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jLt ^ 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 .