

4 Vesting service is defined as follows: Each year of employment prior to age 40 equals 1 year of vesting service, from age 40 through age 49 equals 2 years, age 50 and after equals 3 years.
5 Only service after age 30 used to compute benefit.




26

Selected Pension Plans Under Collective
NORM AL R E T IR E M E N T
COM PANY, UNION, AND
D A T E O F IN FORM ATIO N

P A R T IC I­
P A TIO N
R E Q U IR E M EN TS

Minimum

Age

Am erican V iscose Corp.
(Division of FMC Corp. ).

Age 25
and 2
years of
service.

65

credited
after
Service normal
age
(Years)

A ll.

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N TH L Y PENSIONS
at age 65 under current normal retirement
formula, for annual average
earnings of—

Benefit formula
S4.200

Monthly— for service after Dec. 31, I960, 0 .5 5 percent of
annual earnings, divided by 12, for each year of such se rv ice .1

For service from Jan. 1, 1956, through Dec. 31, I960, $1. 75
times years of such service. 1

For service from Dec. 26, 1943, through Dec. 31, 195E^
(period contributory plan in effect): (1) Those who never
joined plan received no benefit; (2) those who withdrew contributions received value of annuities purchased in their behalf
by em ployer; (3) those who did not withdraw contributions re ceive value of annuities purchased by their own and employer
contributions.

$5,400

$ 5 5 .0 0

nge

Service
(Years)

55

2 15

$ 6 1 .8 7
At w orker's
request.

N orm al benefit reduced
4 percent for each year
under age 65, com ­
mencing immediately.

30 years of service:
$ 5 7 .7 5

September 1964.

$4,800

25 years of service:
$ 4 8 .1 2

Textile Workers (TW UA).

Minimum
requirements

Benefit formula

$ 6 6 .0 0

$ 7 4 .2 5

35 years of service:
$ 6 7 .3 7

$ 7 7 .0 0

$ 8 6 .6 2

For s e r v ic e 13
4 prior to Dec. 26, 1943, 0 .2 5 percent of average
monthly earnings (based on earnings rate on Dec. 26, 1943),
for each year of such service from age 25 to age 35, 0. 5 p e r­
cent age 35 to age 45, and 0. 75 percent at and after age 45.

Minimum benefit for those who did not withdraw contributions:
$ 1. 75 for all years of service prior to Jan. 1, 1956 ( $ 1 .2 5
f o r e a c h y e a r in w h ic h w o r k e r w a s e lig ib le to jo i n c o n t r ib u t o r y

plan and did not).

Sinclair Oil Corp.

Oil, Chemical and
Atomic W orkers.

Decem ber 1964.

Age 25
and 5
years of
service,
or age
35 and 1
year of
service.

62

None.

Monthly— for service after Dec. 31, 1959, V12 of 6 2 .5 percent
of w orker's aggregate contributions made after Dec. 31, 1959,
plus any annuities purchased for the worker prior to Jan. 1,
I960.

$ 1 3 1 .2 5

$ 1 5 0 .0 0

Minimum benefit for 15years or m ore of service— 1 percent of
average monthly earnings during 5 years of highest earning
in 10 years immediately preceding retirement times years of
service after age 25, plus 0. 5 percent of average monthly
earnings for service prior to age 25.

$ 157.50

$ 1 8 0 .0 0

(6 )

Excludes prem em bership service.
Includes prem em bership service.
Provided under separate disability agreement.
Ineligible if disability occurs after age 63 and may elect to receive an early retirement benefit.




At w orker's
or em ployer's
request.
$ 2 1 0 .0 0

35 years of service:
$ 2 1 0 .0 0

_

$ 1 7 5 .0 0

30 years of service:

$ 183.75

1
2
3
4

55

25 years of service:

$ 2 4 5 .0 0

Normal benefit reduced
8 percent for each year
under age 62 to age 57
and 5 percent for each
year from age 57 through
age 55, commencing
immediately.

27
Bargaining, Late 1964--- Continued
D IS A B IL ITY R E T IR E M E N T
NORM AL
AN D E A R L Y
R E T IR E M E N T
B E N E F IT
O P TIO N S

Joint and
survivor.

Minimum
requirements
Age

Service
(Years)

50

3 20

(3 4)

Type, conditions,
and minimum
requirements

Monthly— $ 45, less social security
disability benefit, commencing
immediately.

Benefit formula

Compulsory
at age-

Monthly— actuarial equivalent
of normal bene­
fit, commencing
any time during
10-year period
prior to age 65
with 15 years of
service; or norm al benefit,
commencing at
age 65.

65

D e fe rre d g rad e d .

M o n t h l y ---- e a r l y

65

Terminated for any
reason.

retirement bene­
fit, commencing
at age 55; or
normal benefit,
commencing at
age 65.

Deferred full.

Terminated for any
reason.

Level income
(early).

At age 65, normal benefit payable.

(3 )

IN V O L U N TA R Y
R E T IR E M E N T

V E S TIN G

Workers hired after
Dec. 31, 1955: Age
50 and 20 years of
service. 2

Automatic
at age -

_

F IN A N C IN G

D E A TH B E N E F IT S

Before
retirement

After
retirement

(5 6
)

(5)

MEDIUM
O F FUNDING
Employee

_

Full
cost.

55

15

Period
certain.

50

15

Level income
( early).

—

15

M o n t h ly ---- normal b e n e f i t , com ­
mencing immediately.

Monthly— normal benefit (minimum
not applicable), commencing
immediately.

Monthly— normal benefit (minimum
not applicable), reduced 5 percent
for each year under age 50, com ­
mencing immediately.

Combina­
tion:

Employer.

(5)
T rusteed;
bankadminis tered.

Insured;
deposit ad­
m inistra­
tion.

Workers hired prior to
Jan. 1, 1956: (1) Those
who were not in contrib­
utory plan and those
who were but withdrew
contributions; age 40
and 20 years of service,
or (2) those who did not
withdraw contributions,
age 40 and 20 years of
service, or 15 years of
plan membership (10
years entitles worker to
benefit for service after
Dec. 25, 1943, only).

Joint and
survivor.

ADMINISTRATION

Employer

50 percent vested for
10 years of service,
plus 5 percent for each
additional year to 100
percent for 20 years.

W orker's
W orker's
contributions contributions
plus interest. plus inter­
est, less
benefits r e ­
ceived.

2. 4 p e r­ Balance
of cost.
cent of
earnings
subject to
social
s ecurity
tax and
3. 2 p e r­
cent of
earnings
exceed ing such

T rusteed ;
bankadminis tered.

Employer.

amount.

5 Contributory plan in effect from Dec. 26, 1943, through Dec. 31, 1955, finances higher benefits for worker who did not withdraw his contributions. A benefit, if death occurs before retire­
ment, is paid to beneficiary, consisting of w orker's contributions plus interest: after retirement, w orker's contributions plus interest, less benefits received.
6 Normal benefit initially payable at age 62.




28
Selected Pension Plans Under Collective
NO RM AL

R E T IR E M E N T

C O M PA N Y,
D A TE

OF

U N IO N ,

AND

IN F O R M A T IO N

P A T IO N
R E Q U IR E -

M in im u m
r e q u ire m e n ts

M E N TS
A ge

1 year
of
service.

T e x a c o Inc.

EA RLY
IL L U S T R A T IV E

P A R T IC I­

at age
S e r v ic e
c re d ite d
afte r

S e r v ic e

n orm al

(Y e ars)

age

1 65

D e c e m b e r 1964.

R E T IR E M E N T

P E N S IO N S

65 u n d e r c u r r e n t n o r m a l r e t i r e m e n t
f o r m u l a , fo r a n n u a l a v e r a g e
e a r n in g s o f—

M in im u m
r e q u ir e m e n ts

B e n e f i t fo r m u la

B e n e f it fo r m u la

14.200

N o n e . 1 M o n t h ly — f o r s e r v i c e a f t e r J a n . 31, 1957, a p p r o x i m a t e l y 1 . 3 1
p e r c e n t o f V12 o f a n n u a l e a r n i n g s s u b j e c t to s o c i a l s e c u r i t y
t a x ( c u r r e n t l y $ 4 , 80 0) , and 2 p e r c e n t o f e a r n i n g s e x c e e d i n g
s u c h a m o u n t f o r e a c h y e a r o f s e r v i c e . 2 F o r s e r v i c e p r i o r to
F e b . 1, 19 5 7, g r e a t e r of: (1) 0. 75 p e r c e n t o f f i r s t $ 3 5 0 o f
m o n t h l y e a r n i n g s a s o f J a n . 31, 195 7, and 1. 5 p e r c e n t o f
e a r n i n g s e x c e e d i n g $ 3 5 0 t i m e s y e a r s o f s e r v i c e a f t e r S e p t . 30,
1923, o r (2) a p p r o x i m a t e l y 1 p e r c e n t o f m o n t h l y e a r n i n g s up
to $ 1 5 0 , 1 . 3 5 p e r c e n t o f e a r n i n g s f r o m $ 1 5 0 to $ 2 5 0 , 1 . 7 5
p e r c e n t o f e a r n i n g s f r o m $ 250 to $ 1 , 0 5 0 , and 1 . 6 5 p e r c e n t
o f e a r n i n g s o f $ 1 , 0 5 0 an d o v e r f o r e a c h y e a r of c o n t r i b u t i n g
s e r v i c e a f t e r J u n e 30 , 1 9 37 , p l u s f o r s e r v i c e p r i o r to J u l y 1,
19 37, 1 . 5 p e r c e n t o f m o n t h l y r a t e o f e a r n i n g s on J u n e 30, 19 37,
f o r e a c h y e a r o f s e r v i c e , 2 o r a f t e r J u n e 30, 19 64, if g r e a t e r ,
0. 75 p e r c e n t o f a v e r a g e a n n u a l e a r n i n g s d u r i n g 5 h i g h e s t
c o n s e c u t i v e y e a r s in l a s t 10 s u b j e c t to s o c i a l s e c u r i t y t a x p l u s
1 .5 p e r c e n t of ea r n in g s e x c e ed in g su ch am oun t, t i m e s y e a r s
of s e r v ic e .

O il , C h e m i c a l and
A tom ic W o rkers.

M O N TH LY

$4,800

$5,400

25 y e a r s o f s e r v i c e ;
$ 115.00

$131.25

A ge

S e r v ic e
(Y e a rs)

4 55
$ 156. 25
At w o r k e r ' s
request.

D iscounted n o rm al
benefit, co m m e n cin g
im m ediately; or norm al
benefit, c o m m e n cin g
a t a g e 65.

30 y e a r s o f s e r v i c e :
$ 138.00

$157.50

$ 187.50

35 y e a r s o f s e r v i c e :
$ 161.00

$183.75

$ 2 1 8 . 75

(3 )*54

The F ir e s t o n e T ir e
R u b b e r Co .

&

65

8 10

None.

M o nt h ly — $ 3 . 25 t i m e s y e a r s o f s e r v i c e .

25 y e a r s o f s e r v i c e :
$81.25

( 7 )*

$ 81.25

55

At w o r k e r ' s
requ est.

(9 )

Rubber W orkers.

15

$ 81.25

30 y e a r s o f s e r v i c e :
A u g u s t 1964.

$97.50

$ 97.50

N o r m a l benefit re duce d
0. 4 p e r c e n t f o r e a c h
m o n t h u n d e r a g e 62,
com m encing im m e ­
diately; or n o rm al
benefit, c o m m e n cin g
a t a g e 62. 7

$ 9 7 . 50

35 y e a r s o f s e r v i c e :
$113.75

T h e B . F . G o o d r i c h Co.

Rubber W orkers.

—

65

10

None.

M o n t h ly — $ 3 . 25 t i m e s y e a r s of s e r v i c e .

$ 113.75

55

25 y e a r s o f s e r v i c e :
$81.25

(7)

$113.75

$ 81.25

15

$81.25
At w o r k e r ' s
request.

(9 )
30 y e a r s o f s e r v i c e :

A u g u s t 1964.
$97.50

$97.50

N o r m a l benefit reduced
0. 4 p e r c e n t f o r e a c h
m o n t h u n d e r a g e 62,
com m encing im m e ­
diately; or n o rm al
benefit, c o m m e n cin g
a t a g e 62. 7

$ 9 7 , 50

35 y e a r s of s e r v i c e :
$113.75

$113.75

$ 1 1 3 . 75

1 A g e 60 f o r w o m e n e m p l o y e d p r i o r to A p r . 26, 19 55; th e y m a y e l e c t to r e t i r e a t a g e 60 with f ul l b e n e f i t o r r e m a i n u n ti l a g e 65 w ith a d d i t i o n a l r e t i r e m e n t b e n e f i t a c c r u i n g u n ti l a g e 65.
2 Excludes p re m e m b e rsh ip se rv ic e .
3 S u p p l e m e n t a l m o n t h l y p a y m e n t s — if m o n t h l y b e n e f i t a t n o r m a l r e t i r e m e n t d a t e i s l e s s th a n $ 5 1 f o r a w o r k e r wit h 20 t h r o u g h 24 y e a r s o f s e r v i c e o r $ 7 6 f o r 25 y e a r s o r m o r e o f s e r v i c e , e m ­
p l o y e r w i l l m a k e m o n t h l y p a y m e n t s n e c e s s a r y to b r i n g a m o u n t up to $ 5 1 o r $ 7 6 , r e s p e c t i v e l y .
4 F o r w o m e n e m p l o y e d p r i o r to A p r . 26, 19 55 , e a r l y r e t i r e m e n t m i n i m u m a g e i s 50.
5 A d d i t i o n a l b e n e f i t s a r e p r o v i d e d b y t o t a l p e r m a n e n t d i s a b i l i t y p l a n ; 1 but l e s s than 5 y e a r s of s e r v i c e , 25 p e r c e n t o f s a l a r y f o r 48 m o n t h s ; f o r e a c h a d d i t i o n a l 5 y e a r s o f s e r v i c e , b e n e f i t p a i d
f o r a d d i t i o n a l 24 m o n t h s ; b e n e f i t c e a s e s a t a g e 65. F o r 20 y e a r s o r m o r e o f s e r v i c e , b e n e f i t i s p a i d un til a g e 65. W o r k e r m a y e l e c t l u m p s u m o f 10 p e r c e n t of g r o s s a m o u n t ( m a x i m u m $ 1 , 0 0 0 ) and
r e m a i n d e r in e q u a l m o n t h l y i n s t a l l m e n t s . In c a s e of a w o r k e r r e t i r e d u n d e r th is p l a n , p a y m e n t s u n d e r th is p l a n w il l b e a d d e d to p e n s i o n in d e t e r m i n i n g e l i g i b i l i t y f o r a s u p p l e m e n t a l p a y m e n t a s
d e s c r i b e d in fo o tn o te 3.




29
Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

AND

D E A TH

R E T IR E M E N T

NO RM AL

B E N E F IT S

F I N A N C IN G

EA R LY

R E T IR E M E N T
B E N E F IT

M E D IU M

M in im u m
r e q u ir e m e n ts

T y p e , c o n d itio n s,
B e n e fit

O P T IO N S
A ge

fo r m u la

C o m p u lso r y
at a g e -

A u to m a t ic
at age

-

B e fo re
r e tire m e n t

A fte r
re tire m e n t

OF
E m p lo y e e

F U N D IN G

A DM IN IS T RA TI ON

E m p lo y e r

(Y e ars)

Mo nt h ly — d i s c o u n t e d n o r m a l b e n e f it ,
c o m m e n c i n g a n y t i m e d u r in g 1 0 - y ea r
p e r i o d p r i o r to a g e 65; o r n o r m a l
b e n e f i t , c o m m e n c i n g a t a g e 65.

L e v e l income
(early).
(5 )

10

M o n t h ly — g r e a t e r of: (1) $ 1 0 0 , o r
(2) do u b l e n o r m a l b e n e f i t , c o m ­
m encing im m ed iately .

M o n t h ly — d i s c o un te d n o r m a l
benefit, c o m ­
m encing anytim e
during 1 0 -y ea r
p e r i o d p r i o r to
a g e 65; o r n o r ­
m a l b e n e f it ,
co m m e n c in g at
a g e 65.

65

6 67

M o n t h ly — n o r m a l
b e n e f it , c o m ­
m e ncin g at age
65. 10

65

65

D e f e r r e d ful l.

M o n t h ly — n o r m a l
b e n e f it , c o m ­
m e n cin g at a ge

65

65

T e rm in a te d for any
reason.

6 5 . 10

D efe rred graded.

T e r m i n a te d fo r any
reason.
50 p e r c e n t v e s t e d f o r
10 y e a r s o f s e r v i c e , 2
plus 5 p e rce n t for each
a d d i t i o n a l y e a r to 100
p e r c e n t f o r 20 y e a r s o r
m o r e of s e r v ic e .

D e f e r r e d ful l.
T e rm in a te d for any
reason.

Period
certain.

When e l i g i b l e f o r an u n r e d u c e d
s o c i a l s e c u r ity benefit, n o r m a l
benefit payab le .

( 6789 )

J o i n t and
su rvivor.

B e n e f i t fo r m u la

S e r v ic e

J o i n t an d
su rvivor.

J o i n t an d
su rvivor.

a n d m in im u m
r e q u ire m e n ts

10

Period
certain.

(9 )

6
7
8
9
upon the

M o n t h ly — g r e a t e r of: (1) $ 1 0 0 , o r
(2) do u b l e n o r m a l b e n e f i t , c o m ­
m encing im m ed iately .
When e l i g i b l e f o r a n u n r e d u c e d
s o c i a l s e c u r ity benefit, n o r m a l
benefit payab le .

W orker's
contributions
plus in terest.

W o r k e r 1s
contributions
plus in te r ­
est, le ss
benefits
received.

Insured;
deposit a d ­
m in istra­
tion.

E m ployer.

Full
cost.

T rusteed;
selfad m in is tered.

Em ployer.

Full
cost.

T rusteed;
bankad m in is tered.

Em ployer.

B alan ce
M o n t h ly
co n trib u ­ of cost.
ti o n i s
tw ic e
monthly
benefit
amount
(see
norm al
benefit
fo rm u la
colum n).

A g e 40 an d 10 y e a r s o f
s e r v i c e . 10

A g e 40 and 10 y e a r s of
s e r v i c e . 10

F o r w o m e n e m p l o y e d p r i o r to A p r . 26, 19 55 , a u t o m a t i c r e t i r e m e n t i s at a g e 65.
F u l l ( u n r e d u c e d ) n o r m a l b e n e f i t s a r e a l s o p a y a b l e u n d e r e a r l y r e t i r e m e n t p r o v i s i o n to w o r k e r s c h o o s i n g to r e t i r e a s e a r l y a s a g e 62.
A w o r k e r r e t i r e d at a g e 65 with 5 y e a r s o r m o r e of s e r v i c e and i n e l i g i b l e f o r a p e n s i o n w il l r e c e i v e a s e v e r a n c e a w a r d of 1 V2 w e e k s ' p a y f o r e a c h y e a r o f s e r v i c e .
A 5 - y e a r g u a r a n t e e of m o n t h l y b e n e f i t p r o v i d e d up on a t t a i n m e n t o f a g e 65; bo th jo i n t and s u r v i v o r an d p e r i o d c e r t a i n o p t io n s b e c o m e e f f e c t i v e at a g e 65 with r e d u c t i o n s m a d e a t a g e 70 b a s e d
then a t t a i n e d a g e s , a f t e r the p a y m e n t of u n r e d u c e d b e n e f i t s f r o m a g e 65 th r o u g h 69.
10 A l u m p - s u m p a y m e n t of 1 V4 w e e k s ' p a y f o r e a c h y e a r o f s e r v i c e m a y b e e l e c t e d by w o r k e r s with 10 but l e s s than 15 y e a r s o f s e r v i c e an d 1 V2 w e e k s ' p a y f o r e a c h y e a r of s e r v i c e to w o r k e r s
with 15 y e a r s o r m o r e of s e r v i c e in l i e u of a d e f e r r e d v e s t i n g b e n e f i t u n d e r c e r t a i n c o n d i t i o n s . W o r k e r s with 5 but l e s s than 10 y e a r s of s e r v i c e r e c e i v e 1 w e e k ' s p a y f o r e a c h y e a r of s e r v i c e when
te rm in ated for sp ecifie d re a s o n s.




30
Selected Pension Plans Under Collective
NO RM AL

EA R LY

R E T IR E M E N T
IL L U S T R A T IV E

P A R T IC I­
C O M P A N Y , U N IO N ,
D A TE

OF

AND

IN F O R M A T IO N

P A T IO N
R E Q U IR E -

M in im u m
r e q u ire m e n ts

M E N TS
A ge

65

U n i te d S t a t e s R u b b e r Co .

at age
S e r v ic e
c re d ite d
a fte r

(Y e ars)

n o rm al
age

10

None.

S e r v ic e

65

R E T IR E M E N T

P E N S IO N S
M in im u m
r e q u ire m e n ts

f o r m u l a , fo r a n n u a l a v e r a g e
e a r n in g s o f—
B e n e fit

fo r m u la

B e n e f it fo r m u la

$4,200

$4,800

$5,400

25 y e a r s o f s e r v i c e :

M o n t h ly — 3. 25 t i m e s y e a r s o f s e r v i c e .

$81.25

(* )

Rubber W orkers.

M O N TH LY

u n d e r c u r re n t n o rm a l r e t ire m e n t

$ 8 1 . 25

$ 9 7 . 50

55

15

At w o rk e r's
request.

30 v e a r s o f s e r v i c e :
$ 9 7 . 50

S e r v ic e
(Y e ars)

$81.25

(1
2)

A u g u s t 1964.

A ge

N o r m a l benefit re d u ce d
0 . 4 percen t for each
m o n t h u n d e r a g e 62,
com m encing im m ed i­
a t e l y ; o r n o r m a l b e n e f it ,
c o m m e n c i n g a t a g e 6 2. 1

$ 9 7 . 50

•
35 y e a r s o f s e r v i c e :
$ 113.75

J.

F . M c E l w a i n Co .

3 years
of
service.

65

None.

N ew H a m p s h ir e Shoe
W o r k e r s U ni on; N e w
H a m p s h ire Shoe W o rke rs
Uni on o f M a n c h e s t e r .

M o n t h ly — f o r s e r v i c e 3 a f t e r D e c . 31, 195 2, 1 . 2 p e r c e n t of
t o t a l e a r n i n g s , d i v i d e d b y 12; f o r s e r v i c e p r i o r to J a n . 1, 19 53 ,
1. 2 p e r c e n t o f a v e r a g e a n n u a l e a r n i n g s f r o m J a n . 1, 19 48,
t h r o u g h D e c . 31, 195 2, t i m e s y e a r s o f s u c h s e r v i c e , d i v i d e d
b y 12; m a x i m u m s e r v i c e c r e d i t e d , 30 y e a r s . L e s s o n e - h a l f
p r i m a r y s o c i a l s e c u r i t y b e n e f i t in e f f e c t a t t i m e o f r e t i r e m e n t .

A u g u s t 1964 .

$ 113.75

60

25 y e a r s o f s e r v i c e :
$ 4 7 . 00

$ 5 6 . 50

$ 8 0 . 50

_

$ 71.50
With e m p l o y e r 's consent.

80 y e a r s ot s e r v i c e :
$ 6 8 . 00

M i n i m u m b e n e f i t f o r 10 y e a r s o r m o r e o f s e r v i c e 3— $ 1 t i m e s
y e a r s o f s e r v i c e . M a x i m u m s e r v i c e c r e d i t e d , 15 y e a r s .

$ 113.75

N o r m a l benefit reduced
0. 5 p e r c e n t f o r e a c h
m ont h u n d e r a g e 65,
com m encing im m ed i­
a t e l y ; o r n o r m a l b e n e f it ,
c o m m e n c i n g a t a g e 65 .

$ 9 8 . 50

35 y e a r s o f s e r v i c e :
$ 6 8 . 00

$ 8 0 . 50

$ 9 8 . 50

(4 )
L a d i e s h a n d b a g an d
novelty in d ustry ,
various em ployers
( N e w Y o r k , N. Y . ).

65

6 15

A l l.

M o n t h ly — $ 5 0 f o r 25 y e a r s o r m o r e o f s e r v i c e , r e d u c e d p r o ­
p o r t i o n a t e l y f o r 15 o r m o r e b u t l e s s th a n 25 y e a r s o f s e r v i c e .

$ 5 0 . 00

(5 )

62

25 y e a r s o f s e r v i c e :
$ 5 0 . 00

At w o r k e r 's
r e q u e s >t.

30 y e a r s o f s e r v i c e :
Pocketbook W orkers,
N e w Y o r k , N. Y.
(L ea th er Goods, P la s tic
an d N o v e l t y W o r k e r s ) .

$ 5 0 . 00

$ 5 0 . 00

6 15

$ 5 0 . 00

N o r m a l benefit reduced
5/g of 1 p e r c e n t f o r
e a c h mo nt h u n d e r
a g e 65, c o m m e n c i n g
im m ed iately .
(7 )

$ 5 0 . 00

35 y e a r s o f s e r v i c e :
$ 5 0 . 00

$ 5 0 . 00

$ 5 0 . 00

A u g u s t 1964 .
O w e n s - I l l i n o i s G l a s s Co .

8 65

None.

M o n t h ly — $ 2 . 50 t i m e s y e a r s o f s e r v i c e .

9 55

25 y e a r s o f s e r v i c e :
$ 6 2 . 50

$ 6 2 . 50

With e m p l o y e r ' s c<Dnsent.

G l a s s Bottle B lo w e r s.
30 y e a r s of s e r v i c e :
N o v e m b e r 196 4.

$ 7 5 . 00

$ 7 5 . 00

10

$ 6 2 . 50

A c t u a r i a l e q u i v a l e n t of
n o r m a l benefit, c o m ­
m encing im m ediately;
o r n o r m a l benefit, c o m ­
m e n c i n g a t a g e 65.

$ 75.00

35 y e a r s o f s e r v i c e :
$ 8 7 . 50
1
2
u po n the
3
4
5

$ 8 7 . 50

$ 8 7 . 50

F u l l ( u n r e d u c e d ) n o r m a l b e n e f i t s a r e a l s o p a y a b l e u n d e r e a r l y r e t i r e m e n t p r o v i s i o n to w o r k e r s c h o o s i n g to r e t i r e a s e a r l y a s a g e 62.
A 5 - y e a r g u a r a n t e e o f m o n t h l y b e n e f i t p r o v i d e d u pon a t t a i n m e n t o f a g e 65; b o th j o i n t an d s u r v i v o r and p e r i o d c e r t a i n o p t i o n s b e c o m e e f f e c t i v e a t a g e 65 w ith r e d u c t i o n s m a d e a t a g e 70 b a s e d
the n a t t a i n e d a g e s , a f t e r the p a y m e n t o f u n r e d u c e d b e n e f i t s f r o m a g e 65 t h r o u g h 69.
Includes p r e m e m b e r s h ip s e r v ic e .
W o r k e r s o f ne w e m p l o y e r s do not r e c e i v e c r e d i t f o r s e r v i c e u n t il s u c h e m p l o y e r h a s c o n t r i b u t e d to the fund f o r 2 y e a r s .
C a l c u l a t e d b y a s s u m i n g c u r r e n t m a x i m u m p r i m a r y s o c i a l s e c u r i t y b e n e f i t s f o r the e a r n i n g s s p e c i f i e d , i. e. , $ 1 1 6 p e r m o n t h a t $ 4 , 200 an d $ 1 2 7 p e r m o n t h a t $ 4 , 800 an d $ 5 , 4 0 0 .




31
Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

D E A TH

B E N E F IT S

F I N A N C IN G

EA R LY

R E T IR E M E N T
B E N E F IT

M E D IU M

M in im u m
r e q u ir e m e n ts

T y p e , c o n d itio n s,
a n d m in im u m
r e q u ire m e n ts

O P T IO N S
A ge

J o i n t and
su rvivor.

A u to m a t ic
at ag e-

B e fo re
re tire m e n t

A fte r
r e tire m e n t

OF
E m p lo y e e

F U N D IN G

A D M IN IS T R A T IO N

E m p lo y e r

(Y e a r s)

10

M o n t h ly — g r e a t e r of: (1) $ 1 0 0 , o r
(2) do u b l e n o r m a l b e n e f i t , c o m ­
m encing im m ed iately .

D e f e r r e d f ul l.

T e r m i n a t e d f o r a ny
reason.
When e l i g i b l e f o r an u n r e d u c e d s o c i a l
s e c u r it y benefit, n o r m a l benefit
A g e 40 and 10 y e a r s
payable.
of se rv ic e .

(2 )

50

C o m p u lso r y
at a g e -

S e r v ic e

Period
certain.

J o i n t an d
su rvivor.

B e n e f i t fo r m u la

3 20

M o n t h ly — $ 5 0 , l e s s s o c i a l s e c u r i t y
d is a b ility benefit.

M o n t h ly — n o r m a l
benefit, c o m ­
m e n cin g at age
65.

65

Full
cost.

T rusteed;
s elfadm inis tered.

E m ployer.

65

Full
cost.

N ot fun ded .

Em ployer.

Full
c o s t --3 per­
c e n t of
gross
weekly
w ages.

T rusteed;
s elfadm inis tered.

B ipartite.

Full
cost.

T rusteed;
bankadm inis tered.

Em ployer.

E a r l y r e t i r e m e n t b e n e f it , c o m m e n c i n g
any tim e during 5 - y e a r p e rio d p r io r
to a g e 65; o r n o r m a l b e n e f it , c o m ­
m e n c i n g a t a g e 65.

J o i n t and
su rvivor.

10 45

10 15

M o nt h ly — n o r m a l b e n e f it , c o m m e n c i n g
im m ed iately .

65

6 15 y e a r s o f s e r v i c e in the i n d u s t r y and e a r n i n g s o f a t l e a s t $ 1 , 0 0 0 wit h c o n t r i b u t i n g e m p l o y e r s s i n c e S e p t . 1, 19 5 3.
S e r v i c e i n c l u d e s (1) e m p l o y m e n t wit h c o n t r i b u t i n g e m p l o y e r s a f t e r D e c . 31,
195 5, an d (2) p r i o r to J a n . 1, 19 55, t i m e a s un io n m e m b e r in g o o d s t a n d i n g , o r e m p l o y e d in a jo b c o v e r e d b y u n i o n 's c o l l e c t i v e b a r g a i n i n g a g r e e m e n t s .
7 B e n e f i t a m o u n t r o u n d e d to n e x t h i g h e r m u l t i p l e o f $ 0 . 50 if not a l r e a d y an i n t e g r a l m u l t i p l e o f $ 0 . 50.
8 A g e 60 and 10 y e a r s s e r v i c e f o r w o m e n h i r e d p r i o r to J a n . 1, 19 54.
9 A g e 50 f o r w o m e n h i r e d p r i o r to J a n . 1, 1954.
10 A g e p l u s s e r v i c e m u s t e q u a l a t l e a s t 70. H o w e v e r , i f a g e 50, o n l y 15 y e a r s o f s e r v i c e r e q u i r e d .




32
Selected Pension Plans Under Collective
NO RM AL

EA R LY

R E T IR E M E N T
IL L U S T R A T IV E

P A R T IC I­
C O M P A N Y , U N IO N ,
D A TE

OF

AND

IN F O R M A T IO N

P A T IO N
R E Q U IR E ­

M in im u m
r e q u ire m e n ts

M E N TS
A ge

S e r v ii
(Y e ars)

P i t t s b u r g h P l a t e G l a s s Co .

S e r v ii
c re d ite d
afte r

M O N TH LY

a t a g e 6 5 u n d e r c u rre n t n o rm al re tire m e n t
fo r m u la , fo r a n n u a l a v e r a g e
fo r m u la

B e n e f it fo r m u la

n orm al
age

$ 4 ,2 0 0

M o n t h ly — $ 2 . 80 t i m e s y e a r s o f s e r v i c e .

$ 4 ,8 0 0

$ 5 ,4 0 0

G l a s s and C e r a m i c
W orkers.

S e r v ic e
(Y e a rs)

$70.00

N o r m a l benefit reduced
5/g of 1 p e r c e n t f o r
each month under
a g e 65, c o m m e n c i n g
im m ed iately .

$ 7 0 . 00

30 y e a r s o f s e r v i c e :
$84.00

A u g u s t 1964.

$84.00

$ 8 4 . 00

$98.00

$ 9 8 . 00

M o n t h ly — m o n t h l y e q u i v a l e n t o f 1. 25 p e r c e n t o f t o t a l e a r n i n g s , 1 25 y e a r s o f s e r v i c e :
l e s s $ 8 0 fo r p r i m a r y s o c i a l s e c u r it y benefit.
$65.00
$65.00

$ 65.00

$98.00

15

M i n i m u m — $ 2 . 60 t i m e s y e a r s of s e r v i c e a f t e r D e c . 31 , 19 59,
an d $ 2 . 5 0 t i m e s y e a r s o f s e r v i c e p r i o r to J a n . 1, I 9 6 0 .
M a x i m u m s e r v i c e c r e d i t e d , 40 y e a r s .

62
At w o r k e r ' s
request.

35 y e a r s o f s e r v i c e :

Aluminum W orkers;
Steelw orkers.

A ge
°

25 y e a r s o f s e r v i c e :
$70.00

A l u m i n u m C o m p a n y of
A m e rica.

M in im u m
r e q u ir e m e n ts

e a r n in g s o f—
B e n e fit

R E T IR E M E N T

P E N S IO N S

When e l i g i b l e f o r a ny
s o c i a l s e c u r i t y b e n e f it ,
o r a t a g e 65, n o r m a l
benefit pa y a b le .

At w o rk e r's
request.

30 y e a r s o f s e r v i c e :
$78.00

$78.00

$ 8 8 . 75

S e p t e m b e r 1964.
35 y e a r s o f s e r v i c e :
$91.00

$95.00

$ 116. 88

D o u b l e n o r m a l b e n e f it ,
com m encing im m e ­
diately; o r n o r m al
benefit, c o m m e n cin g
a t a g e 65.

55

|

15

L aid off a s r e ­
su lt of p e rm a n e n t
s h u td o w n o f p l a n t
departm ent or
substantial p o r ­
ti on t h e r e o f o r
a b s e n c e due to
layoff o r p h y sic a l
d is a b ility for
5 years.

A c t u a r i a l e q u i v a l e n t of
n o r m a l benefit, c o m ­
m encin g im m ed iately ;
o r n o r m a l b e n e f it , c o m ­
m e n c i n g a t a g e 65.
N o r m a l benefit, c o m ­
m encing im m ediately.

or
2 55

|

2 15

A bsence for 2
y e a r s du e to l a y ­
off, s i c k n e s s o r
accident; or le s s
th an 2 y e a r s du e
to p e r m a n e n t
sh u td o w n , la y o f f ,
sickness or a c ­
c i d e n t an d r e t u r n
unlikely; or m u ­
tually s a t i s f a c ­
to ry conditions.

Unreduced n orm al bene­
fit , c o m m e n c i n g i m m e ­
diately.
When e l i g i b l e f o r an
unreduced p r im a r y
so cial secu rity bene­
fit , n o r m a l b e n e f i t
payable.

or
50

|

15

Satisfactory
c o n d i t i o n s when
la i d o f f and
l i t t l e li k e l i h o o d
of r e c a l l.

E a r n i n g s f o r s e r v i c e p r i o r to J a n . 1, 194 4, b a s e d on e a r n i n g s f o r 19 43.
A g e 55 p l u s s e r v i c e m u s t e q u a l 75, o r i f u n d e r a g e 55, a g e p l u s s e r v i c e m u s t e q u a l 80.




Initial m in im u m

s e r v i c e r e q u i r e m e n t i s 15 y e a r s .

N o r m a l benefit, c o m ­
m encin g im m ediately.

33
Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

D E A TH

B E N E F IT S

F I N A N C IN G

EA R LY

R E T IR E M E N T
B E N E F IT

M E D IU M

M in im u m
r e q u ire m e n ts

T y p e , c o n d itio n s,
B e n e f i t fo r m u la

O P T IO N S

r e q u ire m e n ts
A ge

A u to m a t ic
at ag e-

B e fo r e
re tire m e n t

A fte r
re tire m e n t

OF
E m p lo y e e

F U N D IN G

A D M IN IS T R A T IO N

E m p lo y e r

S e r v ic e
(Y e ars)

10

J o i n t and
su rvivor
(norm al).

C o m p u lso r y
at a g e -

M o n t h ly — d o u b l e n o r m a l b e n e f i t , c o m ­ D e f e r r e d ful l.
m encing im m ed iately .
When e l i g i b l e f o r an u n r e d u c e d
s o c i a l s e c u r i t y b e n e f i t , o r a t a g e 65,
n o r m a l benefit pay ab le .

L ev e l incom e
(early).

T e r m i n a t e d f o r a ny
reason.

M o n t h ly — n o r ­
m a l b e n e f it ,
com m encing at
a g e 65.

65

Full
cost.

Trusteed;
bankad m in is tered.

Em ployer.

Full
cost.

T rusteed;
bankadm inis tered.

Em ploy er.

A g e 40 an d 15 y e a r s
of se rv ic e .

15

M o n t h l y 3— g r e a t e s t of: (1) $ 1 0 0 , l e s s
$80 for so c ial se c u rity d isability
b e n e f i t , (2) m o n t h l y e q u i v a l e n t of
1. 25 p e r c e n t o f t o t a l e a r n i n g s , l e s s
$80 for so c ia l se c u rity disability
b e n e f it , o r in w o r k m e n ' s c o m p e n ­
sation c a s e s , actu al so c ia l se c u rity
b e n e f i t if l e s s than $ 8 0 , o r (3) n o r ­
m a l m in im u m benefit, co m m e n c in g
im m ed iately .

D e f e r r e d ful l.

L a i d o ff and not r e ­
c a l l e d wit hi n 2 y e a r s ,
o r t e r m i n a t e d f o r a ny
other re aso n .

M o n t h ly — n o r ­
m a l b e n e f it , 3
co m m e n cin g at
a g e 65.

(4 )

A g e 40 an d 15 y e a r s
of s e r v i c e .

A t a g e 65, n o r m a l b e n e f i t p a y a b l e .

3
4

L u m p - s u m b e n e f it not p a y a b l e .
Y e a r s o f s e r v i c e u s e d to c o m p u t e b e n e f i t i n c l u d e the e a r l i e r of:




(1) E x p i r a t i o n o f 2 - y e a r l a y o f f p e r i o d , o r (2) d a t e of t e r m i n a t i o n .

34
Selected Pension Plans Under Collective
NO RM AL

R E T IR E M E N T

EA R LY
IL L U S T R A T IV E

P A R T IC I­
C O M P A N Y , U N IO N ,
D A TE

OF

AND

IN F O R M A T I O N

P A T IO N
R E Q U IR E ­

Minimum
requirements

M E N TS

Age

Service
(Years)

S e r v ic e
c re d ite d
afte r

B e n e f it fo r m u la

$ 4 ,2 0 0

M o n t h ly — $ 2 . 5 0 t i m e s y e a r s o f s e r v i c e .
c r e d i t e d , 35 y e a r s .

M axim um se rv ic e

$ 4 ,8 0 0

$75.00

$62.50

$ 6 2 . 50
At w o rk e r's
request.

$75.00

$ 75.00

$ 8 7.50

65

M o n t h l y 3— 1 p e r c e n t of a v e r a g e m o n t h l y e a r n i n g s d u r i n g
120 m o n t h s i m m e d i a t e l y p r e c e d i n g r e t i r e m e n t t i m e s y e a r s
of s e r v i c e , l e s s $ 8 0 fo r p r i m a r y s o c i a l s e c u r it y benefit.
M i n i m u m — $ 2 . 60 t i m e s y e a r s o f s e r v i c e a f t e f D e c . 31, 19 59,
and $ 2 . 50 t i m e s y e a r s o f s e r v i c e p r i o r to J a n . 1, I 9 6 0 .
M a x i m u m s e r v i c e c r e d i t e d , 35 y e a r s .

$87.50

$ 8 7 . 50

25 y e a r s o f s e r v i c e :
$ 6 5.00

$65.00

60
$ 6 5 . 00

At w o r k e r 1s
request.

30 y e a r s o f s e r v i c e :
$78.00

$78.00

$ 7 8 . 00

35 y e a r s o f s e r v i c e :
$ 91.00

$ 91.00

$ 91.00

A c t u a r i a l e q u i v a l e n t of
n o r m a l benefit, c o m ­
m encin g im m ed iately ;
o r n o r m a l benefit, c o m ­
m e n c i n g a t a g e 65.
N o r m a l benefit, c o m ­
m encin g im m ed iately .

M utually s a t i s ­
factory condi­
tions.

55

20

Term inated as a
r e s u lt of p e r m a ­
n e nt sh u td o w n of
p l a n t, d e p a r t m e n t
or m a j o r subdi
vision or a b sen ce
due to l a y o f f
lasting 2 y e a r s
or disability .

1 M u s t i n c l u d e 10 y e a r s o f s e r v i c e a f t e r a g e 30. If r e e m p l o y e d a f t e r t e r m i n a t i o n , o n l y s e r v i c e a f t e r a g e 30 a d d e d to s e r v i c e a f t e r r e e m p l o y m e n t .
2 O p t i o n a l c o n t r i b u t o r y p l a n in e f f e c t f o r t h o s e e m p l o y e e s who w i l l h a v e l e s s th a n 15 y e a r s o f s e r v i c e a t n o r m a l r e t i r e m e n t a g e a nd , t h e r e f o r e , r a r e l y u t i l i z e d .




N o r m a l benefit reduced
0. 5 p e r c e n t f o r e a c h
m o n t h u n d e r a g e 65,
com m encing im m e ­
diately; or n o rm al
benefit, com m e n cin g
a t a g e 65.

35 y e a r s o f s e r v i c e :

A u g u s t 1964 .

A u g u s t 1964.

S e r v ic e
(Y e a r s)

25 y e a r s o f s e r v i c e :
$62.50

Steelw ork ers.

Inlan d S t e e l C o . 2

M in im u m
r e q u ire m e n ts

A ge

30 y e a r s o f s e r v i c e :

Steelw orkers.

R E T IR E M E N T

P E N S IO N S

e a r n in g s o f—

n o rm al
age

A l l.

Anaconda A m e rican
B r a s s Co .
( f o r m e r ly The A m e r ic a n
B r a s s C o . ).

M O N TH LY

a t a g e 6 5 u n d e r c u r re n t n o rm a l r e t ire m e n t
f o r m u l a , fo r a n n u a l a v e r a g e

N o r m a l benefit, c o m ­
m encin g im m ed ia tely .

35
Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

EA R LY

R E T IR E M E N T
B E N E F IT

Minimum
requirements
Age

Service
(Years)

50

15

B E N E F IT S

F I N A N C IN G

M E D IU M

Benefit formula

O P T IO N S

D E A TH

M o n t h ly — $ 1 0 0 , l e s s o n e - h a l f s o c i a l
s e c u r it y d is a b i li ty benefit, c o m ­
m encing im m ediately.

Type, conditions,
and minimum
requirements

D e f e r r e d fu l l.

T e r m i n a t e d f o r a ny
reason.

Benefit formula

M o n t h ly — n o r ­
m a l b e n e f it ,
com m e n cin g at
a g e 65.

Compulsory
at ag e-

68

Automatic
at age-

Before
retirement

After
retirement

OF

Employee

F U N D IN G

A D M IN IS T R A T IO N

Employer

Full
cost.

T rusteed;
bankadm in is tered.

Em plo y er.

Full
cost.

T rusteed;
selfadm inis tered.

E m ployer.

A t a g e 65, n o r m a l b e n e f i t p a y a b l e .
A g e 40 a n d 15 y e a r s
of s e r v ic e . 1

J o i n t an d
su rvivor.

15

M o n t h ly 43 — g r e a t e s t of: (1) $ 10 0, l e s s
s o c i a l s e c u r it y d is a b i li ty benefit,
(2) 1 p e r c e n t o f a v e r a g e m o n t h l y
e a r n i n g s d u r i n g 120 m o n t h s i m m e ­
d iately p r ec e d in g re tire m e n t tim e s
y e a r s of s e r v ic e , l e s s $ 8 0 for
s o c i a l s e c u r it y d is a b i li ty benefit, o r
(3) n o r m a l m i n i m u m b e n e f i t , c o m ­
m encin g im m ed iately .

D e f e r r e d ful l.
L a i d o f f and not r e ­
c a l l e d with in 2 y e a r s
or term inated as r e ­
sult of p erm an en t
s h u td o w n o f p l a n t , d e ­
p artm en t or subdivision.

M o n t h ly — n o r ­
m a l b e n e f it ,
p a y a b l e at
a g e 65.

A g e 40 an d 15 y e a r s
of s e r v ic e .

3 B e n e f i t p a y m e n t s s t a r t the fo u r t h f u l l m o n t h f o l l o w i n g r e t i r e m e n t .
retirem ent.
4 L u m p - s u m b e n e f i t not p a y a b l e .




A l u m p - s u m b e n e f i t e q u a l to 13 w e e k s o f v a c a t i o n p a y l e s s a n y v a c a t i o n p a y r e c e i v e d in y e a r of r e t i r e m e n t i s p a i d at t i m e of

36

Selected Pension Plans Under Collective
NO RM AL

R E T IR E M E N T

C O M P A N Y , U N IO N ,
D A TE

OF

AND

IN F O R M A T IO N

P A T IO N
R E Q U IR E ­

EA R LY
IL L U S T R A T IV E

P A R T IC I­
M in im u m
r e q u ire m e n ts

M E N TS
A ge

S e r v ic e
(Y e a r s)

M O N TH LY

S e r v ic e
c re d ite d
a fte r
n o rm al
age

S te e lw o r k e r s .

r e q u ire m e n ts

fo r m u la

B e n e f it fo r m u la

Service
(Years)

A ge
$ 4 ,2 0 0

M o n t h ly 1— g r e a te r o f: (1) Vi z o f 1 .2 5 p e r c e n t o f ea rn in g s
a fte r D e c. 31, 1949, and Vj i o f 1 p e r c e n t o f ea rn in gs p r io r
to Jan. 1, 1950, 2 le s s $80 fo r p r im a ry s o c ia l s e c u r ity
b e n e fit, o r (2) $ 0 .6 5 t im e s c a le n d a r q u a rte r s o f s e r v ic e
a fte r D e c. 31, 1959, and $ 0 , 625 t im e s q u a rte r s p r io r to
Jan. 1, I960. M axim u m s e r v ic e c r e d ite d , 160 q u a rte r s .

R ey n old s M etals C o.

M in im u m

fo r m u la , fo r a n n u a l a v e r a g e
e a r n in g s o f—
B e n e fit

R E T IR E M E N T

P E N S IO N S

a t a g e 6 5 u n d e r c u rre n t n o rm a l r e tire m e n t

8 4 , B(

25 y e a r s o f s e r v ic e :
$ 6 5 .0 0

$ 6 5 .0 0

60
$ 6 5 . 00

15

At w o r k e r 's
r e q u e s t.

I

30 y e a r s o f s e r v ic e :

N o rm a l b en efit r e d u c e d
0. 5 p e r c e n t fo r each
m onth under age 65,
c o m m e n cin g im m e d i­
a te ly ; o r n o r m a l b en efit,
c o m m e n cin g at age 65.

August 1964.
$ 7 8 .0 0

$ 7 8 .0 0

$88. 75

35 y e a r s o f s e r v ic e ;
$ 9 1 .0 0

$ 9 5 .0 0

(3)

(3 )

N o rm a l b en efit, c o m ­
m en cin g im m e d ia te ly . 5

M utually
s a t is fa c t o r y
co n d itio n s . 4
$ 1 1 6 .8 8

I
55

15

N o rm a l b e n e fit, c o m ­
m en cin g im m e d ia te ly .

T e r m in a te d as
a re s u lt of p e r ­
m anent shut­
dow n, o r
a b s e n c e due
to la y o ff or
d is a b ility
la stin g
3 years.

I

or
50

15

N o rm a l b e n e fit, c o m ­
m en cin g im m e d ia te ly .

W ith e m p lo y ­
e r ' s con sen t
if la id o ff and
r e c a ll
u n lik ely.

U nited States S teel C orp .

65

15

A ll.

M onthly 1— 1 p e r c e n t o f a v e r a g e m on th ly e a rn in g s during
120 m onths im m e d ia te ly p r e c e d in g r e tir e m e n t tim e s y e a r s
o f s e r v ic e , le s s $80 fo r p r im a r y s o c ia l s e c u r it y b e n e fit.

25 y e a r s o f s e r v ic e :

M in im um — $ 2 . 60 tim e s y e a r s of s e r v ic e a fte r D e c. 31,
1959, and $ 2. 50 tim e s y e a r s o f s e r v ic e p r io r to Jan. 1,
1960. M axim um s e r v ic e c r e d it e d , 35 y e a r s .

30 y e a r s o f s e r v ic e :

$ 6 5 .0 0

$ 6 5 .0 0

60
$ 6 5 . 00

S te e lw o r k e r s .

A ugust 1964.

$ 7 8 .0 0

$ 7 8 .0 0

$ 91.00

A c tu a r ia l equivalent of
n o r m a l b e n e fit, c o m ­
m en cin g im m e d ia te ly ;
o r n o r m a l b en efit,
c o m m e n cin g at age 65.

or
$78 . 00

35 y e a r s o f s e r v ic e :
$ 91.00

15

At w o r k e r ' s
r e q u e s t.

$ 9 1 . 00

(7)

15

M utually
s a t is fa c t o r y
c o n d itio n s or
te r m in a te d
as a r e s u lt
o f perm an en t
shutdown,
la y o ff, or
d is a b ility .

N o rm a l b en efit, c o m ­
m en cin g im m e d ia te ly . 5

n

1
B en efit paym en ts start the fou rth fu ll m onth fo llo w in g r e tir e m e n t. A lu m p -s u m b en efit equal to 13 w eek s o f v a ca tio n pay l e s s any v a ca tio n pay r e c e iv e d in y e a r o f r e tir e m e n t is paid at tim e of
re tir e m e n t.
2 E a rn in g s f o r s e r v ic e p r io r to 1942 b a s e d on a v e r a g e h o u rly e a rn in g s fo r 1942.
3 A g e plus s e r v ic e m ust equal 80. In itial m in im u m s e r v ic e r e q u ir e m e n t is 15 y e a r s .




37

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

D E A TH

B E N E F IT S

F I N A N C IN G

EA RLY

R E T IR E M E N T
B E N E F IT

M in im u m
r e q u ire m e n ts

M E D IU M
T y p e , c o n d itio n s,
B e n e f i t fo r m u la

O P T IO N S

r e q u ire m e n ts
A ge

at a g e -

B e fo re
re tire m e n t

A fte r
re tire m e n t

OF
E m p lo y e e

F U N D IN G

A D M IN IS T R A T IO N

E m p lo y e r

(Y e ars)

15

M onthly 6— g r e a te s t of: (1) $ 1 0 0 ,
l e s s $80 fo r s o c ia l s e c u r ity
d is a b ility b e n e fit, (2) 0. 1042 p e r c e n t
o f e a rn in gs a fte r D e c. 31, 1949, and
0. 0833 p e r c e n t o f e a rn in gs p r io r to
Jan. 1, 1950, 2 l e s s $80 fo r s o c ia l
s e c u r it y d is a b ility b e n e fit, o r in
w o rk m e n 1 s co m p e n s a tio n c a s e s ,
actu al s o c ia l s e c u r ity ben efit if le s s
than $ 8 0 , o r (3) $ 0 . 65 t im e s
ca le n d a r q u a rte r s o f s e r v ic e a fte r
D e c. 31, 1959, plus $ 0 ,6 2 5 tim e s
q u a rte r s p r io r to Jan. 1, I960;
m axim u m 160 q u a r t e r s , c o m ­
m e n cin g im m e d ia te ly .

M onthly 6— g r e a te s t o f: ( l ) $ 1 0 0 ,
l e s s s o c ia l s e c u r it y d is a b ility
b e n e fit, (2) 1 p e r c e n t o f a v e r a g e
m onthly e a rn in gs during 120
m onths im m e d ia te ly p re c e d in g
r e tir e m e n t t im e s y e a r s o f s e r v ic e ,
le s s $80 fo r s o c ia l s e c u r it y d i s a ­
b ility b e n e fit, o r (3) n o r m a l
m in im u m b e n e fit, co m m e n cin g
im m e d ia te ly .
At age 65, n o r m a l ben efit p aya ble.

4
5
6
7

A u to m a t ic

S e r v ic e

15

Joint and
s u r v iv o r .

C o m p u lso r y
at age -

D e fe r r e d fu ll.
L a id o ff (in clu din g
p erm an en t shutdow n),
and not r e c a lle d within
2 y e a r s o f such
la y o ff (in clu din g
perm an en t shutdown);
te rm in a te d fo r any
re a s o n .

M onthly—
n o r m a l b e n e fit,
co m m e n cin g
at age 65.

F u ll
cost.

Not funded.

E m p lo y e r .

M onthly— n o r m a l b e n e fit , 6
co m m e n cin g
at age 65.

F u ll
cost.

T ru steed ;
s e lfa d m in is ­
te r e d .

E m p lo y e r .

A g e 40 and 15 y e a r s
o f s e r v ic e .

D e fe r r e d fu ll.
L a id o ff and not
r e c a lle d w ithin
2 years or te r m i­
nated as r e s u lt o f
perm an en t shutdown
o f plant, departm ent
o r s u b d iv isio n .
A g e 40 and 15 y e a r s
o f s e r v ic e .

A p p lie s to la y o ff o r d is a b ility .
No s o c ia l s e c u r ity b en efit o ffs e t until age 65 fo r w o r k e r s en titled to a re d u c e d s o c ia l s e c u r ity b en efit.
L u m p -s u m ben efit not paya ble.
A ge 55 plus s e r v ic e m ust equal 75, o r if under age 55, age plus s e r v ic e m ust equal 80. Initial m in im u m s e r v ic e re q u ire m e n t is 15 y e a r s .




38

Selected Pension Plans Under Collective
NO RM AL

R E T IR E M E N T

C O M P A N Y , U N IO N ,
D A TE

OF

AND

IN F O R M A T IO N

EA R LY
IL L U S T R A T IV E

P A R T IC I­

M O N TH LY

P A T IO N

S e r v ii
c re d ite d
a fte r

R E Q U IR E ­
M E N TS
A ge

Servic'
(Y e a r s)

fo r m u la , fo r a n n u a l a v e r a g e
e a r n in g s o f—

M in im u m
r e q u ir e m e n ts

B e n e f i t fo r m u la

n o rm al
age

B e n e f it fo r m u la
$ 4 ,2 0 0

A m e r ic a n R a d ia tor &
Standard S an itary C orp .
(L o u is v ille , K y .) .

M onthly— 1 p e r c e n t o f a v e r a g e m onthly e arn in gs during 10
y e a r s im m e d ia te ly p r e c e d in g re tir e m e n t tim e s y e a r s o f s e r v ­
i c e , le s s $80 fo r p r im a r y s o c ia l s e c u r it y b e n e fit.

Standard A llie d T ra d e s
C ou n cil.

M in im um — $ 2. 60 tim e s y e a r s o f s e r v ic e a fte r M ay 31, I960,
and $ 2 . 50 tim e s y e a r s o f s e r v ic e p r i o r to June 1, I960.
M axim um s e r v ic e c r e d ite d , 35 y e a r s .

$65 . 00

S e r v ic e
(Y e ars)

A ge
$ 4 ,8 (

$ 5 ,4 0 0

60

25 y e a r s o f s e r v ic e :
$ 6 5 .0 0

$ 6 5 .0 0

15

At w o r k e r 's
req u est.

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
m en cin g im m e d ia te ly .

I

30 y e a r s o f s e r v ic e :
$ 7 8 .0 0

S ep tem b er 1964.

R E T IR E M E N T

P E N S IO N S

a t a g e 6 5 u n d e r c u r re n t n o rm a l r e t ire m e n t

$ 7 8 .0 0

15

60

N o rm a l b en efit, c o m ­
m en cin g im m e d ia te ly .

$ 7 8 .0 0

By m utual
a g r e e m e n t in
w ritin g.

$ 9 1 .0 0

55
20
N o rm a l b en efit, c o m ­
m en cin g im m e d ia te ly .
A b s e n c e due to
p h y s ic a l d i s a ­
b ility o r la y o ff,
w hich n o r m a lly
m u st la s t 2 y e a r s
o r term in a ted as
re s u lt o f p e r m a ­
nent shutdown of
unit o r subunit.

35 y e a r s o f s e r v ic e :
$ 9 1 .0 0

M onthly— $3 . 25 tim e s y e a r s o f s e r v ic e .

A m e r ic a n Can Co.
S t e e lw o r k e r s .

age
72. 1

(2 )

$ 9 1 .0 0

60

25 y e a r s o f s e r v ic e :
$ 8 1 .2 5

W ith e m p lo y e r '
con sen t.

$ 8 1 .2 5

A ugust 1964.
30 y e a r s o f s e r v ic e :
$ 9 7 . 50

$ 9 7 .5 0

35 y e a r s o f s e r v ic e :
$ 1 1 3 .7 5

R h eem M anufacturin g Co.
S te e lw o r k e r s .
A u gust 1964.

M onthly2---- 1 p e r c e n t o f a v e r a g e m on th ly e arn in gs during 120
m onths im m e d ia te ly p r e c e d in g re tir e m e n t tim e s y e a r s o f
s e r v ic e , le s s $80 fo r p r im a r y s o c ia l s e c u r it y b e n e fit.
M in im um ----$ 2 . 60 tim e s y e a r s o f s e r v ic e a fte r D e c . 31, 1959,
and $ 2 . 50 tim e s y e a r s o f s e r v ic e p r i o r to Jan. 1, I960.
M axim u m s e r v ic e c r e d it e d , 35 y e a r s .

$ 1 1 3 .7 5

( 3)

$65 . 00

60
$ 6 5 .0 0

30 y e a r s o f s e r v ic e :
$ 7 8 .0 0

$ 7 8 .0 0

At w o r k e r ' s
req u est.

$ 91.00

15

60
$ 7 8 .0 0

M utually s a t i s ­
fa c to r y c o n d i­
tion s.

$ 91.00

(3)

(3)

T erm in a ted as
a r e s u lt o f p e r ­
m anent shut­
dow n, la y o ff o r
d is a b ility .

1
2
tim e o f
3
4

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
m en cin g im m e d ia te ly ;
o r n o r m a l b en efit, c o m ­
m en cin g at age 65. 2
N o rm a l b en efit, c o m ­
m en cin g im m e d ia te ly . 2

I

35 y e a r s o f s e r v ic e :
$ 91.00

N o rm a l ben efit, c o m ­
m en cin g im m e d ia te ly . 2

$11 3. 75

25 y e a r s o f s e r v ic e :
$ 6 5 .0 0

(3)

$97 . 50 T erm in a ted as
re s u lt o f p e r ­
m anent sh u t­
down.

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
m en cin g im m e d ia te ly ;
o r n o r m a l b en efit, c o m ­
m en cin g at age 65. 2

N o rm a l b en efit, c o m ­
m en cin g im m e d ia te ly .

S e r v ic e c r e d ite d a fte r age 72 only to attain m in im u m s e r v ic e re q u ire m e n t fo r n o r m a l r e tir e m e n t b e n e fit.
B en efit paym ents sta rt the fou rth fu ll m onth fo llo w in g re tir e m e n t.
A lu m p -s u m paym en t equal to 1 3 w eeks o f v a ca tio n pay le s s any va ca tion pay r e c e iv e d in y e a r o f r e tir e m e n t is m ade
re tir e m e n t.
A g e 55 plus s e r v ic e m u st equal 75, o r if under age 55, age plus s e r v ic e m u st equal 80. In itial m in im u m s e r v ic e r e q u ir e m e n t is 15 y e a r s .
L u m p -s u m b en efit not p a ya b le .




at

39

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

D E A TH

B E N E F IT S

F I N A N C IN G

EA RLY

R E T IR E M E N T
B E N E F IT

T y p e , c o n d itio n s,
B e n e fit

O P T IO N S
A ge

Joint and
s u r v iv o r .

M E D IU M

M in im u m
r e q u ir e m e n ts
fo r m u la

B e n e f i t fo r m u la

C o m p u lso r y
at age -

A u to m a t ic
at age -

B e fo r e
r e tire m e n t

A fte r
re tire m e n t

OF
E m p lo y e e

F U N D IN G

A D M IN IS T R A T IO N

E m p lo y e r

S e r v ic e
(Y e ars)

15

M onthly— g r e a te s t of: (1) $10 0,
le s s s o c ia l s e c u r it y d is a b ility b e n e ­
fit, (2) 1 p e r c e n t o f a v e r a g e
m onthly ea rn in gs during 10 y e a r s
im m e d ia te ly p r e c e d in g re tir e m e n t
tim e s y e a r s o f s e r v ic e , le s s $80
fo r s o c ia l s e c u r it y d is a b ility b e n e ­
fit, o r (3) n o r m a l m in im u m b e n e fit,
co m m e n cin g im m e d ia te ly .
A t age 65, n o r m a l b e n e fit p a y a b le .

Joint and
s u r v iv o r .

a n d m in im u m
r e q u ire m e n ts

15

M onthly4----g r e a t e r of: (1) $1 2 0 , o r
(2) $5 tim e s y e a r s o f s e r v ic e , c o m ­
m en cin g im m e d ia te ly .
At age 65, n o r m a l b e n e fit p a y a b le .

D e fe r r e d fu ll.
L a id o ff (n o r m a lly la y ­
o ff m u st la st 2 y e a r s )
o r te rm in a te d as
r e s u lt o f p e rm an en t
shutdown o f unit o r
subunit.

M onthly—
n o r m a l b e n e fit,
co m m e n cin g at
age 65.

F u ll
c ost.

T ru steed;
bankadm inis te r e d .

E m p lo y e r .

F u ll

T rusteed:
banka d m in is ­
te re d .

E m p lo y e r .

T ru steed;
bankadm inis tered .

E m p loy er.

At age 40 and 15 y e a r s
s e r v ic e .

D e fe r r e d fu ll.
L aid o ff and not r e ­
c a lle d within 2 y e a r s
o r te rm in a te d as
r e s u lt o f plant c lo sin g ,

M onthly—
n o r m a l b e n e fit,
co m m e n cin g at
age 65.

cost.

A g e 40 a n d 15 y e a r s o f
serv ice.

Joint and
s u r v iv o r
(n o r m a l).

15




M onthly4— g r e a te s t of: (1 )$ 1 0 0 ,
le s s $80 f o r s o c ia l s e c u r it y d i s a ­
b ility b e n e fit, (2) 1 p e r c e n t o f
a v e r a g e m on th ly e arn in gs during
120 m onths im m e d ia te ly p r e c e d in g
re tir e m e n t tim e s y e a r s o f s e r v ic e ,
le s s $80 fo r s o c ia l s e c u r it y d is a b ility
b e n e fit, o r (3) n o r m a l m in im u m b e n ­
e fit, co m m e n cin g im m e d ia te ly .
A t age 65, n o r m a l b e n e fit p a y a b le .

D e fe r r e d fu ll.
L a id o ff and not r e ­
c a lle d within 2 y e a rs ,
o r te rm in a te d as a
r e s u lt o f perm an en t
shutdow n o f plant,
depa rtm en t o r su b ­
d iv isio n .
A g e 40 and 15 y e a r s
o f s e r v ic e .

M onthly---n o r m a l b en efit,
co m m e n cin g at
age 65.

F u ll
c o s t.

40

Selected Pension Plans Under Collective
NO RM AL

R E T IR E M E N T

E A R L Y ’ R E T IR E M E N T
IL L U S T R A T IV E

P A R T IC I­
C O M P A N Y , U N IO N ,
D A TE

OF

AND

IN F O R M A T IO N

P A T IO N
R E Q U IR E ­

Minimum
requirements

M E N TS

Age

65

N ational L o c k C om pany.

at age

Service
credited
after
Service normal
age
(Years)

1 15

A u tom ob ile W o r k e r s .

To
age
70.

August 1964.

formula, for annual average
earnings o f —

_

65

55

To
age
70.

Minimum
requirements
Benefit formula

$4,200
M onthly— 0. 75 p e r c e n t o f f ir s t $3 , 000 o f a v e r a g e annual
e a rn in gs during high 10 y e a r s and 0. 6 p e r c e n t o f earn in gs
e x ce e d in g $ 3 ,0 0 0 , tim e s y e a r s o f s e r v ic e , d ivid ed by 12,
p r o v id e m on th ly b a s e fig u re . M onthly b a se fig u re is a d ju s te d im m e d ia te ly and su bsequ en tly on each Jan uary 1
and July 1 by m u ltiplyin g it by c u r r e n t BLS C on su m er
P r i c e Index (with f lo o r at an in dex o f 99. 7) and dividin g
r e s u lt by 103. 7 (in d ex fo r July 1948).

M onthly— $ 2 . 60 tim e s y e a r s o f s e r v ic e .

$4,800

$5,400

3 $ 8 0 .0 0

$ 9 0 . 00

$99. 00

3 $9 5 . 00

$ 107.00

$ 1 1 9 .0 0

35 y e a r s o f s e r v ic e :
$ 125 .00

$13 9. 00

25 y e a r s o f s e r v ic e :
du ced a p p ro x im a te ly
$65 . 00
$ 6 5 .0 0

$ 6 5 . 00

60

10

A t w o r k e r 's
re q u e s t.
1

$78 . 00

$78 . 00

or
$78 . 00

35 y e a r s o f s e r v ic e :

$9 1 . 0 0

_

65

10

To
age
68.

M onthly— g r e a t e r of: (1) F o r s e r v ic e a fte r F e b . 28, 1962,
$ 2 . 80 tim e s y e a r s o f s e r v ic e ; f o r s e r v ic e p r i o r to M a r. 1,
1962, $ 2 . 70 tim e s y e a r s o f s e r v ic e , to a m axim u m o f 35
y e a r s , o r (2) $4 tim e s y e a r s o f s e r v ic e to a m a xim u m o f
25 y e a r s , le s s p r im a r y s o c ia l s e c u r it y b e n e fit.

N o rm a l b en efit, c o m ­
m en cin g im m e d ia te ly .

30 y e a r s o f s e r v ic e :

30 y e a r s o f s e r v ic e :

M a c h in is ts ; O ffic e
E m p lo y e s .

4 15

With e m p lo y e r 's c on sen t.

A u gust 1964.

A d d ressog ra p h M u ltigraph C orp .

Service
(Years)

Age

4 60

25 y e a r s o f s e r v ic e :

3 $ 11 2. 00

S c o v ill M anufacturin g Co.

P E N S IO N S

Benefit formula

M in im um ----$40 , adju sted in a c c o r d a n c e with c o s t - o f - l i v in g
fo rm u la a b o v e . 2

A u to m o b ile W o r k e r s .

M O N TH LY

65 under current normal retirement

$9 1 .

00

$91 . 00

25 y e a r s o f s e r v ic e :
$70 . 00

$70 . 00

$70 . 00

30 y e a r s o f s e r v ic e :
$84 . 00

l 10

A t e m p lo y e r 's
request or
under m utually
s a t is fa c t o r y
c o n d itio n s .

60

S ep tem b er 1964.
$ 8 4 . 00

55

10

At w o r k e r 's
o r e m p lo y e r 's
r e q u e s t.

N o rm a l b en efit r e ­
7 p e r c e n t fo r each
y e a r under age 65
through 61, 6 p e r ­
cent f o r y e a r age 60,
5 p e r c e n t fo r y e a r
age 59, 4 p e r c e n t fo r
y e a r age 58 and 3 p e r ­
cent f o r each y e a r
under age 58 through
age 55, c om m en cin g
im m e d ia te ly ; o r
n o r m a l b en efit, c o m ­
m en cin g at age 65.

N o rm a l b en efit r e ­
du ced 0. 6 p e r c e n t
fo r each m onth under
age 65, co m m e n cin g
im m e d ia te ly ; o r
n o r m a l b en efit, c o m ­
m en cin g at age 65.

$8 4 . 00

35 y e a r s o f s e r v ic e :
$ 9 8 . 00

$98 . 00

$ 9 8 . 00

1 The in itia l m in im u m s e r v ic e re q u ir e m e n t is 15 y e a r s ; e lig ib ilit y f o r re tir e m e n t at o r a fte r age 65 r e q u ir e s that a w o rk e r have 80 p oin ts, allow ing 1 point f o r each y e a r o f age and
1 point fo r each y e a r o f s e r v ic e .
2 A w o rk e r with 10 but le s s than 15 y e a r s o f s e r v ic e having 80 poin ts a fte r age 65 r e c e iv e s $ 2 .2 5 m on th ly tim e s y e a r s o f s e r v ic e . No c o s t -o f -l i v in g adjustm ent is m ade in this am ount.
3 B a sed on com pu ted m on th ly b a s e fig u re tim e s BLS C o n su m e r P r i c e Index o f D e c. 1964 (133. 5) d iv id e d by c o r re s p o n d in g in d ex f o r July 1948 (103. 7), and rounded to n e a r e s t d o lla r.




41

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

D E A TH

B E N E F IT S

F I N A N C IN G

EA RLY

R E T IR E M E N T
B E N E F IT

Minimum
requirements

M E D IU M

Type, conditions,
and minimum
requirements

O P T IO N S

Age

Joint and
s u r v iv o r .

Joint and
s u r v iv o r .

Service
(Years)

15

15

M onthly— g r e a te r of: (1) N o rm a l
b e n e fit tim e s 1. 65, o r (2) $ 4 . 50
tim e s y e a r s o f s e r v ic e , c o m ­
m e n cin g im m e d ia te ly .

D e fe r r e d fu ll.

Upon r e c e iv in g s o c ia l s e c u r it y
d is a b ility b e n e fit, o r when e lig ib le
fo r p r im a r y s o c ia l s e c u r it y b e n e ­
fit, n o r m a l b e n e fit p a ya b le .

A g e 40 and 10 y e a r s
o f s e r v ic e .

M onthly— double n o r m a l b e n e fit f
co m m e n cin g im m e d ia te ly .

D e fe r r e d fu ll.

T e rm in a te d fo r any
re a s o n .

T e rm in a te d fo r any
reason .
At age 65, n o r m a l b e n e fit
p aya ble.

15

M onthly----dou b le n o r m a l b e n e fit,
le s s s o c ia l s e c u r it y d is a b ility
b e n e fit, but not re d u ce d b e lo w
n o r m a l b en efit, co m m e n cin g
im m e d ia te ly .
At age 65, n o r m a l b e n e fit p a y a b le .

Benefit formula

Compulsory
at a g e-

M onthly— $ 2.25
tim e s y e a r s o f
s e r v ic e , c o m ­
m e n cin g at age
65. No c o s t - o f livin g a d ju s t­
m ent is m a d e .

70

M onthly—
n o r m a l b en efit,
co m m e n cin g at
age 65.

70

Automatic
at age -

Before
retirement

After
retirement

OF

Employee

F u ll
cost.

T ru steed ;
ban ka d m in is te r e d .

F u ll
c o s t.

T ru steed ;
ban kadm inis te r e d .

T e rm in a te d fo r any
re a s o n .
A g e 40 and 10 y e a r s
o f s e r v ic e .

E m p lo y e r a d ­
m in is tr a tio n
o f funding.

E m p lo y e r a d ­
m in is tr a tio n
o f funding.
B ip a rtite a d ­
m in is tr a tio n
o f plan
(s p e c ific
r e s p o n s i­
b ilit ie s o u t­
lin ed in
a g reem en t).

10 y e a r s o f s e r v ic e .

D e fe r r e d fu ll.

A D M IN IS T R A T IO N

B ip a rtite a d ­
m in is tr a tio n
o f plan
(s p e c ific
r e s p o n s i­
b ilitie s o u t­
lin ed in
a g r e e m e n t).

M onthly—
n o r m a l b e n e fit4
*6
(m inim um not
a p p lic a b le ),
co m m e n cin g at
age 65.

68

4 T h ese a re the in itia l m in im u m re q u ir e m e n ts .
H o w e v e r, r e tir e m e n t at age 60 and p r io r to 65 r e q u ir e s that a w o rk e r have at le a s t 80 p oin ts,
and 1 point fo r each y e a r o f s e r v ic e .
A w o rk e r with 5 but le s s than 10 y e a r s o f s e r v ic e r e c e iv e s c r e d it fo r 10 y e a r s o f s e r v ic e .
6 O nly s e r v ic e fro m Jan. 1 o f y e a r in w hich w o rk e r attains age 30 used to com pu te b e n e fit.




F U N D IN G

Employer

F u ll
c o s t.

T rusteed;
s e lfadm inis te re d .

E m p lo y e r a d ­
m in is tr a tio n
o f funding.
B ip a rtite a d ­
m in is tr a tio n
o f plan
( s p e c if ic
r e s p o n s i­
b ilit ie s o u t­
lined in
a g r e e m e n t).

allow ing 1 point fo r each y e a r o f

age

42

Selected Pension Plans Under Collective
NO RM AL

R E T IR E M E N T

C O M PA N Y,
D A TE

OF

U N IO N ,

AND

IN F O R M A T IO N

P A T IO N
R E Q U IR E ­

Minimum
requirements

at age
Service
creditec

Age

_

62

Service normal
age
(Years)

10

A u tom ob ile W o r k e r s .

To
age
66.

Minimum
requirements

$4,800

$5,400

25 y e a r s o f s e r v ic e :
$ 1 5 0 .0 0

$15 0. 00

$ 1 5 0 .0 0

Age

Service
(Years)

3 60

3 10

At w o r k e r 's
req u est.

N ov em b er 1964.

1

30 y e a r s o f s e r v ic e :

N orm a l ben efit red u ced
6 p e r c e n t fo r each y ea r
under age 62, c o m ­
m en cin g im m e d ia te ly .

or

55

(M

$1 8 0 . 00

$18 0. 00

$ 1 8 0 .0 0

35 y e a r s o f s e r v ic e :
$ 2 1 0 .0 0

$ 2 1 0 .0 0

$ 2 1 0 .0 0

(1
23
)
6
5
4

D etroit T oolin g
A s s o c ia t io n .

R E T IR E M E N T

P E N S IO N S

Benefit formula

$4,200
M onthly— fo r re tir e m e n t after Sept. 30, 1965, $ 6 tim e s y e a r s
o f s e r v ic e ; fo r r e tir e m e n t p r io r to O ct. 1, 1965, $ 4 . 25 tim e s
y e a r s o f s e r v ic e .

M O N TH LY

65 under current normal retirement
formula, for annual average
earnings of —

Benefit formula

M E N TS

C a te r p illa r T r a c t o r Co.

EA R LY
IL L U S T R A T IV E

P A R T IC I­

_

65

10

To
age
65.

M onthly— $ 4 .2 5 tim e s y e a r s o f s e r v ic e .

60

25 y e a r s o f s e r v ic e :
$10 6. 25

$10 6. 25

M onthly----n orm a l b e n e ­
fit, plus $5. 20 tim es
y e a r s o f s e r v ic e up to
At e m p lo y e r 's
25 y e a r s , co m m e n cin g
req u est o r under im m e d ia te ly .
m utually satis fa c to r y c o n d iWhen elig ib le fo r an un­
tion s.
red u ced s o c ia l s e c u r ity
b en efit, o r at age 65,
n o r m a l b en efit paya ble.

l

$ 1 0 6 .2 5

A u tom ob ile W o r k e r s .

10

10

At w o r k e r 's
req u est.

A c t u a r ia l equivalent of
n o r m a l b en efit, c o m ­
m en cin g im m ed ia tely ;
o r n o r m a l b en efit, c o m ­
m en cin g at age 65.

30 y e a r s o f s e r v ic e :

D e ce m b e r 1964.

$ 1 2 7 .5 0

(7 )

$12 7. 50

$ 1 2 7 .5 0

35 y e a r s o f s e r v ic e :
$1 4 8 . 75

$ 14 8. 75

$ 1 4 8 .7 5

(8 )

Hughes T o o l C o.
(O il T o o l D iv is io n ).
S te e lw o r k e r s .
D e ce m b e r 1964.

1 year
of serv ­
ice .

65

_

None.

M onthly— 1. 5 p e r c e n t o f m onthly e a r n in g s 10 fo r each y e a r o f
s e r v ic e . 11

$ 1 3 1 .2 5
M in im um — $100 f o r 25 y e a r s o r m o r e o f s e r v ic e , 12 re d u ce d
$5 p e r m onth f o r each y e a r le s s than 25 to a m in im u m o f $50
fo r 15 y e a r s o f s e r v ic e .

55

25 y e a r s o f s e r v ic e :
$1 5 0 . 00

$ 1 6 8 .7 5

_

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
With e m p lo y e r 's m en cin g im m e d ia te ly ;
o r n o r m a l b en efit, c o m ­
co n se n t.
m en cin g at age 65.

30 y e a r s o f s e r v ic e :
$1 5 7 . 50

$ 18 0. 00

$ 2 0 2 .5 0

35 y e a r s o f s e r v ic e :
$18 3. 75

$ 2 1 0 .0 0

$23 6. 25

1 P la n e ffe c t iv e
Jan. 1, 1965, fo r w o rk e r re tir in g a fte r Sept. 30, 1964.
2 B en efits com pu ted under fo r m u la a p p lic a b le to w o r k e r s r e tir in g a fte r Sept. 30, 1965.
N o rm a l b en efit in itia lly p aya ble at age 62.
3 A g e 55 to 60; age plus s e r v ic e m u st equal 85.
4 P e n sio n in itia lly re d u ce d to 90 p e r c e n t and 0. 5 p e r c e n t in c r e a s e o r d e c r e a s e fo r each y e a r w id o w (e r) is o ld e r o r you n g er than r e t ir e e o r vested f o r m e r w o r k e r . U nder the C a te r p illa r T r a c t o r
plan, the w id ow (er) r e c e iv e s a m on th ly b e n e fit equal to 55 p e r c e n t (50 p e r c e n t in the D e tr o it T o o lin g plan) o f w o r k e r 's a c c r u e d p e n s io n b en efit, co m m e n cin g a fter m onthly b en efits of life in su ra n ce
p r o g r a m have been paid.
5 Joint and s u r v iv o r option a v a ila b le at age 60.
See foo tn o te 4.
6 The w id ow (er) o f a w o rk e r e lig ib le fo r e a r ly re tir e m e n t, o r v e s te d w o rk e r who e le cte d to d e fe r his p e n sio n , a u to m a tica lly r e c e iv e s a m onthly b en efit equal to 55 p e r c e n t o f w o r k e r 's a c c r u e d




43

Bargaining, Late 1964--- Continued
D IS A B IL IT Y

R E T IR E M E N T

IN V O L U N T A R Y

V E S T IN G

R E T IR E M E N T

NO RM AL
AND

D E A TH

B E N E F IT S

F I N A N C IN G

EA R LY

R E T IR E M E N T
B E N E F IT

M E D IU M

M in im u m
r e q u ire m e n ts

T y p e , c o n d itio n s,
a n d m in im u m
r e q u ire m e n ts

O P T IO N S
A ge

Joint and
s u r v iv o r . 4

A u to m a t ic
at ag e -

B e fo r e
r e tire m e n t

A fte r
r e tire m e n t

OF
E m p lo y e e

F U N D IN G

A D M IN IS T R A T IO N

E m p lo y e r

(Y e ars)

15

M onthly— sam e as h ig h e r e a r ly r e ­
tir e m e n t b e n e fit, co m m e n cin g i m ­
m e d ia te ly .

10

Monthly---- n o r m a l b e n e fit plus $ 5 . 20
tim e s y e a r s o f s e r v ic e up to 25
y e a r s , co m m e n cin g im m e d ia te ly .
When e lig ib le fo r an u n red u ced
s o c ia l s e c u r it y b e n e fit, o r at age
65, n o r m a l b e n e fit p a y a b le .

D e fe r r e d fu ll.
T e rm in a te d f o r any
reason.
10 y e a r s o f s e r v ic e .

D e fe r r e d fu ll.
T e rm in a te d fo r any
re a s o n .

M onthly— r e ­
d u ced n o rm a l
b e n e fit, c o m ­
m e n cin g any
tim e during 5 y e a r p e r io d
p r io r to age 65;
o r n orm al b en e­
fit, co m m e n cin g
at age 65.

66

M onthly---n o r m a l b e n e fit,
co m m e n cin g at
age 65.

65

D e fe r r e d g ra d e d .

M onthly—
n o r m a l b en efit,
c o m m e n cin g at
age 65.

65

Level
in c o m e
(e a r ly ).

T e r m in a te d fo r any
reason .

25 p e r c e n t fo r 3 y e a r s
o f s e r v ic e plus 25 p e r ­
cen t fo r each add itional
3 y e a r s to 100 p e r c e n t
fo r 12 y e a r s o r m o r e .

b en efit, co m m e n cin g a fte r m on th ly b e n e fits o f life in su ra n ce p r o g r a m have been paid.
P la n e ffe c t iv e A p r. 1, 1965.
B en efits com pu ted under fo rm u la a p p lic a b le to w o r k e r s r e tir in g a fte r M a r. 31,
1965.
Not a p p lic a b le to w o rk e r r e c e iv in g r e t ir e m e n t b e n e fit under v estin g p r o v is io n .
E a rn in gs fo r s e r v ic e p r i o r to Jan. 1, 1948, b a se d on earn in gs on Jan. 1, 1948.
E x clu d e s p r e m e m b e r s h ip s e r v ic e .
In clu des p r e m e m b e r s h ip s e r v ic e .




66

F u ll
cost.

(6)

Com bination; E m p lo y e r a d ­
m in is tr a tio n
o f funding.

In su red;
d ep osit
a d m in is ­
tration .

T ru steed;
ban kadm inis te re d .

10 y e a r s o f s e r v ic e .

Joint and
s u r v iv o r .

p e n s io n
7
8
9
10
11
12

C o m p u lso r y
at a g e -

S e r v ic e

(5 )

Joint and
s u r v iv o r . 4

B e n e f i t fo r m u la

9 $ 1 ,000

F u ll
c o s t ---$ 0 . 096
p er m a n ­
hour
w ork ed ,
in c r e a s e d
to $ 0 . 20
after
June 30,
1965.

T ru steed ;
ban kadm inis tered .

F u ll
cost.

In su red;
group
annuity.

B ip a rtite a d ­
m in is tr a tio n
of plan ( s p e c i ­
f ic r e s p o n s i­
b ilit ie s o u t­
lined in
a g r e e m e n t).

E m p lo y e r a d ­
m in is tr a tio n
of funding.
B ip a rtite ad m in is tr a tio n
o f plan
( s p e c ific r e ­
s p o n s ib ilitie s
outlined in
a g r e e m e n t).

E m p lo y e r.

44
Selected Pension Plans Under Collective
NORM AL R E TIR E M E N T
COM PANY, UNION, AND
D A T E O F IN FORM ATIO N

P A R T IC I­
P A TIO N
R E Q U IR E ­
M EN TS

Minimum
requirements

Age

In ternation al H a r v e s te r
Co.

_

A u tom ob ile W o r k e r s .

65

Service
creditec

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N TH L Y PENSIONS
at age 65 under current normal retirement
formula, for annual average
earnings of—

Benefit formula

Benefit formula

Service normal
age
(Years)
10

To
age
68.

Minimum
requirements

S4.200
M onthly— $ 4 . 25 tim e s y e a r s o f s e r v ic e .

$4,800

25 y e a r s o f s e r v ic e :
$ 1 0 6 . 25

$1 0 6 . 25

$ 1 0 6 .2 5

Service
(Years)

Age

$5,400
3

60

3 10

At w o r k e r 's
req u es t.

(1
23
)

1

N ov em b er 1964.

or

30 y e a r s o f s e r v ic e :

C)

$ 12 7. 50

$12 7. 50

$ 1 2 7 .5 0

35 y e a r s o f s e r v ic e :
$ 1 4 8 . 75

$1 4 8 . 75

$ 1 4 8 .7 5

55

1 10
1

At e m p lo y e r 's
req u est o r under
m u tu ally s a t is fa c to r y c o n d ition s.

N o rm a l b en efit red u ced
by 5. 6 to 6 „ 7 p e r c e n t fo r
each y e a r under age 62,
c o m m e n cin g im m e d i­
a tely ; o r n o r m a l b en efit,
c o m m e n cin g at age 62. 2
M onthly— n o r m a l b e n efit,
plus $ 5 .2 0 tim es y e a r s
o f s e r v ic e up to 25 y e a r s ,
c o m m e n cin g im m e d i­
a tely.
When e lig ib le fo r an u n ­
red u c e d s o c ia l s e c u r ity
b en efit, o r at age 65,
n o r m a l b en efit p a ya b le.
(4 )

E ltr a C o rp . (fo r m e r ly
The E l e c t r ic A u to -L it e
C o. ).
A u to m o b ile W o r k e r s .

_

65

10

To
age
68.

M onthly— $ 2 . 65 tim e s y e a r s o f s e r v ic e .

60

25 y e a r s o f s e r v ic e :
$ 6 6 . 25

$ 6 6 . 25

$ 6 6 .2 5

10

At w o r k e r 's
req u es t.

N o rm a l b en efit red u ced
0 . 6 p e r c e n t fo r each
m onth under age 65, c o m ­
m e n cin g im m e d ia te ly ; o r

n o r m a l b e n e fit, c o m ­
or

30 y e a r s o f s e r v ic e :

m en cin g at age 65.

A u gust 1964.
$ 7 9 . 50

$ 7 9 . 50

$ 7 9 .5 0

35 y e a r s o f s e r v ic e :
$ 9 2 . 75

$9 2 . 75

$ 9 2 .7 5

60

10

M onthly— dou b le n o r m a l
b en efit, co m m e n cin g
im m e d ia te ly .

At e m p lo y e r 's
req u est o r under
W hen e lig ib le fo r a
m u tu ally s a t i s ­
s o c ia l s e c u r it y b en efit,
fa c to r y c o n d io r at age 65, n o r m a l
tio n s .
b en efit p a y a b le.

P lan e ffe c t iv e Jan. 1, 1965, fo r w o rk e r r e tir in g a fte r Sept. 30, 1964.
F u ll (un redu ced) n o r m a l b e n e fits a r e a ls o p a y a b le under e a r ly re tir e m e n t p r o v is io n to w o r k e r s c h o o s in g to r e t ir e as e a r ly as age 62.
A ge 55 to 60; age plus s e r v ic e m u st equal 85.
4
E ffe c tiv e O ct. 1, 1965: W o r k e r r e tir in g on o r a fte r such date w ill r e c e iv e a su p p lem en tal a llo w a n ce that when added to b a s ic b e n e fit w ill total $400 p e r m onth to age 65, s u b je c t to m axim u m o f
70 p e r c e n t o f w o r k e r 's b a s e m on th ly w ages b e fo r e r e tir e m e n t. The $400 is s u b je c t to p r o p o r tio n a te re d u ctio n if y e a r s o f s e r v ic e a r e le s s than 30 o r age is le s s than 60.
1

2

3




45
Bargaining, Late 1964--- Continued
D IS A B IL ITY R E T IR E M E N T
NORMAL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P TIO N S

Minimum
requirements
Age

Joint and
s u r v iv o r .

Type, conditions,
and minimum
requirements

Service
(Years)

15
5

M onthly— sa m e as h igh e r e a r ly r e ­
tire m e n t b e n e fit, co m m e n cin g i m ­
m e d ia te ly .

D e fe r r e d fu ll.
T e rm in a te d fo r any
re a s o n .

(67
)
10

Joint and
s u r v iv o r .

10

L e v e l in c o m e
(e a r ly ).

M onthly— doub le n o r m a l b e n e fit,
co m m e n cin g im m e d ia te ly .
Upon r e c e iv in g any s o c ia l s e c u r it y
b en efit, o r at age 65, n o r m a l b e n e ­
fit p aya ble.

IN V O L U N TA R Y
R E T IR E M E N T

V E S TIN G

y e a r s o f s e r v ic e .

D e fe r r e d fu ll.
T e rm in a te d fo r any
re a s o n .
A g e 40 and 10 y e a r s o f
s e r v ic e .

Benefit formula

Compulsory
at age-

M onthly— r e ­
d u ced n o rm a l
b e n e fit, c o m ­
m e n cin g any
tim e during 5 y e a r p e r io d
p r io r to age 65;
or norm al ben e­
fit, co m m e n cin g
at age 65.

68

M onthly— r e ­
du ced n o rm a l
b en efit, c o m ­
m e n cin g any
tim e during
5 -y e a r p e r io d
p r io r to age 65;
or norm al b en e­
fit, co m m e n cin g
at age 65.

68

Automatic
at age-

D E A TH B E N E F IT S

Before
retirement

(? )

After
retirement

F IN A N C IN G
MEDIUM
O F FUNDING
Employee

A D M IN ISTR A TIO N

Employer

F u ll
cost.

T ru steed;
ban kadm inis tered.

E m p lo y e r a d ­
m in is tr a tio n
of funding.
B ip a rtite
a d m in istra tion
of plan
( s p e c ific
r e s p o n s i­
b ilit ie s ou t­
lined in
a g re e m e n t).

68

F u ll
cost.

C om b in a ­
tion:
T ru steed ;
bankadm inis te r e d .
Insured;
d ep osit
a d m in is ­
tra tion .

E m p lo y e r
a d m in istra tion
o f funding.
B ip a rtite a d ­
m in is tr a tio n
o f plan
( s p e c ific
r e s p o n s i­
b ilitie s o u t­
lined in
a g reem en t).

In sured;
group
annuity
(sin g le
p rem iu m
p aym ent).

5
P e n s io n in itia lly re d u ce d to 90 p e r c e n t and 0. 5 p e r c e n t in c r e a s e o r d e c r e a s e f o r each y e a r w id o w (e r) is o ld e r o r you n g er than r e t ir e e o r v es ted f o r m e r w o r k e r . The w id ow (er) r e c e iv e s a
m onthly b en efit equal to 55 p e r c e n t o f w o r k e r ’ s a c c r u e d p e n sio n b e n e fit, co m m e n cin g a fte r m on th ly b e n e fits o f life in su ra n ce p r o g r a m have been paid.
6
Joint and s u r v iv o r option a v a ila b le at age 60. See fo o tn o te 5.
7
The w id ow (er) o f a w o rk e r e lig ib le fo r e a r ly re tir e m e n t, o r ve ste d w o rk e r who e le cte d to d e fe r his p e n s io n , a u to m a tica lly r e c e iv e s a m onthly b en efit equal to 55 p e r c e n t of w o r k e r 's a c c r u e d
p en sion b e n e fit, co m m e n cin g a fte r m on th ly b e n e fits of life in su ra n ce p r o g r a m have been paid.




46

Selected Pension Plans Under Collective
NORMAL R E TIR E M E N T
COM PANY, UNION, AND
D A T E O F IN FORM ATIO N

P A R T IC I­
P A TIO N
R E Q U IR E ­
M EN TS

Minimum
requirements

3 years
of
s e r v ic e .

Service
creditec
Benefit formula

Age

R a dio C o r p o r a tio n of
A m e r ic a .

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N TH L Y PENSIONS
at age 65 under current normal retirement
formula, for annual average
earnings of—

65

Benefit formula

Service normal
age
(Years]

_

N one.

E le c t r ic a l (IB E W );
E le c t r ic a l (IU E ).

$4,200
M onthly— fo r s e r v ic e a fte r N ov. 30, 195Z, V 12 o f 40 p e r c e n t
o f w o rk e r* s a g g re g a te co n trib u tio n s m ade a fte r N ov. 30,
1952.
F o r s e r v ic e fr o m D e c. 1, 1944, through N ov. 30, 1952,
g r e a te r o f: (1) 0 .8 p e r c e n t of f ir s t $ 300 o f m on th ly e a rn in g s ,
and 2 p e r c e n t o f e a rn in gs e x ce e d in g $ 300, o r (2) b en efit b a s e d
on age at e n terin g plan, c o n trib u tio n s and se x . F o r s e r v ic e
p r io r to D e c. 1, 1944, 1 p e r c e n t of f ir s t $250 o f m onthly
e a rn in g s on N ov. 30, 1944, plus 1. 5 p e r c e n t of next $ 1 5 0 ,
plus 2 p e r c e n t o f e a rn in g s e x c e e d in g $400 t im e s y e a r s of
s e r v ic e , le s s 3 y e a r s .

S ep tem b er 1964.

Minimum
requirements

$4,800

$5,400

55

25 y e a r s o f s e r v ic e :
$ 7 0 . 00

$ 8 0 .0 0

Service
(Years)

Age

$ 1 0 5 .0 0

M ust
be
v e s te d .

30 y e a r s o f s e r v ic e :
$ 8 4 . 00

$ 9 6 .0 0

35 y e a r s of s e r v ic e :
$ 9 8 .0 0

$ 1 1 2 .0 0

or

$ 1 2 6 .0 0

15

60
$ 1 4 7 .0 0

At w o r k e r 's
r e q u e s t.

M in im um — $ 2 . 70 1 t im e s y e a r s o f s e r v ic e to a m axim u m of
27 y e a r s . 2 F o r s e r v ic e p r io r to Jan. 1, 1963, $ 2 .4 0 tim e s
y e a r s o f s e r v ic e ; fo r s e r v ic e a fte r D e c. 31, 1962, $ 2 .5 0
tim e s y e a r s o f such s e r v ic e . M in im um re q u ir e m e n t,
7 years. 2

W estin g h ou se E le c t r ic
C o rp .

_

65

10

A ll.

9

M onthly— e m p lo y e e s r e t ir in g a fte r A p r il 1, 1962:

E le c t r ic a l (IU E ).

F r o m A p r. 2,
1962, to
Jan. 1, 1964

A fte r
D e c. 31,
1963

U nder $ 2 . 0 0 ------------ $ 2 .5 0
$ 2 . 0 0 and
under $ 2 . 25 ---------2. 55

$ 2 .5 0

$ 2 .5 5

2 .6 0

2 .6 3

$ 0 . 2 5 __________ $ 0. 05
Up to $ 4 . 25
and o v e r ___________
3. 00

$ 0 . 10

$ 0 . 13

3. 50

3. 80

H ou rly ea rn in gs

P r io r to
A p r. 2,
1962

S ep tem b er 1964.

$ 6 5 .7 5

$ 6 9 .0 0

N o rm a l ben efit red u c e d
V3 p e r c e n t fo r each
m onth under age 65;
plus (until e lig ib le fo r
p r im a r y s o c ia l s e c u ­
rity b en efit 10 ) $ 50 with
an a d d ition al $ 1 fo r
each y e a r of s e r v ic e
ex c e e d in g 1 0 , c o m ­
m en cin g im m e d ia te ly .

30

N o rm a l b e n e fit, c o m ­
m en cin g im m e d ia te ly .

or
$ 8 2 .8 0

N o rm a l b en efit red u c e d
4 p e r c e n t fo r ea ch y e a r
under age 65, c o m ­
m en cin g im m e d ia te ly ,
o r n o r m a l b en efit, c o m ­
m e n cin g at age 65. 3456

10

$ 7 2 .2 5

30 y e a r s o f s e r v ic e :
$ 7 8 .9 0

F o r s e r v ic e p r io r to Jan. 1, 1951, a dd ition al 1 p e r c e n t of
a v e r a g e m on th ly ea rn in g s e x c e e d in g $400 fr o m Jan. 1, 1941,
through D e c. 31, 1950, t im e s y e a r s o f s e r v ic e p r io r to
Jan. 1, 1951.

1
2
3
m o r e at
4
5
6

60

25 y e a r s o f s e r v ic e :

10

M onthly b en efit fo r e a ch y e a r o f s e r v ic e —

( 8)

N o rm a l benefit (m in i­
m um not a p p lic a b le )
re d u c e d 4 p ercen t fo r
ea ch y e a r under age 65,
c o m m e n cin g im m e ­
d ia tely ; o r n orm a l
b en efit (m in im u m not
a p p lic a b le ), c o m m e n cin g
at age 65.

$ 8 6 .7 0

35 y e a r s of s e r v ic e :
$ 9 2 .0 5

$ 9 6 .6 0

$ 1 0 1 .0 5

8 62

At w o r k e r 's
r e q u e s t.

E ffe c tiv e Jan. 1, 1965.
E x clu d e s p r e m e m b e r s h ip s e r v ic e .
S up plem ental m on th ly b en efit o f a m in im u m $5 5 p r o v id e d w o r k e r s age 60 w ith 15—20 y e a r s o f s e r v ic e in c r e a s e d $5 fo r each add ition al 5 y e a r s o f s e r v ic e to a m axim u m o f $75 fo r 35 y e a r s o r
tim e o f e a r ly r e t ir e m e n t payable to age 65.
D is a b ility r e t ir e m e n t p r o v is io n changed to c o v e r a g e under the G rou p L ife In su ran ce P r o g r a m .
In clu des p r e m e m b e r s h ip s e r v ic e .
A w idow o f a w o r k e r age 55—65 w ith 5 y e a r s o f m e m b e r s h ip s e r v ic e who is not m o r e than 5 y e a r s y ou n g er than the d e c e a s e d , is paid a m onthly ben efit— fo r life o r until r e m a r r ia g e —




47

Bargaining, Late 1964--- Continued
D IS A B IL ITY R E T IR E M E N T
NORMAL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P TIO N S

Minimum
requirements
Age

Type, conditions,
Benefit formula

requirements

Service
(Years]

D e fe r r e d fu ll.

Joint and
s u r v iv o r .
(4)

T e r m in a te d fo r any
re a s o n .

C ash refu nd.
A g e 50 and 10 y e a r s
o f s e r v ic e 2 o r age 55
and 25 y e a r s o f
s e r v ic e . 5

L e v e l in ­
com e
(e a r ly ).

5 y e a r s o f s e r v ic e .

Joint and
s u r v iv o r .

15

IN V O L U N TA R Y
R E T IR E M E N T

V E S TIN G

M onthly— double n o r m a l b e n e fit,
c o m m e n cin g im m e d ia te ly .

2

D e fe r r e d fu ll.
T e r m in a te d fo r any
re a s o n .

When e lig ib le fo r s o c ia l s e c u r ity
d is a b ility b e n e fit, o r at age 65,
n o r m a l b e n e fit p aya ble.

M onthly—
e a r ly r e t i r e ­
m ent b e n e fit,
co m m e n cin g
any tim e in
1 0 -y e a r p e r io d
p r io r to age 65.

Compulsory Automatic
at age at age-

65

Before
retirement

W o r k e r 's
co n trib u tio n s
plus in te re s t.
( 6)

M onthly—
sam e as above
e x ce p t e x c lu d e s
s e r v ic e p r io r
to June 1 , 1944.

M onthly—
n o r m a l b e n e fit,
c o m m e n cin g
at age 65.

D E A TH B E N E F IT S

65

After
retirement

FIN A N C IN G
MEDIUM
O F FUNDING
Employee

60 m onthly 2 p ercen t
p a y m e n ts , of fir s t
$ 92 .31 of
le s s b e n e ­
w eekly
fits r e ­
earn
in gs
c e iv e d ; if 60
and 5 p e r ­
m onthly
cent of
paym ents
do not equal earning s
exceed ­
w o r k e r 's
ing
c o n t r ib u ­
$ 92. 31.
tio n s plus
in t e r e s t ,
d iffe r e n c e
is paid to
b e n e fici­
ary. 7

( J1)

A D M IN ISTR A TIO N

Employer

B a lan ce
of cost.

C om b in a ­
tion:

E m p lo y e r .

T ru s teed ;
ban ka dm in is tered.
In su red;
d ep osit
a d m in is ­
tra tion .

F u ll
cost.

T ru steed ;
ban ka d m in is ­
te r e d .

E m p lo y e r .

A g e 40 and 10 y e a r s
o f s e r v ic e .

equal to V2 the d e c e a s e d w o r k e r 's a c c r u e d n o r m a l b e n e fit. If m o r e than 5 y e a r s y o u n g e r, the b e n e fit is r e d u ce d a c c o r d in g to h e r age.
7
Not a p p lic a b le in c a s e o f e le c t io n o f jo in t and s u r v iv o r and c a s h refund o p tio n s .
8
F u ll (unredu ced) n o r m a l b e n e fits a re a ls o paya ble under the e a r ly re tir e m e n t p r o v is io n to w o r k e r s ch o o s in g to r e t ir e as e a rly as age 62 but r e q u irin g 30 y e a r s o f s e r v ic e .
9
S e r v ic e after n o r m a l r e tir e m e n t age cannot be u se d to e s ta b lis h e lig ib ility fo r b e n e fits .
10 E m p lo y e e s r e tir in g p r io r to A p r. 2, 1962
$ 2 .2 5 tim e s y e a r s o f s e r v ic e ; plu s, fo r s e r v ic e p r io r to Jan. 1, 1951, add ition al 1 p e r c e n t o f a v era g e m onthly earnings e x ceed in g $400 fro m
Jan. 1, 1941, through D e c. 31, 1950, tim e s y e a r s o f s e r v ic e p r io r to Jan. 1, 1951.
11 V3 life in s u ra n ce c o v e r a g e in e ffe c t im m e d ia te ly p r e c e d in g re tir e m e n t is contin ued in p en sion plan.




48
Selected Pension Plans Under Collective
NORMAL R E T IR E M E N T
COM PANY, UNION, AND
D A T E O F IN FORM ATIO N

P A R T IC I­
P A TIO N
R E Q U IR E ­
M EN TS

Minimum
requirements

Age

Servi
credited
after
Service normal
age
(Years)

Benefit formula

age
68.
A u to m o b ile W o r k e r s .

Minimum
requirements
Benefit formula

$4,8(

M onthly— $4 . 25 t im e s y e a r s of s e r v ic e .

The B en dix C orp .

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N TH L Y PENSIONS
at age 65 under current normal retirement
formula, for annual average
earnings of—

$5,400

Age

Service
(Years)

25 y e a r s o f s e r v ic e :
$ 1 0 6 .2 5

$ 10 6 .2 5

$ 1 0 6 .2 5

(2)

At w o r k e r ',
r e q u e s t.

30 y e a r s of s e r v ic e :

N orm a l benefit r ed u ced
by v a ry in g p e r c e n ts fo r
ea ch y e a r under age 62,
co m m e n cin g im m e d i­
a tely ; o r n o r m a l b e n e fit,
co m m e n cin g at age 6 2 .

D e ce m b e r 1964.
$ 127 .5 0

(*)

M a ch in is ts .

$ 1 2 7 .5 0

35 y e a r s o f s e r v ic e :
$ 148 .7 5

The B oein g C o.

$ 1 27 .50

A g e 30
and
3 years
of
s e r v ic e .

$ 14 8 .5 0

M onthly— $ 2 . 25 t im e s y e a r s o f s e r v ic e a fte r M ay 15, 1963;
$ 1. 75 tim e s y e a r s of s e r v ic e p r io r to M ay 16, 1963, 6 plus
0. 75 p e r c e n t of m onthly ea rn in g s o v e r $ 350 on Jan. 1, 1955,
t im e s y e a r s o f s e r v ic e p r io r to Jan. 1, 1955.

25 y e a r s o f s e r v ic e :

PLUS

30 y e a r s o f s e r v ic e :

$ 5 6 .2 5

$ 5 6 .2 5

$ 1 4 8 .5 0

$ 7 5 .0 0

60

10

At e m p lo y e r 's
r e q u e s t or
under m utually
s a t is fa c t o r y
co n d itio n s .

With e m p lo y ­
e r 's co n s e n t.

M onthly— n o r m a l b e n e ­
fit, plus $ 5 . 20 tim e s
y e a r s of s e r v ic e up to
25 y e a r s , co m m e n cin g
im m e d ia te ly .
When e lig ib le fo r an
u n red u ced s o c ia l s e c u ­
rity b en efit, or at
age 65, n o r m a l b en efit
p aya ble.

A c tu a r ia l equivalent of
n o r m a l b en efit (m in i­
m um not a p p lic a b le ),
c o m m e n cin g im m e d i­
a tely .

July 1964.
A v a r ia b le b e n e fit fo r w o r k e r s w ith a m onthly b a s e rate of
m o r e than $40 0. A lthough the " t a r g e t " am ount of th is s u p ­
p le m e n ta l b en efit is 1. 5 p e r c e n t o f m on th ly b a se ra te above
$40 0 f o r ea ch y e a r o f s e r v ic e a fte r D e c. 31, 1958, the actu al
am ount w ill be b a s e d on the w o r k e r 's to ta l r e tir e m e n t b e n e ­
fit u n its , 7 the value o f w hich w ill v a r y a c c o r d in g to the tru st
fund e x p e r ie n c e , i. e. , m o r ta lity o f the g ro u p , in c o m e , gains
and l o s s e s fr o m in v e stm e n t, e tc.

$ 6 7 . 50

$ 6 7 .5 0

$ 9 0 .0 0

35 y e a r s o f s e r v ic e :
$ 7 8 .7 5

$ 7 8 .7 5

$ 1 0 5 .0 0

M in im u m — $ 50.

E ffe c tiv e F eb . 1, 1965.
F u ll (u n redu ced) n o rm a l b e n e fits a re a ls o p aya ble u nd er e a r ly re tir e m e n t p r o v is io n to w o r k e r s ch o o s in g to r e t ir e as e a r ly as age 62.
3 P en sion in itia lly re d u ce d to 90 p e r c e n t and 0. 5 p e r c e n t in c r e a s e o r d e c r e a s e fo r each y e a r w id o w (e r) is o ld e r o r you n g er than r e t ir e e o r v e s te d fo r m e r w o r k e r .
The w id ow (er) r e c e iv e s a
m onthly ben efit equal to 5 5 p e r c e n t o f w o r k e r 's a c c r u e d p en sion b e n e fit, co m m e n cin g a fte r m onthly b e n e fits of life in s u ra n ce p r o g r a m have been paid.
4
Joint and s u r v iv o r option a v a ila b le at age 60. See footn ote 3.
5 The w id ow (er) of a w o rk e r e lig ib le fo r e a r ly r e t ir e m e n t , o r v e s te d w o rk e r who e le c te d to d e fe r h is pe n sio n , a u to m a tica lly r e c e iv e s a m onthly b en efit equal to 55 p e r c e n t o f w o r k e r 's a c c r u e d
1
2




49
Bargaining, Late 1964--- Continued
D IS A B IL ITY R E T IR E M E N T
NORMAL
AND E A R L Y
R E TIR E M E N T
B E N E F IT
O PTIO N S

Minimum
requirements
Age

Joint and
s u r v iv o r .

Type, conditions,
and minimum
requirements

Service
(Years)

10
3

M onthly— sa m e as h igh er e a r ly
r e tir e m e n t b e n e fit, co m m e n cin g
im m e d ia te ly .
When e lig ib le fo r an u n red u ced
s o c ia l s e c u r ity b e n e fit, o r at age 65,
n o r m a l b en efit p a y a b le .

Benefit formula

D e fe r r e d fu ll.
T e r m in a te d fo r any
reason .
10

y e a r s o f s e r v ic e .

(4)

Joint and
s u r v iv o r .

D e fe r r e d gra d e d .
T e r m in a te d fo r any
reason .

L evel
in co m e
(e a r ly ).

IN V O L U N TA R Y
R E T IR E M E N T

V E S TIN G

Y e a r s of
s e r v ic e 8

Percent
v e s te d

5

45

6

60
75
90

7
8

9

Compulsory
at age-

M onthly—
e a r ly r e t i r e ­
m ent b e n e fit,
co m m e n cin g
any tim e during
5 -y e a r p e r io d
p r io r to age 65;
or n orm al ben e­
fit , co m m e n cin g
at age 65.

68

M onthly—
a c tu a r ia l e q u iv ­
alent o f n o rm a l
b e n e fit, c o m ­
m e n cin g any
tim e during
1 0 -y e a r p e r io d
p r io r to age 65;
or norm al
b e n e fit, c o m ­
m e n cin g at
age 65.

65

Automatic
at age -

D E A TH B E N E F IT S

Before
retirement

( 5)

After
retirement

F IN A N C IN G
MEDIUM
O F FUNDING
Employee

A D M IN ISTR A TIO N

Employer

F u ll
co st.

T ru s teed ;
ban kadm in is te r e d .

E m p lo y e r
a d m in is tr a ­
tion of
funding.
B ip a rtite
a d m in is tr a ­
tion o f plan
( s p e c ific
re s p o n s i­
b ilit ie s ou t­
lin ed in
a g r e e m e n t).

F u ll
cost.

T r u s te e d ;
ban ka d m in is ­
te r e d .

E m p lo y e r .

100

pension benefit, adjusted for either e a r l y r e t ir e m e n t or joint and s u r v i v o r option, c o m m e n c i n g af te r monthly benefits of life i ns ura nce p r o g r a m have been paid.
6 E x cl ud e s p r e m e m b e r s h i p s e r v i c e .
7 An exam ple of how benefit unit is c al cu la te d is as fo llo ws (for a monthly ba se rate of $450): (1) 1. 5 pe rc en t of monthly base rate e xc ee di ng $40 0 = $0. 75, the " t ar ge t " monthly supplemental
future s e r v i c e benefit fo r yea r; (2) value of unit for ye ar (based on trust fund posi tio n fo r that per iod) is det er m in e d to be $ 1; r e t ir e m e n t benefit unit c r e d it f o r that ye ar equals (l) divided by (2) or
$ 0 . 7 5 . Upon r et ir e m en t , these r et ir em e n t benefit unit c r ed it s are totaled and m ultiplied by cu r r e nt value o f r e t ir e m e n t benefit unit and adjust ed on a semiannual basi s there af ter .
8 Ex cl ud es p r e m e m b e r s h i p s e r v i c e . Benefits for s e r v i c e p r i o r to Jan. 1, 1955, a r e ve st ed only fo r w o r k e r s te rm in at e d at age 55 or later.




50
Selected Pension Plans Under Collective
E A R L Y R E TIR E M E N T

NORM AL R E TIR E M E N T
COM PANY, UNION, AND
D A T E O F INFORM ATIO N

P A R T IC I­
P A TIO N
R E Q U IR E M EN TS

Minimum
requirements

Age

D ouglas A ir c r a ft
C o. , Inc.

_

IL L U S T R A T IV E M O N TH L Y PENSIONS
at age 65 under current normal retirement
formula, for annual average
earnings of—

65

Service
credited
after
Service normal
age
(Years)

10

A u tom ob ile W o r k e r s ;
M a ch in ists.
A u gust 1964.

To
age
68.

Benefit formula

Benefit formula

$4,200
M onthly— $2 tim e s y e a r s o f s e r v ic e a fte r N ov. 30, I960, and
$ 1 . 75 tim e s y e a r s o f s e r v ic e p r i o r to D e c. 1, I960, to a
m axim u m o f 35 m o s t r e c e n t y e a r s plus 0. 125 p e r c e n t o f
p r o d u c t o f (1) h ou rs w o rk e d in y e a r (m a xim u m 2, 080) and
(2) e x c e s s o f b a s ic h o u rly rate o v e r $ 2 . 3076 fo r each y e a r of
s e r v ic e a fte r N ov. 30, 1958, and $ 2 .0 2 fo r each y e a r o f
s e r v ic e p r io r to D e c. 1, 1958. F o r s e r v ic e p r i o r to D e c. 1,
1955, 0. 0625 p e r c e n t o f p r o d u c t o f 2, 080 and e x c e s s o f la st
b a s ic h o u r ly rate p r i o r to D e c. 1, 1955, o v e r $ 2 . 02 p e r hour
tim e s y e a r s o f s e r v ic e .

$4,800

$5,400

25 y e a r s o f s e r v ic e :
$ 5 0 . 00

$50 . 00

$ 6 8 .7 5

30 y e a r s o f s e r v ic e :
$ 6 0 . 00

$60 . 00

$ 8 2 .5 0

M arin e and Shipbuilding
W orkers.
N o v em b er 1964.

3 years
of se rv ­
ice .

65

_

$ 7 0 . 00

1
2
3
4

C om pu tation b a se d on a ssu m p tio n o f 2, 080 h o u rs w o rk e d during each y e a r .
E x clu d e s p r e m e m b e r s h ip s e r v ic e .
Annual rate b a s e d on e a rn in gs o f July 1, 1950, o r a v e r a g e annual ea rn in gs o f 1947,
In clu d es p r e m e m b e r s h ip s e r v ic e .




1948,

and 1949,

55

15

At w o r k e r 's
req u est.
1
or
55

55

25 y e a r s o f s e r v ic e :
$ 8 7 . 50

$ 1 0 0 .0 0

$ 1 1 8 .7 5

30 y e a r s o f s e r v ic e :
$ 1 0 5 .0 0

$ 1 2 0 .0 0

$ 1 2 2 .5 0

w h ic h e v e r is h ig h e r.

$ 1 4 0 .0 0

A c tu a r ia l equivalent of
n o r m a l b en efit, c o m ­
m en cin g im m e d ia te ly ;
o r n o r m a l b en efit, c o m ­
m en cin g at age 65.

10

$ 9 6 .2 5

$ 1 4 2 .5 0

35 y e a r s o f s e r v ic e :
M in im um — $75 f o r 30 y e a r s o r m o r e o f s e r v ic e , 4 re d u ce d
$ 2 . 50 p e r m onth fo r each y e a r le s s than 30 to a m in im u m o f
$ 4 7 . 50 f o r 15 y e a r s o f s e r v ic e .

Service
(Years)

l

$ 7 0 . 00

N one. M onthly— f o r s e r v ic e a fte r D e c. 31, 1954, V12 o f 1 p e r c e n t o f
annual e arn in gs s u b je c t to s o c ia l s e c u r it y tax (cu rr e n tly
$ 4 ,8 0 0 ), and V12 o f 1. 5 p e r c e n t o f earn in gs e x ce e d in g such
am ount fo r each y e a r o f s e r v i c e ; 1
2 fo r s e r v ic e fr o m July 1,
1950, through D e c. 31, 1954, V12 o f 1 p e r c e n t o f f ir s t $ 3,000
o f annual e a rn in g s, and V12 o f 1. 5 p e r c e n t o f e a rn in gs
e x c e e d in g $ 3 , 000 fo r each y e a r o f such s e r v i c e ; 2 fo r s e r v ic e
p r io r to July 1, 1950, V12 o f 0. 75 p e r c e n t o f f ir s t $ 4 , 200 o f
annual e a r n in g s 3 and V12 o f 1. 25 p e r c e n t o f earn in gs
e x ce e d in g $ 4 , 200, tim e s y e a r s o f such s e r v i c e 2 3

Age

With e m p lo y ­
e r 's con sen t.

35 y e a r s o f s e r v ic e :
M in im um — $2 tim e s y e a r s o f s e r v ic e to a m axim u m o f 35
years.

D ra vo C orp .

Minimum
requirements

$ 1 6 6 .2 5

_

A c tu a r ia l equivalent o f
n o r m a l b en efit (m in i­
At w o r k e r 's
m um not a p p lic a b le ),
r eq u est.
co m m e n cin g im m e d i­
a tely; o r n o r m a l b e n e ­
fit (m in im u m not a p p li­
c a b le ), co m m e n cin g at
age 65.

51
Bargaining, Late 1964--- Continued
D IS A B IL ITY R E T IR E M E N T
NORMAL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P TIO N S

Joint and
s u r v iv o r .

Minimum
requirements
Benefit formula
Age

Service
(Years)

45

10

M onthly— n o r m a l b e n e fit, c o m ­
m e n cin g im m e d ia te ly .

Type, conditions,
and minimum
requirements

D e fe r r e d gra d ed .
T e rm in a te d fo r any
re a s o n .
A g e 40; 50 p e r c e n t
v e s te d f o r 10 y e a r s o f
s e r v ic e , plus 10 p e r ­
cent fo r ea ch a d d i­
tio n a l y e a r to 100 p e r ­
cent f o r 15 y e a r s o r
m o r e o f s e r v ic e .

Joint and
s u r v iv o r .

50

15




M onthly— n o r m a l b e n e fit (m in im u m
not a p p lic a b le ), co m m e n cin g i m ­
m e d ia te ly .

IN V O L U N TA R Y
R E T IR E M E N T

V E S TIN G

D e fe r r e d fu ll.
T e rm in a te d fo r any
reason .
A g e 50 and 10 y e a r s o f
s e r v ic e . 2

Benefit formula

Compulsory Automatic
at ageat age-

M onthly---a ctu a r ia l e q u iv ­
alent o f n o r m a l
be n e fit, c o m ­
m e n cin g at age
55, o r n o r m a l
b e n e fit, c o m ­
m en cin g at age
65.

68

M onthly---n o r m a l b en efit
(m in im u m not
a p p lic a b le ),
co m m e n cin g at
age 65.

65

D E A TH B E N E F IT S

Before
retirement

After
retirement

FIN A N C IN G
MEDIUM
O F FUNDING
Employee

$ 1 ,0 0 0

A D M IN ISTR A TIO N

Employer

F u ll
co s t.

T rusteed;
bankadm inis te r e d .

E m p lo y e r a d ­
m in is tr a tio n
o f funding.
B ip a rtite a d ­
m in is tr a tio n
of plan
(s p e c ific r e ­
s p o n s ib ilitie s
outlined in
a g re e m e n t).

W ork er’ s
co n trib u tio n s
plus in te re s t.

W o r k e r 's
contribu tions
plus in t e r ­
est, le s s
ben efits
r e c e iv e d .

3 per­
cent o f
annual
earn in gs
s u b je ct
to s o c ia l
s e c u r ity
tax ( c u r ­
ren tly
$ 4 ,8 0 0 ),
and 4. 5
percent
of earn ­
ings e x ­
ceed in g
such
am ount.

B a lan ce
of c o s t.

T ru steed ;
bankadm inis te r e d .

E m p lo y e r .

52
Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T
CO M P A N Y , U NIO N, AND
D A T E O F IN FO R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E ­
M E N TS

Minimum
requirements

Age

Servii
credited
after
normal
Servii
age
(Years)

Automobile W orkers.

(2)

Minimum
requirements

Benefit formula

Benefit formula

$4,200
Monthly— $ 4 . 25 times years of service.

Ford Motor Co.

E A R L Y R E T IR E M E N T
IL L U S T R A T I V E M O N T H L Y P E N SIO N S
at age 65 under current normal retirement
formula, for annual average
earnings of—

age
68.

$4,8(

$5,400

Service
(Years)

Age

25 years of service:
$ 106.25

$ 106. 25

$ 1 0 6 .2 5
At w orker's
request.

30 years of service:
December 1964.
$ 127.50
(*)

$ 127. 50

$ 1 2 7 .5 0

35 years of service:
$ 148.75

$ 148.75

$ 1 4 8 .7 5

At em ployer's
request, or
under mutually
satisfactory
conditions.

Normal benefit reduced
by varying percents for
each year under age 62,
commencing im m edi­
ately; or normal benefit,
commencing at age 62. 2
Monthly— normal bene­
fit, plus $ 5 .2 0 times
years of service up to
25 years, commencing
immediately.
When eligible for an
unreduced social
security benefit,
or at age 65, normal
benefit payable.
(4 )

Monthly— $ 4 . 25 times years of service.

General Motors Corp.
age
68.

25 years of service:
$ 106.25

$ 106. 25

3 60
$ 1 0 6 .2 5

Automobile W orkers.

JL

30 years of service:
December 1964.
$ 127.50

$ 127.50

$ 1 2 7 .5 0

n
35 years of service:
$ 148. 75

$ 148.75

At w orker' s
request.

$ 1 4 8 .7 5

Norm al benefit reduced
by varying percents for
each year under age 62,
commencing im m edi­
ately; or normal benefit,
commencing at age 6 2. 2
Monthly— normal bene­
fit, plus $ 5 .2 0 times
years of service up to
25 years, commencing
immediately.

At em ployer's
request or
under mutually
satisfactory
When eligible for an
conditions.
unreduced social
security benefit,
or at age 65, normal
benefit payable.
(4 )

1 Plan effective Jan. 1, 1965, for worker retiring after Aug. 31, 1964.
2 Full (unreduced) normal benefits are also payable under early retirement provision to workers choosing to retire as early as age 62.
3 Age 55 to 60; age plus service m ust equal 85.
.
4 Worker retiring after Aug. 31, 1965, under Ford plan and July 31, 1965, under General Motors plan will receive a supplemental allowance that when added to his basic benefit will
total $400 per month to age 65 subject to maximum of 70 percent of his base monthly wages before retirem ent. The $400 is subject to proportionate reduction if years of service are less
than 30 or age is less than 60.




53
Bargaining, Late 1964--- Continued
NO RM AL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

D IS A B IL IT Y R E T IR E M E N T
Minimum
requirements
Benefit formula
Age

Joint and
survivor. 5

Service
(Years)

10

Monthly— same as higher early
retirement benefit, commencing
immediately.

Type, conditions,
and minimum
requirements

Deferred full.

Terminated for any
reason.
(6 7
)

10 years of service.

Joint and
survivor. 5

10

Monthly---- same as higher early
retirement benefit, commencing
immediately.

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

Deferred full.

Terminated for any
reason.
(6 )

10 years of service.

Benefit formula

Compulsory Automatic
at age at age -

Monthly— r e ­
duced normal
benefit, com ­
mencing any
time during
5-year period
prior to age 65;
or normal
benefit, com ­
mencing at
age 65.

7 68

Monthly— r e ­
duced normal
benefit, com ­
mencing any
time during
5-year period
prior to age 65;
or normal
benefit, com ­
mencing at
age 65.

68

7 68

D E A T H B E N E F IT S

Before
retirement

(8 )

After
retirement

F IN A N C IN G
MEDIUM
O F FU N D IN G
Employee

A D M IN IST R A TIO N

Employer

Full
cost.

T rusteed;
bankadminis­
tered.

Employer
administration
of funding.

Bipartite
administration
of plan
(specific r e ­
sponsibilities
outlined in
agreement).

(8 )

Full
cost.

T rusteed;
bankadminis­
tered.

Employer
administration
of funding.

Bipartite
administration
of plan
(specific re ­
sponsibilities
outlined in
agreement).

5 Pension initially reduced to 90 percent and 0 .5 percent increase or decrease for each year widow(er) is older or younger than retiree or vested form er worker. The widow(er) receives
a monthly benefit equal to 55 percent of w orker's accrued pension benefit, commencing after monthly benefits of life insurance program have been paid.
6 Joint and survivor option available at age 60, see footnote 5.
7 Effective Jan. 1, 1966: Age 66 with 25 years of service; and effective Jan. 1, 1967, age 65 with 25 years of service.
8 The widow(er) of a worker eligible for retirement, is eligible for a benefit equal to 55 percent of w orker's accrued pension benefit, adjusted for either early retirement or joint and survivor
option, commencing after monthly benefits of life insurance have been paid.




54
Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T
CO M P A N Y , U NIO N, AND
D A T E O F IN FO R M A T IO N

Pullman, Inc.
(Pullman - Standard
Division).

P A R T IC I­
P A T IO N
R E Q U IR E ­
M EN TS

_

E A R L Y R E T IR E M E N T
I L L U S T R A T I V E M O N T H L Y P EN SIO N S

Minimum
Service
requirements creditec
after
Service normal
Age (Years) age
65

15

A ll.

Benefit formula

at age 65 under current normal retirement
formula, for annual average
earnings of—

Benefit formula
14,200

M onthly1— greater of: (1) 1 percent of average monthly
earnings during 120 months immediately preceding
retirement times years of service, less $80 for primary
social security benefit.

$4,800

$5,400

$ 6 5 .0 0

$ 6 5 .0 0

$ 6 5 .0 0

$ 7 8 . 00

$ 7 8 . 00

$ 7 8 .0 0

35 years of service:
$ 9 1 . 00

Am erican Bosch Arm a
Corp.
(A r m a D iv is io n ).

Age 25
and 1
year of
service.

Me
65

—

Women
E lectrical (IUE).
60

—

October 1964.

Until
the
e a r­
lier
of age
68, or
25
years
of
se r v ­
ice.

Monthly— greater of: (1) monthly equivalent of 1 percent of
first $ 3 ,0 0 0 of average annual earnings during 10 years
immediately preceding retirem ent, and 2 percent of earnings
exceeding $ 3 ,000 tim es years of service,
or (2) $ 2 times
years of service. 56
7

Electrical (IUE).

November 1964.

Age 30
(25 for
women)
and
2 years
of se r v ­
ice. 8

Mein
65

—

Women
60

—

$ 9 1 .0 0

25 years of service:
$ 112. 50

$ 137.50

\( 2 ))

Mutually sa tis­
factory condi­
tions o r term i­
nated as a result
of permanent
shutdown of
plant, department or sub­
division, or
absent 2 years
as a result of
layoff or disability.

50
$ 162. 50

5 20
<r

5 10

55

Norm al benefit, com ­
mencing im m ediatley. 34
( )

Normal benefit reduced
0 .3 3 percent for each
month under age 65
(age 60 for women), com ­
mencing immediately.

30 years of service:
$ 135.00

$ 165.00

$ 195.00

With pension
com m ittee's
approval.

35 years of service:
$ 157.50

Sperry Gyroscope Co.
(Division of Sperry
Rand C o r p . ).

$ 9 1 .0 0

15
Actuarial equivalent of
normal benefit, com ­
mencing
im m ediately;
:
|
A t \x j t
or normal benefit, com ­
r e q u e s t«
mencing
at
age 65.
1
1

30 years of service:
Minimum— $ 2 .6 0 times years of service after Dec. 31, 1959,
and $ 2 .5 0 times years of service prior to Jan. 1, I960.
Maximum service credited, 35 years.

Service
(Years)

Age

60

25 years of service:

Steelworkers.

August 1964.

Minimum
requirements

$ 192. 50

None. Monthly— for service after Jan. 1, 1949: (1) V12 of 1 percent
25 years of service:
of annual earnings for each year of service, 9 plus (2) V 12 of
$ 8 7 . 50
$ 100.00
1 percent of annual earnings exceeding amount subject to
social security tax (currently $ 4 ,8 0 0 ) for each year of service.
mencing at age 65.
30 years of service:
For service from May 1, 1941, through Dec. 31, 1948, Vi2 of
1 percent of annual earnings for each year of such service;
$ 120.00
for service prior to May 1, 1941, V12 of
of 1 percent of
$ 105.00
annual earnings 10 for each year of such service. 11
Minimum — $ 7 0.

$ 227.50

Me
$ 125.00

$ 140.00

95

Women
$ 1 5 0 .0 0
50

95

At wor k e r1s
request.

35 years of service:
$ 122. 50

55

Actuarial equivalent of
normal benefit, com ­
mencing im m ediately;
or normal benefit, com ­

$ 175.00

1 Benefit payments start the fourth full month of retirem ent. 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.
2 Age 55 plus service must equal 75, or if under age 55, age plus service m ust equal 80.
3 No social security benefit offset until age 65 for workers entitled to a reduced social security benefit.
4 Lum p-sum benefit not payable.
5 Includes prem em bership service.
6 Worker with 10 years of service has choice of vested or pension termination benefit. The termination benefit is equal to $ 100 times years of service.
7 Effective Oct. 1, 1965; age 65.
8 May 1 or Nov. 1 following such service.




55
Bargaining, Late 1964--- Continued
D IS A B IL IT Y R E T IR E M E N T
N O R M AL
AN D E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

Minimum
requirements
Benefit formula
Age

Service

IN V O L U N TA R Y
R E T IR E M E N T

V E S T IN G

Type, conditions,
and minimum
requirements

Benefit formula

Compulsory Automatic
at ageat age-

D E A TH B E N E F IT S

Before
retirement

After
retirement

F IN A N C IN G
MEDIUM
O F FUNDING
Employee

A D M IN IST R A TIO N

Employer

(Years)

15

Monthly4— greatest of: (1) $ 100, less
social security disability benefit,
(2) 1 percent of average monthly
earnings during 120 months im m edi­
ately preceding retirem ent times
years of service, less $80 for
social security disability benefit, or
in workmen's compensation cases,
actual social security benefit if less
than $ 8 0 , or (3) $ 2. 60 times years
of service after Dec. 31, 1959, and
$ 2 .5 0 times years of service prior
to Jan. 1, I960, to a maximum of
35 years.

Deferred full.
Terminated as result
of layoff and not r e ­
called within 3 years,
or terminated as result
of permanent shutdown
of plant, department or
subdivision.

Mo nth ly— no rm al
benefit, 4 com ­
mencing at
age 65.

Full
cost.

Insured;
deposit
adminis­
tration.

Em ployer.

Full
cost.

T rusteed;
bankadminis­
tered.

Em ployer.

Full
cost. 14

Insured;
group
annuity.

Employer.

Age 40 and 15 years
of service.

At age 65, normal benefit payable.

Joint and
survivor.
Period
certain.

Deferred full.
Terminated for any
reason.
10 years of service.

Level income
(early).

Joint and
survivor.
Level income.

(6 )

Deferred full.
Terminated for any
reason.
Age 30 and 5 years of
service. 9

Men
Monthly— normal
benefit reduced
4 percent for
65
each year under
Women
age 65 (age 60
for women), com ­
60
mencing im m edi­
ately; or normal
benefit, com ­
mencing at
age 65 (60 for
women).

Mo nth ly---- a c tu arial equivalent
of normal bene­
fit, commencing
any time during
10-year period
prior to age 65;
or normal bene­
fit, commencing
at age 65. 12

7 68

68

2. 5 percent

of annual
earnings plus
interest. 9

2. 5 percent
of annual
earnings
plus in­
terest, 91
less r e ­
tirement
benefits
received. 13

9 Excludes premembership service.
10 Average annual earnings for 5 years preceding Jan. 1, 1941.
11 Excludes service prior to age 35 (age 30 for women) or 1 year of service, whichever is later.
12 A worker may elect to receive lum p-sum payment equal to 2 .5 percent of annual earnings plus interest for each year of plan service instead of these benefits. A worker with less than 5 years
of plan service may choose a lum p-sum payment equal to 2 .5 percent of annual earnings plus interest for each year of plan service or a benefit purchased by such sum, payable anytime during 10-year
period prior to age 65, or payable at age 65.
13 Excludes benefits based on part (2) of normal benefit formula, not applicable if joint and survivor option is elected.
14 Effective Dec. 1, 1965: Additional $ 0 .0 3 used until Dec. 1, 1966, to finance minimum monthly benefit of $ 70.




56
Selected Pension Plans Under Collective
N O R M AL R E T IR E M E N T
CO M P A N Y , U NIO N, AND
D A T E O F IN FO R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E M E N TS

A ge

at age

S e rv ic e
c r e d ite d
a fte r
S e r v ic e n o rm a l
age
(Y e a rs )

c u rre n t n o rm a l re tire m e n t
f o r m u la , fo r a n n u a l a v e r a g e
e a r n in g s o f—

M inim um
re q u ire m e n ts

B e n e f i t fo r m u la

B e n e f i t f o r m u la

S4.200
Monthly— $ 2 .5 0 times years of service.
credited, 40 years.

Maximum service

*4,800

*5,400

25 years of service:
$ 6 2 .5 0

60
$ 6 2 .5 0

30 years of service:

Various unions.

$ 7 5 .0 0

$ 7 5 .0 0

At wc
reque

-

$ 6 2 .5 0

S e rv ic e
(Y e a rs )

A ge

£Jh to

10 To
age
68.

65 u n d e r

0

65

Kennecott Copper Corp.
(Western Mining
D ivisions).

E A R L Y R E T IR E M E N T
IL L U S T R A T I V E M O N T H L Y P EN S IO N S

M inim um
re q u ire m e n ts

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

$ 7 5 .0 0

August 1964.
35 years of service:
$ 8 7 . 50

160

Bituminous coal industry,
various em ployers.

1 2 20 A ll.

Monthly— $ 7 5 . 12

$ 8 7 .5 0

25 years of service:
1 $ 7 5 .0 0

United Mine W orkers.

$ 8 7 . 50

$ 7 5 .0 0

$ 7 5 .0 0

30 years of service:
1 $ 75. 00

July 1964.

$ 7 5 .0 0

$ 7 5 .0 0

35 years of service:
1 $ 7 5 .0 0

$ 7 5 .0 0

$ 7 5 .0 0

(3 4
)
5
Pan Am erican Petroleum
Corp.
Various unions.
July 1964.

1 year of
service.

5 65

None. Monthly— for service after Oct. 31, 1957, V12 of 1.5 percent of
annual earnings subject to social security tax (currently
$ 4 , 800) and V 12 of 2 percent of earnings exceeding such
amount for each year of service. 6

7 10

25 years of service:
8 $ 131. 00

$ 150. 00

30 years of service:
For each year of service from July 1, 1952, through Oct. 31,
8 $ 158.00
$ 180.00
1957, V12 of 1 percent of first $ 1, 200 of annual earnings,
V1 2 of 1.5 percent of next $ 2 , 400 of earnings, and V12 of 2 per­
35 years of service:
cent of earnings exceeding $ 3 ,6 0 0 ; for each year of service
8 $ 184.00
$ 2 1 0 .0 0
from July 1, 1947, through June 30, 1952, V12 of 1 percent of
first $ 1, 560 of annual earnings, V12 of 1. 333 percent of next
$1,440 of earnings, and V12 of 2 percent of earnings exceeding
$ 3,000; for each year of service from Jan. 1, 1939, through
June 30, 1947, accrued benefit under contributory plan plus
supplement to bring benefit up to July 1, 1947, through
June 30, 1952, form ula; for service prior to Jan»l, 1939, a
monthly benefit of 2 percent of the greater of: (l) Average
monthly earnings from 1936 through 1938, or (2) average
monthly earnings during 10 years preceding Jan. 1, 1939,
times years of service.

$ 1 7 5 .0 0

With em ploye r ’ s consent.

$ 2 1 0 .0 0

0

9 55
$ 2 4 5 .0 0

r
9 25

At wo rker1s
reque: S t .

Normal b en efit10 (min­
imum based on service
not applicable) reduced
3 percent for each year
under age 65 through 60,
7 percent for each year
under age 60 through 55,
and actuarially for each
year under age 55, com ­
mencing immediately;
or normal benefit (m in­
imum based on service
not applicable), com ­
mencing at age 65.

Minimum for 10 years or more of s e r v ic e :7 (1) Based on
service— $3 times years of service to a maximum of 25 years,
plus $5 times years of service exceeding 25 years, or
(2) based on terminal earnings— 1.666 percent of average
monthly earnings of 60 consecutive months of highest earnings
during 120 months immediately preceding retirement times
years of service (maximum 60 percent of 60-month average),
less prim ary social security benefit.

1 In Jan. 1965 the trustees of the United Mine Workers W elfare and Retirement Fund announced that the following revisions would become effective Feb. 1, 1965: (1) Reduction of normal r e ­
tirement age to 55, (2) elimination of the requirement that credited service must be performed in the 30 years preceding retirem ent application (see footnote 2), and (3) increase of normal re tire ­
ment benefit to $85 a month.
2 20 years of service in a classified job in industry during 30 years immediately preceding date of application. Worker m ust have been retired after May 28, 1946, following regular employ­
ment in a classified job for an employer signatory to the agreement, and regularly employed in a classified job in industry immediately prior to date fund was established (May 29, 1946).
3 Normal benefit initially payable at age 60.
4 Em ployers contribute $ 0 .4 0 per ton of coal produced to United Mine W orker's W elfare and Retirement Fund for health, welfare and pension benefits.
5 Women covered by plan on June 30, 1952, may elect to retire at age 60 with full benefit.




57
Bargaining, Late 1964--- Continued
NO RM AL
AN D E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

D IS A B IL IT Y R E T IR E M E N T
M inim um
r e q u ire m e n ts

A ge

Joint and
survivor.

T y p e , c o n d itio n s ,
a n d m in im u m
re q u ire m e n ts

S e r v ic e
(Y e a rs]

10

Monthly— $ 100, less Vz social
security disablility benefit, com ­
mencing im m ediately.

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

Deferred full.

Terminated for any
reason.

B e n e f i t f o r m u la

Monthly— normal
benefit, com ­
mencing at
age 65.

C o m p u ls o r y
at a g e-

A u to m a tic
at age-

D EA T H B E N E F IT S

B e fo re
r e tir e m e n t

A f te r
r e tir e m e n t

F IN A N C IN G
MEDIUM
O F FU N D IN G
E m p lo y e e

68

A D M IN IS T R A T IO N

E m p lo y e r

Full
cost.

T rusteed;
bankadminis­
tered.

Em ployer.

Full
cost. 4

T rusteed;
se lfadminis tered.

T ripartite.

Balance
of cost.

Combina­
tion:

Em ployer.

At age 65, normal benefit payable.
Age 40 and 15 years
of service.

Monthly— early retirement benefit
commencing immediately; plus (for
10 years or m ore of service) an
amount equal to primary social
security benefit for which worker
would be eligible at age 65, payable
until age 65, less social security
disability benefit.

Joint and
survivor.

Level income
(early).

\\

Minimum monthly benefit for 10
years or m ore of service: (1) Same
as normal minimum 91
0 based on se rv ­
ice, plus supplement described
above, or (2) same as normal m ini­
mum based on terminal earnings
prior to age 65, less social security
disablilty benefit.

Deferred full.

Terminated for any
reason.

10 years of service. 6
78

Monthly— actu arial equivalent
of normal bene­
fit 11 (minimum s
not applicable),
commencing
any time prior
to age 65; or
normal benefit11
(minimum s not
applicable),
commencing at
age 65.

65

70

W orker’ s
contribu­
tions plus
interest.

W orker's
contribu­
tions plus
interest,
less bene­
fits re ­
ceived. 12

2. 7 per­
cent of
annual
earnings
subject
to social
security
tax (cur­
rently
$4, 800)
and 4
percent
of earn­
ings ex­
ceeding
such
amount.

Trusteed;
bankadminis­
tered.
Insured;
deposit
adminis­
tration.

6 Excludes premembership service.
7 Includes premembership service.
8 Benefit amount rounded to nearest dollar.
9 Initial minimum age requirement is 55 and worker may retire if sum of age plus service equals or exceeds 80 (includes prem em bership service).
10 At age 65, minimum benefit based on terminal earnings, less primary social security benefit.
11 Except that benefits based on service prior to Jan. 1, 1939, and supplementary benefits provided from Jan. 1, 1939, through June 30, 1947 (see normal benefit formula), are 50 percent
vested for 10 years of service, plus 5 percent for each additional year to 100 percent for 20 years or mbre of service.
12 Benefits received not including supplemental payments.




58
Selected Pension Plans Under Collective
N O R M AL R E T IR E M E N T
CO M P A N Y , U N IO N, AND
D A T E O F IN FO R M A T IO N

Construction industry,
various employers
(New York, N. Y . ).

P A R T IC IP A T IO N
R E Q U IR E M E N TS

__

E A R L Y R E T IR E M E N T
IL L U S T R A T I V E M O N T H L Y P E N S IO N S

Minimum
requirements

Service
Benefit formula

Age

after
Service normal
(Years) age

65

1 25 A ll.

Monthly— $ 0 . 30 times units of service 1
23
* after Dec. 31, 1955;
6
5
4
and $ 2 .4 0 times years of service prior to Jan. 1, 1956.

at age 65 under current normal retirement
formula, for annual average
earninfirs of—

Benefit formula
$4,200

$4,800

$5,400

25 years of service:
3 $ 8 2 . 50

$ 9 0 .0 0

Age

Service
(Years)

__

__

_

__

__

_

__

__

_

_

_

_

$ 1 0 5 .0 0

30 years of service:

Carpenters (New York
D istrict Council).

3 $ 9 9 .0 0

$ 108.00

$ 126.00

35 years of service:

November 1964.

3 $ 115.50

Construction industry,
National Electrical
Contractors Association,
and other em ployers.

Minimum
requirements

__

65

5 20 A ll.

Monthly— for workers reinstated or initiated as " A " m em bers
or transferred to " A " mem bership after Apr. 30, 1952,
$30 for 20 years of service, $40 for 25 years, and $50 for
30 yea rs; for workers initiated or reinstated as " A " m em bers
prior to May 1, 1952, $50 for 20 years of service.

$ 147.00

25 years of service:
6 $ 4 0 . 00

$ 4 0 . 00

$ 4 0 . 00

30 years of service:
6 $ 5 0 .0 0

E lectrical (IBEW)
National plan.

$ 126.00

$ 5 0 .0 0

$ 5 0 .0 0

35 years of service:
August 1964 .

Construction industry,
New York E lectrical
Contractors Association,
and other em ployers.

6 $ 5 0 . 00

__

60

8 15 A ll.

E lectrical (IBEW),
.Local 3.

Monthly— age 60 and older (age 58 and older after July 1, 1965)
but not eligible for International Union Pension— $ 100.
Age 65 and older and eligible for International Union Pension—
$ 250, 9 less International Union Pension and prim ary social
security benefit; payment from fund at age 65 not to exceed
$100 with minimum of $7 0 .

$ 5 0 .0 0

$ 5 0 . 00

25 years of service:
10 $ 100.00
11 $ 134. 00

$ 100.00
$ 123. 00

$ 100.00
$ 1 2 3 .0 0

30 years of service:
10 $ 100. 00
11 $ 134. 00

$ 100.00
$ 123.00

$ 100.00
$ 123. 00

November 1964.
35 years of service:
10 $ 100. 00
11 $ 134. 00

$ 1 0 0 .0 0
$ 123. 00

$ 100.00
$ 123.00

(12)

Association of M aster
Painters and Decorators
of the City of New York,
Inc.
Painters, District
Council 9.

_

65

20 A ll.

Monthly— $ 6 5.

25 years of service:
$ 6 5 .0 0

$ 6 5 .0 0

$ 6 5 . 00

30 years of service:
$ 6 5 .0 0

$ 6 5 .0 0

$ 6 5 .0 0

35 years of service:
September 1964.

$ 6 5 .0 0

$ 6 5 . 00

$ 6 5 .0 0

1 Service includes (1) employment with contributing em ployers (based on Vio of a year for each $ 220 of gross earnings during calendar year to a maximum of 1 year of service during any
1 calendar year) after D ec. 31, 1955, and (2) prior to Jan. 1, 1956, employment within jurisdiction of New York D istrict Council, or mem bership in
good standing in union, if contributions
made in w orker's behalf during 1956 and 1957. W orkers who were over age 60 on Jan. 1, 1956, qualify for past service even though not employed by
a contributing employer in 1956.
2 Service based on 1 unit for each $380 of gross earnings during a calendar year to a maximum of 20 units ($ 7 , 600 gross earnings).
3 Partial credit for each year of service owing to earnings of less than $ 7 ,6 0 0 a year. See footnote 2.
4 Service includes employment with contributing employers (based on Vio of a year for each $ 2 2 0 of gross earnings during a calendar year toa maximum of 1 year
ofservice during
any 1 calendar year) after Dec. 31, 1955.
5 20 years as an " A " union m em ber in good standing immediately preceding application for retirem ent. An " A " m em ber is one who contributes to union's pension fund.
6 Amounts shown are for worker who became an " A " m em ber after Apr. 30, 1952.
For a worker who was an " A " m em ber
prior to May 1, 1952, plan benefit is $50 for 20 years
of service.




were

59
Bargaining, Late 1964--- Continued
N O R M AL
AN D E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

D IS A B IL IT Y R E T IR E M E N T
Minimum
requirements
Benefit formula
Age

Service
(Years)

44

13 10

62

7
working
8
9
10
11
12
13
14
Aug. 1,

20

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

Type, conditions,
and minimum
requirements

Benefit formula

Monthly— normal benefit, com ­
mencing im m ediately.

Monthly— $ 100.

Monthly— normal benefit, com ­
mencing immediately.

Compulsory
at age-

Automatic
at age -

D E A T H B E N E F IT S

Before
retirement

After
retirement

36 monthly
paym ents,
less pay­
ments r e ­
ceived.

Full

F IN A N C IN G
MEDIUM
O F F U N D IN G
Employee

A D M IN IS T R A T IO N

Employer

Full
cost—
5 percent
of gross
payroll.

T rusteed;
se lfadminis­
tered.

Bipartite.

$ 1.60
1 percent T rusteed;
per
of gross
se lfmonth. 78
3 payroll of adminis­
2
0
1
9
" A " union tered.
m em bers.

Bipartite.

T rusteed;
cost—
self2 percent adminis of weekly tered.
payroll.

Bipartite.

Full
cost. 14

Bipartite.

T rusteed;
se lfadminis­
tered.

If worker is employed by a noncontributing em ployer, contribution is $ 3 . 20. For m em bers on withdrawal card, if employed by a noncontributing employer, contribution is $ 3 .8 0 , or if not
or employer is paying toward the fund, contribution is $ 2 . 20.
Employed 15 years with a contributing em ployer.
International Union Pension plan is digested immediately above.
For workers not eligible for International Union Pension.
For workers eligible for International Union Pension, the amount of which is included.
Normal benefit initially payable at age 60.
Employed 10 years with a contributing em ployer.
Em ployers contribute to a general fund for w elfare, pension, and vacation benefits as follows: Aug. 1, I960, through July 31, 1962— 12 percent of gross earnings of covered w orkers;
1959, through July 31, I960
11 percent of gross earnings of covered w orkers; Aug. 1, 1958, through July 31, 1959— 10 percent of gross earnings of covered w orkers.




60
Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T

C O M P A N Y , U N IO N , AND
D A T E O F IN F O R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E ­
M E N TS

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N T H L Y P E N S IO N S

M in im u m
r e q u ir e m e n ts

A ge

S e r v ic e

S e r v ic e
c re d ite d
a fte r
n o rm al

(Y e a rs)

age

a t a g e 6 5 u n d er c u r re n t n o rm a l r e tire m e n t
f o r m u la , fo r a n n u a l a v e r a g e
e a r n in g s o f—

B e n e f it fo r m u la

Age
* 4 ,2 0 0

M o n th ly — f o r s e r v i c e a l t e r M a y 21, 1 9 5 3 , $ 4 t i m e s y e a r s o f
s e r v i c e ; f o r s e r v i c e p r i o r to J u n e 1, 1 9 5 3 , $ 2 . 5 0 t i m e s y e a r s
of se r v ic e .

C o n s t r u c t io n in d u s t r y ,
P lu m b in g C o n t r a c t o r s
A s s o c i a t i o n o f C h ic a g o
a r e a , a n d o th e r e m p l o y ­
e r s (C h ic a g o , 111. ).

$ 4 ,8 <

*5 ,4 0 0

S e r v ic e
(Y e a r s)

25 y e a r s o f s e r v i c e :

$ 1 0 0 . 00

$ 100.00

$ 100.00

At w o r k e r ' s
r e q u e st.

30 y e a r s o f s e r v i c e :

$ 120.00

P l u m b e r s , L o c a l 130.

$ 1 2 0 . 00

$ 1 4 0 . 00

$ 120.00

M o n th ly — $ 4 t i m e s y e a r s o f s e r v i c e to a m a x im u m o f $ 1 0 0 .

287 Vz
h o u r s .5

$ 1 4 0 .0 0

$ 1 4 0 .0 0

25 y e a r s o f s e r v i c e :
$ 100.00

$ 100.00

$ 100.00

30 y e a r s o f s e r v i c e :

A t w o r k e r 's
re q u e st.

P l u m b e r s , L o c a l 38.
$ 100.00

$ 100.00

$ 100.00

Ju ly 1964.
35 y e a r s o f s e r v i c e :
$ 100.00

M o n th ly — $ 145 f o r 25 y e a r s o r m o r e o f s e r v i c e , r e d u c e d
p r o p o r t io n a t e l y f o r 15 o r m o r e b u t l e s s th a n 25 y e a r s
of se r v ic e . 7

C o n s t r u c t io n in d u s t r y ,
S h ee t M e ta l C o n tr a c to r s
A s s o c i a t i o n o f N ew Y o r k
C ity , I n c ., a n d M e c h a n ic a l
C o n tr a c to r s A s so c ia tio n
o f N ew Y o r k , I n c ., a n d
o th e r e m p l o y e r s .

$ 100.00

25 y e a r s o f s e r v i c e :
$ 1 4 5 .0 0

$ 1 4 5 .0 0

$ 1 4 5 .0 0

$ 1 4 5 .0 0

A t w o r k e r 's
re q u e st.

A c t u a r i a l e q u iv a le n t o f
n o r m a l b e n e fit , c o m ­
m e n c in g im m e d i a t e l y .

$ 1 4 5 .0 0

$ 1 4 5 .0 0

35 y e a r s o f s e r v i c e :
$ 1 4 5 .0 0

S e p te m b e r 1964.

A m a lg a m a te d T r a n s it
W o rk e rs.

$ 1 0 0.00

M o n th ly — $ 4 t i m e s
y e a r s o f s e r v ic e tim e s
r a t i o o f (a ) n u m b e r o f
y e a r s f r o m d a te f i r s t
c o v e r e d b y p la n to d a te
o f e a r l y r e t i r e m e n t , to
(b) n u m b e r o f y e a r s
f r o m d a te f i r s t c o v e r e d
by p la n to a g e 6 5 , c o m ­
m e n c in g a t a g e 6 5 ; a c t u ­
a r i a l e q u iv a le n t, c o m ­
m e n c in g p r i o r to a g e 6 5 .

30 y e a r s o f s e r v i c e :

S h ee t M e ta l W o rk e rs,
L o c a l 28.

C h ic a g o T r a n s i t A u th o r ity .

N o r m a l b e n e fit r e d u c e d
s/ 9 o f 1 p e r c e n t fo r
e a c h m o n th u n d e r
a g e 6 5 , c o m m e n c in g
im m e d i a t e l y .

35 y e a r s o f s e r v i c e :

O c to b e r 1 9 6 4 .

C o n s t r u c t io n in d u s t r y ,
v a r io u s e m p lo y e r s ,
S a n F r a n c is c o , C a lif,
area.

M in im u m
r e q u ire m e n ts

65

M o n th ly — f o r s e r v i c e a f t e r M a y 31, 1 9 4 9 , 1 .5 p e r c e n t o f
t o t a l e a r n in g s (n o t to e x c e e d $ 10, 00 0 in a n y y e a r ) , f o r
s e r v i c e p r i o r to J u n e 1, 1 9 4 9 , 1 p e r c e n t o f a n n u a l r a t e 9 c
p a s t s e r v i c e t i m e s y e a r s o f su c h s e r v i c e ; d iv id e d b y 12.

$ 1 4 5 .0 0

$ 1 4 5 .0 0

25 y e a r s o f s e r v i c e :
$ 1 3 1 .2 5

$ 1 5 0 .0 0

$ 1 6 8 .7 5
A t w o r k e r 's
re q u e st.

30 y e a r s o f s e r v i c e :

N o r m a l b e n e fit r e d u c e d
5 p e rc e n t fo r each y e a r
u nder age 65, c o m ­
m e n c in g im m e d i a t e l y .

M in im u m b e n e f it f o r 20 y e a r s o r m o r e o f s e r v i c e — $ 7 5 .
Ju ly 1964.

$ 1 5 7 .5 0

$ 1 8 0 .0 0

$ 2 0 2 . 50

35 y e a r s o f s e r v i c e :
$ 1 8 3 . 75

$ 210.00

$ 2 3 6 . 25

1 15 y e a r s o f s e r v i c e in c r a f t ( e x c lu d in g y e a r o f r e t ir e m e n t ) a n d e m p lo y e d 3 ,0 0 0 h o u r s d u r in g 5 y e a r s im m e d i a t e l y p r e c e d in g r e t i r e m e n t . S e r v i c e in c lu d e s (1) e m p lo y m e n t w ith c o n tr ib u tin g
e m p l o y e r s a f t e r M a y 31, 1 9 5 3 , an d (2) e m p lo y m e n t in c r a f t w ith in a b a r g a in i n g u n it o f u n io n p r i o r to J u n e 1, 1 9 5 3 .
2 P e r m a n e n t ly d i s a b l e d . S a m e a s fo o tn o te 1.
3 T o t a l ly a n d p e r m a n e n tly d i s a b l e d . S a m e a s fo o tn o te 1.
4 Y e a r s o f s e r v i c e a s d e fin e d in fo o tn o te 1.
5 287 V2 h o u r s w o r k e d f o r a c o n tr ib u tin g e m p l o y e r f r o m J u l y 1 th r o u g h J u n e 3 0 , in o r d e r to b e c o m e a m e m b e r on J u l y 1 fo llo w in g .
6 15 y e a r s o f s e r v i c e in t r a d e an d e m p lo y e d b y c o n tr ib u tin g e m p l o y e r 4 q u a r t e r s s i n c e J a n . 1, 1 9 5 0 . S e r v i c e in c lu d e s (1) e m p lo y m e n t w ith c o n tr ib u tin g e m p l o y e r s a f t e r A u g . 31, 1950,




61
Bargaining, Late 1964--- Continued
D IS A B IL IT Y R E T IR E M E N T
NORMAL
AN D E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

M in im u m
r e q u ire m e n ts

T y p e , c o n d itio n s,
B e n e f i t fo r m u la
r e q u ire m e n ts

A ge

J o i n t an d
s u r v iv o r
(n o r m a l) .

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

A u to m a t ic
at age -

B e fo r e
r e tire m e n t

A fte r
re tire m e n t

F IN A N C IN G

M E D IU M
O F F U N D IN G
E m p lo y e e

A D M IN IS T R A T IO N

E m p lo y e r

S e r v ic e
(Y e ars)

60

2 15

M o n th ly — n o r m a l b e n e f it , c o m ­
m e n c in g im m e d i a t e l y .

D e fe rre d grad e d .
T e r m i n a t e d f o r any
re aso n .

cr
50

C o m p u lso r y
at a g e -

D E A T H B E N E F IT S

M o n th ly —
n o r m a l b e n e fit ,
c o m m e n c in g a t
age 65.

F u ll
c o st—
$ 0 . 15
per m an­
hour
w o rk e d .

T ru stee d ;
ban ka d m in is te red .

B ip a rtite .

F u ll
c o st—
$ 0 . 13
per m an­
hour
w o rk e d .

In su red ;
d e p o sit
a d m in is­
tra tio n .

B ip a rtite .

F u ll
c o st—
3 p ercen t
of g r o s s
w ages.

T ru ste e d ;
se lfa d m in is­
te re d .

B ip a rtite .

4 p e rce n t 8 p e rce n t T ru ste e d ;

B ip a rtite .

5 p e rc e n t v e s te d fo r
10 y e a r s o f s e r v i c e , 4
p lu s 5 p e r c e n t f o r e a c h
a d d it io n a l y e a r to
100 p e r c e n t f o r 29 y e a r s
o r m o re of s e r v ic e .

3 15

10

M o n th ly — a c t u a r i a l e q u iv a le n t o f
n o r m a l b e n e f it , c o m m e n c in g
im m e d i a t l e y .

15

M o n th ly — $ 13 5 .

6 m o n th ly
p a y m e n ts.

(8 )

(8 )

A t a g e 6 5 , n o r m a l b e n e f it p a y a b le .

10

M o n th ly— n o r m a l b e n e f it (m in im u m
not a p p lic a b le ) , c o m m e n c in g
im m e d i a t e l y .

M in im um ----$ 7 5.

65

A f te r 1 y e a r
of p a r tic i­
p a tio n ,
w o r k e r 's
c o n tr ib u tio n s
p lu s i n t e r e s t .

W o r k e r 's
c o n t r ib u ­
tio n s p lu s
in te r e st ,
le ss ben e­
fits r e ­
c e iv e d .

of fir s t
$ 1 0 ,0 0 0
o f an n u al
e a r n in g s.

of fir s t
b an k $ 1 0 ,0 0 0
a d m in is of w o rk ­ te red .
e r 's
an n u al
e a r n in g s .

(2) e m p lo y m e n t fr o m J a n . 1, 19 4 7 , th ro u g h A u g . 3 1, 19 5 0 , w ith e m p l o y e r s w ho c o n tr ib u te d to w e l f a r e fun d, an d (3) tim e a s u n io n m e m b e r in g o o d s t a n d in g , o r e m p lo y m e n t in jo b c o v e r e d by u n io n 's
c o ll e c t iv e b a r g a in i n g a g r e e m e n t s p r i o r to J a n . 1, 1 9 4 7 .
7 B e n e f i t a m o u n t ro u n d e d to n e x t h ig h e s t w h o l e - d o l l a r .
8 5 b u t l e s s th a n 6 y e a r s o f s e r v i c e — $ 5 5 0 ; 6 b u t l e s s th a n 7 y e a r s o f s e r v i c e — $ 6 6 0 ; 7 b u t l e s s th an 8 y e a r s o f s e r v i c e — $ 7 7 0 ; 8 b ut l e s s th a n 9 y e a r s o f s e r v i c e — $ 8 8 0 ; 9 b ut l e s s th an 10 y e a r s of
s e r v i c e — $ 9 9 0 ; 10 y e a r s an d o v e r — $ 1, 10 0 ; l e s s an y p e n s io n b e n e f it s p a id to th e p e n s io n e r .
9 F o r h o u r ly r a t e d w o r k e r s — a v e r a g e a n n u a l e a r n in g s (not to e x c e e d $ 10, 000 in an y y e a r ) o f o c c u p a t io n a l g r o u p ( i. e . , $ 3, 70 0 f o r b u s d r i v e r s , m o to r m e n , an d c o n d u c to r s ) in w h ich w o r k e r
b e lo n g e d o r w a s c l a s s i f i e d on M a y 31, 1 9 4 8 ; f o r s a l a r i e d w o r k e r s — t o t a l e a r n in g s (n o t to e x c e e d $ 10, 00 0 in any y e a r ) f r o m J u n e 1, 1 9 4 7 , th ro u g h M a y 31, 1 9 4 8 .




62
Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T

C O M P A N Y , U N IO N , AND
D A T E O F IN F O R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E ­
M E N TS

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N T H L Y

M in im u m
r e q u ire m e n ts

A ge

S e r v ic e
(Y e a rs)

S e r v ii
c re d ite d
a fte r

e a r n in g s o f—
B e n e fit

M in im u m
r e q u ir e m e n ts

fo r m u la

n o rm al
age

B e n e f it fo r m u la
$ 4 ,2 0 0

M o n th ly — $ 2 1 0 , l e s s p r i m a r y s o c i a l s e c u r i t y b e n e f it .

P h il a d e lp h i a
T r a n s p o r ta tio n C o .

PE N S IO N S

a t a g e 6 5 u n d e r c u r re n t n o rm a l r e t ire m e n t
fo r m u la , fo r a n n u a l a v e r a g e

S e r v ic e
(Y e ars)

25 y e a r s o f s e r v i c e :
$ 8 5 .0 0

65

A ge
$ 5 ,4 0 0

$ 4 ,8 (

$ 8 3 .0 0

$ 8 3 .0 0

M in im u m — $ 8 3; m a x im u m — $ 8 5 .
T ra n sp o rt W o rk e rs.
30 y e a r s o f s e r v i c e :
N o v em b e r 1964.

62

25

M o n th ly — $ 5 0 f o r 25 y e a r s o f s e r v i c e , p lu s $ 1 t i m e s y e a r s
o f s e r v i c e e x c e e d in g 25 y e a r s .

$ 8 5 .0 0

$ 8 3 .0 0

$ 8 3 .0 0

35 y e a r s o f s e r v i c e :
$ 8 5 .0 0

$ 8 3 .0 0

$ 8 3 .0 0

( 2)

T r u c k i n g in d u s t r y , lo c a l
c a r t a g e an d o v e r - t h e r o a d f r e ig h t , v a r i o u s
a s s o c i a t i o n s an d in d i­
v id u a l e m p l o y e r s ,
C e n tra l S ta te s, S o u th e ast
a n d S o u th w e st a r e a s .
T e a m ste rs.
D e c e m b e r 1964.

M o n th ly --- $ 250 f o r f i r s t 60 m o n th s an d $ 1 1 0 t h e r e a f t e r .

25 y e a r s o f s e r v i c e :
6 $ 2 5 0 .0 0
7 $ 110.00

$ 2 5 0 .0 0
$ 110.00

A c t u a r i a l e q u iv a le n t o f
n o r m a l b e n e fit :
$ 2 5 0 .0 0
$ 11 0 .0 0

A ge
30 y e a r s o f s e r v i c e :
6 $ 2 5 0 .0 0

$ 2 5 0 .0 0

7 $ 1 10.00

$ 110.00

$ 2 5 0 .0 0
$ 110.00

35 y e a r s o f s e r v i c e :
6 $ 2 5 0 . 00
7 $ 110.00

$ 2 5 0 .0 0
$ 110.00

$ 2 5 0 .0 0
$ 110.00

A t w o r k e r 's
re q u e st.

F ir s t
T h ere­
5 y e a r s 123456 a f t e r 5

56
55
54
53
52

$225
200
180
160
145

$ 100
90
80
72
65

51
50
49
48
47

130
115
100
85
75

57
50
45
40
35

(8)

1 W o r k e r s a g e 70 o r o ld e r w ith l e s s th a n 25 b u t m o r e th a n 15 y e a r s o f s e r v i c e r e c e i v e a m o n th ly b e n e f it o f $ 3 t i m e s y e a r s o f s e r v i c e .
2 C a lc u la t e d b y a s s u m i n g c u r r e n t m a x im u m p r i m a r y s o c i a l s e c u r i t y b e n e f it s f o r e a r n in g s s p e c i f i e d , i . e . , $ 116 p e r m o n th a t $ 4 , 200 an d $ 1 2 7 p e r m o n th
a t $ 4 , 800 an d $ 5 ,
400,
3 C o m p a n y m a y r e q u i r e a w o r k e r w ith 25 y e a r s o f s e r v i c e to r e t i r e on p e n s io n a t a g e 68 f o r m e n an d a t a g e 6 2 f o r w o m e n .
4 20 y e a r s o f s e r v i c e in in d u s t r y in c lu d in g 3 y e a r s o f s e r v i c e in in d u s t r y u n d e r u n io n 's c o l l e c t i v e b a r g a in i n g a g r e e m e n t s , an d c o n tr ib u tio n s m a d e in w o r k e r 's b e h a lf
f o r 80 w e e k s . S e r v i c e in c lu d e s
(1) e m p lo y m e n t w ith c o n tr ib u tin g e m p l o y e r s , an d (2) p a s t e m p lo y m e n t in in d u s t r y in a jo b c o v e r e d b y u n io n 's c o l l e c t i v e b a r g a in i n g a g r e e m e n t .
* B e n e f i t a m o u n ts v a r y b y w e e k ly c o n tr ib u tio n r a t e . I l l u s t r a t i o n i s b a s e d o n a m o u n t m o s t c o m m o n ly p r o v id e d , i . e . , on w e e k ly c o n tr ib u tio n s o f $ 8 p e r w o r k e r , g u a r a n t e e d m o n th ly p a y m e n ts fo r
60 m o n t h s .
6 T h e m o n th ly b e n e f it s sh o w n a r e th e p r i v a t e p la n b e n e f it s p a y a b le d u r in g th e f i r s t 60 m o n t h s .




63
Bargaining, Late 1964--- Continued
D IS A B IL IT Y R E T IR E M E N T
NORMAL
AND E A R LY
R E T IR E M E N T
B E N E F IT
O P T IO N S

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

DEATH

B E N E F IT S

F IN A N C IN G

M E D IU M
O F F U N D IN G

ADMINISTRATION

F u ll
co st.

N o t fu n d e d .

E m p lo y e r .

F u ll
c o st—
$ 8 per
w o rk er
per
w e e k . 13

T ru ste e d ;
se lfa d m in is­
te re d .

B ip a rtite .

M in im u m
r e q u ir e m e n ts

T y p e , c o n d itio n s,
a n d m in i m u m
r e q u ire m e n ts

A ge

B e n e f i t fo r m u la

C o m p u lso r y
at ag e-

A u to m a t ic
at ag e-

B e fo r e
re tire m e n t

A fte r
re tire m e n t

E m p lo y e e

E m p lo y e r

S e r v ic e
(Y e ars)

15

9 15

M o n th ly — l e s s e r o f : (1) $ 8 5 , o r
(2) n o r m a l m in im u m b e n e f it , c o m ­
m e n c in g i m m e d i a t e l y .

M o n th ly — $ 1 0 0 .

( 3)

10 65

10 65

A lu m p su m
e q u a l to
$ 2. 50 t i m e s
w eeks of
c o n t r ib u t o r y
s e r v ic e a fte r
J a n . 31, 1961,
and $ 2 tim e s
w eeks of
c o n tr ib u to r y
s e r v ic e p r io r
to F e b . 1,
1 9 6 1 , to a
m a x im u m o f
$ 2 , 0 0 0 . 7891011

S p o u se of
w o r k e r on
d is a b i l i t y
r e t ir e m e n t :
$ 1, 000 an d
$ 5 0 0 fo r
sp o u se of
o th e r ty p e
r e tir e e .

n
60 m o n th ly
p a y m e n ts o f
$ 135 p e r
m o n th . 12

7 T h e m o n th ly b e n e f it sh o w n i s th e p r i v a t e p la n b e n e f it s p a y a b le a f t e r th e f i r s t 6 0 m o n t h s .
8 N o r m a l b e n e fit in it i a l ly p a y a b le a t a g e 5 7 .
9 15 y e a r s o f s e r v i c e in in d u s t r y in c lu d in g 3 y e a r s u n d e r u n io n 's c o ll e c t iv e b a r g a in i n g a g r e e m e n t s , an d c o n tr ib u tio n s m a d e in w o r k e r 's b e h a lf fo r 80 w e e k s .
10 W o r k e r s no t q u a lif ie d f o r a n o r m a l b e n e f it m a y co n tin u e to w o r k a f t e r a g e 65 if p h y s ic a ll y a b le an d if th e y c a n q u a lf iy f o r a p e n s io n w ith in a r e a s o n a b l e tim e t h e r e a f t e r .
11 W o r k e r m u s t h a v e 10 y e a r s o f s e r v i c e in in d u s t r y in c lu d in g 3 y e a r s u n d e r u n io n 's c o ll e c t iv e b a r g a in i n g a g r e e m e n t s , an d c o n tr ib u tio n s m a d e in w o r k e r 's b e h a lf f o r 40 w e e k s .
12 W o rk e r m u s t h a v e 20 y e a r s o f s e r v i c e in in d u s t r y in c lu d in g 3 y e a r s u n d e r u n io n 's c o ll e c t iv e b a r g a in i n g a g r e e m e n t s , an d c o n tr ib u tio n s m a d e in w o r k e r 's b e h a lf f o r 80 w e e k s .
n o r m a l r e t i r e m e n t , b e n e f ic i a r y r e c e i v e s $ 2 5 0 p e r m o n th f o r 60 m o n t h s .
13 C o n t r ib u t io n r a t e v a r i e s by l o c a l a g r e e m e n t . R a t e sh o w n i s th a t m o s t c o m m o n ly p a id .




If e l ig ib le fo r

64
Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T

C O M P A N Y , U N IO N , AND
D A T E O F IN F O R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E ­
M E N TS

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N T H L Y PEN S IO N S

Minimum
requirements

A ge

T r u c k i n g , w a r e h o u s in g ,
an d o th e r i n d u s t r i e s ,
v a r io u s a s s o c ia t io n s
and e m p lo y e r s ,
W e s te r n S t a t e s .

Servic
(Years)

a t a g e 6 5 u n d e r c u r re n t n o rm a l r e t ire m e n t
Servi
c re d ite d
afte r

f o r m u l a , fo r a n n u a l a v e r a g e

M in im u m
r e q u ire m e n ts

e a r n in g s o f—

Benefit formula

Benefit formula

n o rm al
age

$5,400

A ge

Service
(Years)

M o n th ly — $ 4 t i m e s y e a r s o f s e r v i c e 4 to a m a x im u m o f $ 1 0 0 . 5678910 25 y e a r s o f s e r v i c e :

( 12 3)

$ 1 0 0 . 00

$ 1 0 0 . 00

$ 100.00

30 y e a r s o f s e r v i c e :

$ 1 0 0 . 00

T e a m s t e r s (W e s te r n
C o n fe r e n c e ) o

A t w o r k e r 's
re q u e st.

$ 1 0 0 . 00 $ 1 0 0 . 0 0

(5 )

35 y e a r s o f s e r v i c e :

$ 1 0 0 . 00

A u g u st 1964.

M a r i t im e in d u s t r y ,
v a r io u s e m p lo y e rs ,
A t la n t ic a n d G u lf

N one

M o n th ly — $ 3 0 0 f o r 20 y e a r s o r m o r e o f s e r v i c e . A g e 65 a n d
l e s s th a n 20 y e a r s o f s e r v i c e : $ 1 5 t i m e s y e a r s o f s e r v i c e .

(U )

C oasts.

$ 1 0 0 . 00

$ 100.00

25 y e a r s o f s e r v i c e :
$ 3 0 0 . 00

$ 3 0 0 . 00

$ 3 0 0 . 00

30 y e a r s o f s e r v i c e :
$ 3 0 0 . 00

M a s t e r s , M a t e s an d
P ilo ts.

$ 3 0 0 . 00

N o r m a l b e n e fit r e d u c e d
0 . 4 p e r c e n t fo r e a c h
m o n th u n d e r a g e 6 5 ,
c o m m e n c in g im m e d i ­
a t e ly .

A t w o r k e r 's
re q u e st.

$ 3 0 0 . 00

N o r m a l b e n e fit r e d u c e d
0 . 5 p e r c e n t fo r e a c h
m o n th u n d e r a g e 6 5 ,
c o m m e n c in g i m m e d i ­
a t e ly ; o r n o r m a l b e n e fit ,
c o m m e n c in g a t a g e 6 5 .

35 y e a r s o f s e r v i c e :
N o v em b e r 1964.

$ 3 0 0 . 00

$ 3 0 0 . 00

$ 3 0 0 . 00

(U)

M a r i t im e in d u s t r y ,
v a r io u s e m p lo y e r s ,
A t la n t ic a n d G u lf
C o asts.
M a r i t im e (N M U ).
N o v em b er 1964.

4 65

Y e a r s of s e r v ic e
___
15
16
___
17
___
18
___
19
___
20 o r m o r e

M o n th ly 16
$ 9 4 . 00
100 .0 0

1 0 6 . 50
1 1 2 .5 0
1 1 9 .0 0
1 2 5 . 00

25 y e a r s o f s e r v i c e :
$ 1 5 0 . 00

I n t e r n a t io n a l L o n g s h o r e ­
m e n ^ A s s o c ia tio n .

M o n th ly — $ 1 0 0 .

$ 1 5 0 .0 0

30 y e a r s o f s e r v i c e :
$ 1 5 0 . 00

$ 1 5 0 . 00

$ 1 5 0 .0 0

A t w o r k e r 's
re q u e st.

N o r m a l b e n e fit r e d u c e d
6 p e r c e n t fo r e a c h y e a r
u n d e r a g e 65 w h en b e n e ­
fit b e g i n s , c o m m e n c in g
a n y tim e p r i o r to a g e 65;
o r n o r m a l b e n e f it , c o m ­
m e n c in g a t a g e 6 5 .

35 y e a r s o f s e r v i c e :
$ 1 5 0 . 00

N ew Y o r k S h ip p in g
A s s o c ia t io n , In c.

$ 1 5 0 .0 0

$ 1 5 0 . 00

$ 1 5 0 .0 0

25 y e a r s o f s e r v i c e :

$ 1 0 0 . 00

$ 1 0 0 . 00

$ 100.00

30 y e a r s o f s e r v i c e :

$ 1 0 0 . 00

$ 1 0 0 . 00

$ 100.00

A u g u s t 196 4 .
35 y e a r s o f s e r v i c e :

$ 1 0 0 . 00

$ 1 0 0 . 00

$ 100.00

1 A g e 62 fo r w o m e n in c o v e r e d e m p lo y m e n t on o r b e f o r e J a n . 1, 1 9 6 2 , a n d b o r n b e f o r e 1 9 1 5 .
2 600 c o v e r e d h o u r s ( h o u r s f o r w h ich c o n t r ib u t io n s w e r e m a d e in w o r k e r 's b e h a lf) in a p e r io d o f 2 c o n s e c u t iv e y e a r s , 2 y e a r s s in c e f i r s t c o v e r e d h o u r , a n d a b e n e fit o f a t l e a s t $ 10.
3 L a t e r o f: (1) A g e 7 0 , o r (2) d a te 2 y e a r s s i n c e f i r s t c o v e r e d h o u r .
4 S p e c i a l p a s t s e r v i c e c r e d i t i s a llo w e d f o r e m p lo y m e n t f r o m J a n . 1, 1 9 3 7 , th r o u g h A p r . 3 0 , 1 9 5 5 ,
p e r f o r m e d a f t e r a g e 4 4 , w ith e m p l o y e r who w a s th e n c o v e r e d , o r b e c o m e s c o v e r e d b y u n io n 's
c o l l e c t i v e b a r g a in i n g a g r e e m e n t s p r i o r to th e e a r l i e r o f M a y 1, 1 9 6 5 , o r w o r k e r 's r e t i r e m e n t u n d e r p la n . S e r v i c e a f t e r a g e 4 0 w ith o th e r th a n p r e s e n t e m p lo y e r a l s o c r e d it e d .
5 C o m p u ta tio n b a s e d on a s s u m p t i o n o f 2 ,0 8 0 h o u r s w o r k e d d u r in g e a c h y e a r , c o n tr ib u tio n r a t e o f $ 0 . 10 p e r h o u r ( $ 4 p e r m o n th ) f o r e a c h y e a r o f fu t u r e s e r v i c e , a n d m a x im u m b e n e fit
of $ 100. B e n e f i t s fo r c o n tr ib u tio n r a t e s o f $ 0 . 15 a n d $ 0 . 20 , $ 6 a n d $ 7 . 20 p e r m o n th , r e s p e c t i v e l y , a r e i n c r e a s e d p r o p o r t io n a t e l y . B e n e f i t a m o u n t r o u n d e d to n e x t h ig h e r m u lt ip l e o f $ 0 . 5 0 .
6 2 y e a r s s e r v i c e a f t e r f i r s t c o v e r e d h o u r , 3 ,0 0 0 c o v e r e d h o u r s in 16 c a le n d a r q u a r t e r s im m e d i a t e l y p r e c e d in g r e t i r e m e n t an d r e c e i v i n g d i s a b i l i t y in s u r a n c e b e n e fit u n d e r F e d e r a l S o c i a l
S e c u r it y A c t.
7 T e r m i n a t io n b e n e f it f o r 15 y e a r s o r m o r e o f s e r v i c e w ith 3 ,0 0 0 c o v e r e d h o u r s (in li e u o f v e s t e d p e n s io n f o r a w o r k e r a g e 52 o r o ld e r ) e q u a l to s m a l l e r o f (1) 30 p e r c e n t o f e m p l o y e r c o n t r ib u ­
t i o n s , o r (2) $ 9 0 0 t i m e s c o n tr ib u tio n r a t e .
8 L a t e s t o f: (1) Q u a lif ie d f o r r e t i r e m e n t , (2) a g e 7 0 , a n d (3) d a te 2 y e a r s s i n c e f i r s t c o v e r e d h o u r .
9 W ith 15 y e a r s o r m o r e o f s e r v i c e a n d 3 ,0 0 0 c o v e r e d h o u r s .
10 15 y e a r s o f s e r v i c e in in d u s t r y . S e r v i c e in c lu d e s (1) e m p lo y m e n t w ith c o n tr ib u tin g e m p l o y e r s a f t e r O c t. 1, 1 9 5 5 , a n d (2) f r o m J a n . 1, 1 9 3 5 , th ro u g h S e p t. 3 0 , 1 9 5 5 , p e r io d o f t im e a s a u n io n
m e m b e r in g o o d s t a n d in g , o r e m p lo y e d in a jo b c o v e r e d b y u n io n 's c o l l e c t i v e b a r g a in i n g a g r e e m e n t s .




65
Bargaining, Late 1964--- Continued
NORMAL
AND EARLY
RETIREMENT
BENEFIT
OPTIONS

DISABILITY RETIREMENT
Minimum
requirements
Benefit formula
Age

Service
(Years)

J o i n t an d
s u r v iv o r .

6 15

M o n th ly — g r e a t e r o f: (1) $ 5 0 , o r
( 2 ) n o r m a l b e n e f it , c o m m e n c in g
im m e d i a t e l y .

Level
in c o m e
(e a rly ).

(5 )

10 15

M o n th ly — n o r m a l b e n e f it , c o m ­
m e n c in g i m m e d i a t e l y .

Type, conditions,
and minimum
requirements

D e fe rre d g ra d e d .
T e r m i n a t e d f o r an y
reaso n .
A g e 52 a n d 15 y e a r s o f
s e r v i c e w ith 3, 00 0 c o v ­
e r e d h o u r s ; 50 p e r c e n t
v e s te d , p lu s 5 p e rc e n t
f o r e a c h a d d it io n a l y e a r
o f a g e to 85 p e r c e n t a t
a g e 59 a n d 100 p e r c e n t
a t a g e 60 o r o ld e r .

D e f e r r e d f u l l.
T e r m i n a t e d f o r an y
re aso n .
15 y e a r s o f s e r v i c e . 10

17 18 5 M o n th ly — $ 5 0 , c o m m e n c in g
im m e d i a t e l y .
c>r
17 1 0

M o n t h l y --- $ 5 0 ,

com m en cin g

INVOLUNTARY
RETIREMENT

VESTING

Benefit formula

M o n th ly —
n o r m a l b e n e f it ,
c o m m e n c in g a t
a g e 65.
(7 )

Compulsory Automatic
at age at age-

(8)

(8)

DEATH BENEFITS

Before
retirement

After
retirement

The sm a lle r
o f:
(1) 30 p e r c e n t
o f e m p lo y e r
c o n t r ib u ­
tio n s, or
( 2) $ 9 0 0
tim e s c o n tr i­
b u tio n r a t i o .

Sam e a s
p r i o r to
r e tir e m e n t,
le s s bene­
fits r e ­
c e iv e d .

60 m o n th ly
p a y m e n ts.

MEDIUM
OF FUNDING ADMINISTRATION
Employee

Employer

F u ll c o st c o n t r ib u ­
tio n r a t e
a c c o r d in g
to l o c a l
agree­
m ent (se e
n orm al
b e n e fit
f o r m u la
c o lu m n
fo r e ffe c t
on
b e n e fit ).

In su re d ;
d e p o s it
a d m in is tr a ­
tio n .

B ip a rtite .

60 m o n th ly
p a y m e n ts,
le s s p ay ­
m e n ts
re c e iv e d .

F u ll
c o s t . 1213145*78

T ru stee d ;
se lf- a d ­
m in is te r e d .

B ip a rtite .

$ 3 ,5 0 0 , l e s s
b e n e f it s
re c e iv e d ;
m in im u m
$ 1 ,5 0 0 .

F u ll
c o s t . 2021

T ru stee d ;
se lf- a d ­
m in is te r e d .

B ip a rtite .

T ru stee d ;
F u ll
c o st—
b an k -ad ­
$ 0 . 23
m in is te r e d .
per m an­
h o u r p a id .

B ip a rtite .

(9 )

(9 )

M o n th ly — r e ­
duced n o rm al
b e n e f it , c o m ­
m e n c in g a n y tim e
d u r in g 5 - y e a r
p e r io d p r i o r to
a g e 65; or n o r ­
m a l b e n e f it ,
c o m m e n c in g a t
a g e 65.

FINANCING

im m e d i a t e l y .
•r

45

( 19)
15 15

M o n th ly — n o r m a l b e n e fit ,
c o m m e n c in g i m m e d i a t e l y .

22 1 5

M o n th ly — n o r m a l b e n e f it , c o m ­
m e n c in g im m e d i a t e l y .

$500

11 If a g e 60 w ith 10 y e a r s o f s e r v i c e on J a n . 1, 1 9 6 4 , s e r v i c e c r e d i t e d , r e g a r d l e s s o f a g e , o n ly to a t t a in m in im u m s e r v i c e r e q u ir e m e n t f o r n o r m a l r e t ir e m e n t b e n e fit.
12 N o r m a l b e n e fit in it i a l ly p a y a b le a t a n y a g e .
13 E m p l o y e r s c o n tr ib u te f o r h e a lth a n d w e l f a r e an d p e n s io n b e n e f it s $ 5 . 20 p e r d a y p e r w o r k e r on p a y r o l l.
14 W o rk e r w ith 20 y e a r s o r m o r e o f s e r v i c e i s e n tit le d to m a x im u m b e n e f it r e g a r d l e s s o f a g e .
15 15 y e a r s o f s e r v i c e in in d u s t r y . S e r v i c e in c lu d e s (1) e m p lo y m e n t w ith c o n tr ib u tin g e m p l o y e r s a f t e r D e c . 3 1 , 1 9 5 0 , a n d (2) f r o m J u l y 1, 1 9 3 7 , th ro u g h D e c . 31, 1 9 5 0 , tim e a s a u n io n m e m b e r
o r e m p lo y e d in in d u s tr y a s a s e a m a n .
*6 E f f e c t iv e J u n e 1, 1 9 6 5 : $ 1 1 2 . 5 0 w ith 15 y e a r s o f s e r v i c e , i n c r e a s e d $ 7 . 5 0 f o r e a c h y e a r to a m a x im u m o f $ 1 5 0 f o r 20 y e a r s o r m o r e .
17 W ith 200 d a y s o f s e r v i c e a f t e r J a n . 1, 1 9 6 1 .
18 O c c u p a tio n a lly in c u r r e d d i s a b i l i t y .
19 E f f e c t iv e O ct. 1, 1 9 6 5 : R e d u c e d $ 1 5 0 f o r e a c h m o n th d i s a b l e d w o r k e r 's li f e in s u r a n c e e x te n d e d b e f o r e r e t i r e m e n t ; m in im u m $ 1 ,5 0 0 s t i l l a p p lic a b le .
20 E m p l o y e r s c o n tr ib u te $ 1 . 9 1 p e r w o r k e r p e r d ay f o r p e n s io n a n d w e l f a r e b e n e f i t s , p lu s 4 . 55 p e r c e n t .
21 25 y e a r s o f s e r v i c e in in d u s t r y an d e m p lo y e d a t tim e o f r e t i r e m e n t . If a g e 65 o r o ld e r J a n . 1,
1 9 5 0 , th ro u g h D e c . 31, 1 9 6 1 , m u s t h a v e b e e n e m p lo y e d f o r a v e r a g e o f 700 h o u r s p e r y e a r
s in c e J a n . 1, 1937; if a g e 65 o r o ld e r a f t e r D e c . 3 1 , 1 9 6 1 , m u s t h a v e b e e n e m p lo y e d f o r a t o t a l o f 1 7 ,5 0 0 h o u r s .
22 15 y e a r s o f s e r v i c e in in d u s tr y an d e m p lo y e d a t d a te o f d i s a b i l i t y . M u st h a v e b e e n e m p lo y e d f o r a v e r a g e o f 700 h o u r s p e r y e a r .




66
Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T

C O M P A N Y , U N IO N , AND
D A T E O F IN F O R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E ­
M E N TS

E A R L Y R E T IR E M E N T
IL L U S T R A T IV E M O N T H L Y

M in im u m
r e q u ire m e n ts

A ge

S e r v ic e
(Y e ars)

S e r v ic e
c re d ite d
afte r

e a r n in g s o f—
B e n e fit

M in im u m
r e q u ire m e n ts

fo r m u la

B e n e fit

n o rm al
age

A ge
$ 4 ,8 <

M o n th ly — $ 1 1 5 f o r 25 y e a r s o r m o r e o f s e r v i c e , 123 r e d u c e d
$ 4 . 60 p e r m o n th f o r e a c h y e a r l e s s th a n 25 to a m in im u m o f
$ 5 9 . 80 f o r 13 y e a r s o f s e r v i c e .

P a c i f i c M a r i t im e
A s so c ia tio n .

PEN S IO N S

a t a g e 6 5 u n d e r c u r re n t n o rm al re tire m e n t
f o r m u la , fo r a n n u a l a v e r a g e

L o n g s h o r e m e n an d
W a r e h o u s e m e n (IL W U ).

fo r m u la

S e r v ic e
(Y e ars)

25 y e a r s o f s e r v i c e :
$ 1 1 5 .0 0

$ 1 1 5 .0 0

$ 1 1 5 .0 0

30 y e a r s o f s e r v i c e :
$ 1 1 5 .0 0

$ 1 1 5 .0 0

$ 1 1 5 .0 0

O c to b e r 1 9 6 4 .
35 y e a r s o f s e r v i c e :
$ 1 1 5 .0 0

G e n e r a l T e le p h o n e
C o m p an y o f C a lifo r n ia .

M en
65

C o m m u n ic a t io n s W o rk ­
e r s of A m e r ic a .

| 5 15

age
65.

M o n th ly — 1 p e r c e n t o f a v e r a g e m o n th ly e a r n in g s d u r in g 5
c o n s e c u t iv e y e a r s o f h ig h e s t e a r n in g s t i m e s y e a r s o f s e r v ­
i c e , l e s s p e r c e n t a g e d e d u c tio n o f s o c i a l s e c u r i t y b e n e f it w hen
e lig ib le . 7

or
60

| 5 20

S e p t e m b e r 196 4 .
or
55

$ 1 1 5 .0 0

$ 1 1 5 .0 0

S e e n o r m a l r e t ir e m e n t .

25 y e a r s o f s e r v i c e :
$ 1 1 5 .0 0

$ 1 1 5 .0 0

$ 1 1 5 .0 0

30 y e a r s o f s e r v i c e :
M in im u m — p r i o r to a g e 65, $ 8 5 ; a t a g e 6 5 , w ith l e s s th an 30
y e a r s o f s e r v i c e a t d a te o f r e t i r e m e n t — $ 1 1 5 ; 30 b u t l e s s th an
4 0 y e a r s — $ 120; 4 0 y e a r s o r m o r e — $ 125; l e s s p e r c e n t a g e
d e d u c tio n o f s o c i a l s e c u r i t y b e n e f it w hen e l i g i b l e . 7

$ 1 2 0 .0 0

$ 1 2 0 .0 0

$ 1 3 5 .0 0

35 y e a r s o f s e r v i c e :

j 6 25
$ 1 2 2 .5 0

$ 1 4 0 .0 0

$ 1 5 7 .5 0

or
—

6 30

(8 )

W om en
65

| 5 15

1 (a ) C h a r t e r p a r t i c i p a n t s — 25 y e a r s o f s e r v i c e a s a lo n g s h o r e m a n ( in c lu d in g 5 y e a r s im m e d i a t e l y p r e c e d in g r e t ir e m e n t ) d u r in g 28 y e a r s im m e d i a t e l y p r e c e d in g r e t i r e m e n t and on p e n s io n l i s t .
W o rk e r w a s on p e n s io n l i s t on J u n e 1, 1 9 5 2 , i f in c o ll e c t iv e b a r g a in i n g u n it on J u n e 1, 1 9 5 1 , a g e 55 on
o r b e f o r e J u n e 1, 1 9 5 1 , an d
e m p lo y e d a s
a lo n g s h o r e m a n f o r 15 o f l a s t 18 y e a r s i f a g e 55
J u n e 1, 1 9 5 1 , 16 o f l a s t 19 y e a r s i f a g e 5 6 , e t c . , to 25 o f l a s t 28 y e a r s i f a g e 65 o r o ld e r on J u n e 1, 1 9 5 1 .
(b) O t h e r s __ 25 y e a r s o f s e r v i c e a s a lo n g s h o r e m a n ( in c lu d in g 5 y e a r s im m e d i a t e l y p r e c e d in g r e t ir e m e n t ) d u r in g 35 y e a r s im m e d i a t e l y p r e c e d in g r e t ir e m e n t , in c o ll e c t iv e b a r g a in i n g u n it
s i n c e J u n e 1, 1951 (9 y e a r s im m e d i a t e l y p r e c e d in g r e t i r e m e n t a f t e r J u n e 3 0 , I 9 6 0 ) , an d on p a r t i c i p a n t s p e n s io n l i s t . W o r k e r i s e l ig ib le f o r p a r t i c i p a n t s p e n s io n l i s t i f e m p lo y e d b y c o n tr ib u tin g
e m p l o y e r s in a c o ll e c t iv e b a r g a in i n g u n it an d h a s r e a c h e d a g e 55 o r o ld e r w ith 15 y e a r s o f e m p lo y m e n t a s a lo n g s h o r e m a n .
(c ) O th e r s __ 13 y e a r s o f s e r v i c e o u t o f p a s t 16 c a le n d a r y e a r s up to 24 y e a r s o f s e r v i c e o u t o f 27 c a le n d a r y e a r s p r e c e d in g r e t i r e m e n t . W o rk e r i s e l ig ib le f o r p e n s io n i f e m p lo y e d b y c o n ­
t r ib u tin g e m p l o y e r s in a c o l l e c t i v e b a r g a in i n g u n it.
2 In a d d it io n , a b e n e f it o f $ 2 2 0 a m o n th i s p a y a b le b y th e a u t o m a t io n fun d f o r 3 y e a r s im m e d i a t e l y fo llo w in g r e t i r e m e n t , w h ich m a y o c c u r a s e a r l y a s a g e 62.
3 (a) 25 y e a r s o f s e r v i c e a s a lo n g s h o r e m a n ( in c lu d in g 1 y e a r p r i o r to r e t i r e m e n t y e a r ) d u r in g 35 y e a r s im m e d i a t e l y p r e c e d in g r e t i r e m e n t an d t o t a l ly an d p e r m a n e n t ly d is a b l e d a s r e s u l t o f
s i c k n e s s o r in ju r y th a t d o e s n o t e n tit le w o r k e r to w o r k m e n 's c o m p e n s a t io n .




67
Bargaining, Late 1964--- Continued
D IS A B IL IT Y R E T IR E M E N T
NORMAL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

D EATH

F IN A N C IN G

B E N E F IT S

M E D IU M
O F F U N D IN G

M in im u m
r e q u ire m e n ts

T y p e , c o n d itio n s,
B e n e f i t fo r m u la

A ge

J o i n t an d
su r v iv o r . 9

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

a n d m in i m u m
r e q u ire m e n ts

B e n e f i t fo r m u la

C o m p u lso r y
at a g e -

A u to m a t ic
at ag e-

B e fo re
r e tire m e n t

A fte r
r e tire m e n t

E m p lo y e e

A D M IN IS T R A T IO N

E m p lo y e r

S e r v ic e
(Y e a r s )

3 13

M o n th ly — n o r m a l b e n e f it , c o m ­
m e n c in g im m e d i a t e l y .

(4 )

(4 )

10 1 5

M o n th ly — n o r m a l b e n e f it , c o m ­
m e n c in g im m e d i a t e l y .

65

65

1 2 m o n th ly
p a y m e n ts.

( ”

)

F u ll
c o s t --on a to n ­
nage
b a s is,
e q u iv a ­
le n t to
$ 0 . 23
per m an­
hour
w o rk e d .

T ru stee d ;
se lfa d m in is te re d .

B ip a rtite .

F u ll
c o st.

T ru stee d ;
b an ka d m in is te re d .

E m p lo y e r .

M in im u m — p r i o r to a g e 65, $ 8 5 .

(b) O t h e r s — 13 y e a r s o f s e r v i c e o u t o f p a s t 16 c a le n d a r y e a r s up to 24 y e a r s o f s e r v i c e out o f 27 c a le n d a r y e a r s p r e c e d in g r e t ir e m e n t (in c lu d in g 1 y e a r p r i o r to r e t ir e m e n t y e a r ) and to ta lly
and p e r m a n e n t ly d is a b l e d a s r e s u l t o f s i c k n e s s o r in ju r y th a t d o e s no t e n tit le w o r k e r to w o r k m e n 's c o m p e n s a tio n .
4 W o rk e r e l ig ib le f o r r e t i r e m e n t b e n e f it m u s t r e t i r e a t a g e 68 o r t h e r e a f t e r u pon b e c o m in g q u a lif ie d f o r r e t i r e m e n t b e n e fit .
5 A t w o r k e r 's r e q u e s t o r a t d i s c r e t i o n o f b e n e f it c o m m it t e e an d a p p r o v a l o f p r e s i d e n t .
6 A t d i s c r e t i o n o f b e n e f it c o m m it t e e and a p p r o v a l o f p r e s i d e n t .
7 S o c i a l s e c u r i t y o f f s e t w ill b e d e c r e a s e d in a p e r c e n t a g e d e d u c tio n (5 p e r c e n t e a c h y e a r ) o v e r a 1 0 - y e a r p e r io d u n til J u n e 1973 w hen no d e d u c tio n w ill b e ta k e n .
8 N o r m a l b e n e fit in it i a l ly p a y a b le a t a n y a g e .
9 O p tio n not a v a i l a b l e to w o r k e r on m in im u m b e n e fit .
10 T o t a l d i s a b i l i t y a s r e s u l t o f s i c k n e s s o r in ju r y an d a p p r o v a l o f b e n e f it c o m m it t e e .
11 A t th e d i s c r e t i o n o f b e n e f it c o m m it t e e an d a p p r o v a l o f b o a r d o f d i r e c t o r s , m o n th ly b e n e f it m a y b e co n tin u e d f o r a p e r io d o f 12 m o n th s to d e p e n d e n t r e l a t i v e s to a m a x im u m o f $ 2 , 0 00.




68
Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T
C O M P A N Y, U NIO N. AND
D A T E O F IN FO R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E ­
M E N TS

M in im u m
r e q u ire m e n ts

A ge

Southern B e ll T elep h on e
and T ele g r a p h C o. 1

E A R L Y R E T IR E M E N T
IL L U S T R A T I V E M O N T H L Y P EN S IO N S

_

S e r v ic e
c re d ite d
a fte r

S e r v ic e

n o rm al

(Y e ars)

age

M sn
65

2 15

To
age
65.

or

C om m u n ica tion s
W o r k e r s o f A m e r ic a .
60

at age 65 under current normal retirement
formula, for annual average
earnings o f—

M onthly— 1 p e r c e n t o f a v e r a g e m on th ly earn in gs during 5
co n s e c u tiv e y e a r s im m e d ia te ly p r e c e d in g re tir e m e n t (at
b e n e fit c o m m it t e e ’ s d is c r e t io n , 5 co n s e c u tiv e y e a r s o f
h igh est e a rn in gs) tim e s y e a r s o f s e r v ic e , le s s V3 p r i ­
m a ry s o c ia l s e c u r it y b e n e fit when e lig ib le .

M inim um — p r i o r to age 65, $ 8 5 ; at age 65 with le s s than
30 y e a r s o f s e r v ic e at date o f r e tir e m e n t— $ 1 1 5 ; 30 but le s s
than 40 y e a r s —-$ 1 2 0 ; 40 y e a r s o r m o r e — $ 12 5; l e s s V3
p r im a r y s o c ia l s e c u r it y b e n e fit w hen e lig ib le .

or

325

55
or
__

3 30

W om en

or
55

25 y e a r s o f s e r v ic e :
4 $ 8 7 . 50

$ 1 00 .00

A ge

Service
(Years)

See n o r m a l r e tir e m e n t.
$ 11 2 .5 0

5 $ 5 6 . 57

$ 6 6 . 13

$ 7 8 . 63

6 $ 76. 33

$ 7 2 . 67

$ 7 2 . 67

30 y e a r s o f s e r v ic e :
4 $ 105. 00

$ 1 2 0 .0 0

$ 13 5 .0 0

s $ 7 4 . 07

$ 8 6 . 13

$1 0 1 . 13

6 $ 8 1 . 33

$ 7 7 . 67

$ 9 2 . 67

35 y e a r s o f s e r v ic e :

2 15

65

Benefit formula

$5,400

2 20

O cto b e r 1964.

Minimum
requirements

B e n e f i t fo r m u la

I 23
620
5
4

4 $ 122. 50

$ 1 4 0 .0 0

$ 157. 50

5 $ 9 1 . 57

$ 106. 13

$ 1 23 .63

6 $ 8 3 .8 3

$9 7 . 67

$1 1 5 . 17

or
( 7 *)

I 3 25

50

or
3 30

—

The W estern U nion
T e le g r a p h C o.

___

Misn
60

2 20

or

C o m m e r c ia l T e le g r a p h e r s .

To
age
70.

M onthly — 1 p e r c e n t o f a v e r a g e m on th ly earnings during the
5 co n s e c u tiv e y e a r s o f h igh e st e a rn in gs tim e s y e a r s o f
s e r v ic e , l e s s V3 p r im a r y s o c ia l s e c u r it y o ld -a g e
b e n e fit when e lig ib le o r s o c ia l s e c u r it y d is a b ility b e n e fit
when r e c e iv e d .

( 10) I10 20
A u gust 1964.
W om en
55

I 2 20

or
( i° )

10 20

M in im um — p r i o r to qu a lify in g age f o r p r im a r y s o c ia l s e c u r it y
b e n e fit, $75 ; $100 a fte r that a g e ; l e s s V3 p r im a r y s o c ia l
s e c u r it y b e n e fit o r s o c ia l s e c u r it y d is a b ility b e n e fit
when r e c e iv e d .

25 y e a r s o f s e r v ic e :
4 $ 87. 50

$ 1 00 .00

See n o r m a l re tir e m e n t
$ 1 12 .50

5 $ 6 9 . 07

$ 6 6 . 13

$ 7 8 . 63

6 $ 6 1 . 33

$ 5 7 . 67

$ 7 0 . 17

30 y e a r s o f s e r v ic e :
4 $ 105 .0 0

$1 2 0 . 00

$ 135 .00

5 $ 7 4 . 07

$ 8 6 . 13

$ 101.13

6 $ 66. 33

$ 7 7 . 67

$ 9 2 . 67

35 y e a r s o f s e r v ic e :
4 $ 1 2 2 .5 0

$1 4 0 . 00

$ 1 57 .50

5 $ 9 1 .5 7

$1 0 6 . 13

$1 2 3 . 63

6 $ 83. 83

$ 9 7 . 67

$ 1 15 .17

( 7)
1
2
3
4
5
6
7
in itia lly

S im ila r b en efits a re p r o v id e d by the A m e r ic a n T elep h on e and T e le g r a p h C om pany and v ir tu a lly a ll o f its o th e r s u b s id ia r ie s and a ffilia te s .
At w o r k e r ’ s re q u e s t o r at d is c r e t io n o f b e n e fit c o m m itte e .
With a p p rov a l o f b e n e fit c o m m itte e .
F o r m en o r w om en r e t ir in g p r i o r to age 62.
F o r m en o r w om en r e tir in g at age 62, o r upon re a ch in g age 62 having r e t ir e d p r i o r to that age. (P lan b e n e fit r e d u ce d by V3 o f 80 p e r c e n t o f p r im a r y s o c ia l s e c u r it y b e n e fit.)
F o r m en o r w om en upon r e tir in g at age 65.
C a lcu lated by a ssu m in g cu r r e n t m axim u m p r im a r y s o c ia l s e c u r it y b e n e fits fo r the ea rn in gs s p e c ifie d , i. e. , $116 p e r m onth at $4 , 200 and $127 p e r m onth at $ 4 ,8 0 0 and $5, 400.
p aya ble at any age.




N o rm a l ben efit

69
Bargaining, Late 1964--- Continued
NO RM AL
AN D E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

D IS A B IL IT Y R E T IR E M E N T
M in im u m
r e q u ire m e n ts

T y p e , c o n d itio n s,
a n d m in im u m
r e q u ire m e n ts

A ge

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

B e n e f i t fo r m u la

C o m p u lso r y
at a g e -

A u to m a t ic
at ag e -

D E A T H B E N E F IT S

B e fo re
r e tire m e n t

A fte r
r e tire m e n t

(8
91
)
0

Am ount
equal to 1
year of
w a g es, as
o f date o f
re tir e m e n t.

F IN A N C IN G
MEDIUM
O F FU N D IN G
E m p lo y e e

A D M IN IS T R A T IO N

E m p lo y e r

S e r v ic e
(Y e ars)

8 15

Joint and
s u r v iv o r .

M onthly— n o r m a l b e n e fit, c o m ­
m e n cin g im m e d ia te ly .

65

M in im u m ; fo r 20 y e a r s o r m o r e o f
s e r v ic e at date o f r e tir e m e n t p r io r
to age 65, $ 8 5 ; at age 65, $ 115; le s s
V3 s o c ia l s e c u r it y b e n e fit.

F u ll
c o s t.

S e r v ic e
p en sion s;
T ru s teed ;
ban kadm inis tered .

E m p lo y e r.

D is a b ility
p e n s io n s :
Unfunded.

8 15

Joint and
s u r v iv o r .
o>r

11 30

M onthly— n o r m a l b e n e fit, e xce p t
m in im um a p p lic a b le o n ly fo r w o r k e r s
with 30 y e a r s o r m o r e o f s e r v ic e
p r i o r to qu a lifyin g age f o r p r im a r y
s o c ia l s e c u r it y o r qualifying fo r
s o c ia l s e c u r it y d is a b ility b en efit.

70

70

( 12)

F u ll
c o s t.

T ru steed ;
s e lfadm inis tered .

E m p loy er.

8 T otal d is a b ility as re su lt o f s ick n e s s o r in ju ry , o th e r than a c c id e n ta l in ju ry a r is in g out o f and in the c o u r s e o f em p loym en t.
9 (1) 3 y e a r s o f ea rn in gs to m axim u m o f $ 30, 000, o r am ount payable under s ick n e s s death b en efit (s e e (2) follow in g), w h ich e v e r is g r e a t e r — fo r death by o ccu p a tion a l a ccid en t. (2) 4 m onths of
earn in gs fo r 6 m onths but le s s than 2 y e a r s o f s e r v ic e , in c r e a s e d by 2 m onths o f earn in gs fo r each add itional y e a r of s e r v ic e to 12 m onths o f ea rn in gs fo r 5 y e a r s or m o r e , o r $ 250, w h ich ev er is
greatex---- fo r death by oth er ca u s e .
10 A g e plus s e r v ic e m ust equal at le a s t 80. Initial m in im u m s e r v ic e r e q u ire m e n t is 20 y e a r s .
11 A t w o r k e r 's requ est.
12 C om pany has a death b e n e fit plan w hich p r o v id e s fo r paym ent o f 3 y e a r s o f e arn in gs to a m axim u m of $ 15, 000 in c a s e of death by o ccu p a tio n a l a c c id e n t.




70
Selected Pension Plans Under Collective
N O R M A L R E T IR E M E N T
CO M P A N Y , U NIO N, AND
D A T E O F IN FO R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E M E N TS

E l e c t r ic a l (IB E W ).

A g e 25
and
1 year of
s e r v ic e .

a t a g e 6 5 u n d er c u rre n t n o rm al r e tire m e n t
f o r m u l a , fo r a n n u a l a v e r a c e
e a r n in g s o f—

65

S e r v ic e
(Y e ars)

_

n o rm al
age

B e n e f it fo r m u la

14.200

N one. M onthly— fo r s e r v ic e a fte r D e c. 31, I960, 1. 33 p e r c e n t o f
f ir s t $400 o f m on th ly e a rn in g s and 2 p e r c e n t o f ea rn in g s
e x c e e d in g $400 fo r e a ch y e a r o f s e r v i c e ; 1 fo r s e r v ic e p r io r
to Jan. 1961, 1 p e r c e n t o f m onthly rate o f e a rn in g s on
Jan. 1, I960, fo r ea ch y e a r o f such s e r v ic e , 1 o r a c c r u e d
b e n e fits under p r io r fo r m u la , if g r e a te r .

$4,800

$5,400

25 y e a r s o f s e r v ic e :
$ 1 1 6 .3 8

$ 1 3 3 .0 0

M in im um — $125 fo r 30 y e a r s o r m o r e o f s e r v i c e , 2 re d u c e d
$ 1. 50 fo r e a ch y e a r l e s s than 30 y e a r s , l e s s l/ z
p r im a r y s o c ia l s e c u r ity b en efit in e ffe c t at tim e of
r e tir e m e n t.

30 y e a r s o f s e r v ic e :
$ 139. 65

65

_

E le c t r ic a l (IB E W );
U tility W o r k e r s .

O cto b e r 1964.

N one. M onthly— fo r s e r v ic e a fte r M ar. 31, 1943, 1 p e r c e n t of
a v e r a g e m on th ly e a rn in g s during 5 c o n s e c u tiv e y e a r s o f
h igh est e a rn in gs tim e s y e a r s o f s e r v i c e ; 2 fo r s e r v ic e p r io r
to A p r. 1, 1943, g r e a te s t o f: (1) The A p r. 1, 1955, pay
r a te , o r (2) V12 o f 1 p e r c e n t o f 1. 333 t im e s h igh est annual
e a rn in gs p r e c e d in g A p r. 1, 1949, t im e s y e a r s o f such
s e r v ic e , o r (3) V12 o f 1 p e r c e n t o f 1. 777 tim e s h igh est
annual e a rn in g s p r io r to A p r. 1, 1943, tim e s y e a r s o f such
s e r v ic e .
M in im um f o r 15 y e a r s o r m o r e o f s e r v ic e 2— $40 .

E le c t r ic a l (IB EW ).

S ep tem ber 1964.

1 year of
s e r v ic e .

3 65

_

N one. M onthly— fo r s e r v ic e a fte r D e c. 31, 1936, V24 o f w o r k e r 's
to ta l co n tr ib u tio n s ; fo r s e r v ic e fr o m Jan. 1, 1937, through
D e c. 31, 1953, fo r w o r k e r s who co n trib u te d at lo w e r rate
then in e ffe c t , b e n e fit sh all be equal to 75 p e r c e n t o f d i f ­
f e r e n c e betw een b en efit a c c r u e d at such r a te s and that
r e c o m p u te d at cu r r e n t co n trib u tio n r a t e s ; fo r s e r v ic e p r io r
to Jan. 1, 1937, 1. 5 p e r c e n t o f m on th ly e a rn in g s in D e c. 1936,
t im e s y e a r s o f such s e r v ic e 2 fo r w om en a g e s 45 through 49
on Jan. 1, 1937, 1. 25 p e r c e n t fo r w om en a g e s 40 throu gh 44
(m en a g e s 45 through 49 ), and 1 p e r c e n t fo r w om en under
age 40 (m en under age 45).
M in im um — $ 125 fo r 25 y e a r s o r m o r e o f s e r v ic e 1 re d u c e d
$5 p e r m onth fo r ea ch y e a r o f s e r v ic e le s s than 25 to a
m in im u m o f $25 fo r 5 y e a r s o f s e r v ic e , le s s p r im a r y
s o c ia l s e c u r ity b e n e fit. F o r r e tir e m e n t a fte r D e c. 31, 1963,
and b e fo r e Jan. 1, 1969, su pplem ent o f 50 p e r c e n t o f a v e r a g e
e a rn in gs o f last 60 m onths fo r w hich co n tr ib u tio n s m ade fo r
35 y e a r s o r m o r e o f s e r v ic e 1 r e d u c e d 1 p e r c e n t fo r each
y e a r o f s e r v ic e l e s s than 35 to a m in im u m 15 y e a r s , le s s
plan b e n e fits in clu d in g past s e r v ic e b e n e fits and p r im a r y
s o c ia l s e c u r ity b e n e fit.

1
2
3
4
5

E x clu d e s p r e m e m b e r s h ip s e r v ic e .
In clu d es p r e m e m b e r s h ip s e r v ic e .
A g e 60 fo r w om en c o v e r e d by plan p r io r to Jan. 1, 1954.
A g e 50 fo r w om en c o v e r e d by plan p r io r to Jan. 1, 1954.
P r im a r y s o c ia l s e c u r ity b e n e fit is d ed u cted fr o m m in im u m when r e c e iv e d .




1 20

At w o r k e r 1s
r e q u e s t (s u b je c t
to e m p lo y e r 's
con sen t p r io r
to age 60).

A c tu a r ia l equivalent of
n o r m a l ben efit (m in i­
m um not a p p lic a b le ),
co m m e n cin g im m e d i­
a tely.

$ 189. 60

$ 1 8 6 .2 0

$22 1. 20

45

25 y e a r s o f s e r v ic e :
$ 8 7 . 50

$ 1 0 0 .0 0

$ 112. 50

2 15
n orm al
At w o r k e r 's
r e q u e s t.

A c t u a r ia l equ ivalen t o f
b en efit, c o m ­
m en cin g im m e d ia te ly ;
o r n o r m a l b en efit, c o m ­
m en cin g at age 65.

30 y e a r s o f s e r v ic e :
$ 10 5 .0 0

$ 1 2 0 .0 0

$ 1 3 5 .0 0

35 y e a r s o f s e r v ic e :
$ 12 2 .5 0

P a c ific G as and
E le c t r ic Co.

S e r v ic e
(Y e ars)

35 y e a r s o f s e r v ic e :
$ 162. 93

6 m onths
of
s e r v ic e .

$ 1 5 9 .6 0

A ge

55
$ 158. 00

N o v em b er 1964.

The D e tro it E d ison Co.

M in im u m
r e q u ire m e n ts

B e n e f i t fo r m u la

afte r
A ge

A la b a m a P o w e r Co.

E A R L Y ' R E T IR E M E N T
I L L U S T R A T I V E M O N T H L Y P E N S IO N S

M in im u m

$ 1 4 0 .0 0

$ 1 57 .50

25 y e a r s o f s e r v ic e :
$ 143. 75

$ 1 7 5 .0 0

4 55
$20 6. 25

30 y e a r s o f s e r v ic e :
$ 172. 50

$ 2 1 0 .0 0

$247. 50

35 y e a r s o f s e r v ic e :
$ 2 0 1 .2 5

$ 2 4 5 .0 0

$28 8. 75

At w o r k e r 's
r e q u e s t.

_

N o rm a l b e n e f it 5 re d u c e d
0 .2 5 p e r c e n t fo r each
m onth o f 1st y e a r under
age 65, graduating to
0 .3 2 p e r c e n t fo r each
m onth o f 9th and 10th
y e a r s p r io r to age 6 5 , 4
co m m e n cin g im m e d i­
a tely .

71
Bargaining, Late 1964--- Continued
NO RM AL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

D IS A B IL IT Y R E T IR E M E N T
M in im u m
r e q u ir e m e n ts

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

T y p e , c o n d itio n s,
B e n e f i t fo r m u la
r e q u ire m e n ts

A ge

C o m p u lso r y
at ag e-

A u to m a t ic
at ag e-

D E A T H B E N E F IT S

B e fo r e
r e tire m e n t

A fte r
re tire m e n t

F IN A N C IN G
MEDIUM
O F FU N D IN G
E m p lo y e e

A D M IN IST R A TIO N

E m p lo y e r

S e r v ic e
(Y e ars)

Joint and
s u r v iv o r .
Level
in com e
( e a r ly ).

Joint and
s u r v iv o r .

D e fe r r e d fu ll.
T e r m in a te d fo r any
reason .
20 y e a r s o f s e r v ic e o r
age 50 and 15 y e a r s o f
s e r v ic e . 2

D e fe r r e d fu ll.
T e r m in a te d f o r any
reason .
A g e 45 and 15 y e a r s of
s e r v ic e . 2

Joint and
s u r v iv o r .

D e fe r r e d fu ll.
T e r m in a te d fo r any
re a s o n .
15 y e a r s o f s e r v ic e 1
o r if a plan m e m b e r
D e c. 31, 1958,
age 50 67 and 10 y e a r s
of s e r v ic e .1

M onthly—
n o r m a l ben efit
(m in im u m not
a p p lic a b le ),
c o m m e n cin g at
age 65.

65

M onthly—
a c tu a r ia l e q u iv ­
alent o f n o r m a l
b e n e fit, c o m ­
m e n cin g im m e ­
d ia te ly , o r
n o r m a l b e n e fit,
c o m m e n cin g at
age 65.

65

M onthly—
e a r ly r e t i r e ­
m ent b e n e fit,
c o m m e n cin g
any tim e during
1 0 -y e a r p e r io d
p r io r to
age 65; 3 o r
n o r m a l b e n e fit,
c o m m e n cin g at
age 65.

7 65

65

C on tribu tion s
plus in te re s t.
( 8)

C o n tr ib u ­
tio n s plus
in te r e s t,
le s s ben e­
fits
r e c e iv e d .

F u ll
cost.

T ru s te e d ;
ban ka d m in is te r e d .

E m p lo y e r .

F u ll
c o s t.

T ru s te e d ;
ban ka d m in is te r e d .

E m p lo y e r.

C om b in a ­
tion :

E m p lo y e r .

3 p ercen t B a lan ce
o f fir s t
o f co s t.
$ 3 ,6 0 0
o f annual
e a r n in g s ,
and
5 per­
cent of
ea rn in gs
exceed­
ing
$ 3, 600.

T ru s teed ;
ban ka d m in is te re d .
Insured;
group
annuity.

6 A g e 45 fo r w om en c o v e r e d by the plan p r io r to Jan. 1, 1954.
7 A w om an c o v e r e d by plan p r io r to Jan. 1, 1954, m u st r e t ir e at age 60 u n le s s re q u e s te d to contin ue in em p loym en t by e m p lo y e r but in no event la te r than age 65.
8 A su rvivin g w idow o f a w o rk e r at le a s t age 55 w ith 15 y e a r s o f m e m b e r s h ip s e r v ic e who is not m o r e than 5 y e a r s y ou n g er than the d e c e a s e d , is paid a m onthly ben efit equal to V2 the d e c e a s e d
w o r k e r ’ s a c c r u e d n o r m a l ben efit. If m o r e than 5 y e a r s y o u n g e r, the b en efit is a c tu a r ia lly r e d u ce d .




72
Selected Pension Plans Under Collective
N O R M AL R E T IR E M E N T
CO M P A N Y, U NIO N, AND
D A T E O F IN FO R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E ­
M E N TS

E A R L Y R E T IR E M E N T
IL L U S T R A T I V E M O N T H L Y P E N S IO N S
a t a g e 6 5 u n d er c u rre n t n o rm al re tire m e n t

M in im u m

Service
credited
after
Service normal
age
(Years)

f o r m u l a , fo r a n n u a l a v e r a g e
e a r n in g s o f—

requirements

Age

R estau ra nt in d u stry .

M in im u m
r e q u ir e m e n ts

Benefit formula

B e n e f it fo r m u la

$4,200
M onthly— $5 4 fo r 20 y e a r s o r m o r e o f s e r v ic e , re d u ce d
$ 2 . 70 p e r m onth f o r each y e a r o f s e r v ic e le s s than 20 to a
m in im u m o f $4 0 . 50 fo r 15 y e a r s o f s e r v ic e .

H otel and R estau ra n t
E m p loy ees (C h e fs , C ook s,
P a s t r y C ook s & A s s is ta n ts
U nion, L o c a l 89, R e s ­
taurant Industry P e n sio n
Fund).

S 4 ,8 <

$5,400

A ge

Service
(Years)

25 y e a r s o f s e r v ic e :
$ 5 0 .0 0

$ 5 0 .0 0

$ 5 0 .0 0
At w o r k e r 's
req u es t.

30 y e a r s o f s e r v ic e :
$ 5 0 .0 0

$ 5 0 .0 0

N o rm a l b en efit red u ced
0. 5 p e r c e n t fo r each
m onth under age 65,
co m m e n cin g im m e d i­
ately.

$ 5 0 .0 0

35 y e a r s o f s e r v ic e :
N o v e m b e r 1964.
$ 5 0 .0 0

$ 5 0 .0 0

$ 5 0 . 00

(2 )

R eta il food in d u stry,
F ood E m p lo y e r s C ou n cil,
Inc. , and oth er e m p lo y e r s
Southern C a lifo rn ia a re a .

M onthly— $ 3 3 .4 0 fo r f ir s t 10 y e a r s o f s e r v ic e , plus $ 6 . 66
fo r ea ch o f next 10 y e a r s o f s e r v ic e . B e n e fit am ount adju sted
ea ch A p r il 1 and O ct. 1 by m u ltip lyin g it b y BLS C o n su m e r
P r i c e Index fo r L os A n g e le s , C a lif. , o f p r e c e d in g F e b . o r
A u g. , r e s p e c t iv e ly , and d ivid in g r e s u lt by the Index o f 1958
(125. 4).

25 y e a r s o f s e r v ic e :
5$ 109. 57

$ 1 0 9 .5 7

$ 10 9. 57

At w o r k e r 's
req u es t.

A c tu a r ia l equivalent
o f n o r m a l b en efit, c o m ­
m e n cin g im m e d ia te ly ;
o r n o r m a l b en efit, c o m ­
m e n cin g at age 60.

30 y e a r s o f s e r v ic e :

R etail C le r k s .
5$ 109. 57

$ 1 0 9 .5 7

$ 1 0 9 .5 7

A u gust 1964.
35 y e a r s o f s e r v ic e :
5$ 109. 57

$ 1 0 9 . 57

$ 1 0 9 .5 7

(6 )

R eta il drug in d u stry ,
v a r io u s a s s o c ia tio n s
and e m p lo y e r s
(N ew Y ork , N. Y. ).

L o c a l 1199, D rug and
H osp ita l E m p lo y e e 's
U nion o f the R eta il,
W h olesa le and D e ­
p artm en t S tore Union.

65

M onthly— f o r s e r v ic e a fte r Sept. 30, 1951:
T o ta l m onths
o f s e r v ic e
L e s s than 1 8 0 -------180 and under 240 ■
240 and under 300 ■
300 o r m o r e -----------

25 y e a r s o f s e r v ic e :
P e r c e n t o f total
earn in gs

— Viz o f 0. 65
— Viz o f . 75
— Viz o f . 85
Viz o f 1. 00

$ 8 7 .5 0

$ 1 0 0 .0 0

$ 1 1 2 .5 0

At w o r k e r 's
req u es t.

A c tu a r ia l equivalent o f
n o r m a l b e n e fit, c o m ­
m en cin g im m e d ia te ly ;
o r n o r m a l b e n e fit, c o m ­
m en cin g at age 65.

30 y e a r s o f s e r v ic e :
$ 1 0 5 .0 0

$ 1 2 0 .0 0

$ 1 3 5 .0 0

35 y e a r s o f s e r v ic e :
F o r s e r v ic e p r i o r to O ct. 1, 1951, $3 tim e s y e a r s o f s e r v ic e
to a m axim u m o f 15 y e a r s .

$ 1 2 2 .5 0

$ 1 4 0 .0 0

$ 1 5 7 .5 0

S ep tem b er 1964.

1
to Jan.
2
3
4
A p r. 1,

15 y e a r s o f s e r v ic e in trad e. S e r v ic e in clu d e s (1) em p lo y m e n t w ith con trib u tin g e m p lo y e r s a fte r D e c. 31, 1952, and (2) e m p lo y m e n t c o v e r e d by u n ion 's c o lle c t iv e barg a in in g a g re e m e n ts p r i o r
1, 1953.
N o rm a l b en efit in itia lly pa ya b le at age 62.
M in im um w age s c a le o r shop m in im u m in e ffe c t on N ov. 1, 1958.
10 y e a r s o f s e r v ic e in the in d u stry. S e r v ic e in clu d e s (1) em p lo y m e n t w ith co n trib u tin g e m p lo y e r s a fte r M ar. 31, 1957, and (2) e m p lo y m en t by e m p lo y e r s under ju r is d ic t io n o f union p r i o r to
1957, i f con trib u tio n s w e r e m ade in w o r k e r 's b e h a lf on A p r. 1, 1957. S e r v ic e c r e d ite d fo r b e n e fit p u r p o s e s a fte r age 25.




73
Bargaining, Late 1964--- Continued
D IS A B IL IT Y R E T IR E M E N T
NO RM AL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

M in im u m
r e q u ire m e n ts

T y p e , c o n d itio n s,
a n d m in im u m
r e q u ire m e n ts

A ge

50

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

B e n e f i t fo r m u la

C o m p u lso r y
at ag e-

A u to m a t ic
at age -

D E A T H B E N E F IT S

B e fo r e
r e tire m e n t

A fte r
re tire m e n t

F IN A N C IN G
MEDIUM
O F FU N D IN G
E m p lo y e e

A D M IN IS T R A T IO N

E m p lo y e r

S e r v ic e
(Y e a r s)

1 15

M onthly— sa m e as e a r ly r e tir e m e n t
b e n e fit and a c t u a r ia lly r e d u ce d
th e r e a fte r to a m in im u m o f 45 p e r ­
cent o f n o r m a l b e n e fit at age 50,
co m m e n cin g im m e d ia te ly .

D e fe r r e d fu ll.

Joint and
s u r v iv o r .

T e rm in a te d fo r any
reason .

L e v e l in c o m e
(e a r ly ).

10 y e a r s o f s e r v i c e . 4

10

M onthly— n o r m a l b e n e fit, c o m ­
m e n cin g im m e d ia te ly upon r e c e ip t
o f s o c ia l s e c u r it y d is a b ility b e n e fit.

M onthly— a c ­
tu a ria l e q u iv ­
alent o f n o r m a l
b e n e fit, c o m ­
m en cin g any
tim e during
1 0 -y e a r p e r io d
p r io r to age 60;
o r n o rm a l
b en efit, c o m ­
m en cin g at
age 60.

F u ll
c o s t ---3 p er­
cent o f
p en sion
p a y r o ll. 3

T ru s teed ;
s e lfadm inis tered .

B ip a rtite.

F u ll
c o s t ---$ 0 . 08
per
s tr a ig h ttim e
hour
wo rked.

T ru s te e d ;
s e lfadm inis tered .

B ip a rtite.

F u ll
c o s t ---3. 5 p e r ­
cent o f
gross
p a y r o ll.

T ru steed ;
s e lfadm inis te re d .

B ip a rtite.

(5
8)
7
6

A p r.

5 B a sed on com puted m on th ly b a s e fig u re tim e s BLS C on su m er P r i c e Index o f A ug. 1964 fo r L os A n g e le s , C a lif. (1 3 7 .4 ) d ivided by c o r re s p o n d in g index fo r 1958 (1 2 5 .4 ).
6 N o rm a l b en efit in itia lly p aya ble at age 60.
7 5 y e a r s o f s e r v ic e with con tribu tin g e m p lo y e r s fo r m e m b e r s em p lo y e d b e fo r e A p r. 1, I960; 10 y e a r s o f s e r v ic e with con tribu tin g e m p lo y e r s fo r m e m b e r s em p loy ed during the p e r io d fro m
1, 1960. to A p r. 1, 1964; 15 y e a r s o f s e r v ic e w ith con trib u tin g e m p lo y e r s fo r m e m b e r s em p lo y e d on o r a fte r A p r. 1, 1964.
8 E ffe c tiv e O ct. 1, 1965, in c r e a s e d to 4. 5 p e r c e n t o f p a y r o ll.




74
Selected Pension Plans Under Collective
N O R M AL R E T IR E M E N T
CO M P A N Y , U NIO N, AND
D A T E O F IN FO R M A TIO N

P A R T IC I­
P A T IO N
R E Q U IR E M EN TS

M in im u m
r e q u ire m e n ts

_

at ag e
S e r v ic e
c re d ite d

65

S e r v ic e
(Y e ars)

u n d e r c u r re n t n o rm a l r e tire m e n t
f o r m u l a , fo r a n n u a l a v e r a g e

M in im u m
r e q u ire m e n ts

fo r m u la

B e n e fit

n o rm al
age

1 10 A ll.

65

e a r n in g s o f—
B e n e fit

A ge

R e ta il, w h o le s a le and
w areh ou se in d u s tr ie s ,
v a r io u s e m p lo y e r s
(New Y o r k , N. Y. ).

E A R L Y R E T IR E M E N T
I L L U S T R A T I V E M O N TH L Y P EN SIO N S

14.200
M onthly— $5 t im e s y e a r s o f s e r v ic e . (If a v e r a g e annual e a r n ings during h igh est 5 o f 10 y e a r s im m e d ia te ly p r e c e d in g r e tir e m e n t e x c e e d s $ 6 ,0 0 0 , 1 p e r c e n t o f such e a rn in g s t im e s
y e a r of s e r v ic e , d ivided by 12.)

$4,800

$5,400

25 y e a r s of s e r v ic e :
$ 1 25 .00

$ 125 .00

60

1 10

ivlonthly— $100 plus $25
fo r each 5 y e a r s of s e r v ­
ic e o v e r 15 y e a r s paid
until age 62, at age 62
$3. 50, plus $0. 30 fo r
each y e a r o f age o v e r 60
at tim e of r e tir e m e n t,
t im e s y e a r s of s e r v ic e .
M in im um — $50 fo r
10 y e a r s of s e r v ic e ,
plus $5 fo r ea ch a d d i­
tion a l 5 y e a r s of
s e r v ic e .

1 25

M onthly— $50 plus $25
fo r each add ition al
5 y e a r s o f s e r v ic e o v e r
25 fo r both m en and
w om en le s s s o c ia l s e c u ­
r ity b en efits. M in im um
payable fr o m fund is
$ 35 fo r 25 y e a r s of
s e r v ic e plus $5 fo r each
add ition al 5 y e a r s to a
m axim u m of $50.

$ 1 2 5 .0 0

30 y e a r s o f s e r v ic e :
R e ta il, W h olesa le and
D epartm en t S tore
U nion, D is t r ic t 65
(65 S ecu rity Plan
P en sion Fund).

$ 1 50 .00

$ 1 50 .00

$ 1 5 0 .0 0
or
35 y e a r s of s e r v ic e :
$ 17 5 .0 0

$ 17 5 .0 0

fo r m u la

S e r v ic e
(Y e a r s )

A ge

$ 1 7 5 .0 0

D e c e m b e r 1964.
55

(1 5 fo r
w om en)
At w o r k e r 's
re q u e s t.

M ilk D e a le r s , v a r io u s
e m p lo y e r s , C h ica g o ,
111. , a rea .
T e a m ste rs,
L o c a l 753.

_

65

3 25 A ll.

M onthly— $185 fo r 35 y e a r s o r m ore, o f s e r v ic e , $ 165 fo r
30 th rough 34 y e a r s , and $ 150 fo r 25 th rough 29 y e a r s of
$ 1 50 .00
$ 1 50 .00
$ 1 5 0 .0 0
s e r v ic e .

25 y e a r s o f s e r v ic e :

62
At w o r k e r 's
r e q u e s t.

30 y e a r s of s e r v ic e :
$ 16 5 .0 0

$ 1 65 .00

$ 1 6 5 .0 0

A u gust 1964.
35 y e a r s o f s e r v ic e :
$ 1 85 .00

$ 1 8 5 .0 0

25

M onthly— at age 64,
$ 175 fo r 35 y e a r s or
m o r e o f s e r v ic e , $155
fo r 30 through 34 y e a r s
and $140 fo r 25 through
29 y e a r s ; at age 63,
$ 160, $ 145 and $ 135
fo r sam e s e r v ic e as
a b o v e , r e s p e c t iv e ly ,
and at age 62, $ 15 5,
$ 140 and $ 130,
r e s p e c t iv e ly .

$ 1 8 5 .0 0

1 10 y e a r s of s e r v ic e in in d u stry. S e r v ic e in clu d e s (1) e m p lo y m e n t with con trib u tin g e m p lo y e r s a fte r Jan. 1, 1950, and (2) em p lo ym e n t under u n ion ’ s c o lle c t iv e b argain in g a g r e e m e n ts p r io r to
F eb . 1, 1950, if co n tr ib u tio n s w e re m ade in w o r k e r 's beh a lf on F e b . 1, 1950.
2 W o r k e r s m ay e le c t lu m p-su m w ithdraw al b en efit in lie u o f v e s te d p en sion a c c o r d in g to fo llo w in g : 5 through 9 y e a r s o f s e r v ic e , 10 p e r c e n t of am ount paid to fund in w o r k e r 's b eh a lf; 10 and
11 y e a r s , 20 p e r c e n t; 12 through 14 y e a r s , 25 p e r c e n t; 15 through 19 y e a r s , 33. 333 p e r c e n t; 20 th rou gh 24 y e a r s , 50 p e r c e n t; 25 through 30 y e a r s , 75 p e r c e n t; and 30 y e a r s and o v e r , 100 p e rce n t.
3 Union m e m b e r f o r 25 y e a r s , e m p lo y e d in in du stry at tim e o f r e tir e m e n t and fo r 3 o f 5 y e a r s im m e d ia te ly p r e c e d in g r e tir e m e n t.
4 In lieu of f ir s t $ 5 ,0 0 0 o f m on th ly b e n e fits , on a p p lica tio n a lu m p-su m paym ent o f $ 4 , 500 m ay be m ade at d is c r e t io n o f t r u s t e e s , o r if paym en ts have s ta rted , an am ount equal to 90 p e r c e n t of




75
Bargaining, Late 1964--- Continued
NO RM AL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

D IS A B IL IT Y R E T IR E M E N T

D E A T H B E N E F IT S

F IN A N C IN G
MEDIUM
O F FU N D IN G

M in im u m

requirements
Age

Joint and
s u r v iv o r .

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

T y p e , c o n d itio n s,
a n d m in im u m
r e q u ire m e n ts

Service
(Years)

10

M onthly— $3 t im e s y e a r s o f s e r v ic e .

D e fe r r e d fu ll.
T e r m in a te d fo r any
reason .

B e n e f i t fo r m u la

C o m p u lso r y
at a g e -

A u to m a t ic
at ag e-

B e fo r e
r e tire m e n t

M onthly— $2 . 50
t im e s y e a r s o f
s e r v ic e , c o m ­
m e n cin g at
age 65.

10 y e a r s o f s e r v ic e . 1
( 2)

3 25

M onthly— $ 135 fo r 35 y e a r s o r m o r e
o f s e r v ic e , $110 fo r 30 through
34 y e a r s , and $90 fo r 25 through
29 y e a r s o f s e r v ic e . 4

( 5)

T e rm in a tio n
b e n e fits fo r
w hich
e lig ib le (s e e
fo otn ote 6)
ex ce p t
$ 4 , 000 fo r
25 y e a r s of
union m e m ­
b e r s h ip ,
plus $ 1,000.
(6)

A fte r
r e tire m e n t

E m p lo y e e

A D M IN IST R A TIO N

E m p lo y e r

D ependent
upon c o v e r ­
age at
r e t ir e m e n t ,
$ 1 ,0 0 0 to
$ 7 ,5 0 0 ,
le s s b e n e ­
fits
r e c e iv e d
with
m in im u m
$ 1,000.

F u ll
cost—
4 per­
cent of
gross
p a y r o ll.

T ru steed ;
s e lfa d m in is tered.

B ip a rtite.

$5,000, le s s
b e n e fits r e ­
c e iv e d
p r o v id e d
that lu m p ­
sum p a y ­
m ent under
norm al
b e n e fit has
not been
m ade.

F u ll
cost—
$ 11. 60
per
w o rk e r
per
w eek,
plus
a d d i­
tion a l
am ounts
fo r bulk
and
s tore
r ou tes.

T ru steed ;
s e lfadm inis tered .

B ipartite.

d iffe r e n c e betw een $ 5 ,0 0 0 and paym en ts r e c e iv e d .
5 T e rm in a te d fo r any re a s o n and e m p lo y e d in industry fo r 3 o f 5 y e a r s im m e d ia te ly p r e c e d in g te rm in a tio n . With 10 through 14 y e a r s o f union m e m b e r s h ip , 15 1, ZOO lum p sum ; 15 through 19 y e a r s
of union m e m b e r s h ip , $ 1,9 0 0 ; 20 through 24 y e a r s o f union m e m b e r s h ip , $ 3 ,8 0 0 ; 25 y e a r s o r m o r e of union m e m b e r s h ip and not e lig ib le fo r r e tir e m e n t b e n efit, $ 4 ,0 0 0 , plus $7 fo r each m onth of
s e r v ic e a fter A p r. 30, 1 9 0 3 ,up to $ 1 ,0 0 0 .
6 Union m e m b e r s h ip and e m p lo y e d at tim e o f death fo r 2 y e a r s and r e tir e m e n t b e n e fits not a p p roved .




76
S e le cte d P e n sio n P la n s U n d e r C o l l e c t i v e
E A R L Y ' R E T IR E M E N T

NO RM AL R E T IR E M E N T
CO M P A N Y, U NIO N, AND
□ A T E O F IN FO R M A TIO N

P A R T IC I­
P A TIO N
R E Q U IR E M EN TS

I L L U S T R A T IV E M O N T H L Y P E N S IO N S
Minimum
requirements

A ge

J ohn H a n c o c k M ut ua l
Life Insurance Co.

1 ye a r
of
s e r v ic e .

at age

65

S e r v ic e
cred ited
after
S e rv ice normal
age
(Y e a r s)

None.

Insurance W ork ers
I n t e r n a t i o n a l Un ion .

65 under current normal retirement
formula, for annual average
earnings of—

Minimum
requirements

Benefit formula

Benefit formula

$4,200
M onthly— V12 of 1 p e r c e n t o f f ir s t $ 3 ,6 0 0 of annual e a rn in g s ,
and V12
^ p e r c e n t of ea rn in g s e x c e e d in g $ 3 ,6 0 0 fo r each
y e a r of s e r v ic e ; 12
3 plus V12 of 1. 25 p e r c e n t of total ea rn in gs
during 10 y e a r s p r e c e d in g re tir e m e n t (e x c lu d e s y e a r s p r io r
to age 50).

$4,800

$5,400

25 y e a r s of s e r v i c e :
S 143. 75

$ 17 5. 00

55
$ 206. 25

With e m p lo y e r 's
con sen t.

$ 200. 00

$ 23 6. 25

60

2 25

D e c e m b e r 1964.

35 y e a r s of s e r v i c e :
$ 183. 75

The P ru d en tial In su ran ce
Com pany of A m e r ic a .

65

N one.

In su ran ce W o r k e r s
Intern ation al Union.

M onthly— fo r s e r v ic e a fte r D e c. 31, 1946, 1. 3 p e r c e n t of
f ir s t $ 3 ,0 0 0 o f annual e a r n in g s , and 2 p e r c e n t o f ea rn in gs
e x c e e d in g $ 3, 000 fo r each y e a r o f s e r v ic e , d ivid ed by 12;
fo r s e r v ic e p r io r to Jan. 1, 1947, V12 of g r e a te r of:
(1) 1 p e r c e n t of f ir s t $ 3 ,6 0 0 o f ad ju sted past s e r v ic e
e a r n in g s ,4 and 1 .5 p e r c e n t of e a rn in gs e x ce e d in g $ 3 ,6 0 0
t im e s y e a r s of such s e r v ic e , o r (2) 110 p e r c e n t of p r e v io u s
past s e r v ic e fo rm u la . 5

$ 225. 00

$ 266. 25

25 y e a r s of s e r v ic e :
$ 131. 25

$ 156. 25

A c tu a r ia l equivalent of
n o r m a l b e n e fit, c o m ­
m en cin g im m e d ia te ly .

I
cir

30 y e a r s of s e r v i c e :
$ 163. 75

Service
(Years)

Age

With e m p lo y e r 's
con sen t or at
em ploy e r 's
reque st.

55
$ 181. 25

N orm a l b e n e fit, c o m ­
m en cin g im m e d ia te ly ;
p lu s , until age 65, an
am ount equal to p r i ­
m a ry in su ran ce
am ount payable under
s o c ia l s e c u r ity p r o v i ­
sion s in e ffe c t on
June 30, 1956.

10

A c tu a r ia l equivalent of
n o r m a l b e n e fit, c o m ­
m en cin g im m e d ia te ly .

_

_

At w o r k e r 's
r e q u e s t.

30 y e a r s of s e r v i c e :
$ 157 .50

$ 187 .50

$ 21 7. 50

N ov em b er 1964.
35 y e a r s of s e r v ic e :
$ 183. 75

B ron x R ealty A d v is o r y
B o a rd , Inc. , and other
e m p lo y e r s (New Y o r k ,
N.

Y.

_

65

7 15 A ll.

M onthly— $80 fo r 30 y e a r s or m o r e o f s e r v ic e , re d u c e d $2
p e r m onth fo r each y e a r l e s s than 30 to $60 fo r 20 y e a r s of
s e r v ic e . $40 fo r 15 but l e s s than 20 y e a r s o f s e r v ic e .

$ 218. 75

$ 25 3. 75

_

25 y e a r s of s e r v ic e :
$ 7 0 . 00

$70 . 00

$70 . 00

).

30 y e a r s o f s e r v i c e :
Building S e r v ic e E m p lo y ­
e e s , L o c a l 32E.

July 1964.

$80 . 00

$ 8 0 . 00

$80 . 00

35 y e a r s of s e r v ic e :
$80 . 00

$ 8 0 . 00

$80 . 00

1 E x clu d es p r e m e m b e r s h ip s e r v ic e .
2 In clu d es p r e m e m b e r s h ip s e r v ic e .
3 L ife annuity b en efit (option) fo r w idow a ls o a v a ila b le upon death o f w o rk e r a fte r 25 y e a r s o f s e r v ic e , o r within 1 0 -y e a r p e r io d p r io r to n o r m a l r e tir e m e n t date.
4 A d ju sted past s e r v ic e e a rn in gs e q u a ls m ean o f a v e r a g e e a rn in g s during 5 -y e a r p e r io d ending D e c. 31, 1946, and a v e r a g e e a rn in g s during 5 -y e a r p e r io d ending D ec. 31, 1951.
5 P r e v io u s past s e r v ic e fo rm u la is 1. 5 p e r c e n t o f a v e ra g e ea rn in g s during 5 -y e a r p e r io d ending D e c. 31, 1946, t im e s y e a r s of s e r v ic e to n o r m a l r e tir e m e n t date, le s s 60 p e r c e n t of p r im a ry




77

Bargaining, Late 1964--- Continued
NO RM AL
AND E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

D IS A B IL IT Y R E T IR E M E N T
Minimum
requirements
Benefit formula
Age

Joint and
s u r v iv o r .3

60

Service
(Years)

10

M onthly— n o r m a l b e n e fit, c o m m e n c ­
ing im m e d ia te ly ; p lu s , until age 65,
an am ount equal to p r im a r y i n s u r ­
ance am ount paya ble under s o c ia l
s e c u r ity p r o v is io n s in e ffe c t on
June 30, 1956; m in im u m — $ 100.

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

Type, conditions,
and minimum
requirements

D e fe r r e d fu ll.
T e r m in a te d fo r any
rea son ,

Benefit formula

Compulsory
at a g e-

M onthly—
n o r m a l b e n e fit,
c o m m e n cin g at
age 65.

65

M onthly—
a c tu a r ia l e q u iv ­
alent o f n o rm a l
b e n e fit, c o m ­
m e n cin g any
tim e during
1 0 -y e a r p e r io d
p r io r to age 65;
or norm al ben e­
fit , paya ble at
age 65.

65

Automatic
at age -

D E A T H B E N E F IT S

Before
retirement

After
retirement

F IN A N C IN G
MEDIUM
O F FU N D IN G
Employee

A D M IN IST R A TIO N

Employer

F u ll
cost.

In su red;
group
annuity.

E m p lo y e r ,

B a lan ce
of c o s t.

In sured;
group
annuity.

E m p lo y e r .

F u ll
cost—
$ 7 . 50
per
w ork er
per
m onth.

T ru steed ;
s e lf-a d m in ­
is te r e d .

B ip a rtite.

10 y e a r s o f s e r v ic e . 2

L e s s s o c ia l s e c u r ity d is a b ility
b e n e fits , until s e r v ic e plus d is a b ility
p e r io d equal 25 y e a r s .
A t age 65, n o r m a l b en efit p a ya b le .

Joint and
s u r v iv o r .

10

L evel
in com e
(e a r ly ).

M onthly— 2 p e r c e n t o f to ta l e a rn in g s ,
d ivided by 12.
Upon r e c e iv in g s o c ia l s e c u r ity d i s ­
a b ility b e n e fit, o r at age 65, n o r m a l
b en efit p aya ble.

D e fe r r e d fu ll.
T e rm in a te d fo r any
reason .
10 y e a r s o f s e r v ic e .

65

B e n e fic ia r y
W orker1s
co n trib u tio n s r e c e iv e s
plus in te re s t. g r e a te r of:
(1) W orker* s
co n trib u tion s
plus in t e r ­
e s t , le s s
b e n efits r e ­
c e iv e d , or
(2) 12 tim e s
m onthly b e n ­
e fits ba sed
on a c c r u e d
s e r v ic e a fter
D e c. 31,
1946.

2. 6 p er cent of
f ir s t
$ 3, 000
of annual
e a rn in g s ,
and 4
percen t
of e a r n ­
ings e x ­
ceed in g
« 3, 000.

( 6)

S 1,0 0 0

s o c ia l se c u r ity ben efit in e ffe c t D ec. 31, 1946; the re s u lt to be m u ltip lie d by ra tio of n um ber of y e a r s of s e r v ic e as of D e c. 31, 1946, to y e a r s of s e r v ic e as of n o r m a l r e tir e m e n t date.
6 E m p loy er a ls o p r o v id e s a m onthly supplem en tal b en efit to w idow o f r e t ir e d w o rk e r w hose death o c c u r s a fte r attaining age 65 in an am ount by w hich 50 p e rce n t (red u ced 0. 1 p ercen t fo r each
m onth e x ceed in g 5 y e a r s that her age is le s s than h er husband1 s) of husband1 s re tir e m e n t b en efit e x c e e d s a m onthly in co m e w hich cou ld be p ro v id e d by total death benefit (le s s 9 1,000) under com pany
p lan s, including grou p life in su ra n ce (m a xim u m am ount fo r w hich w o rk e r co u ld be c o v e r e d ), staff grou p in s u r a n c e , and r e tir e m e n t plan.
7 E m p loyed by con tribu tin g e m p lo y e r s fo r 50 o f 60 m onths im m e d ia te ly p re c e d in g re tir e m e n t.




78

S e le cte d P e n s io n P la n s U n d e r C o l l e c t i v e
N O R M A L R E T IR E M E N T
C O M P A N Y, U NIO N, AND
D A T E O F IN FO R M A T IO N

P A R T IC I­
P A T IO N
R E Q U IR E ­
M E N TS

H otel A s s o c ia t io n of
New Y o r k C ity, In c.

E A R L Y R E T IR E M E N T
I L L U S T R A T I V E M O N T H L Y P EN S IO N S

Minimum
requirements

at age
Service
creditec

65 under current normal retirement
formula, for annual average
earnings of —

Minimum
requirements

Benefit formula
Age

Service normal
age
(Years)

65

1 15 A ll.

Benefit formula

*4.200
M onthly— $ 1. 60 tim e s y e a r s o f s e r v ic e to a m a x im u m of
25 y e a r s .

$5,400

$ 4 0 .0 0

Age

Service
(Years)

62

25 y e a r s o f s e r v ic e :
$ 4 0 .0 0

N ew Y o r k H otel T r a d e s
C ou n cil.

$4,800

$ 4 0 .0 0

>15

A t w o r k e r 's
r e q u e s t.

30 y e a r s o f s e r v ic e :
$ 4 0 . 00

$ 4 0 . 00

N o rm a l b en efit red u c e d
5/ g o f 1 p e r c e n t f o r
each m onth under
a g e 65 , c o m m e n c i n g
im m e d ia te ly .

( 2)

$ 4 0 .0 0

A u gust 1964.
35 y e a r s o f s e r v ic e :
$ 4 0 .0 0

V a rio u s e m p lo y e r s ,
St. L o u is , M o ., a r e a .

1 yea r of
s e r v ic e .

65

( 3) N onet M onthly— $ 2 .7 5 t im e s y e a r s o f s e r v ic e during w hich c o n t r i ­
bu tion s w e re m ade in w o r k e r 's b e h a lf, plus $2 tim e s y e a r s
o f s e r v ic e to a m a x im u m o f 10 y e a r s p r io r to date w o rk e r
b e c a m e c o v e r e d by the plan.

$ 4 0 .0 0

$ 4 0 .0 0

25 y e a r s o f s e r v ic e :
$ 6 8 . 75

$ 6 8 . 75

$ 6 8 .7 5

M a c h in is ts , D is t r ic t 9.
30 y e a r s o f s e r v ic e :

M in im u m — $ 2 0.

$ 8 2 . 50

July 1964.

$ 8 2 . 50

$ 8 2 .5 0

35 y e a r s o f s e r v ic e :
$ 9 6 . 25

65

In te rin d u s try , v a r io u s
e m p lo y e r s .

7 15 A ll.

M onthly— 22 t im e s w e e k ly co n trib u tio n rate f o r 25 y e a r s
o r m o r e o f s e r v ic e , r e d u c e d p r o p o r t io n a t e ly fo r 15 o r
m o r e but l e s s than 25 y e a r s o f s e r v ic e .

$ 9 6 . 25

$ 9 6 .2 5

55

25 y e a r s o f s e r v ic e :
8 $ 4 4 ,0 0

$ 8 8 . 00

$ 1 3 2 .0 0

7 15

At w o r c e r 1s
requeslt .

M a c h in is ts .

N o rm a l b en efit re d u c e d
0 .5 p e r c e n t fo r each
m onth under age 65,
c o m m e n cin g im m e d i­
a te ly .

30 y e a r s o f s e r v ic e :
8 $ 4 4 .0 0

July 1964.

$ 8 8 . 00

$ 1 3 2 .0 0

35 y e a r s o f s e r v ic e :
8 $ 4 4 . 00

$ 8 8 . 00

$ 1 3 2 .0 0

1 15 y e a r s o f s e r v ic e in the in d u stry and (1) em p lo y m e n t w ith co n trib u tin g e m p lo y e r s f r o m June 1, 1952, to r e t ir e m e n t date, o r th e r e a fte r , em p loym en t w ith con trib u tin g e m p lo y e r s fr o m any
date p r io r to D e c. 1, 1952, to r e tir e m e n t d ate, (2) em p lo y m e n t w ith co n trib u tin g e m p lo y e r s f r o m date e m p lo y e r w as f ir s t o b lig a te d to co n tr ib u te , to r e tir e m e n t date (m in im u m o f 24 m onths a fte r
A u g. 31, 1954), o r (3) if not e m p lo y e d as in (1) o r (2 ), e m p lo y m e n t w ith co n trib u tin g e m p lo y e r s 10 y e a r s im m e d ia te ly p r e c e d in g r e t ir e m e n t date.
2 B en efit am ount rou n ded to n e a r e s t 10 c e n ts .
3 5 y e a r s o f p a rticip a tio n in the plan , the f ir s t y e a r o f w hich m u st be w ith a co n trib u tin g e m p lo y e r .
4

S e r v ic e

5

A death b en efit is paya ble to a b e n e fic ia r y o f a d e c e a s e d to ta lly and p e rm a n e n tly d is a b le d w o rk e r who w as e lig ib le f o r but had not r e c e iv e d a r e tir e m e n t b en efit.

c r e d ite d




a fte r

ag e

65

o n ly to

a tta in

m in im u m

s e r v ic e

r e q u ire m e n t fo r

n o r m a l r e tir e m e n t b e n e fit.

79
Bargaining, Late 1964--- Continued
D IS A B IL IT Y R E T IR E M E N T
NORM AL
AN D E A R L Y
R E T IR E M E N T
B E N E F IT
O P T IO N S

Minimum
requirements
Benefit formula
Age

Service
(Years)

15

5

50

7 15

Type, conditions,
and minimum
requirements

Benefit formula

Compulsory
at a g e -

Automatic
at age-

D E A T H B E N E F IT S

Before
retirement

After
retirement

M onthly— a c tu a r ia l e qu ivalen t o f
n o r m a l b e n e fit (m in im u m not a p p li­
c a b le ), c o m m e n cin g im m e d ia te ly ;
o r n o r m a l b e n e fit (m in im u m not
a p p lic a b le ), c o m m e n cin g at age 65.

M onthly— e a r ly r e t ir e m e n t b en efit
in c r e a s e d 10 p e r c e n t but not to
e x c e e d n o r m a l b e n e fit.

D e fe r r e d fu ll.
T e rm in a te d fo r any
reason .

M onthly—
n o r m a l b e n e fit,
p aya ble at
age 65.

10 y e a r s of s e r v i c e , 67
8
o r 9 m onths o f s e r v ic e
and w ithin 5 y e a r s of
r e tir e m e n t date.

D e fe r r e d fu ll.
T e rm in a te d fo r any
reason .
A g e 50 and 1 5 9 y e a r s
o f s e r v ic e .

A fte r 3 y e a r s
o f p a r t ic ip a ­
tion , $ 100 fo r
e a ch y e a r o f
s e r v ic e to a
m a x im u m o f
$ 1 ,5 0 0 .

F IN A N C IN G
MEDIUM
O F FU N D IN G
Employee

A D M IN IST R A TIO N

Employer

F u ll
c o s t -----2 per­
cent of
total
w a g es.

T r u s te e d ;
s e lfa d m in is ­
tered.

B ip a rtite.

60 m onthly
p a y m en ts,
le s s pay­
m e n ts r e ­
c e iv e d .

F u ll
cost—
$ 17.3 5
p er
m onth fo r
each
p a rtic ipant.

In su red;
d ep osit
a d m in is tr a ­
tion .

T rip a r tite .

60 paym en ts
c e r ta in
(n o rm a l and
e a r ly
r e t ir e e s ) . 10

F u ll
cost—
C o n tr i­
bution
rate
a c c o r d in g
to lo c a l
agree­
m ent.

T ru s te e d ;
ban kadm in is te r e d .

B ip a rtite.

M onthly— n o r m a l b e n e fit, c o m ­
m e n c in g im m e d ia te ly .

( 5)

L evel
in c o m e
(e a r ly ).

IN V O L U N T A R Y
R E T IR E M E N T

V E S T IN G

(5 )

M onthly—
e a r ly r e tir e m e n t
b e n e fit, c o m ­
m en cin g any
tim e during
1 0 -y e a r p e r io d
p r io r to age 65;
or norm al
b e n e fit, c o m ­
m en cin g at
age 65.

6 10 y e a r s o f s e r v ic e during w hich co n tr ib u tio n s w e re m ade in w o r k e r ’ s beh a lf.
7 15 y e a r s past and future s e r v ic e under a m a c h in is t 's a g re e m e n t includ ing 1 y e a r in w hich c o n trib u tio n s a r e m ade in w o r k e r 's b e h a lf, o r age 60 when plan f ir s t e ffe c tiv e fo r w o rk e r with 10 y e a r s
of s e r v ic e in clu d in g 5 y e a r s o f past s e r v ic e .
8 V a r ie s by am ount o f w ee k ly co n trib u tio n . See b e n e fit fo rm u la colu m n . I llu s tr a tio n b a s e d on co n trib u tio n s o f $ 2 , $ 4 o r $6 a w eek fo r w o r k e r s earn in g $ 4 ,2 0 0 , $ 4 ,8 0 0 or $ 5 ,4 0 0 a y e a r ,
r e s p e c t iv e ly .
9 15 y e a r s o f s e r v ic e in in d u stry under a m a c h in is t 's a g re e m e n t includ ing 5 y e a r s in w hich co n trib u tio n s a r e m ade in w o r k e r 's b e h a lf.
10 Not a p p lic a b le to le v e l in c o m e option.




80

U n ion Id en tifica tio n

as

T h is listin g p r e s e n ts
in dependent (In d .).

th e fu ll t i t l e s

of the u n io n s

r e f e r r e d to in th e p la n

A lu m in u m W o r k e r s I n te r n a tio n a l U n ion
A u to m o b ile, A e r o s p a c e and A g r ic u ltu r a l Im p le m en t W o rk e rs
of A m e r i c a ; In t e r n a t io n a l U n ion, U n ited
B a k e r y an d C o n f e c t io n e r y W o r k e r s ’ I n te r n a t io n a l U n ion
o f A m e r i c a (Ind. )
B u ild in g S e r v i c e E m p l o y e e s ' I n t e r n a t io n a l U n ion
C a r p e n t e r s and J o i n e r s of A m e r i c a ; U n ited B r o th e r h o o d of
C h e m ic a l W o r k e r s U n ion; I n te r n a tio n a l
C loth in g W o r k e r s of A m e r i c a ; A m a lg a m a t e d
C o m m u n ic atio n s W o rk e rs of A m e r ic a
E l e c t r i c a l , R a d io an d M a c h in e W o r k e r s ; In te r n a tio n a l U n ion of
E l e c t r i c a l W o r k e r s ; I n te r n a tio n a l B r o th e r h o o d of
F u r n i t u r e W o r k e r s of A m e r i c a ; U n ited
G a r m e n t W o r k e r s ' U n ion ; I n te r n a tio n a l L a d i e s '
G l a s s B o ttle B l o w e r s A s s o c i a t i o n of the U n ited S t a t e s and C a n a d a
G l a s s and C e r a m i c W o r k e r s of N o rth A m e r i c a ; U n ited
H a t t e r s , C a p an d M i l l i n e r y W o r k e r s I n t e r n a t io n a l U n ion ; U n ited
H o te l and R e s t a u r a n t E m p l o y e e s an d B a r t e n d e r s I n t e r n a t io n a l U n ion
I n s u r a n c e W o r k e r s I n te r n a tio n a l U n ion
L e a t h e r G o o d s , P l a s t i c an d N o v e lty W o r k e r s ' U n ion ; I n t e r n a t io n a l
L it h o g r a p h e r s of A m e r i c a ; A m a lg a m a t e d
L o n g s h o r e m e n 's A s so c ia t io n ; In tern atio n al
L o n g s h o r e m e n 's and W a r e h o u s e m e n 's U n ion ; In te r n a tio n a l (In d .)
M a c h in is t s an d A e r o s p a c e W o r k e r s ; I n te r n a tio n a l A s s o c i a t i o n of
M a r in e an d S h ip b u ild in g W o r k e r s of A m e r i c a ; I n d u s t r ia l U n ion of
M a r i t i m e U n ion of A m e r i c a ; N a tio n a l
M a s t e r s , M a te s and P ilo ts ; In tern atio n al O rg a n iz a tio n of
M eat C u tte r s and B u tc h e r W o rk m en of
N orth A m e r ic a ; A m a lg a m a te d
M in e, M ill an d S m e l t e r W o r k e r s ; I n te r n a tio n a l U n ion of (In d .)
M i n e W o r k e r s o f A m e r i c a ; U n i t e d ( I n d . )*




su m m arie s,

U n io n s

not a f f i l i a t e d w ith A F L - C I O

are

noted

N e w Y o r k H o t e l T r a d e s C o u n c i l ( a s s o c i a t i o n o f v a r i o u s u n i o n s in
h o tel fie ld )
N e w s p a p e r G u ild ; A m e r i c a n
O ffic e E m p l o y e s I n t e r n a t io n a l U n ion
O il, C h e m i c a l and A t o m ic W o r k e r s In te r n a tio n a l U n ion
P a c k in g h o u s e , F o o d an d A llie d W o r k e r s ; U n ited
P a in t e r s , D e c o r a to r s and P a p e r h a n g e r s of A m e r ic a ; B ro th e rh o o d of
P a p e r m a k e r s and P a p e r w o r k e r s ; U n ited
P lu m b in g an d P ip e F it t in g I n d u s tr y of the U n ited S t a t e s and C a n a d a ;
U n ited A s s o c i a t io n of J o u r n e y m e n an d A p p r e n t ic e s of the
P u lp , S u lp h ite and P a p e r M ill W o r k e r s ; In te r n a tio n a l B r o th e r h o o d of
R e ta il C le r k s In tern atio n al A s so c ia tio n
R e t a il, W h o le s a le and D e p a r t m e n t S t o r e U n ion
R u b b e r , C o r k , L in o l e u m an d P l a s t i c W o r k e r s o f A m e r i c a ; U n ited
Sheet M e tal W o rk e rs' In tern atio n al A s so c ia tio n
Sh o e W o r k e r s U n ion; N ew H a m p s h i r e (in d .)
S h o e W o r k e r s U n ion of M a n c h e s t e r ; N e w H a m p s h i r e (In d .)
S t a n d a r d A llie d T r a d e s C o u n c il ( v a r i o u s u n io n s c o l l a b o r a t i n g in
n e g o tia tio n of s in g le a g r e e m e n t )
S t e e l w o r k e r s of A m e r i c a ; U n ited
T e a m s t e r s , C h a u f f e u r s , W a r e h o u s e m e n an d H e l p e r s of A m e r i c a ;
I n t e r n a t i o n a l B r o t h e r h o o d o f (Ind. )
T e l e g r a p h e r s ' U n ion; T he C o m m e r c i a l
T e x t i l e W o r k e r s U n ion of A m e r i c a
T o b a c c o W o r k e r s I n te r n a t io n a l U n ion
T r a n s i t U n ion ; A m a l g a m a t e d
T r a n s p o r t W o r k e r s U n ion of A m e r i c a
T y p o g r a p h i c a l U n ion; I n t e r n a t io n a l
U p h o l s t e r e r s ' In te r n a tio n a l U n ion of N o rth A m e r i c a
U tility W o r k e r s U n ion of A m e r i c a
W o o d w o rk ers of A m e r ic a ; In tern atio n al

* U .S. GOVERNMENT PRINTING OFFICE : 1965 0 - 7 6 6 - 7 1 7

BLS PUBLICATIONS ON EMPLOYEE BENEFIT PLANS

Pensions
1407

Labor M obility and Private Pension Plans.

1394

Unfunded Private Pension Plans.

1334

Pension Plans Under C o llec tiv e Bargaining:

1326

Multiem ployer Pension Plans Under C o lle c tiv e Bargaining, Spring 1960.

1307

Digest of One-Hundred Selected Pension Plans Under C o llec tiv e Bargaining, Spring 1961,

Benefit for Survivors, Winter 1961—6 2 .

Health and Insurance
1377

Digest of 50 Selected H ealth and Insurance Plans for Salaried Workers, Spring 1963.

1330

Digest of One Hundred Selected H ealth and Insurance Plans Under C o llec tiv e Bargaining,

1296

H ealth and Insurance Plans Under C o llec tiv e Bargaining:
Dism emberm ent Benefits, Early Summer 1960.

Life Insurance and A ccidental Death and

1293

Health and Insurance Plans Under C o llec tiv e Bargaining:

Major M edical Benefits, Fall 1960.

1280

Health and Insurance Plans Under C o llec tiv e Bargaining:

Surgical and M edical Benefits, Late Summer 1959.

1274

Health and Insurance Plans Under C o llec tiv e Bargaining:

Hospital Benefits, Early 1959.

Other
1365

Digest of Nine Supplem ental U nem ploym ent Benefit Plans, Early 1963.

1325

Digest of Profit-Sharing, Savings, and Stock Purchase Plans, Winter 1961“ 62.




Winter 1961—6 2 .