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D i g e s t o j f O n e .H u n d re d S e le c te d P e n s io n P la n s U n d e r C o lle c t iv e B a r g a in in g , W in t e r 1 9 5 7 .5 8 IOWA STATE TEACHERS COLLEGE AUG 4 1958 LIBRARY U N ITED STATES D EPA R TM EN T O F L A B O R Ja m e s P . M itchell, S e cre ta ry BUREAU OF LABOR STATISTICS Ew an C lagua, Commissionar B u lle t in N o . 1 2 3 2 i I V ? 1 D ig e s t of O n e -H u n d r e d U n d e r S e le c te d C o lle c tiv e P e n s io n B a r g a in in g , P la n s W in te r 1 9 5 7 - 5 8 B u lle tin No. 1232 May 1958 UNITED STATES DEPARTMENT OF LABOR James P. Mitchell, Secretary BUREAU OF LABOR STATISTICS Ewan Clague, Commissioner For sale by the Superintendent of Documents, U. S. Government Printing O ffice, W ashington 25, D. C. - Price 45 cents Contents Preface Page The p rin cip a l features o f 100 selected pension plans under co lle ctiv e bargaining are d e s crib e d in this bulletin, in a fo rm suitable for quick r e fe r e n c e . T hese plans w ere studied in late 1957 and ea rly 1958. A s b est the U. S. Departm ent o f L abor fs Bureau of L abor Statistics could d eterm in e, from an exam ination of settlem ents in cluded in its m onthly re p o rt on Current Wage Developm ents and fro m other secon dary s o u r c e s , all of these plans w ere in effe ct in m id M arch 1958. The num ber of w o rk e rs co v e re d by each plan ranged from about a thousand to sev era l hundred thousands In total, slightly m ore than 3 m illio n w ork ers under co lle c tiv e bargaining w ere c o v ered by the plans in this d igest, or roughly a third of the estim ated total number of w o rk e rs co v e re d by all pension plans under co lle c tiv e bargaining „ v Index (alphabetical) _________________________________________ ix Explanatory notes T hese 100 plans are not p resen ted as m odel or typical plan s. They w ere se le cte d becau se they co v e re d la rg e num bers of w ork ers in m a jor in d u stries, or beca u se they illu strated d ifferen t approaches to pension planning, or b ecau se o f w id esp rea d public in terest in the plan, as m an ifested in in qu iries r e c e iv e d in the Bureau. This digest is the fir s t of its kind in the pension field p r e pared by the Bureau and is a com panion to the D igest o f One-H undred S elected Health and Insurance Plans Under C ollectiv e B argaining, 1954 (B ull. 1180), which is now being r e v is e d . The Bureau plans to re v ise these d igests at fa irly regu lar in te rv a ls, thus providing u p -to-d a te in form ation and a continuous s e r ie s of studies reflectin g sp e c ific changes in em ployee ben efit plans over tim e. The plans upon which this digest is based w ere s e le cte d from the file o f pension plans m aintained by the Bureau for public and Governm ental use under p ro v isio n s o f the L abor M anagement Relations A ct o f 1947. This digest was p rep a red in the B u reau ’ s D ivision of W ages and Industrial R ela tion sb y W alter W. K olod ru betz, a ssiste d by H arry L . L evin and H arry E. D avis, under the su p ervision o f Evan Keith R ow e. Index (by industry) __________________________________________ iii __________________________________________ 1 S elected pension plans under co lle c tiv e b a r g a in in g _________________________________________________ 5 Union id e n tific a tio n _________________________________________ 71 Index (By Industry) Manufacturing Manufacturing — Continued P age P age F ood: A rm o u r and C o . _______________________________ ____________ M eat C u tte rs P a ck in g h o u se W o r k e rs (U P W A ) G e n e ra l F o o d s C o r p . ______________ ________________________ V a rio u s u n ion s C a m p b ell Soup C o . (C a m d en , N . J . ) ____________________ P a ck in g h o u se W o rk e rs (U P W A ) B r e w e rs B o a rd o f T ra d e (N ew Y o rk , N . Y .) ___________ T e a m s te rs B a k ery and c o n fe c tio n e r y in d u stry , v a r io u s e m p lo y e r s B a k ery and C o n fe ctio n e ry W o rk e rs A p p a r e l: - C on tin u ed 6 D re s s in d u s tr y , A ffilia te d D re s s M f r s ., I n c ., and o th e r e m p lo y e r s (N ew Y o r k , N . Y . ) _______________________ L a d ie s 1 G a rm en t W o rk e rs (N ew Y o rk D r e s s J oin t B o a rd ) M illin e r y in d u s tr y , E a ste rn W om en *s H ead w ea r A s s o c ia t io n , I n c ., and o th e r e m p lo y e r s (N ew Y o r k , N . Y . ) ___________________ H a tte r s , Cap and M illin e r y W o rk e rs F u r m a n u fa ctu rin g in d u stry , A s s o c ia te d F u r M f r s ., I n c ., and o th e r e m p lo y e r s (N ew Y o rk , N . Y . ) __________________________ M eat C u tters (F u r r ie r s J oin t C o u n cil o f N ew Y o rk ) 6 6 8 8 12 14 14 L u m b e r: T o b a cco : A m e rica n T o b a cc o C o ., The T o b a cc o W o rk e rs L u m b er in d u s tr y , v a r io u s e m p lo y e r s (S ou th ern C a lif o r n ia ) ________________________________________________ C a rp e n te rs W e y e rh a e u se r T im b e r C o . __________________________________________ W o o d w o rk e rs 8 14 14 T e x tile : B ig e lo w -S a n fo r d C a rp et C o ., In c . ________________________________ T e x tile W o r k e rs (TW U A ) A r m s tr o n g C o rk C o . _________________________________________________ R u b b er W o rk e rs T e x tile in d u stry , dyein g and p r in tin g , v a r io u s e m p lo y e r s ______ T e x tile W o rk e rs (TW U A ) 10 F u rn itu re : 10 F u rn itu re in d u s tr y , v a r io u s e m p lo y e r s ____ ______________________ F u rn itu re W o rk e rs U p h o lste rin 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 rs 10 A p p a r e l: C loth in g in d u str y , m e n ^ and b o y s 1, v a r io u s e m p lo y e r s ____________________________________________________________ C loth in g W o rk e rs C otton g a rm e n 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 __________________________________________________ C loth in g W o rk e rs C oat and su it in d u str y , w o m e n 's , In d u stria l C o u n cil o f C lo a k , Suit and S k irt M f r s ., I n c ., and oth e r e m p lo y e r s (N ew Y o rk , N . Y . ) __________________________________________________ L a d ie s ' G arm ent W o rk e rs (N ew Y o rk C loa k J oin t B o a rd ) 16 16 P a p er: G a ir , R o b e r t, C o ., In c . (D iv is io n o f C on tin en ta l Can C o ., I n c . ) _________________________ __ ________________________________ P a p e rm a k e rs and P a p e rw o rk e r s P u lp , S u lph ite and P a p e r M ill W o rk e rs In te rn a tio n a l P a p e r C o . ____ _________________________________________ P a p e rm a k e rs and P a p e rw o rk e r s P u lp , S u lph ite and P a p e r M ill W o rk e rs W est V irg in ia P u lp and P a p e r C o . ________________________________ P a p e rm a k e rs and P a p e rw o rk e r s P u lp , S u lph ite and P a p e r M ill W o rk e rs 12 12 12 v 16 16 18 Index Manufacturing - (By Industry) Continued Continued Manufacturing — Continued Page Page Printing and P ublish in g: Printing industry, Em ploying L ith ograph ers A sso cia tio n o f San F r a n c is c o , and oth6r e m p lo y e r s _________ L ith og ra p h ers, L oca l 17 P ublish ers* A s s o cia tio n of New Y ork C ity _____________________ T y p ogra p h ers, L oca l 6 New Y ork T im es C o ., T h e ______________________ *________ ____ __ N ew spaper Guild Leather P r o d u c ts : - Continued L adies handbag and novelty industry, variou s e m p loyers (New Y ork , N. Y . ) _____ _____________________________ P ock etb ook W o rk e rs, New Y ork , N. Y. (Leather G ood s, P la stic and N ovelty W ork ers) 18 20 20 G la s s : 22 O w en s-Illin ois G lass C o. __________________________________________ G lass Bottle B low ers Pittsburgh P late G lass C o. _______________________________________ G lass and C era m ic W ork ers 22 M etalw orking: 22 Alum inum C o. of A m e rica ________________________________________ Alum inum W ork ers S teelw orker s R eynolds M etals C o. __________________________________ S teelw ork ers United States Steel C o rp . _________________________________________ S teelw ork ers Inland Steel C o. ____________________________________________________ S teelw ork ers A m e rica n B ra ss C o. , T h e _________*________________ ______ - ______ M ine, M ill and Sm elter W ork ers A m e rica n Radiator and Standard Sanitary C orp . (L o u isv ille , K y .) __________________________________________________ Standard A llie d T rades Council A m e rica n Can C o. _________________________________________ S teelw ork ers Rheem M anufacturing C o. ____________________________________ S teelw ork ers National L ock C o. ______________ A utom obile W ork ers S cov ill M anufacturing C o. ___________ A utom obile W ork ers C aterp illar T ra cto r C o . ___________________________ A utom obile W ork ers International H arvester C o. __________________________ A utom obile W ork ers C h em ica l: L ever B roth ers C o . _____________________________________________ _ Chem ical W ork ers O il, C hem ical and A tom ic W ork ers M onsanto C hem ical C o. _______________________ ___________________ C hem ical W orkers Union Carbide C orp. _____________________________________________ V arious unions A m erica n V is c o s e C orp. ________________________________________ T extile W orkers (TWUA) 24 P e tro le u m : S inclair Oil C o r p .______ ;______________ ___________________________ O il, C hem ical and A tom ic W ork ers T exas C o. , The __________________________________________________ O il, C hem ical and A tom ic W ork ers 24 26 R u b b er: F ireston e T ire and Rubber C o. , T h e __________________________ Rubber W ork ers G ood rich , B . F . , C o ., The ____________________________________ Rubber W ork ers United States Rubber C o . ________________________________________ Rubber W orkers 26 26 28 Leather P ro d u cts: M cE 1 vain, J. F . , C o. __________________________________________ New H am psnire Shoe W ork ers Union New H am pshire Shoe W ork ers Union of M anchester 28 28 vi 28 28 30 30 30 32 32 34 34 34 34 36 36 36 Index (By Industry) Continued, Nonmanufacturing Manufacturing — Continued Page Page M etalw orking: - Continued Hughes T ool C o 0 (Oil T ool D iv is io n )_______ ____________________ Independent M etal W ork ers Union, L o ca ls 1 and 2 A dd ressograp h -M u ltigrap h C o rp . ________________________________ M achinists O ffice E m ployes Autom otive T ool and Die Mfrs<> A sso cia tio n (D etroit, M ic h .) _________________________________________________ A utom obile W ork ers E le ctric A u to -L ite C o. , T h e ____________________________________ A utom obile W ork ers Radio C orp . o f A m e r i c a _________________________________________ E le ctrica l (IBEW) E le ctrica l (IUE) W estinghouse E le c tr ic C orp . ____________________________________ E le ctrica l (IUE) A m erica n B osch A rm a C orp. (Arm a D ivision) ________________ E le ctrica l (IUE) F ord M otor C o. __________________________ ________________________ A utom obile W ork ers General M otors C orp . _________________________________________ A utom obile W ork ers Boeing A irplan e C o. ______________________________________________ M achinists Bendix A viation C orp . _________________________________________ A utom obile W orkers Douglas A ir c r a ft C o. , Inc. ______________________________________ A utom obile W ork ers M achinists D ravo C orp . ________________ M arine and Shipbuilding W orkers Pullm an-Standard Car Manufacturing C o. _______________________ S teelw ork ers M ining: 36 Kennecott Copper C orp . (W estern Mining D iv is io n s )_____________ V ariou s unions Coal industry (bitum inous), variou s em p loyers __________________ United Mine W ork ers Pan A m e rica n P etroleu m C orp . __________________________________ V arious unions 38 48 48 38 C onstruction: 38 Construction industry, variou s em p loyers (New Y ork , N. Y . ) ___ C arpenters (New Y ork D istrict C ouncil) C onstruction industry, National E le ctrica l C on tractors A s s o c ia tio n , and other e m p lo y e r s _______________________________ E le ctrica l (IBEW) C onstruction in du stry, New Y ork E le ctrica l C on tractors A s s o c ia tio n , and other e m p lo y e r s _________________________________ E le c tr ic a l (IBEW ), L oca l 3 P ain ters and D e co ra to rs of the City of New Y ork , Inc. (A sso cia tio n of M aster) __________________________________________ P a in te rs, D istrict C ouncil 9 C onstruction indu stry, Plum bing C on tractors A sso cia tio n of C hicago a re a , and other em p loyers (C h icago, 111.) ________ P lu m b e rs, L oca l 130 C onstruction industry, variou s e m p lo y e rs , San F r a n c is c o , C a lif ., area _____________________________________ P lu m b e rs, L oca l 38 C onstruction in du stry, Sheet Metal C on tractors A sso cia tio n of New Y ork C ity, I n c ., and other em p loyers __________________ Sheet M etal W o rk e rs, L ocal 28 40 40 40 42 42 42 44 44 44 50 50 50 50 52 52 52 46 T ra n sporta tion , C om m unication, and Other P ublic Utilitie~s~: Chicago T ransit A uthority _________________________________________ S treet, E le c tr ic Railw ay and M otor Coach E m ployes Philadelphia T ransportation C o. _________________________________ T ransport W orkers Trucking industry, lo c a l cartage 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 lo y e rs , Central States, Southeast and Southwest a r e a s ___________________ T ea m sters Other M anufacturing: S perry G y roscop e C o. (D ivision o f S perry Rand C o r p . ) ______________________________________________________ E lectrica l (IUE) V arious e m p lo y e rs , St0 L ou is, M o ., a r e a _____________________ M ach in ists, D istrict 9 48 46 46 vii 52 54 54 Index (By Industry) - Continued Nonmanufacturing - Nonmanufacturing — Continued Continued P age P age T r a n s p o r ta tio n , C o m m u n ica tio n , and O th er P u b lic U tilitie s : - C on tin u ed T ruck ing, w areh ou sin g, and other in d u stries, variou s a sso cia tio n s and e m p lo y e rs , W estern States ________ T ea m sters (W estern C onference) M aritirpe industry, va riou s e m p lo y e r s , A tlantic and Gulf C oasts ________________________________________________________ M a ste rs, M ates and P ilots M aritim e industry, variou s e m p lo y e rs , A tlantic and Gulf C o a s t s ______________ ______ ____ _____________________ ________ M aritim e Union New Y ork Shipping A s s o c ia tio n , In c. ___________________________ International L o n g sh o re m e n ^ A ss o cia tio n P a c ific M aritim e A s s o c i a t i o n ____________________ L on g sh ore m e n ’s and W a reh ou sem en ’s Union G eneral Telephone C o. of C a l i f o r n i a ___________________________ Com m unications W ork ers o f A m e r ic a Southern B ell Telephone and T elegraph C o . ____________ ______ 60 C om m unications W ork ers o f A m e r ic a W estern Union T elegraph C o ., T h e ____________________________ C om m ercia l T eleg ra p h ers Alabam a P ow er C o . _______________________________________________ E le ctrica l (IBEW) D etroit Edison C o. , The _________________________ _______________ Utility W ork ers P a c ific Gas and E le ctric C o . ____________________________________ E le ctrica l (IBEW) R e ta il and W h o le sa le T r a d e : - C on tin u ed F o o d in d u stry (r e t a il), F o o d E m p lo y e rs C o u n cil, I n c ., and oth er e m p lo y e r s , S ou th ern C a lifo r n ia a r e a ________________ R e ta il C le rk s D ru g in d u stry (r e t a il), 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 o r k , N . Y . ) __________________________________________________ R e ta il, W h o le sa le and D ep a rtm en t S to re U n ion , L o c a l 1199 R e ta il, w h o le s a le an d w a re h o u se in d u s tr ie s , v a r io u s e m p lo y e r s (N ew Y o rk , N . Y . ) ___________________________________ R e ta il, W h o le sa le and D ep a rtm en t S to re U n ion , D is t r ic t 65 (65 S e c u rity P la n ) M ilk D e a le r s , v a r io u s e m p lo y e r s , C h ic a g o , 111. , a r e a _________ T e a m s te r s , L o c a l 753 56 56 56 56 58 64 64 66 58 In su ra n ce and R e a l E sta te : John H a n cock M utual L ife In su ra n ce C o . ________________________ In su ra n ce W o r k e rs o f A m e r ic a P ru d e n tia l In su ra n ce C o . o f A m e r ic a , T h e _____________________ In su ra n ce A g en ts In te rn a tio n a l U n ion B ro n x R e a lty A d v is o r y B o a rd , I n c ., and o th e r e m p lo y e r s (N ew Y o r k , N . Y . ) ____________________________________ B u ild in g S e r v ic e E m p lo y e e s , L o c a l 32E 60 62 62 66 66 68 62 S e r v ic e s : H otel A s s o c ia t io n o f N ew Y o rk C ity , I n c . ______________________ 68 N ew Y o rk H otel T r a d e s C o u n cil R e ta il and W h o le sa le T r a d e : R esta u ra n t in d u s tr y , P r o g r e s s iv e R esta u ra n t O w n ers A s s o c ia t io n , I n c ., and oth er e m p lo y e r s (N ew Y o rk , N . Y . ) _________________________________________________ H otel and R esta u ra n t E m p lo y e e s , L o c a l 89 64 O th er N on m a n u fa ctu rin g : 62 V a rio u s e m p lo y e r s , S t. L o u is , M o ., a r e a _____________________ T e a m s te r s , L o c a l 688 viii 68 Index (Alphabetical) Page A d d r e s s o g r a p h -M u lt i g r a p h C o r p . _____ ,_______1___________________________ M a c h in is t s O f fic e E m p lo y e s A la b a m a P o w e r C o . ___________________________________________________________ E l e c t r i c a l (IB E W ) A lu m in u m C o . o f A m e r i c a __________________________________________________ A lu m in u m W o r k e r s S t e e lw o r k e r s A m e r i c a n B o s c h A r m a C o r p . ( A r m a D i v i s i o n ) _______________________ E l e c t r i c a l (lU E ) A m e r i c a n B r a s s C o . , T h e __________________________________________________ M in e , M i ll an d S m e lt e r W o r k e r s A m e r i c a n C a n C o . _____________ S t e e lw o r k e r s A m e r i c a n R a d ia t o r an d S ta n d a rd S a n it a r y C o r p . ( L o u i s v i l l e , K y . ) ------------------------------------------------------------------------------------------S ta n d a rd A l l i e d T r a d e s C o u n c il A m e r i c a n T o b a c c o C o . , T h e _________________________*______________________ T obacco W ork ers A m e r i c a n V i s c o s e C o r p . ____________________________________________________ T e x t ile W o r k e r s (T W U A ) A r m o u r and C o . __________________________________ *____________________________ M eat C u tte rs P a c k in g h o u s e W o r k e r s (U P W A ) A r m s t r o n g C o r k C o . ___________________________________________________________ R ubber W o rk e rs A u to m o tiv e T o o l and D ie M f r s . A s s o c i a t i o n ( D e t r o it , M i c h .) _______________ *_____________________________________________ A u to m o b ile W o r k e r s B a k e r y and c o n f e c t io n e r y in d u s tr y , v a r io u s e m p lo y e r s __________ B a k e r y and C o n fe c t i o n e r y W o r k e r s B e n d ix A v ia t io n C o r p . _______________________________________________________ A u to m o b ile W o r k e r s B ig e lo w -S a n f o r d C a r p e t C o . , In c . _______________________________________ T e x t ile W o r k e r s ( T W U A ) B o e in g A ir p la n e C o . _________________________________________________________ M a c h in is ts B r e w e r s B o a r d o f T r a d e (N e w Y o r k , N . Y . ) _________________________ T e a m ste r s B r o n x R e a lt y A d v i s o r y B o a r d , In c . , and o th e r e m p lo y e r s (N e w Y o r k , N . Y . ) __________________________________________ B u ild in g S e r v i c e E m p l o y e e s , L o c a l 32E C a m p b e ll Soup C o . (C a m d e n , N . J . ) ------------------------------------------------------P a c k in g h o u s e W o r k e r s (U P W A ) C a t e r p i l la r T r a c t o r C o . ____________________________________________________ A u to m o b ile W o r k e r s Page 38 C h ic a g o T r a n s i t A u t h o r it y ___________________________________________________ S t r e e t , E l e c t r i c R a ilw a y and M o t o r C o a c h E m p lo y e s C lo t h in g in d u s t r y , m e n * s and b o y s 1, v a r io u s e m p l o y e r s _____________ C lo t h in g W o r k e r s C o a l in d u s tr y (b itu m in o u s ), v a r io u s e m p lo y e r s ______________________ U n ited M in e W o r k e r s C o a t and s u it in d u s t r y , w o m e n ! s , I n d u s t r ia l C o u n c il o f C lo a k , S u it and S k i r t M f r s . , I n c . , and o th e r e m p lo y e r s (N e w Y o r k , N . Y . ) ____________________________________________ L a d i e s 1 G a r m e n t W o r k e r s (N e w Y o r k C l o a k J o in t B o a r d ) C o n s t r u c t io n in d u s t r y , N a tio n a l E l e c t r i c a l C o n t r a c t o r s A s s o c i a t i o n , and o th e r e m p lo y e r s ______________________________________ E l e c t r i c a l (IB E W ) C o n s t r u c t io n in d u s t r y , N e w Y o r k E l e c t r i c a l C o n t r a c t o r s A s s o c i a t i o n , and o t h e r e m p l o y e r s _______________________________________ ^ E le c t r ic a l (IB E W ), L o c a l 3 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 , and o th e r e m p lo y e r s ( C h ic a g o , 111. ) ____________ P l u m b e r s , L o c a l 130 C o n s t r u c t io n in d u s t r y , S h e e t M e t a l C o n t r a c t o r s A s s o c i a t i o n o f N e w Y o r k C i t y , I n c . , and o th e r e m p lo y e r s _______________________ S h e e t M e t a l W o r k e r s , L o c a l 28 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 (N e w Y o r k , N . Y . ) ----C a r p e n t e r s (N e w Y o r k D i s t r i c t C o u n c il) 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 l o y e r s , San F r a n c i s c o , C a l i f . , a r e a ______________________________________________ P l u m b e r s , L o c a l 38 C o tto n g a r m e n t and a llie d i n d u s t r i e s , v a r io u s e m p l o y e r s ___________ C lo t h in g W o r k e r s D e t r o it E d is o n C o . , T h e ______________________________________________________ U t ilit y W o r k e r s D o u g la s A i r c r a f t C o . , I n c . ___________________________________________________ A u t o m o b ile W o r k e r s M a c h in i s t s D r a v o C o r p . __________________________________________________________________ ___ M a r in e and S h ip b u ild in g W o r k e r s D r e s s in d u s t r y , A f f i l i a t e d D r e s s M f r s . , In c . , and o th e r e m p lo y e r s (N e w Y o r k , N . Y . ) ____________________________________ L a d ie s * G a r m e n t W o r k e r s (N e w Y o r k D r e s s Jo in t B o a r d ) D r u g in d u s tr y ( r e t a i l ) , v a r io u s a s s o c i a t i o n s and e m p lo y e r s (N e w Y o r k , N . Y . ) ______________________________________________ R e t a i l , W h o l e s a l e and D e p a r tm e n t S to r e U n io n , L o c a l 1199 E l e c t r i c A u t o - L i t e C o . , T h e _________________________________________________ A u t o m o b ile W o r k e r s F i r e s t o n e T i r e an d R u b b e r C o . , T h e _____________________________________ R ubber W o rk e rs 62 30 40 32 34 34 8 24 6 10 38 8 44 10 42 8 68 6 36 ix 52 12 48 12 50 50 52 52 50 52 12 62 44 44 12 64 38 26 - Continued Index P age F o o d in d u s t r y ( r e t a i l ) , F o o d E m p lo y e r s C o u n c il , In c . , an d o th e r e m p l o y e r s , S o u th e r n C a li f o r n i a a r e a ______________________ R e t a il C l e r k s F o r d M o t o r C o . _________________________________________________________________ A u t o m o b ile W o r k e r s F u r m a n u fa c tu r in g in d u s t r y , A s s o c i a t e d F u r M f r s . , In c . , a n d o t h e r e m p lo y e r s (N e w Y o r k , N . Y . ) ----------------------------------------------M e a t C u t t e r s ( F u r r i e r s J o in t C o u n c il o f N e w Y o r k ) F u r n it u r e in d u s t r y , v a r io u s e m p lo y e r s ____________________________________ F u r n itu r e W o r k e r s G a i r , R o b e r t , C o . , In c . ( D iv i s io n o f C o n tin e n ta l C a n C o . , I n c . ) _______________________________________________________________________ P a p e r m a k e r s an d P a p e r w o r k e r s P u lp , S u lp h ite an d P a p e r M i l l W o r k e r s G e n e r a l F o o d s C o r p . __________________________________________________________ V a r io u s u n ion s G e n e r a l M o t o r s C o r p . _________________________________________________________ A u t o m o b ile W o r k e r s G e n e r a l T e le p h o n e C o . o f C a l i f o r n i a _____________________________________ C o m m u n ic a t io n s W o r k e r s o f A m e r i c a G o o d r ic h , B . F . , C o . , T h e _________________________________________________ R ubber W o rk e rs H o te l A s s o c i a t i o n o f N e w Y o r k C i t y , I n c . _______________________________ N e w Y o r k H o te l T r a d e s C o u n c il H u g h es T o o l C o . ( O il T o o l D iv is io n ) ______________________________________ In d e p en d e n t M etal* W o r k e r s U n io n , L o c a l s 1 and 2 In lan d S t e e l C o . _________________________________________________________________ S te e lw o r k e r s I n te r n a tio n a l H a r v e s t e r C o . _________________________________________________ A u t o m o b ile W o r k e r s I n te r n a tio n a l P a p e r C o . _______________________________________________________ P a p e r m a k e r s an d P a p e r w o r k e r s P u lp , S u lp h ite an d P a p e r M i l l W o r k e r s John H a n c o c k M u tu a l L if e I n s u r a n c e C o . ________________________________ In su ra n ce W o r k e r s of A m e r ic a K e n n e c o tt C o p p e r C o r p . ( W e s t e r n M in in g D iv is io n s ) _________________ V a r io u s u n ion s L a d ie s h an d b a g and n o v e lt y i n d u s t r y , v a r io u s e m p lo y e r s (N e w Y o r k , N . Y . ) ___________________________________________________________ P o c k e tb o o k W o r k e r s , N e w Y o r k , N . Y . ( L e a t h e r G o o d s , P l a s t i c and N o v e lt y W o r k e r s ) L e v e r B r o th e r s C o . __________________________________________________________ C h e m ic a l W o r k e r s O i l , C h e m i c a l and A t o m ic W o r k e r s L u m b e r in d u s t r y , v a r io u s e m p lo y e r s (S o u th e r n C a l i f o r n i a ) ________ C a rp en ters 64 42 14 16 16 6 42 58 26 68 36 32 36 16 66 48 28 22 14 P age M a c h i n i s t s , D i s t r i c t 9, v a r io u s e m p l o y e r s , Sto L o u i s , M o . , a r e a _______________________________________________________ M a r i t im e in d u s t r y , v a r io u s e m p l o y e r s , A tla n t ic and G u lf C o a s t s ___________________________________________________________________ M a r i t i m e U n io n M a r i t i m e in d u s t r y , v a r io u s e m p l o y e r s , A tla n t ic and G u lf C o a s t s _____________ M a s t e r s , M a t e s and P il o t s M c E lw a in , J . F . , C o . _____________________________________________________ N e w H a m p s h i r e S h oe W o r k e r s U n io n N e w H a m p s h i r e S h oe W o r k e r s U n io n o f M a n c h e s t e r M ilk D e a l e r s , v a r io u s e m p l o y e r s , C h i c a g o , 111. , a r e a ___________ T e a m s t e r s , L o c a l 753 M i l l i n e r y in d u s t r y , E a s t e r n W o m e n * s H e a d w e a r A s s o c i a t i o n , I n c . , and o t h e r e m p lo y e r s (N e w Y o r k , N . Y . ) _____________________ H a t t e r s , C a p and M i l l i n e r y W o r k e r s M o n s a n t o C h e m i c a l C o . _____________________________________________________ C h e m ic a l W o r k e r s N a tio n a l L o c k C o . ____________________________________________________________ A u t o m o b ile W o r k e r s N e w Y o r k S h ip p in g A s s o c i a t i o n , I n c . ____________________________________ In te r n a tio n a l L o n g s h o r e m e n s A s s o c i a t i o n N e w Y o r k T i m e s C o . , T h e ________________________________________________ N e w s p a p e r G u ild O w e n s -I l l i n o i s G l a s s C o . __________________________________________________ G l a s s B o ttle B l o w e r s P a c i f i c G a s and E l e c t r i c C o . _____________________________________________ E l e c t r i c a l (IB E W ) P a c i f i c M a r i t im e A s s o c i a t i o n ____________________________________________ L o n g s h o r e m e n rs an d W a r e h o u s e m e n * ^ U n io n P a in t e r s and D e c o r a t o r s o f the C i t y o f N e w Y o r k , In c . ( A s s o c i a t i o n o f M a s t e r ) ___ ___________________________________________ __i._ P a i n t e r s , D i s t r i c t C o u n c il 9 P a n A m e r i c a n P e t r o le u m C o r p . _____________________________ V a r io u s u n io n s P h ila d e lp h ia T r a n s p o r t a t io n C o . _________________________________________ T ran sp ort W ork ers P it t s b u r g h P la t e G l a s s C o . ________________________________________________ G l a s s and C e r a m i c W o r k e r s P r in t in g i n d u s t r y , E m p lo y in g L it h o g r a p h e r s A s s o c i a t i o n o f S an F r a n c i s c o , and o th e r e m p lo y e r s ____________________________ L i t h o g r a p h e r s , L o c a l 17 P r u d e n tia l I n s u r a n c e C o . o f A m e r i c a , T h e ___________________________ I n s u r a n c e A g e n t s I n te r n a tio n a l U n io n P u b l i s h e r s 1 A s s o c i a t i o n o f N e w Y o r k C i t y ------------------------------------------T yp ograp h ers, L o ca l 6 46 56 56 28 66 14 22 34 56 20 28 62 58 50 48 54 28 18 66 20 Index (Alphabetical) Page P u llm a n -S t a n d a r d C a r M a n u fa c tu r in g C o . _______________________________ S t e e lw o r k e r s R a d io C o r p . o f A m e r i c a ---------------------------------------------------------------------------------E l e c t r i c a l (IB E W ) E l e c t r i c a l (lU E ) R e s ta u r a n t i n d u s t r y , P r o g r e s s i v e R e s t a u r a n t O w n e r s A s s o c i a t i o n , I n c . , and o th e r e m p lo y e r s (N e w Y o r k , N . Y . ) _____ H o te l and R e s t a u r a n t E m p lo y e e s , L o c a l 89 R e t a i l , w h o le s a le an d w a r e h o u s e i n d u s t r i e s , v a r io u s e m p lo y e r s (N e w Y o r k , N . Y . ) _______________________________________ _____ R e t a i l , W h o l e s a l e and D e p a r t m e n t S to r e U n io n , D i s t r i c t 65 (65 S e c u r it y P la n ) R e y n o ld s M e t a l s C o . ___________________________________________________________ S te e lw o r k e r s R h e e m M a n u fa c tu r in g C o . ____________________________________________________ S te e lw o r k e r s S c o v il l M a n u fa c t u r in g C o . ____________________________________________________ A u t o m o b ile W o r k e r s S in c l a ir O i l C o r p . ______________________________________________________________ O i l , C h e m i c a l and A t o m ic W o r k e r s S o u th e r n B e l l T e le p h o n e an d T e le g r a p h C o . ____________________________ C o m m u n ic a t io n s W o r k e r s o f A m e r i c a S p e r r y G y r o s c o p e C o . ( D iv i s io n of S p e r r y R a n d C o r p .) _____________ E l e c t r i c a l (lU E ) T e a m s t e r s , L o c a l 688, v a r io u s e m p l o y e r s , S t. L o u i s , M o . , a r e a _______________________________________________________ T e x a s C o . , T h e _________________________________________________________________ O i l , C h e m i c a l and A t o m ic W o r k e r s 46 40 62 64 30 34 36 24 60 46 68 26 - Continued P age T e x t i l e in d u s t r y , d y e in g an d p r in t in g , v a r io u s e m p lo y e r s ______________________________________________________________________ T e x t i l e W o r k e r s (T W U A ) T r u c k in g in d u s t r y , l o c a l c a r t a g e and o v e r - t h e - r o a d f r e i g h t , v a r io u s a s s o c i a t i o n s and in d iv id u a l e m p l o y e r s , C e n t r a l S t a t e s , S o u t h e a s t, and S o u th w e s t a r e a s ____________________ T e a m ste rs T r u c k in g , w a r e h o u s in g , and o th e r in d u s t r i e s , v a r io u s a s s o c i a t i o n s and e m p l o y e r s , W e s t e r n S ta t e s ________________________ T e a m s t e r s ( W e s t e r n C o n fe r e n c e ) _________________________________________________________ U n io n C a r b id e C o r p . V a r io u s u n io n s U n ite d S ta t e s R u b b e r C o . ____________________________________________________ R ubber W o rk e rs U n ite d S ta t e s S t e e l C o r p . ____________________________________________________ S te e lw o r k e r s U p h o ls t e r in g and a l l i e d t r a d e s i n d u s t r i e s , v a r io u s U p h o ls te r e r s W e s t V ir g in ia P u lp and P a p e r C o . _________________________________________ P a p e r m a k e r s an d P a p e r w o r k e r s P u lp , S u lp h ite and P a p e r M i l l W o r k e r s W e s t e r n U n io n T e le g r a p h C o . , T h e ______________________________________ C o m m e r c i a l T e le g r a p h e r s W e s t in g h o u s e E l e c t r i c C o r p . ________________________________________________ E l e c t r i c a l (lU E ) W e y e r h a e u s e r T i m b e r C o . __________________________________________________ W ood w orkers 10 54 56 22 28 30 18 60 40 14 Digest of One-Hundred Selected Pension Plans Under Collective Bargaining, W inter 1957-58 Explanatory Notes M a n y t e r m s and c o n c e p t s u s e d in th is b u lle t in m a y b e i n t e r p r e t e d in d iff e r e n t w a y s . F o r th is r e a s o n , s o m e s p e c ia l d e fin it io n s an d q u a lific a t io n s a r e s e t fo r t h b e l o w . E x c e p t f o r a fe w w h ic h h a v e g e n e r a l a p p lic a t io n , th e t e r m s an d c o n c e p t s a r e g r o u p e d a c c o r d in g to th e s e c t io n in w h ic h th e y f i r s t a p p e a r . It m u s t b e e m p h a s iz e d th a t a s u m m a r y o f a p e n s io n p la n n e c e s s a r i l y o m it s m a n y o f th e fe a t u r e s an d a d m in i s t r a t iv e d e t a ils c o n ta in e d in th e a g r e e m e n t s , c o n t r a c t s , and r e g u la tio n s w h ic h c o n tr o l the a c tu a l o p e r a tio n o f th e p la n . P la n s U nder C o ll e c t i v e B a r g a in in g F o r p u r p o s e s o f th is s tu d y , p la n s u n d er c o ll e c t i v e b a r g a in in g in c lu d e ( l ) th o s e e s t a b li s h e d fo r th e f i r s t t im e a s a r e s u l t o f c o l l e c tiv e b a r g a in in g a n d ( 2) th o s e o r ig i n a l l y e s t a b li s h e d b y e ith e r th e e m p lo y e r o r th e u n io n , bu t s in c e b r o u g h t w ith in the s c o p e o f the a g r e e m e n t , at l e a s t to the e x te n t th at th e a g r e e m e n t e s t a b li s h e s e m p lo y e r r e s p o n s i b i l i t y to c o n tin u e o r p r o v id e c e r t a in b e n e f i t s . A lth o u g h t h e s e p la n s a r e u n d er c o ll e c t i v e b a r g a in in g , a s d e fin e d a b o v e , th e y a r e n ot n e c e s s a r i l y l i m i t e d in a p p lic a t io n to w o r k e r s c o v e r e d b y c o ll e c t i v e b a r g a in in g a g r e e m e n t s in e a c h c o m p a n y . M o r e o v e r , in c o m p a n ie s w h e r e m o r e th an one u n io n r e p r e s e n t s w o r k e r s u n d er th e s a m e p la n , the u n ion or u n io n s id e n tifie d in th e p la n d ig e s t a c c o u n t fo r a l a r g e p r o p o r t io n , bu t not n e c e s s a r i l y a ll o r a m a j o r i t y o f th e w o r k e r s u n d er c o ll e c t iv e b a r g a in in g a g r e e m e n t s . Sym bol ----- D iffe r e n c e s W h en u s e d in th e d i g e s t , th is s y m b o l m e a n s th a t the c o lu m n i s e ith e r n ot a p p lic a b le o r th a t th e p r o v is io n i s n ot in c lu d e d u n d er the p r o g r a m . by Sex U n l e s s o t h e r w is e s p e c i f i e d , f o r m l y to m e n an d w o m e n . th e p la n R e d u c tio n o f P la n B e n e f it s b y O th e r P a y m en ts p r o v is io n s a p p ly u n i A n u m b e r o f p la n s in th is r e p o r t in c lu d e p r o v i s i o n s f o r r e d u cin g the p r iv a t e p la n b e n e fit b y a l l o r a p a r t o f in c o m e f r o m o th e r s o u r c e s . A m o n g t h e s e a r e O l d - A g e , S u r v i v o r s * , an d D i s a b i l i t y I n s u r a n c e b e n e fit s ( s o c i a l s e c u r i t y b e n e f i t s ) ; w o r k m e n 's c o m p e n s a t io n p a y m e n t s ; u n e m p lo y m e n t in s u r a n c e p a y m e n t s ; b e n e fit s f r o m o th e r p u b lic p r o g r a m s ( s ta t u to r y p a y m e n t s ); p a y m e n t s u n d e r o th e r p la n s fin a n c e d in w h o le o r in p a r t b y th e e m p lo y e r ; s e v e r a n c e p a y m e n t s , e t c . For p u r p o s e s o f th is d i g e s t , the o n ly d e d u c tio n s a c c o u n te d fo r a r e 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 fit s and s o c i a l s e c u r i t y d is a b i lit y b e n e f i t s , w h e r e t h e s e d e d u c tio n s a r e s tip u la t e d in th e p la n . U n d e r c u r r e n t p r o v i s i o n s o f th e S o c i a l S e c u r it y A c t , 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 fit s a r e p a y a b le to q u a lifie d w o r k e r s a t a g e 65. W o m e n m a y e l e c t to r e c e i v e a p e r m a n e n t ly r e d u c e d p r i m a r y s o c ia l s e c u r i t y b e n e fit to b e g in at a g e 62 o r l a t e r . S in c e J u ly 1, 1957, q u a lifie d w o r k e r s a r e e n title d to a s o c i a l s e c u r i t y d is a b i lit y b e n e fit f r o m a g e 50 to 65, i f th e y b e c o m e d is a b le d a s d e fin e d in th e S o c ia l S e c u r it y A c t . W h en the w o r k e r r e c e iv in g a s o c i a l s e c u r i t y d is a b i lit y b e n e fit a tta in s a g e 65, the d is a b i lit y b e n e fit r e v e r t s to a p r i m a r y s o c ia l s e c u r i t y b e n e f i t . In s u m m a r iz in g p la n s fo r th is r e p o r t , it w a s a s s u m e d th a t a w o r k e r r e t i r in g u n d er the n o r m a l r e t i r e m e n t , e a r ly r e t i r e m e n t , and v e s t i n g p r o v is io n s o f a p la n w o u ld n ot b e r e c e iv in g a s o c i a l s e c u r i t y d is a b i lit y b e n e f i t . P r o v i s i o n fo r d e d u c tio n o f s o c i a l s e c u r i t y d i s a b ilit y b e n e fit is n o te d o n ly in th e d is a b i lit y r e t i r e m e n t b e n e fit f o r m u la c o lu m n . T h e p r i m a r y s o c ia l s e c u r i t y b e n e fit is t r e a t e d in the fo llo w in g m a n n e r : In the a b s e n c e o f a r e f e r e n c e to the p r i m a r y s o c ia l s e c u r i t y b e n e fit in th e n o r m a l r e t i r e m e n t b e n e fit f o r m u la c o lu m n , th e p la n b e n e fit in d ic a te d i s in a d d itio n to a n y 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 fit th e w o r k e r m a y r e c e i v e ; an e n tr y *'1688 p r i m a r y s o c ia l s e c u r i t y b e n e f i t , " o r a s i m i l a r e n tr y in the n o r m a l r e t i r e m e n t b e n e fit f o r m u la c o lu m n , in d ic a t e s th a t the p la n b e n e fit i s r e d u c e d b y the a m o u n t o f su ch p a y m e n t . T h e t e r m " w h en e l i g i b l e , ** a s u s e d in r e f e r e n c e to p r im a r y s o c ia l s e c u r i t y b e n e f i t , m e a n s th a t a r e d u c t io n i s m a d e , o r the b e n e fit is r e c o m p u t e d , e v e n though the w o r k e r d o e s n ot e l e c t to r e c e i v e p a y m e n t s . T h is i s p a r t i c u l a r l y p e r tin e n t in th e c a s e o f a w o m a n r e t ir in g p r io r to a g e 65, s in c e sh e h a s an o p tio n to e l e c t a p e r m a n e n t ly r e d u c e d 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 fit a s e a r l y a s a g e 62. In the p la n s s tu d ie d , th e n o r m a l b e n e fit f o r m u la w a s g e n e r a ll y u s e d to c o m p u te b e n e fit s u n d e r e a r ly r e t i r e m e n t ( a l s o d is a b i lit y r e t i r e m e n t an d v e s t i n g in s o m e c a s e s ) , b a s e d on s e r v i c e a n d /o r e a r n in g s to d a te o f r e t i r e m e n t . I f th e n o r m a l b e n e fit f o r m u la in c lu d e s a p r o v i s i o n fo r d e d u c tio n o 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 , the e a r ly r e t ir e m e n t b e n e f it , u n l e s s o t h e r w is e in d ic a t e d , w ill b e r e d u c e d by an e s t im a t e d 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 fit (e v e n th o u gh the w o r k e r is n ot y e t e li g ib l e to r e c e i v e su c h b e n e f i t ) . S u p p le m e n ta l and O p tio n a l C o n tr ib u to r y P la n s S u p p le m e n ta l C o n tr ib u to r y P l a n . — R e f e r s to a p la n th a t is o f f e r e d to th e ~ w o r k e r on an o p tio n a l b a s i s , w ith th e e m p lo y e r and w o r k e r s h a r in g the c o s t . T h e b e n e fit s u n d e r su c h a p la n a r e in a d d itio n to th o s e p r o v id e d u n d e r the b a s i c n o n c o n t r ib u to r y p la n . 2 O p tio n a l C o n tr ib u to r y P l a n . — R e f e r s to a p la n th a t is o f f e r e d to th e w o r k e r on an o p tio n a l b a s i s , w ith th e e m p lo y e r a n d w o r k e r s h a r in g the c o s t . T h is i s o f f e r e d in li e u o f the b a s i c n o n c o n t r ib u to r y p la n . Y ears o f S e r v ic e T h is t e r m a p p lie s to th a t s e r v i c e c r e d it e d to w a r d q u a li f i c a t io n , o r fo r the p u r p o s e o f c o m p u tin g b e n e fit s u n d er the v a r i o u s p la n p r o v i s i o n s , h o w e v e r s e r v i c e i s d e fin e d in th e p la n . It m a y b e d e s c r i b e d in th e p la n a s co n tin u o u s s e r v i c e , p la n m e m b e r s h i p s e r v i c e , co v e re d s e r v ic e , c r e d it e d s e r v i c e , c o v e r e d e m p lo y m e n t , y e a r s o f s e r v i c e , c o n s e c u t iv e s e r v i c e , e t c . E a r n in g s T h is t e r m r e f e r s to th e w o r k e r ^ c o m p e n s a t io n , h o w e v e r d e fin e d in the p la n , u s e d in the c o m p u ta tio n o f b e n e fit s u n d er the v a r io u s p la n p r o v i s i o n s . It in c l u d e s , a m o n g o th e r t e r m s , g r o s s e a r n i n g s , b a s i c e a r n i n g s , w a g e s , p a y , c o m p e n s a t io n , and b a s i c ann ual w ages. P a r t ic ip a t io n R e q u ir e m e n t s T h is t e r m r e f e r s to the r e q u i r e m e n t s w h ic h th e n e w w o r k e r m u s t f u l f i l l ; i . e . , p e r io d o f s e r v i c e , m in im u m a g e , e t c . , in o r d e r to b e c o v e r e d b y th e p la n , o r to b e c o m e e li g ib l e to p a r t ic ip a t e in th e p la n . In th e a b s e n c e o f su ch r e q u i r e m e n t s , the w o r k e r is e li g ib l e to j o in th e p la n u pon b e c o m in g e m p lo y e d , o r s h o r t l y t h e r e a f t e r . E x c lu d e s P r e m e m b e r s h i p S e r v i c e . — T h is p h r a s e m e a n s th a t th e w o r k e r * s s e r v i c e p r io r to p a r t ic ip a t io n in th e p la n c a n n o t b e co u n te d fo r the p u r p o s e o f q u a lify in g fo r b e n e fit s a n d /o r in the c o m p u ta tio n o f b e n e f i t s . In c lu d e s P r e m e m b e r s h i p S e r v i c e . — T h is p h r a s e m e a n s th a t th e w o r k e r *s s e r v i c e p r i o r to p a r t ic ip a t io n in the p la n ca n b e c o u n te d f o r the p u r p o s e o f q u a lify in g fo r b e n e fit s a n d / o r in th e c o m p u ta tio n of b e n e fits . N orm al R e t ir e m e n t S e r v i c e C r e d it e d A f t e r N o r m a l A g e . — E n t r ie s in th is c o lu m n in d ic a te w h e th e r s e r v i c e p e r f o r m e d a f t e r n o r m a l r e t i r e m e n t a g e m a y b e co u n te d to w a r d q u a lific a t io n f o r b e n e f i t s , o r c o m p u ta tio n o f b e n e f i t s . A l l m e a n s th a t s u c h s e r v i c e i s c r e d it e d (to the e x te n t n e c e s s a r y ) to w a r d q u a lific a t io n f o r a n d / o r c o m p u ta t io n o f b e n e fit s up to the d ate o f a c tu a l r e t i r e m e n t . I ll u s t r a t i v e M o n th ly P e n s io n s I ll u s t r a t i v e m o n th ly p e n s io n s w e r e c o m p u te d f o r p u r p o s e s o f g e n e r a l e v a lu a tio n and c o m p a r i s o n o f p o te n tia l b e n e fit s a m o n g the s e l e c t e d p la n s . In g e n e r a l , th e y r e f l e c t the a n t ic ip a t e d b e n e fit p a y m e n t s 25 to 35 y e a r s h e n c e , on th e b a s i s o f p r o v i s i o n s c u r r e n t l y in e f f e c t . A lth o u g h th e i l l u s t r a t i v e a m o u n ts sh o w n a r e c o m p u te d on the b a s i s o f fu tu r e s e r v i c e u n d er th e c u r r e n t l y e x is t in g f o r m u l a , u n d e r m a n y p la n s t h e r e i s no d is t in c t io n b e tw e e n fu tu r e and p a s t s e r v i c e b e n e fits . A lth o u g h s o m e p la n b e n e fit f o r m u la s e x c lu d e 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 and o t h e r s in c lu d e su c h p a y m e n t s , th e p r iv a t e p la n b e n e fit an d th e m a x i m u m p r i m a r y s o c ia l s e c u r i t y b e n e fit a r e c o m b in e d in th is stu d y to p r o v id e th e i l l u s t r a t i v e m o n th ly p e n s io n s a t a g e 65. T h is w a s d one s o th a t a l l p la n s c o u ld b e s e t fo r t h on a c o m p a r a b le b a s i s . T o p r o v id e th e i l l u s t r a t i v e a m o u n t s , b e n e fit s u n d e r the p r iv a t e p la n w e r e c o m p u te d on th e b a s i s o f a r b i t r a r i l y s e l e c t e d a v e r a g e ann ual e a r n in g s l e v e l s ( a s s u m e d to b e c o n s ta n t th r o u g h o u t th e p e r io d o f s e r v i c e ) an d s p e c i f i c p e r io d s o f c r e d it e d fu tu r e s e r v i c e . S e le c t e d f o r th is p u r p o s e w e r e fu tu r e s e r v i c e p e r io d s o f 25, 30, an d 35 y e a r s , and a v e r a g e an n u al e a r n in g s l e v e l s o f $ 3, 600, $ 4 , 200, an d $ 5, 000. Y e a r s o f fu tu r e s e r v i c e do n ot in c lu d e p a r t ic ip a t io n r e q u i r e m e n t s a s p r e v i o u s ly d e fin e d . 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 fit s f o r s e l e c t e d a v e r a g e an n u al e a r n in g s l e v e l s ( c u r r e n t l y $ 98.50 f o r a v e r a g e an n u al e a r n in g s l e v e l o f $ 3, 600, and $ 108.50 fo r $ 4,200 an d $ 5, 000) h a v e b e e n in c lu d e d to p r o v id e the c o m b in e d l e v e l o f r e t i r e m e n t b e n e f i t s . W o r k e r s n ot q u a lify in g f o r m a x im u m b e n e fit s w o u ld r e c e i v e a l e s s e r a m o u n t. E a r ly R e t ir e m e n t U n d e r a n o r m a l r e t i r e m e n t p r o v i s i o n , th e w o r k e r b e c o m e s e n tit le d to a b e n e f i t , h a v in g o t h e r w is e q u a li fie d , u p on r e a c h in g the n o r m a l r e t i r e m e n t a g e s p e c if ie d in th e p la n . In g e n e r a l , th is a g e i s d e fin e d a s the e a r l i e s t a g e at w h ic h th e w o r k e r , h a v in g q u a lifie d fo r b e n e f i t s , m a y c h o o s e to r e t i r e an d r e c e i v e the fu ll b e n e fit to w h ic h h is le n g th o f s e r v i c e a n d /o r e a r n in g s e n title h im u n d e r the n o r m a l r e t i r e m e n t p r o v is io n o f the p la n . U n d e r an e a r l y r e t i r e m e n t p r o v i s i o n , the w o r k e r c a n r e t i r e p r io r to the s p e c i f i e d n o r m a l r e t i r e m e n t a g e and r e c e i v e an im m e d ia t e b e n e fit. In c o n t r a s t w ith n o r m a l r e t i r e m e n t , u n d e r w h ich the r ig h t to r e t i r e i s a t th e o p tio n o f th e w o r k e r , e a r l y r e t i r e m e n t in s o m e p la n s i s c o n tin g e n t u p on the c o n s e n t o f th e e m p l o y e r . M in im u m R e q u i r e m e n t s . — R e f e r s to y e a r s o f s e r v i c e , ag e., u n io n m e m b e r s h i p , s e r v i c e in th e in d u s t r y , c o v e r e d e m p lo y m e n t , e t c ., r e q u i r e d to q u a lify fo r b e n e f i t s . T h is d e fin itio n i s a l s o a p p lic a b le u n d er th e e a r l y r e t i r e m e n t , d is a b i lit y r e t i r e m e n t , and v e s t in g p r o v i s i o n s . B e n e f it F o r m u l a . — A c t u a r i a l e q u iv a le n t r e f e r s to a r e d u c t io n in the b e n e f i t , c o m p u te d on an a c t u a r ia l b a s i s , to r e f l e c t th e lo n g e r p e r io d o f b e n e fit p a y m e n t and s h o r t e r p e r io d o f fund a c c u m u la t io n b e c a u se of e a r ly r e t ir e m e n t . 3 N o r m a l and E a r ly R e t ir e m e n t B e n e f it O p tio n s U n d e r m a n y p e n s io n p la n s , b e n e fit p a y m e n t s c e a s e w h en the p e n s io n e r dies*, I n c r e a s i n g l y , p la n s a r e p r o v id in g o p tio n a l m e th o d s o f b e n e fit p a y m e n t s , w h e r e in the w o r k e r e le c t s to r e c e i v e a r e d u c e d b e n e fit d u rin g h is l if e t i m e in o r d e r to p r o v id e fo r the c o n tin u a tio n of s o m e b e n e fit to a d e s ig n a t e d b e n e f i c i a r y a fte r h is d e a th . T h e w o r k e r m u s t g e n e r a ll y m a k e su c h a c h o ic e a p r e s c r i b e d t im e p r io r to r e t i r e m e n t— u s u a lly 5 y e a r s . T h e s c o p e o f th is stu d y w a s r e s t r i c t e d to e x te n s io n o f o p tio n a l f o r m s u n d e r n o r m a l and e a r ly r e t i r e m e n t p r o v i s i o n s , a lth o u g h th e y m a y a l s o b e a p p lic a b le u n d er d is a b i lit y r e t i r e m e n t and v e s t i n g p r o v i s i o n s . J o in t an d S u r v i v o r . — U n d e r th is p r o v i s i o n , the w o r k e r r e c e iv e s a r e d u c e d b e n e fit w ith a g u a r a n ty th a t i f the w o r k e r d ie s w h ile h is b e n e f i c i a r y i s l i v i n g , p a y m e n t s at a p r e d e t e r m in e d r a te w ill c o n tin u e to th e b e n e f i c i a r y fo r l i f e . T h e a c tu a l p r o v is io n s u n d er w h ich th is op tio n o p e r a t e s v a r i e s c o n s id e r a b ly a m o n g p l a n s . F o r e x a m p l e , th e b e n e f i c i a r y to b e d e s ig n a t e d m a y b e l i m i t e d to the s p o u s e ; the b e n e fit to b e c o n tin u e d m a y b e the s a m e , o n e - h a l f , o r in s o m e c a s e s , an y s e le c t e d p e r c e n t a g e o f the a m o u n t o f b e n e fit the r e t i r e d w o r k e r r e c e iv e s , e tc. P e r i o d C e r t a i n . -----T h e p e n s io n e r r e c e i v e s a r e d u c e d b e n e fit fo r l i f e , bu t i f h e d ie s b e f o r e r e c e iv in g a s p e c ifie d n u m b e r o f p a y m e n t s , th e b a la n c e i s c o n tin u e d to h is b e n e f i c i a r y . T h e m o s t c o m m o n op tio n u n d er th is ty p e is a 10- y e a r c e r t a in p a y m e n t (g u a r a n ty o f 120 m o n th ly p a y m e n t s ) , a lth o u g h s h o r te r and lo n g e r c e r t a in p a y m e n t s a r e p r o v id e d b y p la n s in th is d i g e s t . C a s h R e fu n d . -----P r o v id e s th a t i f to ta l b e n e fit s r e c e i v e d b y the p e n s io n e r a r e l e s s th a n th e p u r c h a s e p r ic e o f the b e n e fit at r e t i r e m e n t , the b a la n c e is p a id to a d e s ig n a t e d b e n e f i c i a r y . M o d ifie d C a s h R e fu n d . -----P r o v i d e s that i f to ta l b e n e fit s r e c e iv e d b y th e p e n s io n e r a r e l e s s th a n th e w o r k e r *s c o n tr ib u tio n s (w ith o r w ith o u t i n t e r e s t ) , th e b a la n c e is p a id to a d e s ig n a t e d b e n e f i c i a r y . L e v e l I n c o m e (S o c ia l S e c u r it y A d ju s t m e n t O p tio n ) . -----T h e e a r ly r e t i r e m e n t p r o v i s i o n s o f s o m e p la n s c o n ta in an o p tio n a l m e th o d o f c o m p u tin g the b e n e f i t , th e p u r p o s e o f w h ic h i s to p r o v id e a l e v e l in c o m e th r o u g h o u t r e t i r e m e n t a lth o u g h 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 fit s a r e n ot a v a ila b le u n til a g e 65 (a g e 62 fo r w o m e n ). It i n v o lv e s g r a n tin g a l a r g e r p la n b e n e fit th an a c t u a lly due u n d er the r e g u la r f o r m u la up to th e tim e th e 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 fit i s r e c e i v e d , so that th e m o n th ly p a y m e n t s r e c e i v e d p r io r to th a t tim e an d th o s e r e c e i v e d u n d er th e c o m b in e d r e d u c e d p la n b e n e fit and p r i m a r y s o c ia l s e c u r i t y b e n e fit a r e e q u a l. D is a b il it y R e t ir e m e n t T h e p r i m a r y p u r p o s e o f a d i s a b i li t y p r o v i s i o n i s to p e r m i t th e w o r k e r w h o b e c o m e s t o t a lly and p e r m a n e n t ly d is a b l e d , an d w ho d o e s n ot q u a lify fo r b e n e fit s u n d er o th e r p e n s io n p la n p r o v i s i o n s , to r e t i r e w ith an im m e d ia t e b e n e f it . S o m e p e n s io n p la n s w h ich do not s p e c i f i c a l l y p r o v id e fo r a d is a b i lit y b e n e fit m a y u t i liz e the e a r ly r e t ir e m e n t o r v e s t in g p r o v is io n to p r o v id e r e t i r e m e n t b e n e fit s to the d is a b le d w o r k e r . M in im u m R e q u i r e m e n t s . — In a d d itio n to m in im u m a g e a n d /o r s e r v i c e r e q u i r e m e n t s , the w o r k e r m u s t b e t o t a lly and p e r m a n e n t ly d is a b le d a s d e fin e d in the p la n . T h e d e fin itio n m a y v a r y c o n s id e r a b ly a m o n g p la n s ; no a tte m p t w a s m a d e in th is stu d y to a n a ly z e th is a s p e c t o f d is a b i lit y r e t i r e m e n t . B e n e fit F o r m u l a . — nA t a g e 65, n o r m a l b e n e fit p a y a b le ,* ' *'Upon r e c e iv in g S o c ia l S e c u r it y d is a b i lit y b e n e f i t , o r a t a g e 65, n o r m a l b e n e fit p a y a b l e , 1 1 and s i m i l a r e n t r i e s , in d ic a te th a t the d is a b i lit y b e n e fit is r e c o m p u t e d a t th a t tim e an d the n o r m a l b e n e fit f o r m u la i s u s e d in c o m p u ta tio n o f th e b e n e fit p a y a b le t h e r e a f t e r . V e s t in g V e s t in g m a y b e d e fin e d a s a g u a r a n ty to th e w o r k e r o f a r ig h t o r e q u ity in a p e n s io n p la n b a s e d on a ll o r p a r t o f th e e m p l o y e r ^ c o n tr ib u tio n s m a d e in h is b e h a lf sh o u ld h is e m p lo y m e n t b e t e r m in a t e d b e f o r e h e b e c o m e s e li g ib l e f o r r e t i r e m e n t b e n e f i t s . T h is e q u ity , o f c o u r s e , w o u ld not b e a s l a r g e a s i f h e h a d w o r k e d u n til n o r m a l r e tir e m e n t a g e . U n d e r a ll c o n tr ib u to r y p la n s in th is r e p o r t , th e w o r k e r is p e r m it t e d to w ith d ra w h is ow n c o n t r ib u t io n s , w ith o r w ith o u t i n t e r e s t , w h en t e r m in a t e d . H o w e v e r , in a l l o f t h e s e p l a n s , w ith d r a w a l o f the c o n tr ib u tio n s m e a n s l o s s o f b e n e fit s p u r c h a s e d b y e m p lo y e r c o n tr ib u tio n s . A l s o , in s o m e o f the c o n tr ib u to r y p la n s th e t e r m in a t e d n o n v e s t e d w o r k e r ca n e le c t to l e a v e h is ow n c o n tr ib u tio n s in the p la n and r e c e i v e a b e n e fit p u r c h a s e d b y h is own c o n t r ib u t io n s . T y p e s . — D e f e r r e d fu ll v e s t in g i s a p r o v i s i o n u n d e r w h ich the w o r k e r r e t a in s a r ig h t to a l l a c c r u e d b e n e fit s a f t e r h e a t ta in s a c e r t a in a g e a n d /o r c o m p le t e s a s p e c if ie d p e r io d o f s e r v i c e . In d e f e r r e d g r a d e d v e s t i n g , th e w o r k e r h a s a r ig h t to a c e r t a in p e r c e n t a g e o f a c c r u e d b e n e fit s a fte r h e h a s f u lf i l l e d s p e c i f i e d r e q u i r e m e n t s . T h is p e r c e n t a g e i n c r e a s e s a 6 a d d itio n a l r e q u i r e m e n t s a r e f u lf i l l e d u n til the w o r k e r i s e n tit le d to the fu ll (100 p e r c e n t ) b e n e fit . or C o n d it io n s . — T h is t e r m r e f e r s to th e n a tu r e o f th e t e r m in a t io n s e p a r a t io n u n d er w h ic h v e s t i n g is p e r m i t t e d . In v o lu n ta r y R e t ir e m e n t C o m p u ls o r y R e t ir e m e n t A g e . — F o r p u r p o s e s o f th is stu d y c o m p u l s o r y r e t i r e m e n t a g e is tha t^ ag e a t w h ic h th e w o r k e r ca n b e r e t i r e d b y r e a so n of age a lo n e . It i s th a t p o in t a t w h ic h th e w o r k e r l o s e s the p r i v i l e g e o f d e c id in g w h e th e r h e sh o u ld r e t i r e o r co n tin u e in h is jo b . A w o r k e r m a y , h o w e v e r , b e p e r m i t t e d to co n tin u e e m p lo y m e n t on a y e a r - t o - y e a r b a s i s , in s o m e c a s e s s u b je c t to p a s s in g ann ual p h y s ic a l e x a m in a t io n s o r m e e t in g s ta n d a r d s o f jo b p e r f o r m a n c e . 4 A u t o m a t i c R e t ir e m e n t A g e . — F o r p u r p o s e s o f th is stu d y a u to m a t i c r e t i r e m e n t a g e i s th a t a g e a t w h ic h the w o r k e r m u s t c e a s e h is e m p lo y m e n t , th e p la n h a v in g i r r e v o c a b l y e s t a b li s h e d th is a g e a s a m a x im u m . D e a th B e n e f it s B e f o r e and A f t e r R e t i r e m e n t . — E n t r ie s in t h e s e c o lu m n s a r e l i m i t e d to tke d eath b e n e fit s p r o v id e d b y th e p e n s io n p la n i t s e l f , in clu d in g r e tu r n o f w o r k e r 's c o n tr ib u tio n s w ith o r w ith o u t i n t e r e s t . B e n e f it s p r o v id e d u n d er a g r o u p in s u r a n c e p la n an d o th e r p la n s a r e n ot w ith in th e s c o p e o f th is s tu d y . I n s u r e d ; D e p o s it A d m i n i s t r a t i o n .— A n in s u r a n c e c o m p a n y is s e le c t e d to u n d e r w r ite th e b e n e f it s o f th e p la n . C o n tr ib u tio n s (in the f o r m o f p r e m i u m s ) a r e h e ld a s a fund b y th e in s u r a n c e c o m p a n y . T h e r e i s no a l lo c a t i o n to the a c c o u n t o f th e in d iv id u a l w o r k e r , but a c c u m u la t e d fu n d s a r e u s e d to p u r c h a s e th e b e n e fit fo r e a c h w o r k e r a t r e t i r e m e n t in a c c o r d a n c e w ith th e p r o v i s i o n s o f th e p la n . A d m in i s tr a tio n F or p u rp oses tw o m a j o r a r e a s . of th is stu d y , a d m in i s t r a t io n is d iv id e d in to F in a n c in g A d m in is t r a t i o n o f F u n d in g (fin a n c ia l c o n t r o l ) .— L o c a t e s the r e s p o n s i b i l i t y io r s e le c t i o n o f m e d iu m o f fu n d in g , a d o p tio n o f funding m e t h o d s , i n v e s t m e n t , s e le c t i o n o f a c t u a r y , e t c . I n fo r m a tio n on th e a m o u n t o f c o n tr ib u tio n s i s p r o v id e d to the e x te n t th a t d e t a ils a r e a v a ila b le in th e l i t e r a t u r e d e s c r ib i n g the p la n . N o a tte m p t w a s m a d e to d e t e r m in e th e a c tu a l a m o u n t o f c o n tr ib u tio n o r c o s t in c a s e s w h e r e the p lan s ta te d the e m p lo y e r p a id the fu ll c o s t or b a la n c e o f c o s t . A d m i n i s t r a t i o n o f P l a n . — L o c a t e s the r e s p o n s i b i l i t y f o r the d a y - t o - d a y m a n a g e m e n t o f tb e p la n , s u c h a s d e t e r m in a tio n o f e li g i b i l i t y , s e r v i c e c r e d i t i n g , in t e r p r e t a t io n o f p la n , p r o c e s s i n g a p p l ic a t io n s , e t c . M e d iu m C e r t a in o f th e a d m in i s t r a t iv e fu n c tio n s d e s c r ib e d a b o v e m a y b e d e le g a t e d to a b a n k , in s u r a n c e c o m p a n y , t r u s t c o m p a n y , e t c . H o w e v e r , fo r p u r p o s e s o f th is s tu d y , a d m in i s t r a t io n is c l a s s i f i e d on the b a s i s o f w h e r e th e o r ig i n a l r e s p o n s i b i l i t y f o r t h e s e fu n c tio n s r e s i d e s . o f F u n d in g E n t r ie s in th is c o lu m n r e f e r to the o r g a n iz a t i o n , o r ty p e o f o r g a n iz a t i o n , th r o u g h w h ich b e n e fit s a r e p r o v id e d . M e d iu m o f funding i s to b e d is tin g u is h e d f r o m th e m e th o d o f funding w h ich r e f e r s to the te c h n iq u e b y w h ic h the m o n e y r e q u i r e d to p r o v id e th e b e n e fit s i s a c c u m u la te d o r b u d g e te d . T ru ste e d ; B a n k -A d m in is te r e d . T h is t e r m is u s e d to in c lu d e b o th a b a n k o r t r u s t c o m p a n y w ith w h ic h c o n tr ib u tio n s a r e d e p o s i t e d . A m o n g the fu n c tio n s p e r f o r m e d b y th e t r u s t e e a r e in v e s t m e n t o f fu n d s and p a y m e n t o f b e n e fit s to e li g ib le w o r k e r s . v id u a l fu n d . T r u s t e e d ; S e l f - A d m i n i s t e r e d . — A b o a r d o f t r u s t e e s o r an in d i t r u s t e e (not a b a n k o r t r u s t c o m p a n y ) a d m i n i s t e r s the t r u s t F u n c t io n s p e r f o r m e d a r e s i m i l a r to th o s e m e n tio n e d a b o v e . I n s u r e d ; G r o u p A n n u ity ..— A n in s u r a n c e c o m p a n y i s s e le c t e d to u n d e r w r ite th e b e n e fit s oi the p la n . C o n tr ib u tio n s (in th e f o r m o f p r e m i u m s ) a r e m a d e to th e in s u r a n c e c o m p a n y and p a id -u p u n its a r e p u r c h a s e d e a c h y e a r fo r e a c h w o r k e r . A m o u n t o f r e t i r e m e n t in c o m e fo r e a c h w o r k e r at r e t i r e m e n t i s th e s u m o f t h e s e p a id -u p u n it s . A s in g le e n tr y in th is c o lu m n in d ic a t e s th a t the p a r ty n o ted h a s r e s p o n s i b i l i t y fo r o v e r a l l a d m i n i s t r a t i o n , in c lu d in g f in a n c ia l c o n t r o l an d a d m in i s t r a t io n o f the p la n . B i p a r t i t e . — A jo in t ( m a n a g e m e n t -u n io n ) b o a r d o f a d m i n i s t r a tio n i s e s t a b li s h e d to a d m in i s t e r the p la n . M o s t p la n s in th is stu d y a l s o p r o v id e f o r s e le c t i o n o f n e u tr a l m e m b e r s w h o m a y v o te o n ly in c a s e o f a d e a d lo c k . T r i p a r t i t e . — A b o a r d o f a d m in i s t r a t io n i s e s t a b li s h e d to a d m i n i s t e r th e p la n . It is m a d e up o f a n e q u a l n u m b e r o f e m p lo y e r and u n ion d e s ig n a t e d m e m b e r s , w ho in tu r n s e l e c t the th ir d p a r t y . B ip a r t it e A d m i n i s t r a t i o n o f P la n (s p e c ific r e s p o n s ib ilitie s o u tlin e d in a g r e e m e n t ) .— A s u s e d in t h is r e p o r t , th is p h r a s e in d ic a t e s th a t th e m a n a g e m e n t -u n io n c o m m it t e e h a s .a d m i n is t r a t iv e fu n c tio n s a s s p e c i f i e d in the c o ll e c t i v e b a r g a in in g a g r e e m e n t . T h e e m p lo y e r g e n e r a l l y r e t a in s r e s p o n s i b i l i t y f o r th e fu n c tio n s n ot s p e c if ie d to b e u n d er the j u r i s d i c t i o n o f th e b ip a r t it e c o m m i t t e e . N o a t te m p t w a s m a d e to d e fin e the a r e a o f s o l e e m p lo y e r r e s p o n s i b i l i t y . 5 6 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T COMPANY, UNION, AND D ATE O F INFORMATION PA R T IC I PATION REQ U IR EMENTS Minimum requirements Age A r m o u r and C om p any _ 65 Service fYears) 10 Service credited after normal age A ll. Benefit formula M on th ly— $ 1 .50 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 30 y e a r s . M e a t C u tte r s ; P a c k in g h ou se W o r k e r s (U P W A ) at age 65 under normal retirement formula including primary Social Security benefits \ssum ing average annual e arnings of— SUKMJ S3,600 84,200 and including present prir Security benefits of— 8108.50 898.50 8108.50 A fte r 2 5 y e a r s o f futu re s e r v ic e : $ 1 3 6 . 00 $ 1 4 6 . 00 $ 1 4 6 .0 0 A f t e r 30 y e a r s of futu re s e r v ic e : $ 1 4 3 . 50 $ 1 5 3 . 50 $ 1 5 3 . 50 EA R LY RETIR EM EN T Minimum requirements Benefit formula Age 60 Service (Years) 10 A t w o r k e r 's r e q u e st. N o r m a l b en efit redu ced ^ 10 of 1 p erc en t fo r each m onth under age 6 5 , p a y ab le im m e d ia te ly . January 1958 A f t e r 35 y e a r s o f futu re s e r v ic e : $ 1 4 3 . 50 $ 1 5 3 . 50 $ 1 5 3 . 50 G e n e ra l F ood s C o rp o ra tio n 1 y e a r of s e r v ic e . 65 ___ V a r io u s unions N one. M on th ly— None on f ir s t $ 5 0 o f m on th ly ea rn in g s, a p p r o x imateTy 1 . 5 p e r c e n t o f n ext $ 2 0 0 of e a rn in g s, and a p p r o x im a te ly 2 p e r c e n t o f ea rn in g s e x ce ed in g $ 2 5 0 , fo r each y e a r of s e r v i c e . 1 A fte r 2 5 y■ears of futu re s e r v ic e : — $”19 8. 5(7 $ 2 2 8 . 50 $ 2 6 8 . 5o A fte r 30 y■ears of futu re s e r v ic e : ■$21"8. 5(5" $ 2 5 2 .3 3 ' — $ 3 0 0 .3 0 55 ___ W ith e m p lo y e r 's co n se n t. A c tu a r ia l eq u ivalen t of n o rm a l b e n e fit, p ayab le im m e d ia te ly ; or n o rm a l b e n e fit, p ayab le at age 65 . F e b r u a r y 1958 A fte r 35 y e a r s o f futu re s e r v ic e : — $ 2 T 8 . 5(F $'276. ^ ' $ 3 52V 50 C a m p b e ll Soup C om p an y (C am d en , N . J . ) P ackin gh ou se W o r k e r s (U P W A ) A g e 30 and 5 y e a rs of s e r v ic e . 65 ___ N on e. Y e a r ly — 1 p e r c e n t of annual ea rn in g s ex ce ed in g $ 6 0 0 fo r ea ch y e a r of s e r v i c e . 1 M in im u m m on th ly b en efit - $ 2 5 . $ 1 7 3 . 50" D e c e m b e r 19 5 7 E x c lu d e s p r e m e m b e r s h ip s e r v ic e . In cludes p r e m e m b e r s h ip s e r v ic e . In clud es p r e m e m b e r s h ip s e r v ic e . 6 y e a r s in c a se o f i ll h ealth . A f t e r 2 5 y e a r s of futu re s e r v ic e : $ 1 8 3 .5 0 $ 2 0 0 .1 ? $ 1 6 1 .0 0 A fte r 30 y e a r s of futu re s e r v ic e : $ 1 9 8 .5 0 “ $ 2 1 8 .5 0 A f t e r 35 y e a r s of fu tu re s e r v ic e : $ 18'6. 00' $ 2 T 3 .'5 7 T ' $2 3'6 . 83 55 3 10 W ith e m p lo y e r 's c o n se n t. A c t u a r ia l eq u ivalen t of n o r m a l b e n e fit (m in im u m not a p p l ic a b le ) ,, p ayab le im m e d ia te ly ; o r n o rm a l b en efit (m in im u m not a p p lic a b le ), p a y a b le at age 6 5 . 7 UNDERCOLLECTIVEBARGAINING DISA BILITY RETIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service Type, conditions, and minimum requirements M on th ly— g r e a te r o f: (1) $ 5 0 , or (2) $ 3 tim e s y e a rs of s e r v ic e to a m a x im u m o f 30 y e a r s . Upon r e c e iv in g S o cia l S ec u rity d isa b ility b e n e fit, or at age 65 , n o r m a l b en efit p ayab le. D e fe r r e d fu ll. T e r m in a ted a s r e su lt o f p lant, d ep artm en t, o r unit c lo s in g , or job p erm a n en tly e lim in a te d by te c h n o lo g ic a l chan ge. A g e 55 and 2 5 y e a r s of s e r v ic e . L e v e l in com e ( E a r ly ) . Joint and su r v iv o r . L e v e l in com e (E a r ly ). Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y ea rs) 15 Joint and su rv iv o r. INVOLUNT ARY RETIR EM E N T VESTIN G D e fe r r e d fu ll. T e r m in a te d fo r any r e a so n . 10 y e a r s of s e r v ic e . 2 D e fe r r e d fu ll. T e r m in a ted fo r any r e a so n . A g e 45 and 10 y e a r s of s e r v i c e .2 F u ll c o s t. N o r m a l b en efit red u ced 6/io of 1 p erc en t fo r each m onth under a g e 65 to date b en efit b e g in s, p ayable an ytim e during 5 -y e a r p eriod p r io r to a g e 65; or n o rm a l b e n e fit, p ayab le at age 65. T r u ste e d ; E m p lo y e r b an k a d m in istr a tio n a d m in iste red . of funding. B ip a rtite a d m in istr a tio n of plan ( s p e c i fic r e s p o n s i b ilit ie s outlined in a g r e e m e n t). A c tu a r ia l eq u iv ale n t of n o rm a l b e n e fit, p ayab le an y tim e during 1 0 -y e a r p erio d p r io r to age 65; or n o rm a l b e n e fit , p ayab le at age 65 . 65 N o r m a l b e n e fit, (m in im u m not a p p lic a b le ), p a y a b le at age 6 5 . 65 W o r k e r 's W o r k e r 's contribu tions con tribu tions plus in te r e s t. plus in te r e s t, le s s b e n e fits r e c e iv e d . 65 E m p loye d a fte r age 55, 60 m on th ly p aym ents fo r w hich w o r k e r w as qu alified at tim e of death. 60 m on th ly p a y m e n ts, le s s p a y m en ts r e c e iv e d . B alan ce None on f i r s t $ 5 0 of c o s t. of m on th ly ea rn in g s, a p p r o x i m a te ly 2. 5 p er cent of next $ 2 0 0 of e a r n in g s , and a p p r o x i m a te ly 4 p erc en t of ea rn in gs e x ceed in g $250. F u ll c o s t. In su red; group annuity. In su re d ; group annuity. E m p lo y e r . E m p lo y e r . 8 SELECTEDPENSIONPLANS NORMAL R E TIR EM E N T COMPANY, UNION, AND D A TE O F INFORMATION PA R T IC I PATION REQ U IR E MENTS Minimum requirements Age B r e w e r s B o a rd of T rad e (New Y o r k , N . Y . ) 2 5 0 days of em p lo y m e n t Service (Years) 65 Service credited after normal Assuming average annual earnings of— Benefit formula *8® A ll. T e a m ste rs ILL U ST R A T IV E MONTHLY PEN SIO N S at age 65 under normal retirement formula including primary Social Security benefits $3,600 $98.50 M o n th ly — 3 0 . 8 p e r c e n t o f w o rk er*s a g g r e g a te contribu tions a ft e r M a y 13 , 19 56 ; 3 . 85 p e r c e n t o f w o r k e r ^ a g g r e g a te c on trib u tion s fr o m O c t. 1, 1 9 4 9 , through M a y 1 3 , 1 9 5 6 ; and fo r s e r v ic e p r io r to O c t. 1, 1 9 4 9 , $ 1 . 4 5 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 30 y e a r s . $4,200 $5,000 and including present primary Social Security benefits of— $108.50 $108.50 EA R LY RETIR EM E N T Minimum requirements Benefit formula Age Service (Years; A fte r 2 5 y e a r s o f fu tu re s e r v ic e : $ 1 9 8 . 60 $ 2 0 8 . 60 $ 2 0 8 . 60 A f te r 30 y e a r s of fu tu re s e r v ic e : $ 2 1 $ . 62 $ 2 2 8 . 62 $ 2 2 8 . 62 A t w o r k e r 's r e q u e st. A c tu a r ia l eq u ivalent of n o rm a l b e n e fit, p ayab le im m e d ia te ly ; o r n o r m a l b e n e fit, p ayab le a t a g e 65. N o v e m b e r 19 57 A f t e r 35 y e a r s o f fu tu re s e r v ic e : $ 2 3 8 . 64 $ 2 4 8 . 64 $ 2 4 8 . 64 (2) B a k ery and c o n fe ctio n e r y in d u str y , v a rio u s e m p lo y e r s 65 4 15 B a k e r y and C o n fe ctio n e r y W orkers N ation al plan (5) M o n th ly — fo r w o r k e r s em p lo y ed b y e m p lo y e r who b egan c o n trib u tin g to plan p r io r to Jan. 1, 1 9 5 8 : F o r 2 5 o r m o r e y e a r s of s e r v i c e , $ 5 0 tim e s ( l ) e m p lo y e r w e e k ly con trib u tion rate tim e s m on th s of s e r v ic e a fte r D e c . 3 1 , 1 9 5 7 , such contribu tions w e r e m a d e in w o rk er*s b e h a lf, divided b y (2) tw ice the n u m b er of m on th s of s e r v ic e a ft e r D e c . 3 1 , 1 9 5 7 , su ch contribu tions w e r e m a d e in w o r k e r ^ b e h a lf. A f t e r 2 5 y e a r s o f fu tu re s e r v ic e : 6"$ 148". 50 -* 1 5 8 . OT $ 138.50 7 $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 55 4 15 A t w o r k e r 's r e q u e s t. N o r m a l b en efit red u ced V i of 1 p erc en t fo r each m on th under a g e 6 5 , p a y a b le im m e d ia te ly . A f t e r 30 y e a r s o f fu tu re s e r v ic e : * '$ 1 4 8 .5 0 ..$ 158.50 $158.50 7 $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 A f t e r 35 y e a r s o f futu re s e r v ic e : F o r w o r k e r s em p loyed b y an e m p lo y e r who began co n trib u t *$T4ffT50— $15-8.50— $T58."50' ing to plan a fte r D e c . 3 1 , 1 9 5 7 , tw ice the n u m b e r o f m on th s 7 $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 betw een D e c . 3 1 , 1 9 5 7 , and date em p lo y e r f i r s t b egan c on tribu tin g to plan is added to both (1) and (2) ab ove in c o m putation o f b e n e fit. R e su lt red u ced V i o f 1 p erc en t fo r each m on th betw een D e c . 3 1 , 1 9 5 7 , and date e m p lo y e r f i r s t began contribu ting to p lan . J anu ary 1958 R educed p ro p o r tio n a te ly fo r 15 or m o r e but le s s than 2 5 y e a r s of s e r v ic e . The A m e r ic a n T o b a c co C om p an y Tobacco W ork ers O cto ber 19 57 65 12 N on e. Y e a r ly — fo r s e r v ic e a ft e r D e c . 3 1 , 1 9 4 8 , 2 p e r c e n t o f f i r s t $ 5 , 00 0 o f annual e a rn in g s f o r ea ch y e a r o f su ch s e r v ic e w ithin 25 y e a r s of r e tir e m e n t and 1 . 5 p e r c e n t o f ea rn ings ex ce ed in g $ 5 , 00 0 f o r each y e a r o f such s e r v ic e a fte r a g e 30 ; fo r s e r v ic e p r io r to. Jan. 1, 1 9 4 9 , 2 p e r c e n t of f i r s t $ 5 , 00 0 of annual ea rn in g s r a te on Jan. 1, 1 9 4 9 , tim e s y e a r s of su ch s e r v ic e w ithin 2 5 y e a r s of r e t i r e m en t and 1. 125 p e r c e n t of ea rn in g s e x ce ed in g $ 5 , 00 0 fo r each y e a r o f su ch s e r v ic e a fte r a g e 3 0 ; le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit. A f t e r 2 5 y e a r s of futu re s e r v ic e : $ 799.25 $22 9 .2 5 $ 262.58 A f te r 30 y e a r s o f fu tu re s e r v ic e : — $T99:25 $229.25— $ 262.58 60 12 W ith e m p lo y e r 's c o n se n t. A c t u a r ia l eq u ivalent of n o r m a l b en efit,, p ayab le im m e d ia te ly ; o r n o r m a l b e n e fit, p ayab le at age 65. A fte r 35 y e a r s of fu tu re s e r v ic e : ■- *T99-'Z5 .$ 22 9 .2 5 .... $262'. 58 1 Upon p a r tic ip a tio n , w o r k e r is given c r e d it fo r 1 y e a r o f s e r v ic e . 2 In com p uting b e n e fit s , w o r k e r w as a s s u m e d to have b ee n e m p loyed 52 w ee k s p e r y e a r and contribu ted $ 0 . 2 5 w e e k ly . 3 In clud es p r e m e m b e r s h ip s e r v ic e . 4 15 y e a r s o f s e r v ic e in the in d u stry in clu d ing 3 m on th s w ith contribu ting e m p lo y e r . S e r v ic e in clu d es (1) e m p lo y m en t w ith contribu ting e m p lo y e r s , and (2) e m p lo y m e n t p r io r to date e m p lo y e r b egan contribu ting to the p la n , if w o r k e r w as e m p lo y ed a t le a s t 135 d ays in ea ch o f the p r e c e d in g 3 c a len d a r y e a r s and su ch e m p lo y m e n t w as in a jo b and p lant then c o v e r e d b y a c o lle c tiv e b a rg a in in g a g r e e m e n t o r su b se q u en tly b y a g r e e m e n t on date e m p lo y e r b egan contribu ting to p la n . 9 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM E N T NORMAL AND E A R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Age Type, conditions, requirements Service Benefit formula Compulsory at age - Deferred full. Terminated for any reason. 15 years of service. 3 Before retirement 4 15 Workers contributions plus interest. Actuarial equiv alent of normal benefit, payable anytime during 10-year period prior to age 65; or normal bene fit, payable at age 65. Normal benefit reduced x/z of 1 per cent for each month under age 65, increased 10 percent but not to ex ceed normal benefit, payable immediately. (5) At age 65, normal benefit payable. Joint and survivor. Automatic at age - DEATH B E N E F IT S After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y ears) Joint and survivor. 55 INVOLUNTARY RETIR EM E N T VESTIN G 12 Deferred full. Yearly— for service after Dec. 31, 1948, 2 percent of first $5,000 of Terminated for any annual earnings for each year of such service within 25 years of dis reason. ability and 1. 5 percent of earnings exceeding $5, 000 for each year of Age 50 and 20 years of such service within 35 years of dis service. ability; for service prior to Jan. 1, 1949, 2 percent of first $5, 000 of annual earnings rate on Jan. 1, 1949, times years of such service within 25 years of disability and 1. 125 per cent of earnings exceeding $5, 000 for each year of such service within • 35 years of disability; less one-half Social Security disability benefit. Actuarial equiv alent of normal benefit, payable anytime during 5-year period prior to age 65; or normal bene fit, payable at age 65.9 65 (5) Worker‘s contributions plus interest; less benefits received. 36 monthly payments, less pay ments received.8 $0.05 $1 per Trusteed; ,Bipartite. per day per selfwork day— administered. maximum er— $0.25 maxi per mum week. $5 per week. Trusteed; Bipartite. Full cost— selfadministered. Contri bution rate accord ing to local agree ment (see normal benefit formula for ef fect on benefit). Full cost. Not funded. Employer. Upon receiving primary Social Security benefit, or at age 65, less one-half primary Social Security benefit. 5 in 1961, 8 7 8 9 An eligible worker (age 65 or older with 15 years of service) loses all rights to benefits if he does not retire at age 75 if reached in 1957, age 74 in 1958, age 73 in 1959, age 72 in I960, age 71 and age 70 in 1962 and thereafter. Based on employees weekly contribution rate of $2. Based on employees weekly contribution rate of $4. Not applicable to worker retired under disability provisions. Only service after age 30 used to compute benefit. i 10 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIO NS at age 65 under normal retirement formula including primary Social Security benefits NORMAL R E TIR EM E N T COMPANY, UNION, AND D ATE O F INFORMATION Bigelow-Sanford Carpet Company, Inc. P A R T IC I PATION REQ U IR EME N TS __ Minimum requirements Age Service (Years) 65 20 Service credited after normal *8 * Assuming average annual earnings of— 83,600 84,200 85,000 and including present primary Social Security benefits of— 898.50 8108.50 8108.50 Benefit formula To Monthly— $100 for 30 or more years of service, reduced age 72. proportionately for 20 or more but less than 30 years of service, less primary Social Security benefit. Textile Workers (TWUA) After 25 years of future service: $ 98.50 $ IDS. 50 $108. 50 After 30 years of future service: $100. oo $i08. 50 $1"08. 50 February 1958 EA R LY RE TIR EM E N T Minimum requirements Benefit formula Age Service (Years) 60 20 At wc►rker's reque!S t. Actuarial equivalent of normal benefit, payable immediately; or normal benefit, payable at age 65. After 35 years of future service: $10o. 00 $ 1Os. 50 $ 108. 5o Armstrong Cork Company Noncontributory plan Rubber Workers January 1958 1 year of service. 65 35 None. Monthly—for service after May 31, 193 7, monthly equivalent of Va of 1 percent of first $3, 000 of annual earnings and 1 percent of earnings exceeding $3, 000 for each year of service;3 for service prior to June 1, 1937, monthly equivalent of 1 percent of annual earnings of 1936 times years of service between age 30 and June 1, 193 7. Minimum monthly benefit-$142. 50 for 25 or more years of service,4 reduced $1. 75 per month for each year of service less than 25 to a minimum of $116.25 for 10 years of service; less primary Social Security benefit. After 25 years of future service: $142. 50 $164. 75 $ 181.42 After 30 years of future service: $151.00 $ 11b. 00 $196. 00 55 35 With employ er's consent. Actuarial equivalent of normal benefit, payable immediately; or normal benefit, payable at age 65. After 35 years of future service: $159. 75 $187.25 $210.58 Supplemental contributory plan Same as above. --------- 1------------Same as above. Same as above. Monthly—monthly equivalent of Vs of 1 percent of first $3, 000 of annual earnings and 1 percent of earnings ex ceeding $3, 000 for each year of service. 3 After 25 years of future service: $43. 75 $56.25 $ 72. 91 ~ 1------------Same as Same as above. above After 30 years of future service: $52.50 $67.50 $87.50 After 35 years of future service: $61.25 $75775 $102.09 Textile industry, dyeing and printing, various employers Textile Workers (TWUA) December 1957 65 5 15 To age 70.6 Monthly— $1.03 times years of service to a maximum of 25 years. After 25 years of future service: $124.25 $134.25 $134.25 After 30 years of future service: $ 124".2 5"" $131725------$134.25' After 35 years of future service: ~$T2T.25—$131E725------$r31725“ Worker may continue in employment with both union's and employer's consent to age 72. Worker may continue in employment with employer's consent beyond age 72. Excludes premembership service. Includes premembership service. For workers attaining age 65 after Dec. 31, 1957: 15 years of service in industry including 5 of 10 calendar years immediately preceding retirement. For workers attaining age 65 from Jan. 1, 1953, through Dec. 31, 1957: 15 years of service in industry if age 65 before 1955, 17 if age 65 attained in 1955, 18 in 1956, 19 in 1957, including 5 of 10 calendar years immediate preceding 11 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service INVOLUNTARY RETIR EM E N T VESTIN G DEATH B E N E F IT S FINANC: in g MEDIUM O F FUNDING Type, conditions, and minimum requirements Benefit formula Compulsory at age - Automatic at age - Before retirement After retirement Fmployee ADMINISTRATION Employer (Y ea rs) 168 Full cost. Not funded. Full cost. Combination: Employer. 2 72 Noncontributory plan Joint and survivor. 50 4 15 Monthly— $75, less monthly benefit Deferred full. for which eligible under total dis ability of group insurance, early re Terminated for any tirement, and Social Security dis reason. ability benefit (at age 65, less primary Social Security benefit). 5 years of service. Actuarial equiv alent of normal benefit (mini mum not appli cable), payable anytime during 10-year period prior to age 65; or normal bene fit (minimum not applicable), payable at age 65. 65 Trusteed; bankadministered. Insured; deposit ad ministration. Supplemental contributory plan -------------------- 1 See early retirement and vesting provisions. Same as above. 720 Monthly— $1.03 times years of service to a maximum of 25 years. Same as abc)ve. Deferred full. Normal benefit reduced Va of 1 percent for each month under age 65 to date benefit begins, 25 years of service,7 payable anytime or 15 years of during 5-year service. 8 period prior to age 65; or nor mal benefit; pay able at age 65. Terminated for any reason. --------1 Same as above. Workers contribu tions plus interest. Worker *s contribu tions plus interest, less benefits received. 2 percent Balance iSame as of cost. above. of first $3, 000 of annual earnings, and 4 per cent ex ceeding $3,000. Full cost--$6 per worker per month. Same as above. Trusteed; Bipartite. selfadministered. retirement, or 15 years of service in industry (at least 5 years since Dec. 31. 1948) including 5 of 10 calendar years immediately preceding retirement. Service includes (1) employment with contributing employers after Dec. 31, 1948, and (2) employment in industry from Jan. 1, 1933, through Dec. 31, 1948. 6 Service credited after ag - 70 only to attain minimum service eligibility for benefits and cannot be used to compute benefits. » iryeiarsaofdeemploy^efnt°wUh'an employer who had contractual relations with union before Jan. 1, 1935, and 24 work-months with a contributing employer during period Sept. 1, 1948, through Dec. 31, 1952. 12 SELECTEDPENSIONPUNS NORMAL R E TIR EM E N T COMPANY, UNION, AND D A TE O F INFORMATION PA R T IC I PATION r e q u ir e Minimum requirements m ents Clothing industry, men's and boys', various employers Age Service (Years) 65 120 Service credited after Benefit formula Monthly—$50. Assuming average annual earnings of— 83,600 84,200 85,000 and including present primary Social Security benefits of— 898.50 8108.50 8108.50 After 25 years of future service: $ 145730 “ ""$133730----- "$133730" E A R LY R E TIR EM E N T Minimum requirements Benefit formula Age Service (Years) 62l *20 Women only After 30 years of future■service: At worker's $148.50 $158.50 $158. 50 request. Clothing Workers National plan Normal benefit reduced 5 percent for each 6month period under age 65, payable immediately. After 35 years of future service: $148.50 $158. 50 $158.50 December 1957 Cotton garment and allied industries, various employers ILL U S T R A T IV E MONTHLY PEN SIO N S at age 65 under normal retirement formula including primary Social Security benefits 65 Monthly— $42. 50. After 25 years of future service: $ 1 4 1 .0 0 $ 1 5 1 .0 0 ■ $ 1 5 1 .0 0 After 30 years of future service: $ 1 4 1 .0 0 $ 1 5 1 .0 0 $151.00 Clothing Workers National plan Women only 62~] *20 At worker's request. Normal benefit reduced 5 percent for each 6month period under age 65, payable immediately. After 35 years of future service: December 1957 Coat and suit industry, women's, Industrial Council of Cloak, Suit and Skirt Manufacturers, Inc., and other employers (New York, N. Y. ) *15-17-00--------$ 1 3 1 7 0 0 " Monthly— $65 ( $50 if not employed continuously last lO years in New York coat and suit industry). After 25 years of future service: $r7T730" _ $ 1 6 3 ." 5 0 - -$ 1 7 3 .5 0 -------- After 30 years of future service: — $"163. 50 ’$ "1 7 3 .3 0 --------$ 1 7 3 .5 0 - After 35 years of future service: Ladies' Garment Workers (New York Cloak Joint Board) — $ " 1 6 3 .5 0 " $ 1 7 3 .5 0 -------5 1 7 3 :5 0 January 1958 Dress industry, Affil iated Dress Manufac turers, Inc., and other employers (New York, N. Y. ) Ladies* Garment Workers (New York Dress Joint Board) Monthly— $50. After 25 years of future service: $148.50 $158.50 $158'. 50 After 30 years of future service: $ 148. §0 $158. 50 $158. 50 After 35 years of future service: ' $148.50 $158.5(5---- $133730" January 1958 * 20 years of service in industry, including 10 years of service with contributing employers immediately preceding application for retirement. 2 20 years of service in industry, including service with contributing employers since May 1, 1950, (10 years with contributing employers immediately preceding application for retirement after April 30, I960). 3 Same as footnote 2. Disability after age 60 is not a break in service and such service is credited to qualify for benefit. 4 Employment by employers under contract with Cloak Joint Board for 20 of 25 years immediately preceding retirement with last 10 years continuous (credit may be given for employment outside 13 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM E N T NORMAL AND EA R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Type, conditions, Benefit formuin Age INVOLUNTARY RETIR EM E N T VESTIN G Service requirements Benefit formula Compulsory at age - Automatic at age . DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Years) 120 _ M on th ly— $ 5 0 . 60 (3) N o r m a l b e n e fit, p ayab le a t age 65 . 5 60 620 M on th ly— $ 6 5 . ( $ 5 0 if not em p loyed continu ously la s t 10 y e a r s in New Y o r k coat and su it in d u str y ). 5 60 8 20 M on th ly— $ 5 0 . F u ll c o st ---3 .9 p e r cent of gross p a y r o ll. T r u ste e d ; B ip a r tite . se lfad m in iste r e d . A fte r r e t ir e m e n t; In su re d , in divid u al annuity ren ew ed an n u ally. T r u ste e d ; B ip a rtite . F u ll se lfc o s t— ad m in iste r e d . 2 .2 5 p ercen t A f te r r e t i r e of m e n t: In gross p a y r o ll. su r e d , in dividu al annuity ren ew ed an n u ally. F u ll c o st— 5 p er cent of w ee k ly w ages. $500 T r u ste e d ; T r ip a r tite . s e lfa d m in iste red . T r u ste e d ; T r ip a r tite . F u ll s e lfc o st---3 . 5 p e r - ad m in iste r e d . cent o f w e e k ly w a g e s. New Y o r k coat and su it in d u stry w h ere funds e x is t that p ay b en efits u nder IL.GWU c o n tr a c ts). 5 A g e 60 p rovid ed d isa b ility dates no e a r lie r than age 59 . 4 S am e a s footnote 4 , ex ce p t r e q u ir e m e n t o f 20 y e a r s o f s e r v ic e p r io r to d is a b ility . 7 E m p lo y m en t b y e m p lo y e r s u nd er c o n tra ct w ith D r e s s Joint B oard fo r 2 0 of 2 5 y e a r s im m e d ia te ly p r ec ed in g r e tir e m e n t w ith the la s t 10 y e a r s continuous (c re d it m a y be given fo r em p lo y m en t ou tsid e New Y o r k d r e s s in d u stry w h ere fluids e x is t that pay b en efits under IL G W U c o n tr a c ts ). 8 S am e as footnote 7, ex ce p t re q u ir e m e n t of 2 0 y e a r s of s e r v ic e p r io r to d isa b ility . 14 SELECTEDPENSIONPLANS NORMAL R E TIR EM E N T # COMPANY, UNION, AND D A T E O F INFORMATION PA R T IC I PATION R EQ U IR EMENTS Minimum requirements ___ 1 18 A ll. Service Age M illin e r y in d u str y , E a s te r n W om en*s H ea d w ear A s s o c ia tio n , In c. , and other e m p lo y e r s (New Y o r k , N. Y .) (Y ea rs) Service credited nfter norms 1 age 65 Benefit Consuls M on th ly— $ 5 0 fo r o p e r a t o r s , c u t te r s , and b lo c k e r s ; $ 4 0 fo r t r i m m e r s , s li c k e r s , s e a s o n a l s tra w o p e r a t o r s , and shipping c le r k s . Assuming average annual earnings of— $3,600 $4,200 $5,000 and including present primary Social Security benefits of— $98.50 $108.50 $108.50 EA R LY R E TIR EM E N T Minimum requirements Benefit formula Age Service (Years) A f te r 2 5 y e a r s of fu tu re s e r v ic e : * $ 1 4 8 . 50 $ 1 5 8 . 50 $ 1 5 8 . 50 3 $ 1 3 8 .5 0 $ 1 4 8 . 50 $ 1 4 8 . 50 A f t e r 30 y e a r s o f fu tu re s e r v ic e : 2 $ 1 4 8 . 50 $ 1 5 8 . 50 $ 1 5 8 . 50 3 $ 1 3 8 . 50 4 1 4 8 . 5 0 $ 1 4 8 . 50 H a t te r s , C ap and M illin e r y W o r k e r s A fte r 35 y e a r s o f futu re s e r v ic e : a $ 1 4 8 . 50 $ 1 5 8 . 50 $ 1 5 8 . 50 3 $ 1 3 8 . 50 $ 1 4 8 . 50 $ 1 4 8 . 50 M a r c h 1958 F u r m an u factu rin g in d u s t r y , A s s o c ia te d F u r M a n u fa c tu r e r s , I n c ., and other e m p lo y e r s (New Y o r k , N . Y . ) ILL U ST R A T IV E MONTHLY PENSIO NS at age 65 voider normal retirement formula including primary Social Security benefits __ ; Me n 65 1 A ll. M on th ly— $ 5 0 . A fte r 2 5 y e a r s — 4 30 of fu tu re s e r v ic e : — — A fte r 30 y e a r s o f futu re s e r v ic e : $ 1 4 8 .5 0 $ 1 5 8 . 50 $ 1 5 8 . 50 62 4 30 A fte r 35 y e a r s of future s e r v ic e : $ 1 4 8 .5 0 $ 1 5 8 . 50 $ 1 5 8 . 50 M e a t C u tte rs (F u r r ie r s Joint C ou n cil of New Y o rk ) M a r c h 1 9 58 L u m b e r in d u stry , v a r io u s e m p lo y e r s (Southern C a lifo r n ia ) ___ 65 55 A ll. M on th ly— $ 3 . 333 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 30 y e a r s . A f te r 2 5 y e a r s o f futu re s e r v ic e : $ 1 8 1 .8 3 $ 1 9 1 .8 3 $ 1 9 1 .8 3 C a r p e n te r s A fte r 30 y e a r s of futu re s e r v ic e : $ 1 9 8 .5 0 $ 2 0 8 . 50 $ 2 0 8 . 50 O c to b e r 195 7 A fte r 35 y e a r s of fu tu re s e r v ic e : $ 1 9 8 .5 0 $ 2 0 8 . 50 60 *5 A t w o r k e r 's r e q u e st. M on th ly— am ou n t in table b elo w t im e s y e a r s of s e r v ic e to a m a x im u m of 30 y e a r s . A ge at r e tir e m e n t 64 63 62 $ 2 0 8 . 50 61 60 W e y e r h a e u s e r T im b e r C om p an y W oo d w o rk ers Janu ary 1958 ___ 8 65 10 N on e. 8 M on th ly— g r e a te r of: (1) 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 during 10 y e a r s im m e d ia te ly p r ec ed in g r e t i r e m e n t tim e s y e a r s of s e r v ic e , le s s o n e -h a lf p r im a r y S o c ia l S ec u rity b en efit, or (2) $ 1 .5 0 tim e s y e a r s of s e r v ic e to a m a x im u m of 2 5 y e a r s . A f te r 25 y e a r s of futu re s e r v ic e : $ 1 3 6 . 00 $ 1 4 6 .0 0 $ 1 5 8 .4 2 920 60 or A fte r 30 y e a r s of futu re s e r v ic e : $ 1 5 9 .2 5 $ 1 7 9 .2 5 $ 1 3 9 .2 5 A fte r 35 y e a r s of futu re s e r v ic e : $ 1 5 4 .2 5 $ 1 7 6 . 75 $ 2 0 0 . 08 55 9 30 N o r m a l b e n e fit red u ced 3 p e r c e n t fo r ea ch y e a r u nder a g e 65 through 60 , 7 p e r c e n t fo r ea ch y e a r u nder a g e 60 through 5 5 , p ayab le im m e d ia te ly . M in im u m m on th lv b en efit— $10. * 18 y e a r s o f union m e m b e r s h ip including 12 y e a r s in lo c a l unions of join t b oard im m e d ia te ly p r ec ed in g r e t ir e m e n t, and e m p lo y m en t by contribu ting e m p lo y e r s sin ce Jan. 1, 1 9 4 9 . B lo c k e r s , c u tte r s, and o p e r a t o r s . 3 T r im m e r s , stra w o p e r a t o r s , s lic k e r s , and shipping c le r k s . 4 30 y e a r s of s e r v ic e (and union m e m b e r ) in in d u stry sin ce Jan. 1, 1 9 1 2 , in clu d ing 10 y e a r s im m e d ia te ly p r ec ed in g r e tir e m e n t, and em p lo y ed b y a contribu ting e m p lo y e r w ithin 3 y e a r s p r e c e d in g r e t ir e m e n t. M on th ly $ 3 .0 6 2 . 82 2 . 60 2 .4 1 2 .2 3 15 UNDER COLLECTIVE BARGAINING DISA BILITY RETIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Type, conditions, Benefit formula Age INVOLUNTARY RETIR EM EN T VESTIN G Service requirements Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Pmployee ADMINISTRATION Employer (Y ea rs) T r u s te e d ; B ip a r tite . F u ll c o s t ---s e lfa d m in istered . 3 per cen t o f total w e e k ly p a y r o ll. T r u s te e d ; B ip a r tite . F u ll s e lfc o s t ---2 .5 p e r ad m in istered , cen t o f w e e k ly stra ig h ttim e p a y r o ll. Joint and s u r v iv o r . 6 10 T r u s te e d ; B ip a r tite . F u ll ban k c o s t ---$ 1 7 .3 0 a d m in is te r e d . per m onth f o r f u ll tim e w ork ers, M onthly— $ 2 .5 0 tim e s y e a r s o f s e r v ic e ; m axim u m $ 5 0 . A t a g e 65, n o r m a l b e n e fit p a y a b le . (7) Joint and s u r v iv o r . L e v e l in c o m e (E a r ly ). 10 M onthly— g r e a te r o f: ( l ) 1 p e r c e n t o f a v e r a g e m on th ly ea 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 tim e s y e a r s o f s e r v ic e , l e s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit (o n e -h a lf e s tim a te d p r im a r y S o c ia l S e c u r ity b e n e fit), o r (2) $ 1 .5 0 tim es 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 . Both r e duced 3 p e r c e n t f o r e a ch y e a r under a ge 65 through 60, 7 p e r c e n t f o r e a ch y e a r under age 60 through 55, and a c tu a r ia lly fo r y e a r s tinder age 55, paya ble im m e d ia te ly . 8 65 70 F u ll cost. T r u s te e d ; E m p lo y e r . ban k a d m in is te r e d . M in im um m on th ly b e n e fit— $ 1 0 . 5 5 y e a r s o f s e r v ic e in 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. 6 10 y e a r s o f s e r v ic e in 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 t ir e m e n t . 7 F o r w o r k e r s d is a b le d a fte r A p r il 30, 1958. 8 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 t ir e m e n t date is la s t day o f m onth in 1967 in w h ich w o r k e r 's b irth d a y o c c u r s . n o r m a l r e t ir e m e n t date is la s t day o f m onth in w h ich w o r k e r attain s a ge 70 o r June 30, 1957, w h ic h e v e r is la t e r . 9 T erm in a te d f o r any r e a s o n . 10 A t e m p lo y e r 's r e q u e s t b e c a u s e o f w o r k e r 's p h y s ic a l in a b ility to s a t is f a c t o r ily p e r f o r m duties a s s ig n e d h im . If e m p lo y e d on June 1, 1957, and a g e 60 o r o ld e r , 16 SELECTED PENSION PLANS IL L U S T R A T IV E MONTHLY PEN SIO N S NORMAL R E TIR EM E N T EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 COMPANY, UNION, AND D A TE O F INFORMATION P A R T IC I PATION RE Q U IR E MENTS Minimun requirements Age 65 F u rn itu re in d u s try , v a r io u s e m p lo y e r s Service (Y ea rs) Service credited after lormal \ssliming average annual earnings of— $3,600 ' $4,200 $5,000 and including present primary Social Security benefits of— $98.50 $108.50 $108.50 Benefit formal* ®8e 120 $ 1 3 3 . 50 A ft e r 30 y e a r s o f futurei s e r v ic e : $ 1 2 3 .5 0 $ 1 3 3 .5 0 $ 1 3 3 . 50 Jan u ary 1958 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 3 3 . 50 $ i 2 3 . 50 $ 1 3 3 .5 0 (2) To a ge 70. 3 U p h o ls te r e r s N ational plan (Y ea rs) $ 1 3 3 . 50 F u rn itu re W o r k e r s N ational plan 65 Benefit formula Service 55 M o n th ly — $ 2 5 . $ 1 2 3 . 50 U p h ols terin 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 Minimum requirements M on th ly— 4/ 10 o f 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 4 tim 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 8/io o f 1 p e r c e n t o f a v e r a g e m o n 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 ft e r a g e 65. A t w o r k e r 's r e q u e s t. A c tu a r ia l equ ivalen t o f n o r m a l b e n e fit, p aya ble im m e d ia te ly ; o r n o r m a l b e n e fit, pa y a b le a t a g e 65. A f t e r 25 yea r s o f fu tu re s e r v ic e : $ 1 2 8 . 50 $ 1 4 3 . 50 $ 1 5 0 . 17 A ft e r 30 y e a r s o f fu tu re s e r v ic e : V$'I2T."5t— $T43.30----- $TTOTT? A ft e r 35 y e a r s o f fu tu re s e r v ic e : 5 $ 128. 50 $ 1 4 3 .5 0 $ 1 5 0 .1 7 N o v e m b e r 1957 R o b e rt G a ir C om pa n y, Inc. A g e 30 (D iv is io n o f C on tinental and 2 years Can C om pa n y, I n c . ) of P a p e r m a k e r s and P a p e r s e r v ic e . w o r k e r s ; P u lp, Sulphite and P a p e r M ill W o r k e r s 65 M onthly b e n e fit f o r A ft e r 25 y e a r s o f fu tu re s e r v ic e : e a ch y e a r o f s e r v ic e ? $ 1 4 8 .5 0 $ 1 7 1 .0 0 $ 1 8 9 .7 5 N one. A nnual ^ a r n in g s $ 3 , 750 $ 4 , 050 $ 4 , 350 $ 4 , 650 $ 4 ,9 5 0 and and and and and un d er u nd er un d er un d er u n d er ------- $2.00--------$ 4 ,0 5 0 $ 4 , 350 $ 4 , 650 $ 4 , 950 $ 5 ,2 5 0 --------------------------------------------------------------------------------------------------------------- 2 .2 5 2 .5 0 2. 75 3. 00 3 .2 5 O cto b e r 195 7 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 5 8 .5 0 $ 1 8 3 .5 0 $ 2 0 6 .0 0 — — W ith e m p lo y e r 's c on sen t. A c t u a r ia l equ ivalen t o f n o r m a l b e n e fit, p a ya b le im m e d ia te ly , A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 6 8 .5 0 $ 1 9 6 .0 0 $ 2 2 2 .2 5 -------------------and up in in c re m e n ts o f— $300 0 .2 5 Up to $ 8 , 1 0 0 9 In tern ation al P a p e r C om pa n y 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 o r k e r s O cto b e r 195 7 3 years of s e r v ic e . 65 N one. Y e a r ly — f o r s e r v ic e a ft e r D e c . 31, 1944, 3/* o f 1 p e r c e n t o f f i r s t $ 3 , 000 o f annual e a rn in g s and 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 ,0 0 0 f o r e a c h y e a r o f s e r v i c e ; 8 f o r s e r v ic e p r i o r to Jan. 1, 1945 (a fte r 5 y e a r s o f s e r v ic e and a ge 30), Va o f 1 p e r c e n t o f f i r s t $ 3 , 000 o f annual e a rn in g s on Jan. 1, 1945, and 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 , 000 tim e s y e a r s o f s u ch s e r v ic e . A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 6 4 .1 3 $ 1 9 2 .8 8 $ 2 1 7 .8 8 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 2 0 9 . 75 $ 2 3 9 .7 5 55 10 20 W ith e m p lo y e r 's c o n s e n t o r at e m p lo y e r 's r e q u e s t. A c t u a r ia l equ iva len t o f n o r m a l b e n e fit, jpayable im m e d ia te ly ; o r n o r m a l b e n e fit, p a y a b le at age 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 9 0 .3 8 $ 2 2 6 .6 3 $ 2 6 1 .6 3 1 20 y e a r s o f s e r v ic e in in d u s try 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 ) 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 a ft e r D e c . 31, 1952, and (2) e m p loy m en t in in d u s try p r i o r to date con trib u tio n s w e r e m ad e f o r w o r k e r i f s u ch co n trib u tio n s b e g in p r i o r to Jan. 1, I9 6 0 . W o r k e r s e n te rin g in d u s try a ft e r D e c . 31, 1959, m u st have 25 y e a r s o f e m p lo y m e n t w ith con trib u tin g e m p lo y e r s . 6 If hirecl 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 t ir 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 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 t ir e m e n t . A w o r k e r r e t ir in g w ith 1 o r m o r e but le s s than 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 t ir e m e n t r e c e iv e s an am ount as co m p u te d in b e n e fit fo rm u la t im e s r a t io o f n u m b er o f y e a r s o f e m p loy m en t w ith c o n t r i buting e m p lo y e r s to 5 y e a r s . S e r v ic e in clu d e s ( l ) 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 , and (2) e m p lo y m e n 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 p lan i f e m p lo y e d on s u ch date. A w o r k e r e m p lo y e d on date e m p lo y e r b e ga n 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 o f 5 y e a r s r e g a r d le s s o f a g e . 4 E a rn in g s f o r p ast s e r v ic e (s e e (2) o f fo o tn o te 2) is defin ed as g r e a t e r o f: ( l ) a v e r a g e annual e a rn in g s d uring 1 9 5 0 -5 2 , o r (2) $ 2 , 500. 17 UNDER COLLECTIVE BARGAINING D ISA BILITY RETIR EM E N T NORMAL AND E A R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Type, conditions, Benefit formula Age 50 Join t and s u r v iv o r . P e r io d c e r ta in . INVOLUNTARY RE TIR EM E N T VESTIN G Service and minimum requirements Benefit formula Compulsory at age • Automatic at age - DEATH BlE N E F IT S Before retirement After retirement MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y e a rs ) 8 15 A c tu a r ia l e qu ivalen t o f n o r m a l "bene fit, p a ya b le im m e d ia te ly . (7 ) D e fe r r e d fu ll. T e rm in a te d f o r any reason . N o rm a l b e n e fit, p aya ble at age 65. 65 (7 ) W orker’ s co n trib u tio n s plus in t e r e s t . 10 y e a r s o f s e r v ic e . 8 M o d ified c a s h re fu n d . Level in c o m e (E a r ly ). Joint and s u r v iv o r . FINANC: in g A c tu a r ia l e qu ivalen t o f n o r m a l b e n e D e fe r r e d fu ll. fit, paya ble im m e d ia te ly . If w o rk e r has 25 o r m o r e y e a r s o f s e r v ic e , 10 T e rm in a te d f o r any n o r m a l b e n e fit, paya ble reason . im m e d ia te ly . A g e 50 and 25 y e a r s o f s e r v i c e . 10 N o rm a l b e n e fit, p aya ble at age 65. 65 W orker’ s co n trib u tio n s plus in t e r e s t . W ork er’ s con trib u tion s plus in t e r e s t , le s s b e n e fits r e c e iv e d . F u ll c o s t ---2 p er cen t o f gross w ages. T r u s te e d ; B ip a r tite . s e lfa d m in is te r e d F u ll c o s t ---2 p er cen t o f total w ages. B ip a r tite . T r u s te e d ; bankadm in istered. B a la n ce M onthly o f co st. c o n t r i bu tion equal to tw ice m on th ly b e n e fit am ount (s e e norm al b e n e fit fo rm u la colu m n ). 9 In su red ; grou p annuity. E m p lo y e r . 2 .2 5 p e r B a la n ce o f cost. cen t o f fir s t $ 3 , 000 o f annual ea rn in gs and 4. 5 percen t o f earn ings e x cee d in g $ 3 , 000. T ru s te e d ; E m p lo y e r . ban kadm in istered. 5 A d d ition al b e n e fit if w o r k e r r e c e iv e s s e r v ic e c r e d it a fte r age 65 and 25 y e a r s o f s e r v ic e (s e e n o r m a l r e t ir e m e n t b e n e fit fo r m u la ). 6 15 y e a r s o f s e r v ic e in in d u stry 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 t ir e m e n t . A w o r k e r e lig ib le f o r a p en sion m u st r e t ir e at a ge 68. A w o r k e r not e lig ib le at age 68 m a y w o rk until a ge 70. If e m p lo y e d on date e m p lo y e r b eg a n con trib u tin g to the fund, w o r k e r m a y re q u e s t e x ten sion o f e m p lo y m e n t f o r 5 y e a r s r e g a r d le s s o f a g e . 8 E x clu d es p r e m e m b e r s h ip s e r v ic e . 9 A t $ 8 , 100, the in c re m e n ts a r e in c r e a s e d to $600 and $ 0 .5 0 r e s p e c t iv e ly , but the rate o f w o r k e r ’ s co n trib u tio n in c r e a s e s . 10 Inclu des p r e m e m b e r s h ip s e r v ic e . 18 SELECTED PENSION PLANS ILL U ST R A T IV E MONTHLY PENSIO NS a t a g e 6 5 u n d e r na rm ed r e t i r e m e n t fo r m u la NORMAL R E TIR EM E N T EA R LY RETIR EM E N T i n c l u d i n g p r im 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 COMPANY, UNION, AND D A T E O F INFORMATION P A R T IC I PATION RE Q U IR E MENTS Minimum requirements Age Service (Y ea rs) Service credited after normal age \ssuming average annual earnings of— 83,600 84,200 85,000 and including present primary Social Security benefits of— 898.50 8108.50 8108.50 Benefit formula Minimum requirements Benefit formula Age Service (Y ea rs) N o n c o n trib u to r y plan W est V ir g in ia P u lp and P a p e r C om pa n y P a p e r m a k e r s and P a p e r - A g e 25 w o r k e r s ; P u lp, Sulphite and and P a p e r M ill W o r k e r s 1 y e a r of s e r v ic e . O cto b e r 1957 65 _ N one. M onthly— $ 1 .5 0 tim e s y e a r s o f s e r v i c e . 1 A ft e r 25 y e a r s o f futu re s e r v ic e : $ 1 3 6 .0 0 $ 1 4 6 .0 0 $ 1 4 6 .0 0 (*) A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 4 3 .5 0 $ 1 5 3 .5 0 $ 1 5 3 .5 0 55 __ W ith e m p lo y e r 's <:on sen t. N o rm a l b e n e fit r e d u c e d 1/» o f 1 p e r c e n t f o r e a c h m onth under a ge 65 to date b e n e fit b e g in s , p a ya b le an ytim e p r i o r to a ge 65; o r n o r m a l b e n e fit, pa ya b le at a g e 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 5 1 .0 0 $ 1 6 1 .0 0 $ 1 6 1 .0 0 O ptional c o n tr ib u to r y plan Sam e as above. M on th ly— f o r s e r v ic e a ft e r M a r . 31, 1954, $ 2 .5 0 tim e s y e a r s o f s e r v ic e , 1 and 1 .2 5 p e r c e n t o f m on th ly e a rn in g s e x c e e d in g $30 0 f o r e a ch y e a r o f s e r v i c e ; 1 f o r s e r v ic e p r i o r to A p r . 1, 1954, $ 1 .5 0 tim e s y e a r s o f s e r v ic e (a fte r a ge 2 5 ). Sam e as a b o v e . (*) P rin tin g in d u s try , E m p loy in g L ith o g ra p h e rs A s s o c ia t io n o f San F r a n c is c o , and oth er e m p lo y e r s L ith o g r a p h e r s , L o c a l 17 D e c e m b e r 1957 1 year of s e r v ic e . A ll. M onthly— f o r s e r v ic e a fte r June 30, 1950, 1. 6 p e r c e n t o f total co n trib u tio n s m ad e in w o r k e r 's b e h a lf. A fte r 25 y e a r s o f fu tu re s e r v ic e : $ 1 6 1 .0 0 $ 1 8 6 .6 3 $ 2 0 7 .4 6 Sam e as a b o v e . Sam e as a b o v e . A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 7 3 .5 0 $ 2 0 2 .2 5 $ 2 2 7 .2 5 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 8 6 .0 0 $ 2 1 7 .8 8 $ 2 4 7 .0 4 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 4 1 .7 0 $ 1 5 8 .9 0 $ 1 6 8 .5 0 F o r s e r v ic e p r io r to July 1, 1950, and a ft e r D e c . 31, 193 6:1 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $2 f o r e a ch y e a r o f su ch s e r v ic e on and a fte r a ge 55, and $ 1 5 0 .3 4 $ 1 6 8 .9 8 $ 1 8 0 .5 0 1 .8 7 2 p e r c e n t o f w e e k ly w age as o f July 1, 1950, f o r ea ch y e a r o f s u ch s e r v ic e p r i o r to a g e 55, e a ch c a lcu la tio n y e a r s o f fu tu re s e r v ic e : m u ltip lie d b y 1 .3 3 3 . P r o v id e d , h o w e v e r , that the b e n e fit $ 1 5 8 .9 8 $ 1 7 9 .0 6 $ 1 9 2 .5 0 f o r any y e a r p r io r to a ge 55 s h a ll not e x c e e d ( l . 333 t im e s ) (1) $ 1 .5 0 m on th ly f o r e a c h y e a r o f s e r v ic e a ft e r attaining a g e 45, (2) $1 m o n th ly f o r e a c h y e a r o f s e r v ic e a fte r attainin g a g e 35 and p r i o r to a g e 45, and (3) $ 0 . 50 m on th ly f o r e a ch y e a r o f s e r v ic e p r i o r to age 35. A t w o r k e r 's req u est. A c t u a r ia l equ iva len t o f n o r m a l b e n e fit, pa y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, pa y a b le at a ge 65. 1 E x clu d e s p r e m e m b e r s h ip s e r v ic e . a A w o r k e r who w as a m e m b e r o f the c o n tr ib u to r y plan fr o m June 1, 1948, to June 1, 1950, r e c e iv e s an a d d itio n a l $1 m on th ly f o r ea ch y e a r o f su ch s e r v ic e . 3 W o r k e r a g e 60 to 65 on M a r . 31, 1954, m u s t r e t ir e at a ge 70, a ge 59 at a ge 69, a ge 58 at age 68, a ge 57 at a g e 67, age 56 at a g e 66, voider a g e 56 at a ge 65. 4 10 y e a r s o f s e r v ic e in c r a ft . S e r v ic e in clu d e s ( l ) 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 a ft e r June 30, 1950, (e x c lu d e s p r e m e m b e r s h ip s e r v ic e ) , and (2) e m p lo y m e n t in c r a ft fr o m Jan. 193 7, throu gh June 30, 1950, (w o r k e r m u st be q u a lifie d a s a m e m b e r on July 1,1950, to r e c e iv e c r e d it f o r p a st s e r v ic e ) . 19 UNDER COLLECTIVE BARGAINING D ISA BILITY RETIR EM E N T NORMAL AND E A R LY RETIR EM E N T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service INVOLUNTARY RE TIR EM E N T VESTIN G Type, conditions, and minimum requirements DEATH B E N E F IT S FINAN<SING MEDIUM O F FUNDING Benefit formula Compulsory at age - Automatic at age - Before retirement After retirement Fmployee ADMINISTRATION Employer (Y ea rs) N o n co n trib u to ry plan Joint and s u r v iv o r . 55 N o rm a l b e n e fit, p a ya b le im m e d ia te ly . D e fe r r e d fu ll. A t a g e 65, n o r m a l b e n e fit re d u c e d */a T e rm in a te d f o r any o f 1 p e r c e n t f o r e a ch m onth under rea son . ag e 65 on date o f d is a b ility r e t ir e m e n t . A g e 50 and 20 y e a r s of s e r v ic e .1 L evel in c o m e (E a r ly ). N o rm a l b e n e fit re d u c e d */a o f 1 p ercen t fo r e a ch m onth under age 65 to date b e n e fit b e g in s , p a ya b le an ytim e du rin g 1 0 -y e a r p e r io d p r i o r to a ge 65; o r n o r m a l b e n e fit, p a ya b le at age 65. 3 65 3 65 F u ll co st. T r u s te e d ; E m p lo y e r . banka d m in istered . O ptional c o n tr ib u to r y plan ------------------- Sam e as above. ------- f Sam e as abo^ r e . Sam e as a b o v e . Sam e as at>ove. D e fe r r e d fu ll. T e r m in a te d f o r any reason. 10 y e a r s o f s e r v i c e , 4 a ft e r June 30, 1 9 5 0 .5 A c t u a r ia l e q u iv a le n t o f n o r m a l b e n e fit, paya ble a n ytim e during 1 0 -y e a r p e r io d p r io r to age 65; or n orm al b en e fit , pa ya b le at age 65. 1 Sam e as a b o v e . W ork er’ s W orker’ s co n trib u tio n s con trib u tion s plus in t e r e s t plus in t e r e s t , le s s b e n e fits r e c e iv e d that w e re p aid f o r by w ork er’ s c o n t r ib u tio n s . $ 4 . 50 f o r B a la n ce o f cost. fir s t $ 30 0 o f m on th ly e a rn in g s and 2 .5 p e r cen t o f e a rn in g s exceed ing $3 0 0 . Sam e as above. Sam e as a b o v e . B ip a r tite . T r u s te e d ; F u ll ban k c o s t ---3 p er adm in istered. cen t o f b a s ic w e e k ly w age o f each m e m b e r. 5 A w o r k e r te rm in a te d w ith 2 o r m o r e y e a r s o f s e r v ic e w ith co n trib u tin g e m p lo y e r s a ft e r June 30, 1950, w ho r e m a in s in c r a ft (e m p lo y e d b y n on con trib u tin g e m p lo y e r s ) f o r a total o f 10 y e a r s , w ill b e en titled to a n o r m a l b e n e fit (b a se d on s e r v ic e w ith co n trib u tin g e m p lo y e r s ) at a ge 65. 20 SELECTED PENSION PLANS ILL U S T R A T IV E MONTHLY PEN SIO N S NORMAL R E TIR EM E N T EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 COMPANY, UNION, AND D ATE O F INFORMATION PA R T IC I PATION REQ U IR E MENTS Minimum requirements Age Service Service credited after norma! Assuming average annua! earnings of— S3,600 84,200 85.000 and including present primary Social Security benefits of— 896.50 8108.50 8108.50 Benefit formula (Y ea rs) P u b lis h e r s 1 A s s o c ia t io n o f New Y o r k C ity A ll. M on th ly— $40 . Minimum requirements Benefit formula Service Age (Y e a rs ) A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 3 3 .5 0 $ 1 4 3 .5 0 $ 1 4 3 .5 0 T yp ograp h ers, L oca l 6 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 3 3 .5 0 $ 1 4 3 .5 0 $ 1 4 3 .5 0 O cto b e r 195 7 A ft e r 35 y e a r s o f fu tu re s e r v ic e ; $ 1 3 3 .5 0 $ 1 4 3 .5 0 $ 1 4 3 .5 0 N ote: N o n c o n trib u to r y plan The N ew Y o r k T im e s C om pa n y N ew sp ap er G uild Ja n u a ry 1958 N o rm a l r e t ir e m e n t at a ge 70. A g e 35 and 5 years of se rv ic e , o r if h ir e d afte r a ge 45, age 50 and o n e h a lf y e a r of s e r v ic e . _ 65 To age 70. M onthly— f o r s e r v ic e a ft e r M a r . 31, 1947, 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 f o r e a ch y e a r o f s e r v ic e ; * f o r s e r v ic e p r i o r to A p r. 1, 1947, V* o f 1 p e r c e n t (l p e r c e n t if b o r n p r i o r to A p r . 1, 1897) o f a v e r a g e m o n th ly e a 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 A p r . 1, 1947, tim e s y e a r s o f su ch s e r v i c e . * A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 7 3 .5 0 $ 1 9 6 .0 0 $ 2 1 2 .6 7 A fte r 30 y e a r s o f fu tu re s e r v ic e : $ 1 8 8 .5 0 $ 2 1 3 .5 0 $ 2 3 3 .5 0 60 1 3 15 A t w o r k e r 's r e q u e s t. A c tu a r ia l equ ivalen t o f n o r m a l b e n e fit, paya ble im m e d ia te ly ; o r n o r m a l b e n e fit, p a y a b le at a ge 65. A fte r 35 y e a r s o f fu tu re s e r v ic e ; $ 2 0 3 .5 0 $ 2 3 1 .0 0 $ 2 5 4 .3 3 S u p plem en tal c o n tr ib u to r y plan T | S am e as above. S a m e a s a b o v e . Sam e M onthly— f o r s e r v ic e a ft e r D e c . 31, 1954, 1 p e r c e n t o f as m on th ly ea rn in g s e x c e e d in g am ount s u b je c t to S o c ia l a b o v e . S e c u r ity tax (c u r r e n t ly $ 4 ,2 0 0 ) f o r e a c h y e a r o f s e r v ic e ; a f o r s e r v ic e p r i o r to Jan. 1, 1955, (m e m b e r s o f o ld plan ) 1 p e r c e n t o f m on th ly e a rn in g s e x c e e d in g $ 25 0 f o r e a c h y e a r o f su ch s e r v i c e . * A ft e r 25 y e a r s o f fu tu re s e r v ic e : — — $ 1 6 .6 7 S am e a a a b o v e . S am e a s a b o v e . A fte r 30 y e a r s o f fu tu re s e r v i c e : — — $20.00 A ft e r 35 y e a r s o f fu tu re s e r v ic e : — — $ 2 3 .3 3 20 y e a r s o f s e r v ic e in the tra d e , in clu d in g 10 y e a r s o f s e r v ic e w ith co n trib u tin g e m p lo y e r s , and e m p lo y e d b y a co n trib u tin g e m p lo y e r f o r 1 y e a r im m e d ia te ly p r e c e d in g r e t ir e m e n t . 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 . 21 UNDER COLLECTIVE BARGAINING DISABILITY RETIREMENT NORMAL AND EARLY RETIREMENT BENEFIT OPTIONS Minimum requirements Benefit formula Age 60 Service INVOLUNTARY RETIREMENT VESTING Type, conditions, and minimum requirements DEATH BENEFITS FINANCING MEDIUM OF FUNDING Benefit formula Compulsory at age - Automatic at age - Before retirement After retirement Fmployee ADMINISTRATION Employer (Y e a rs ) 1 20 B ip a r tite . T r u s te e d ; F u lls e lfco st— a d m in istered . $ 0 .4 0 per sh ift fo r jo u rn e y m en and a propor tion ate sh are of $ 0 .4 0 per sh ift w o rk e d by a p p re n t ic e s . M onthly— $ 4 0 . N o n co n trib u to ry plan Joint and s u r v iv o r . 50 A c tu a r ia l equ ivalen t o f n o r m a l b e n e fit , paya ble im m e d ia te ly . D e fe r r e d fu ll. T e r m in a te d f o r any rea son . Level in c o m e (E a r ly ). A g e 60 and 15 y e a r s of s e r v ic e .3 A c t u a r ia l e q u iv a len t o f n o r m a l b e n e fit, paya ble an ytim e during 5 -y e a r p e r io d p r i o r to a ge 65; o r n orm al b en e fit, p a ya b le at age 65. F u ll cost. (4) In su red ; group annuity. E m p lo y e r . Sam e as above. Sam e as a b o v e . O ptional con t r ib u t o r y plan S am e as above. 1 Sar ne a s abc >ve. Sam e as a b o v e . 1 Sam e as a t love. A g e 75 p r io r to M a r. 1, 1963, r e d u c e d on y e a r ly b a s is th e r e a fte r to age 70 a ft e r F e b . 28, 1967. 1 Sam e as a b ov e. W ork er’ s W orker’ s co n trib u tio n s con trib u tion s plus in t e r e s t . plus in t e r e s t , l e s s b e n e fits r e c e iv e d . 5 p e r c e n t B a la n ce o f cost. o f earn ings e x c ee d in g am ount s u b je c t to S o c ia l S e c u r ity tax ( c u r r e n tly $ 4 ,2 0 0 ) . 22 SELECTED PENSION PLANS ILL U S T R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T EA R LY RE TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 COMPANY, UNION, AND DATE O F INFORMATION PA R T IC I PATION REQ U IR EMENTS Minimum requirements Service Age L e v e r B r o th e r s C om pa n y C h e m ic a l W o r k e r s ; O il, C h e m ic a l and A to m ic W orkers A g e 35 and 1 year of s e r v ic e . (Y ea rs) 65 Service credited after normal age N one. \ssuming average annual earnings of— S3,600 S4.200 S5.000 and including present primary Social Security benefits of— *96.50 S 108.50 S108.50 Benefit formula Y e a r ly —^ /z o f 1 p e r c e n t o f annual e arn in gs 1 f o r ea ch y e a r o f s e r v i c e * fr o m a ge 35 to a ge 45 and 1 p e r c e n t o f ea rn in gs fr o m age 45 to a g e 65, plus */z o f annual e a rn in gs e x c e e d in g $ 3 , 600 f o r ea ch y e a r o f s e r v ic e fr o m age 35 to a ge 65. A ft e r 2 5 y e a r s o f futu re s e r v ic e : $ 1 6 6 .0 0 $ 1 9 3 .5 0 $ 2 1 6 .8 3 Minimum requirements Benefit formula Service Age (Y ea rs) 3 5 55 0>r A ft e r 30 y e a r s o f fu tu re s e r v ic e : T l 7 j; 50— $ 2 6 5 . 50------- $ 2 T 0 7 T T | 3 30 A c tu a r ia l equ iva len t o f n o r m a l b e n e fit, p a ya b le a n ytim e p r io r to age 65; o r n o r m a l b en efit, p aya ble at age 65. A ft e r 35 y e a r s o f futu re s e r v ic e : A t wo: r k e r 's o r e m p lo y e r 's $ 1 7 3 .5 0 $ 2 0 3 .5 0 $ 2 3 0 .1 7 requei st. D e c e m b e r 1957 1 M on san to C h e m ic a l C om pa n y C h e m ic a l W o r k e r s N o n c o n trib u to r y plan _ 10 65 N one. A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e . 55 j 10 A t w o r k e r 's A ft e r 30 y e a r s o f fu tu re s e r v ic e : r e q u e s t. 1 $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 or F e b r u a r y 1958 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 N o rm a l b e n e fit r e d u c e d 1 / z o f 1 p e r c e n t f o r ea ch m onth u nd er age 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p aya ble at a ge 65. 55 | 10 N o rm a l b e n e fit re d u c e d V4 o f 1 p e r c e n t f o r ea ch m onth A t op tion o f u nd er age 65, p a y a b le i m e m p lo y e r und er m e d ia te ly ; o r n o r m a l b e n e m u tu a lly s a t f i t , pa ya b le at a g e 65. i s fa c t o r y c o n d it io n s . _______1 S u p plem en tal c o n tr ib u to r y plan A g e 30 and 1 year of s e r v ic e , or 3 y e a r s of s e r v ic e . 65 Sam e as above. M onthly— Via o f 1 .5 p e r c e n t o f annual ea rn in gs e x c e e d in g $ 3 , 600 f o r e a ch y e a r o f s e r v i c e . * A ft e r 25 — y e a r s o f fu tu re s e r v ic e : $ 1 8 . 75 $ 4 3 . 75 55 3 10 A t w o r k e r 's A fte r 30 y e a r s o f fu tu re s e r v ic e : r e q u e s t. $ 2 2 .5 0 $ 5 2 . 50 — or A fte r 35 y e a r s o f fu tu re s e r v ic e : 55 j 3 10 $ 2 6 .2 5 $ 6 1 .2 5 — W ith e m p lo y e r 's co n s e n t o r at e m p lo y e r 's op tion u n d er m u tu a lly s a t i s f a c t o r y conditions. U nion C a rb id e C o r p o r a t io n 10 65 or V a rio u s unions 60 F e b r u a r y 1958 30 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 ca le n d a r m onths im m e d ia t e ly p r e c e d in g r e t ir e m e n t tim e s y e a r s o f s e r v ic e . A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 8 1 .0 0 $ 2 0 4 .7 5 $ 2 2 3 .0 8 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $23572!)----- $268791 1 F o r s e r v ic e p r io r to Jan. 1, 1951, annual e a rn in gs a r e the g r e a t e r o f, ( l ) r e g u la r w age as o f Jan. 2, 1951, a d ju ste d to annual b a s i s , o r (2) annual ea rn in gs in 1950. * E x clu d e s p r e m e m b e r s h ip s e r v ic e . 3 In clu d es p r e m e m b e r s h ip s e r v ic e . N o rm a l b en efit re d u c e d V4 o f 1 p e r c e n t f o r e a c h m onth :under age 65, p aya ble i m m e d ia te ly ; o r n o r m a l b e n e fit, paya ble at age 65. S ee n o r m a l r e t ir e m e n t . A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 1 9 7 .5 0 $ 2 2 4 .0 0 $ 2 4 5 .9 9 $2TCTT) A c t u a r ia l equ iva len t o f n o r m a l b e n e fit, p aya ble im m e d ia te ly ; o r n o r m a l b e n e fit, p a ya b le at a ge 65. 23 UNDER COLLECTIVE BARGAINING D ISA BILITY RETIR EM E N T NORMAL AND EA R LY R E TIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service INVOLUNTARY RETIR EM E N T VESTIN G Type, conditions, and minimum requirements Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Pmployee ADMINISTRATION Employer (Y e a rs ) A c t u a r ia l equ ivalen t o f n o r m a l b e n e fit, pa ya b le an ytim e p r i o r to age 65; o r n o r m a l b e n e fit, paya ble at age 65. Joint and su r v iv o r . L e v e l in com e (E a r ly ). D e fe r r e d fu ll. T e rm in a te d f o r any reason . 15 y e a r s o f v e s tin g s e r v ic e . 4 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, paya ble a n ytim e during 1 0 -y e a r p e r io d p r io r to a ge 65; or n orm al b en e fit, p a ya b le at age 65. F u ll cost. 65 T r u s te e d ; E m p lo y e r . ban k a d m in is tered N o n co n trib u to ry plan Sam e as above. See e a r ly r e t ir e m e n t and v estin g p r o v i s io n s . 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 . 3 15 M onthly— g r e a t e r o f: ( l ) 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 c a le n d a r m onths im m e d ia te ly p r e c e d in g r e t ir e m e n t tim e s y e a r s o f s e r v ic e , o r (2) $ 2 .5 0 tim e s y e a r s o f s e r v ic e , plus $50 until S o c ia l S e c u r ity d is a b ility b e n e fit is r e c e iv e d . A t age 65, n o r m a l b e n e fit p a y a b le . 4 5 D e fe r r e d fu ll. T e rm in a te d fo r any reason . A g e 40 and 10 y e a r s o f s e r v ic e . A c tu a r ia l e q u iv a len t o f n o r m a l b e n e fit, payable anytim e during 1 0 -y e a r p e r io d p r i o r to age 65; or norm al ben e fit, paya ble at age 65. N o rm a l b e n e fit, p aya ble at age 65o5 ----------------1 Sam e as a b o v e . 65 W o r k e r 's W o r k e r 's co n trib u tio n s con trib u tion s plus in t e r e s t . plus in t e r e s t , le s s b e n e fits r e c e iv e d . 4. 5 p e r cen t o f annual ea rn in gs exceed ing $ 3 , 600. B a la n ce T r u s te e d ; Sam e as above. o f c o s t . ban k a d m in istered . A ft e r r e t i r e m en t: In s u red , grou p annuity. F u ll cost. E m p lo y e r . T r u s te e d ; ban k a d m in is te r e d A fte r r e t i r e m en t: In su red, d e p o s it a d m in is tr a tio n . V estin g s e r v ic e is defin ed as fo llo w s : E a ch y e a r o f e m p lo y m e n t p r io r to age 41 equ a ls 1 y e a r o f v e s tin g s e r v ic e , fr o m age 41 th rough age 50 equa ls 2 y e a r s , and a fte r a ge 50 equa ls 3 y e a r s . O nly s e r v ic e a fte r age 30 u se d to com p u te b e n e fit. 24 SELECTED PENSION PUNS IL L U S T R A T IV E MONTHLY PEN SIO N S NORMAL R E TIR EM E N T COMPANY, UNION, AND D A TE O F INFORMATION PA R T IC I PATION RE Q U IR E M ENTS Minimum requirements Age A m e r ic a n V i s c o s e C o r p o r a t io n T e x tile W o r k e r s (TW U A) A g e 25 and 2 years of s e r v ic e . 65 Service Assuming average annual earninj Service credited •Iter normal *3,600 Benefit formula *96.50 M on th ly— f o r s e r v ic e f r o m Jan. 1, 1956, through D e c . 31, i9 6 0 , $"1. 75 tim e s y e a r s o f su ch s e r v i c e . 1 F o r s e r v ic e a fte r D e c . 31, 1960, 5 5 /1 0 0 o f 1 p e r c e n t o f annual e a r n in g s , d iv id e d b y 12, f o r e a ch y e a r o f su ch s e r v ic e .1 M a r c h 1958 *4,200 f and including present primary Social Security benefits of— (Y e a rs ) A ll. EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t f o r m u la i n c l u d i n g p r im 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 8108.50 *108.50 •After 25 y e a r s o f fu tu re s e r v i c e : $ 1 4 0 .0 5 $ 1 5 6 .1 0 $ 1 6 4 .1 7 Minimum requirements Benefit formula Age 55 Service (Y ea rs) 3 15 A t w o r k e r 's 8A ft e r 30 y e a r s o f fu tu re s e r v ic e : r e q u e s t. $ 1 4 8 .3 0 $ 1 6 5 . 73 $ 1 7 5 .6 2 A c t u a r ia l eq u iv a len t o f n o r m a l b e n e fit, p a ya b le im m e d ia te ly . •After 35 y e a r s o f fu tu re s e r v ic e : F o r s e r v ic e fr o m D e c . 2 6 , 1943, through D e c . 31, 1955, ------- $l""56. 55— $T757T5------ $ 1 8 7 . 08 (p e r io d c o n tr ib u to r y plan in e f fe c t ) : ( l ) T h o se w ho n e v e r jo in e d plan r e c e iv e no b e n e fit; (2) th o se w ho w ith d re w c o n trib u tio n s r e c e iv e valu e o f ann uities p u r c h a s e d in th e ir b e h a lf b y e m p lo y e r ; (3) th o s e w ho did not w ith draw co n trib u tio n s r e c e iv e value o f ann uities p u r c h a s e d b y th e ir own and e m p lo y e r c o n tr ib u tio n s . F o r s e r v i c e 1 p r i o r to D e c . 2 6 , 1943, l /4 o f 1 p e r c e n t o f a v e r a g e m o n th ly e a rn in g s (b a s e d on e a rn in g s ra te on D e c . 26, 194 3),f o r e a c h y e a r o f s u ch s e r v ic e fr o m a g e 25 to age 35, l/a o f 1 p e r c e n t a ge 35 to a g e 45, and 3/ 4 o f 1 p e r c e n t at and a fte r a g e 45. M in im um m on th ly b e n e fit f o r th o se w ho did not w ithdraw c o n tr ib u tio n s : $ 1 .7 5 f o r a ll y e a r s o f s e r v ic e p r i o r to Jan. 1, 1956, ( $ 1 . 2 5 f o r e a c h y e a r in w h ich w o r k e r w as ■eligible to jo in c o n tr ib u to r y plan and did n ot). S in c la ir O il C o r p o r a tio n O il, C h e m ic a l and A t o m ic W o r k e r s D e c e m b e r 1957 A g e 25 and 5 years of serv ic e , or a g e 35 and 1 year of s e r v ic e . N one. F o r s e r v ic e a ft e r June 30, 1942 Annual ea rn in g s M on th ly b e n e fit f o r e a ch y e a r 6 f s e r v ic e 1 1 9 4 2 -4 6 $ 6 0 0 .0 1 $ 1 ,2 0 0 .0 1 $ 1 ,5 0 0 .0 1 $ 1 ,8 0 0 .0 1 $ 2 , 100. 01 $ 2 ,4 0 0 .0 1 $ 2 , 700 .0 1 $ 3 ,0 0 0 .0 1 $ 1 ,2 0 0 ------ $ 1 ,5 0 0 — - $ 1 ,8 0 0 — - $2 . 100 — - $ 2 ,4 0 0 — - $ 2 , 700 — - $ 3 ,0 0 0 — - $ 3 ,4 0 0 — $400 1 9 4 7 -5 5 1956 and th e r e a fte r - $ 0 .5 0 0. 75 1 .0 0 1 .2 5 1 .5 0 1. 75 2 .0 0 $ 0 .5 0 2 .5 0 in in c r e m e n ts o f— 0 .5 0 0 .5 0 $ 0 . 65 0 .9 5 1 .2 5 1 .5 5 1 .9 0 2 .2 0 2 .5 0 3. 00 A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 8 6 .0 0 $ 2 0 8 .5 0 $ 2 3 3 .5 0 A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 2 0 3 .5 0 $ 2 2 8 .5 0 $ 2 5 8 .5 0 55 — W ith e m p lo y e r 's c o n s e n t o r at e m p lo y e r 's r e q u e s t. A c t u a r ia l eq u iv a len t o f n o r m a l b e n e fit (m inim um n ot a p p lic a b le ), p a y a b le im m e d ia t e ly . A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 2 2 1 .0 0 $ 2 4 8 .5 0 $ 2 8 3 .5 0 -0 .5 0 F o r s e r v ic e p r io r to Ju ly 1, 1942:6 1 p e r c e n t o f f i r s t $ 3 , 000 o f annual e a rn in g s 7 ( fir s t $ 60 0 not in clu d e d ), and 1 .5 p e r ce n t o f e a rn in gs e x c e e d in g $ 3 , 000, tim e s y e a r s o f su ch s e r v ic e , d iv id e d b y 1 2 . 8 M in im um m on th ly b e n e fit f o r 15 o r m o r e y e a r s o f s e r v i c e , 1 g r e a t e r o f: ( l ) $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 25 y e a r s , o r (2) 1 p e r c e n t o f a v e r a g e m o n th ly e a rn in g s o f h ig h e st 5 o f 10 y e a r s im m e d ia t e ly p r e c e d in g r e t ir e m e n t 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 40 y e a r s , le s s $ 1 0 8 . 50 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. 1 E x clu d e s p r e m e m b e r s h ip s e r v ic e . 8 A s s u m in g futu re s e r v ic e f r o m Jan. 1, 1958. See n o r m a l b e n e fit f o r ch an ge a fte r I960. 3 In clu des p r e m e m b e r s h ip s e r v ic e . * P r o v id e d under s e p a r a te d is a b ility a g r e e m e n t. 5 C o n tr ib u to r y plan in e f fe c t fr o m D e c. 26, 1943, th rou gh D e c . 31, 1955, fin a n c e s h igh er b e n e fits f o r w o r k e r w ho did not w ith draw his c o n tr ib u tio n s . is paid to b e n e fic ia r y ,c o n s is t in g o f w o r k e r 's co n tr ib u tio n s plus in te r e s t; a ft e r r e t ir e m e n t , w o r k e r 's c o n tr ib u tio n s plus in t e r e s t , l e s s b e n e fits r e c e iv e d . A b e n e fit, i f death o c c u r s b e fo r e r e t ir e m e n t , 25 UNDER COLLECTIVE BARGAINING D ISA BILITY RETIR EM E N T NORMAL AND E A R LY R E TIR EM EN T B E N E F IT OPTIONS Joint and s u r v iv o r . Minimum requirements Type, conditions, Benefit formats Age Service 55 s 20 requirements Benefit formula Compulsory at age - A c t u a r ia l eq u iv alen t o f n o r m a l b e n e fit, p aya ble an ytim e during 1 0 -y e a r p e r io d p r io r to a ge 65 w ith 15 y e a r s o f s e r v ic e ; o r n o r m a l b e n e fit, pa y a b le at age 65. 65 N o rm a l b e n e fit (m in im u m and su p p lem en t not a p p lic a b le ), p a y a b le at a ge 65. 65 Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Pmployee ADMINISTRATION Fmployer (Y e a rs ) M onthly— $ 4 5 , le s s S o c ia l S e c u r ity d is a b ilit y b e n e fit. A t a ge 65, n o r m a l b e n e fit p a y a b le . L e v e l in com e (E a r ly ). (4) D e fe r r e d fu ll. T e rm in a te d f o r any rea son . W o r k e r s h ir e d a fte r D e c . 31, 1955: Age 50 and 20 y e a r s o f s e r v ic e . s W o r k e r s h ir e d p r io r to Jan. 1, 1956: ( l ) T h o se w ho w e r e not in c o n tr ib u to r y plan and th o se w ho w e r e but w ith d rew co n tr ib u tio n s ; a g e 40 and 20 y e a r s o f s e r v i c e , (2) th ose w ho did not w ithdraw c o n t r i b u tio n s, a ge 40 and 20 y e a r s o f s e r v ic e , o r 15 y e a r s o f plan m e m b e r s h ip ( 1 0 y e a rs* e n title s w o r k e r tob e n e fit f o r s e r v ic e a ft e r D e c . 25, 1943, o n ly ). Joint and s u r v iv o r . INVOLUNTARY R E TIR EM E N T VESTIN G *15 A c tu a r ia l equ ivalen t o f n o r m a l b e n e D e fe r r e d g ra d e d . fit (m inim um n ot a p p lic a b le ), p a y ab le im m e d ia te ly . T e rm in a te d f o r any reason . 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 i c e , 1 plus 5 p e r c e n t f o r e a ch ad d itio n a l y e a r to 100 p e r c e n t f o r 20 o r m o r e years of s e r v ic e .9 (* ) F u ll cost. n (5 ) C om bin ation : E m p lo y e r . T r u s te e d ; ban k a d m in istered . In su red ; d e p o s it a d m in is tr a tio n . W o rk e r* s co n trib u tio n s plus in t e r e s t . W ork er*s con trib u tion s plus in t e r e s t , le s s b e n e fits r e c e iv e d . M onthly c o n t r i b u tion is tw ice m on th ly b e n e fit am ount (s e e norm al b e n e fit fo rm u la c o lu m n ). B a la n ce o f cost. In su red ; grou p annuity. E m p lo y e r . 6 W o r k e r in s e r v ic e on July 1, 1942, w ho w as 46 y e a r s o f a ge o r o ld e r , had 1 o r m o r e y e a r s o f s e r v ic e and w as ea rn in g m o r e than $ 60 0, c o u ld r e c e iv e c r e d it f o r s e r v ic e p r i o r to that date but not p r io r to June 30, 1922, o r p r io r to age 45. 7 A v e ra g e o f annual r a te s o f s a la r y on S ept. 30, 1939, 1940, and 1941. 8 A p a rticip a n t on July 1, 1947, i f a ge 65 a ft e r June 30, 1942, and p r i o r to July 1, 1957, and total b e n e fit is le s s than $5 0 , su p p lem en ta l b e n e fit o f d iffe r e n c e b etw een b e n e fit r e c e iv e d f o r s e r v ic e p r i o r to July 1, 1947, and b e n e fit f o r s e r v ic e p r i o r to July 1, 1947, com p u ted on b a s is o f July 1, 1947, a m e n d e d plan. (Supplem ental m axim u m o f $10 and total b e n e fit not to e x c e e d $ 5 0 ). 9 A w o r k e r who has b e e n te rm in a te d w ith 15 y e a r s o f s e r v ic e and w ho is to ta lly and p e rm a n e n tly d is a b le d at tim e o f te rm in a tio n is 100 p e r c e n t v e s te d . N o rm a l b e n e fit can b e g in at a g e 65 o r as a c tu a r ia lly r e d u c e d , p aya ble im m e d ia te ly . 26 SELECTED PENSION PLANS ILL U ST R A T IV E MONTHLY PENSIONS NORMAL R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la EA R LY RETIR EM E N T i n c l u d i n g p r im 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 COMPANY, UNION, AND D A TE O F INFORMATION P A R T IC I PATION RE Q U IR E MENTS Minimum requirements "■"l Service Age (Y ea rs) The T ex a s C om pa n y 1 year of s e r v ic e . 65 Service credited after normal age \ssum ing average annual earnings of— $3,600 Benefit formula $98.50 M on th ly b e n e fit f o r e a ch y ea r o f s e r v ic e * M on th ly ea rn in gs M a r c h 1958 $5,000 $108.50 $108.50 Minimum requirements Benefit formula Age Service (Y ea rs) A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 9 1 .0 0 $2 2 3 . 50 $2 7 3 . 50 N one. 1 F o r s e r v ic e a fte r Jan. 31, 1957 O il, C h e m ic a l and A t o m ic W o r k e r s $4,200 and including present primary Social Security benefits of— A ft e r 30 y e a r s o f fu tu re s e r v ic e ; $ 2 0 9 .5 0 $ 2 4 6 .5 0 $ 3 0 6 .5 0 A t w o r k e r 's re q u e s t. D is co u n te d n o r m a l b e n e fit, p a ya b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a y a b le at a ge 65. $ 6 2 . 49 and u n d er ----------------------------$ 0 .5 0 $ 6 2 .5 0 - $ 8 7 .4 9 ------------------------------0 .7 5 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 8 7 .5 0 - $ 1 1 2 .4 9 ----------------------------1 .0 0 $ 228.00 $ 2 6 9 . SO $3 3 9 . 50 $ 1 1 2 .5 0 - $ 1 2 4 .9 9 ------------------------1 .2 0 $ 1 2 5 .0 0 - $ 1 3 7 .4 9 ------------------------1 .3 0 $ 1 3 7 .5 0 - $ 1 6 2 .4 9 ------------------------1 .5 0 $ 1 6 2 .5 0 - $ 1 8 7 .4 9 ------------------------1 .8 5 $ 1 8 7 .5 0 - $ 2 1 2 .4 9 ------------------------2 .2 0 $ 2 1 2 .5 0 - $ 2 3 7 .4 9 ------------------------2 .5 0 $2 3 7 . 50 - $ 2 6 2 .4 9 ------------------------2. 85 $2 6 2 . 50 - $ 2 8 7 .4 9 ------------------------3 .2 5 $ 2 8 7 .5 0 - $ 3 1 2 .4 9 ------------------------3. 70 $ 3 1 2 .5 0 - $ 3 3 7 .4 9 ------------------------4. 15 $ 3 3 7 .5 0 - $ 3 6 2 .4 9 ------------------------4 .6 0 $ 3 6 2 .5 0 - $ 3 8 7 .4 9 ------------------------5 .1 0 $ 3 8 7 .5 0 - $ 4 1 2 .4 9 ------------------------5. 60 $ 4 1 2 . 50 - $ 4 7 4 .9 9 ------------------------6. 60 $ 4 7 5 .0 0 - $ 5 2 4 .9 9 ------------------------7. 60 --------------------------- and up in in c re m e n ts o f— $50 1 .0 0 F o r s e r v ic e p r i o r to F e b . 1, 1957, g r e a t e r o f: (1) 3/4 o f 1 p e r c e n t o f f i r s t $ 35 0 o f m on th ly ea rn in g s as o f Jan. 31,1957, 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 $35 0 tim e s y e a r s o f s e r v ic e * a ft e r Sept. 30, 1923, o r (2) a p p ro x im a te ly 1 p e r c e n t o f m on th ly ea rn in g s up to $ 1 5 0 , 1 .3 5 p e r c e n t o f e a rn in gs fr o m $150 to $2 5 0 , 1. 75 p e r c e n t o f e a rn in g s fr o m $250 to $ 1 ,0 5 0 , and 1 .6 5 p e r c e n t o f e a rn in gs o f $ 1 ,0 5 0 and o v e r f o r e a c h y e a r o f co n trib u tin g s e r v ic e a fte r June 30, 1937, plus fo r s e r v ic e p r i o r to July 1, 1937, 1 .5 p e r c e n t o f m on th IT T ate o f ea rn in gs on June 30, 1937, f o r e a ch y e a r o f su ch s e r v i c e . * (3) The F ir e s t o n e T ir e and R u b b er C om pa n y 65 15 N one. M on th ly— g r e a t e r o f: ( l ) Vi* o f 1 p e r c e n t o f to ta l e a r n i n g s ,7 le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit, o r (2) $ 1 .8 0 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 30 y e a r s . A ft e r 25 y e a r s o f fu tu re s e r v ic e : — $ 1 4 3 . 50— $T5T. 50------$T 58: 42 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 5 2 .5 0 $ 1 6 2 .5 0 $ 1 7 9 .2 5 R u b b er W o r k e r s 55 20 W ith e m p lo y e r 's co n s e n t. Jan uary 1958 A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 5 4 .2 5 $ 1 7 6 .7 5 $ 2 0 0 .0 8 The B . F . G o o d r ic h C om pa n y R u b b er W o r k e r s Jan u ary 1958 65 10 N one. M onthly— g r e a t e r o f: ( l ) Via o f 1 p e r c e n t o f total e a r n in g s , 7 A ft e r 25 y e a r s o f fu tu re s e r v ic e : le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit, o r (2 ) $ 1 .8 0 $ 1 4 3 .5 0 $ 1 5 3 .5 0 $ 1 5 8 .4 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 30 y e a r s . A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 1 5 2 .5 0 $ 1 6 2 .5 0 $ 1 7 9 .2 5 A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 5 4 .2 5 $ 1 7 6 .7 5 $ 2 0 0 .0 8 55 20 W ith e m p lo y e r 's co n s e n t. M onthly— Via o f 1 p e r c e n t o f tota l ea rn in g s 7 re d u c e d 4/io 1 p e r c e n t f o r ea ch m on th u n d er age 65, p a y a b le im m e d ia t e ly , le s s o n e -h a lf 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 . M onthly— Via o f 1 p e r c e n t o f total e a rn in g s * r e d u c e d 4/io o f 1 p e r c e n t f o r e a c h m onth u n d er a g e 65, p a y a b le im m e d ia t e ly , l e s s o n e -h a lf 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 l ig i b l e . 1 A g e 60 f o r w o m e n e m p lo y e d p r io r to A p r . 26, 1955; they m a y e le c t to r e t ir e at a g e 60 w ith fu ll b e n e fit o r r e m a in until age 65 w ith a d d ition a l r e t ir e m e n t b e n e fit a c c r u in g until age 65. * E x clu d e s p r e m e m b e r s h ip s e r v ic e . 3 Su p plem en tal irfonthly paym en ts - i f m on th ly b e n e fit at n o r m a l r e t ir e m e n t date plus $ 2 4 f o r p r im a r y S o c ia l S e c u r ity b e n e fit is le s s than $75 f o r a w o r k e r w ith 20 throu gh 24 y e a r s o f s e r v ic e , $10 0 f o r 25 o r m o r e y e a r s o f s e r v ic e , e m p lo y e r w ill m ak e m on th ly paym en ts n e c e s s a r y to b r in g am ount up to $ 7 5 o r $100 r e s p e c t iv e ly . 4 F o r w om e n e m p lo y e d p r i o r to A p r . 26, 1955, e a r ly r e t ir e m e n t m in im u m a ge is 50. 5 A d d ition a l b e n e fits a r e p r o v id e d b y to ta l p e rm a n e n t d is a b ility plan: 1 but l e s s than 5 y e a r s o f s e r v ic e , 25 p e r c e n t o f s a la r y f o r 48 m on th s; f o r e a c h a d d ition a l 5 y e a r s o f s e r v ic e , b e n e fit paid 27 UNDER COLLECTIVE BARGAINING DISABILITY RETIREMENT NORMAL AND EARLY RETIREMENT BENEFIT OPTIONS Minimum requirements requirements Service DEATH BENEFITS FINANCING MEDIUM OF FUNDING Type, conditions, Benefit formula Age INVOLUNTARY RETIREMENT VESTING Benefit formula Compulsory at age - Automatic at age - Before retirement After retirement Fmployee ADMINISTRATION Employer (Y ea rs) D is c o u n te d n o r m a l b e n e fit, p aya ble a n ytim e d uring 1 0 -y e a r p e r io d p r io r to a g e 65; o r n o r m a l b e n e fit, paya ble at age 65. Joint and s u r v iv o r . L e v e l in com e (E a r ly ). (5) 15 D isco u n te d n o r m a l b e n e fit, p aya ble an ytim e during 1 0 -y e a r p e r io d p r io r to age 65; o r 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 , 2 n o r m a l b e n e fit, paya ble at plus 5 p e r c e n t f o r e a ch ad d itio n a l y e a r to age 65. 100 p e r c e n t f o r 20 o r m o r e y e a r s o f s e r v ic e . D e fe r r e d g ra d e d . M onthly— g r e a t e r o f: ( l ) $ 8 0 , o r (2) Via o f 1 p e r c e n t o f total e a r n in g s . 7 W o r k e r 's W ork er’ s co n trib u tio n s con trib u tion s plus in t e r e s t . plus in te r e s t, le s s b e n e fits r e c e iv e d . B a la n ce In su red ; E m p lo y e r . M on th ly c o n t r ib u o f c o s t . d e p o s it a d m in is tr a tio n . tion is tw ic e m on th ly b e n e fit am ount (s e e norm al b e n e fit fo rm u la co lu m n ). 65 6 67 65 65 F u ll cost. E m p lo y e r . T r u s te e d ; s e lfadm in istered . 65 65 F u ll cost. T r u s te e d ; banka d m in is te r e d T e r m in a te d f o r any rea son . B oth le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit. A t a ge 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 . P e r io d c e r ta in . 15 M onthly— g r e a t e r o f: (1) $ 8 0 , o r (2) Via o f 1 p e r c e n t o f total e a r n in g s . 7 Both le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit. D e fe r r e d fu ll. T e rm in a te d f o r any reason . A g e 40 and 10 y e a r s o f s e r v ic e . M onthly— $ 1 .8 0 tim e s y e a r s o f s e r v i c e 8 to a m axim u m o f 30 y e a r s , p a y a b le at age 65. E m p lo y e r . A t age 65, n o r m a l b e n e fit p a y a b le . f o r a dd ition al 24 m on th s; b e n e fit c e a s e s at age 65. F o r 20 o r m o r e y e a r s o f s e r v ic e , b e n e fit is paid until age 65. W o r k e r m a y e le c t lum p sum o f 10 p e r c e n t o f g r o s s am ount (m axim um $ 1 ,0 0 0 ) and r e m a in d er in equal m on th ly in s ta llm e n ts . In c a s e o f a w o r k e r r e t ir e d u nd er this plan, paym en ts un d er this plan w ill be added to p e n sio n plus $ 2 4 f o r S o c ia l S e c u r it y b e n e fit in d eterm in in g e lig ib ilit y f o r a su pplem en tal paym en t as d e s c r ib e d in fo o tn o te 3. 6 F o r w om en e m p lo y e d p r io r to A p r. 26, 1955, a u to m a tic r e t ir e m e n t is at age 65. 7 F o r s e r v ic e p r i o r to Jan. 1, 1955, total e a rn in gs equal a v e r a g e annual e a rn in gs during 1 0 -y e a r p e r io d fr o m Jan. 1, 1945, through D e c. 31, 1954, tim e s y e a r s o f such s e r v ic e . 8 Only s e r v ic e a ft e r age 30 u sed to com pu te b e n e fit. 28 SELECTED PENSION PLANS ILLUSTRATIVE MONTHLY PENSIONS NORMAL RETIREMENT COMPANY, UNION, AND DATE OF INFORMATION PARTICI PATION REQUIRE MENTS Minimum requirements Age U nited States R u bber C om p a n y 65 R u b b er W o r k e r s Service Service credited efter normal Benefit formula (Y e a rs ) 15 M onthly— g r e a t e r o f: ( l ) 1 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 gs d u rin g 120 c o n s e c u t iv e m onths o f h ig h e st m o n th ly e a r n in gs tim e s y e a r s o f s e r v ic e , l e s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e f it , o r (2) $ 1 .8 0 tim e s y e a r s o f s e r v ic e to a m axim u m o f 30 y e a r s . Jan u ary 1958 EARLY RETIREMENT a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 Assuming average annual earninj o f S3,600 S4.200 and including present primary Social Security benefits of— 898.50 S108.50 8108.50 Minimum requirements Benefit formula Age Service (Y ea rs) A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 4 3 .5 0 $ 1 5 3 .5 0 $ 1 5 8 .4 2 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 5 2 .5 0 $ 1 6 2 .5 0 $ 1 7 9 .2 5 W ith e m p lo y e r 's con sen t. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .2 5 $ 1 7 6 .7 5 $ 2 0 0 .0 8 J. F . M cE lw a in C om pa n y 3 years of 65 N ew H a m p sh ire Shoe W o r k e r s U nion; New H a m p s h ire Shoe W o r k e r s U nion o f M a n c h e s te r Jan uary 1958 L a d ies handbag and n o v e lty in d u stry , v a r io u s e m p lo y e r s (New Y o r k , N. Y . ) M onthly— f o r s e r v i c e 1 a ft e r D e c . 31, 1952, 1 .2 p e r c e n t o f total e a r n in g s , d iv id e d b y 12; f o r s e r v ic e p r i o r to Jan. 1, 1953, 1 .2 p e r c e n t o f a v e r a g e annual e a rn in gs fr o m Jan. 1, 1948, throu gh D e c . 31, 1952, tim e s y e a r s o f s u ch s e r v ic e , d ivided b y 12; to a m axim u m o f 30 y e a r s . L e s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit. M in im um m on th ly b e n e fit f o r 10 o r m o r e y e a r s o f s e r v ic e 1$1 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 . 65 M onthly— $40 f o r 25 o r m o r e y e a r s o f s e r v ic e , r e d u c e d p r o p o r tio n a te ly f o 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 A ft e r 25 y e a r s o f fu tu re s e r v ic e : ------ $0'9".25 1 W .Z 5 " JTTTZT A ft e r 30 y e a r s o f future s e r v ic e : $ 1 5 7 .2 5 $ 1 8 0 .2 5 $ 2 0 4 .2 5 60 W ith e m p lo y e r 's c on sen t. 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 120 c o n s e c u tiv e m onths o f h ig h est m on th ly earn in gs tim e s y e a r s o f s e r v ic e , red u c e d 4/io o f p e r c e n t f o r ea ch m onth under age 65, pa ya b le i m m e d ia te ly , le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit w hen e lig ib le . N o rm a l b e n e fit re d u c e d l/s o f 1 p e r c e n t f o r e a c h m onth und er age 65, pa ya b le i m m e d ia te ly ; o r n o r m a l b e n e fit , paya ble at a ge 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 5 7 .2 5 $ 1 8 0 .2 5 $ 2 0 4 .2 5 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 A ft e r 30 y e a r s o f future! s e r v ic e : $ 1 4 8 .5 0 $ 1 4 8 . 50 $ 1 3 8 .5 0 P ock etb ook W ork ers, N ew Y o r k , N. Y. (L e a th e r G ood s , P la s t ic and N o v e lty W o r k e r s ) A fte r 35 y e a r s o f fu tu re s e r v ic e : $ 1 3 8 . 50 $ 1 4 8 . 50 $ 1 4 8 . 50 O cto b e r 1957 O w e n s -I llin o is G lass C om pa n y M onthly— $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 y e a r s . A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 A ft e r 30 y e a r s o f fu tu re s e r v ic e : -------$-153.50 $ 1 6 3 . 50 “ $ 163. G la ss B ottle B lo w e rs W 5 55 10 W ith e m p lo y e r 's co n s e n t. A c t u a r ia l eq u iva len t o f n o r m a l b e n e fit, p a ya b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a y a b le at age 65. Jan uary 1958 $ 1 6 8 .5 0 P itts b u r g h P la te G lass C om pa n y G la ss and C e r a m ic W orkers Jan uary 1958 65 M onthly— $2 tim e s y e a r s o f s e r v ic e . r s o f fu tu re s e r v ic e : $ 1 7 8 .5 0 $ 1 7 8 .5 0 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 yea:r s o f fu tu re s e r v ic e : $ 1 5 8 .5 0 $ 1 6 8 .5 0 $ 1 6 8 .5 0 60 15 A t w o r k e r 's r e q u e s t. N o rm a l b e n e fit r e d u c e d * /io o f 1 p e r c e n t f o r ea ch m on th u n d er a ge 65, p a y a b le im m e d ia te ly . A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 6 8 . 50 $ 1 7 8 . 50 $ 1 7 8 . 50 1 In clu d es 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 in d u s tr y and ea rn in g at le a s t $1,000 w ith co n trib u tin g e m p lo y e r s s in c e Sept. 1 ,1953. S e r v ic e in c lu d e s ( l ) e m p lo y m e n t w ith c on trib u tin g e m p lo y e r s a ft e r D e c . 31, 1955, and (2) p r i o r to Jan. 1, 1955, tim e as union m e m b e r in g o o d standing, 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 lle c t iv e .b a r g a in in g a g r e e m e n t s . 3 A d d ition a l 1 p e r c e n t be gin n in g Sept. 20, 1958. 4 A g e 60 f o r w o m e n h ir e d p r i o r to Jan. 1, 1954. 29 UNDER COLLECTIVE BARGAINING DISABILITY RETIREMENT NORMAL AND EARLY RETIREMENT BENEFIT OPTIONS Minimum requirements Type, conditions, Benefit formula Age INVOLUNTARY RETIREMENT VESTING Service requirements Benefit formula Compulsory at age • DEATH BENEFITS FINANCING MEDIUM OF FUNDING Antomatic at age - Before retirement After retirement Fmployee ADMINISTRATION Employer (Y e a rs ) 15 M on th ly— g r e a t e r o f: (1) $ 8 0 , le s s S o c ia l S e c u r ity d is a b ility b e n e fit, o r (2) 1 p e r c e n t o f a v e r a g e m on th ly ea rn in g s d uring 120 c o n s e c u tiv e m onths o f h ig h e st ea rn in gs tim e s y e a r s o f s e r v ic e , le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit. 65 F u ll cost. N ot funded. E m p lo y e r . 68 F u ll co st. N ot funded. E m p lo y e r . W hen e lig ib le f o r p r im a r y 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 e n e fit p a ya b le . Join t and s u r v iv o r . 55 120 M onthly— $ 5 0 , le s s S o c ia l S e c u r ity d is a b ility b e n e fit. A t a g e 60 to age 65, e a r ly r e t i r e m en t b e n e fit m a y b e e le c t e d ; o t h e r w is e , n o r m a l b e n e fit, pa ya b le at a ge 65. T r u s te e d ; F u ll c o s t ---s e lfa d m in istered 2 p er cen t o f gross w e e k ly w a g e s .3 645 Joint and s u r v iv o r (N o r m a l). 6 15 15 M onthly— $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 y e a r s . M onthly— g r e a t e r o f: (1) $ 5 0 , le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit, o r (2) $3 tim e s y e a r s o f s e r v ic e . 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 r m in a te d f o r any reason . N o rm a l b e n e fit, p aya ble at ag e 65. 65 F u ll co st. E m p lo y e r . T r u s te e d ; bankadm inistered. (7) F u ll cost. E m p lo y e r . T r u s te e d ; ban k a d m in istered . . A g e 40 and 15 y e a r s o f s e r v ic e . 5 A g e 50 f o r w o m e n h ir e d p r i o r to Jan. 1, 1954. 6 A g e plus s e r v ic e m u st equal at le a s t 70. In itia l m in im u m r e q u ir e m e n ts a r e age 45 and 15 y e a r s o f s e r v ic e . 7 E m p lo y e r has rig h t to r e t ir e w o r k e r at age 68 e ffe c t iv e M ay 1, 1958. B ip a r tite . 30 SELECTED PENSION PLANS ILLUSTRATIVE MONTHLY PENSIONS NORMAL RETIREMENT COMPANY, UNION, AND DATE OF INFORMATION A lum inum C om pa n y o f A m e r ic a PARTICI PATION REQUIRE MENTS Minimum requirements "l Service Age (years) ■ 65 15 Service credited after normal a8* A ll. A lum inum W o r k e r s ; S te e lw o r k e r s \ssum ing average annual earnings of— $3,600 Benefit formula F e b r u a r y 1958 R ey n old s M etals C om pa n y 65 15 A ll. F e b r u a r y 1958 M onthly— g r e a t e r o f: ( l ) Via o f 1 .2 5 p e r c e n t o f e a rn in gs a ft e r D e c . 31, 1949, and Via o f 1 p e r c e n t o f e a rn in gs p r i o r to Jan. 1, 1 9 5 0 ,* o r (2) $121 f o r 60 ca le n d a r q u a rte r s o f s e r v ic e in c r e a s in g $ 0 . 60 f o r e a ch ad d itio n a l ca le n d a r q u a rte r to $ 1 5 7 f o r 120 o r m o r e ca le n d a r q u a r te r s , plus $ 0 . 025 f o r e a ch ca le n d a r q u a rte r o f s e r v ic e a ft e r D e c . 3 l , 1957, (not to e x c e e d 120 q u a r te r s ). Both le s s $85 f o r p r im a r y S o c ia l S e c u r ity b e n e fit. S te e lw o r k e r s D e c e m b e r 1957 $5,000 $108.50 $108.50 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 6 1 .0 0 $ 1 7 1 .0 0 $ 1 7 1 .0 0 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 7 3 . 50 $1 8 3 . 50 $1 8 3 . 50 65 15 A ll. M onthly— g r e a t e r o f: (1) 1 p e r c e n t o f a v e r a g e m o n th ly e a rn in gs du rin g 120 m onths im m e d ia te ly p r e c e d in g r e t i r e m en t tim e s y e a r s o f s e r v ic e , le s s $8 5 f o r p r im a r y S o c ia l S e c u r ity b e n e fit, o r (2) $ 2 . 50 tim e s y e a r s o f s e r v ic e a ft e r O ct. 31, 1957, and $ 2 .4 0 tim e s y e a r s o f s e r v ic e p r i o r to N ov. 1, 1957, to a m a xim u m o f 30 y e a r s . A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 6 1 .0 0 $ 1 7 1 .0 0 $ 1 7 1 .0 0 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 Benefit formula Age 60 Service (Y ea rs) 15 At w o r k e r 's re q u e s t. A c t u a r ia l equ ivalen t o f n o r m a l b e n e fit, paya ble im m e d ia te ly ; o r n o r m a l b e n e fit, pa y a b le at a g e 65. E a rn in g s f o r s e r v ic e p r i o r to Jan. 1, 1944, b a s e d on ea rn in gs f o r 1943. E a rn in g s f o r s e r v ic e p r i o r to 1942 b a s e d on a v e r a g e h o u r ly ea rn in g s f o r 1942. 60 15 A t w o r k e r 's r e q u e s t. N o rm a l b e n e fit red u c e d Va o f 1 p e r c e n t f o r e a c h m onth un d er a ge 65, pa ya b le i m m e d ia te ly ; o r n o r m a l b e n e fit, p aya ble at a ge 65. A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 2 0 5 .8 0 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 6 1 .0 0 $ 1 7 1 .0 0 $ 1 7 1 .0 0 A fte r 30 l y e a r s o f fu tu re s e r v ic e : $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 Minimum requirements A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 3 . 50 $ 1 8 3 . 50 $ 2 0 5 . 80 S te e lw o r k e r s U nited States S te e l C o r p o r a t io n $4,200 and including present primary Social Security benefits of— $98.50 M on th ly— g r e a t e r o f: (1) m on th ly equ ivalen t o f 1 .2 5 p e r c e n t o f total e a r n i n g s ,1 le s s $85 f o r p r im a r y S o c ia l S e c u r ity b e n e fit, o r (2) $ 2 . 50 tim e s y e a r s o f s e r v ic e a ft e r D e c . 31, 1957, and $ 2 .4 0 tim e s y e a r s o f s e r v ic e p r i o r to Jan. 1, 1958, to a m a xim u m o f 30 y e a r s . EARLY RETIREMENT a t a g e 6 5 u n d er n o rm a l r e tir e m e n t fo rm u la i n c l u d i n g p r im 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 60 15 A t w o r k e r 's re q u e s t. A c t u a r ia l eq u iv a len t o f n o r m a l b e n e fit, p a ya b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a y a b le at age 65. 31 UNDER COLLECTIVE BARGAINING DISABILITY RETIREMENT NORMAL AND EARLY RETIREMENT BENEFIT OPTIONS Minimum requirements Benefit formula Age Service INVOLUNTARY RETIREMENT VESTING Type, conditions, and minimum requirements DEATH BENEFITS FINANCING MEDIUM OF FUNDING Benefit formula Compulsory at age - Automatic at age - Before retirement After retirement Fmployee ADMINISTRATION Employer (Y e a rs ) 15 M onthly— g r e a t e r o f: ( l ) $ 9 0 , le s s $8 5 f o r S o c ia l S e c u r ity d is a b ility b e n e fit, (2) m on th ly e qu ivalen t o f 1 .2 5 p e r c e n t o f total e a r n i n g s ,1 le s s $85 f o r S o c ia l S e c u r ity d i s a b ilit y b e n e fit, o r in W o r k m e n ^ C o m p e n s a tio n c a s e s , a ctu a l S o c ia l S e c u r ity b e n e fit i f le s s than $85 , o r (3) $ 2 . 50 tim e s y e a r s o f s e r v ic e a ft e r D e c . 31, 1957, and $ 2 .4 0 tim e s y e a r s o f s e r v ic e p r io r to Jan. 1, 1958, to a m axim u m o f 30 y e a r s . D e fe r r e d fu ll. N o rm a l b e n e fit, p a ya b le at age 65. F u ll co st. T ru s te e d ; E m p lo y e r . ban kad m in istered N o rm a l b e n e fit, p a ya b le at a ge 65. F u ll co st. Not funded. N o rm a l b e n e fit, p aya ble at age 65. F u ll co st. E m p lo y e r . T r u s te e d ; s e lfad m inistered. L a id o ff and not r e c a lle d w ithin 2 y e a r s , o r te rm in a te d as r e sult o f pe rm a n e n t shutdow n o f plant, d e p a rtm e n t, o r su b d iv is io n . A g e 40 and 15 y e a r s o f s e r v ic e . A t a ge 65, n o r m a l b e n e fit p a y a b le . 15 M onthly— g r e a t e r o f: ( l ) $ 9 0 , le s s $85 f o r S o c ia l S e c u r ity d is a b ility b e n e fit, (2) Via o f i . 2 5 p e r c e n t o f e a rn in gs a fte r D e c . 31, 1949, and Via o f 1 p e r c e n t o f ea rn in g s p r io r to Jan. 1, 1950, 2 le s s $85 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 in W o r k m e n ’ s C o m p e n s a tio n c a s e s , a ctu a l S o c ia l S e c u r ity b e n e fit i f le s s than $85 , o r (3) $121 f o r 60 c a le n d a r q u a rte r s o f s e r v ic e in c r e a s in g $ 0 . 60 f o r e a ch ad d itio n a l ca le n d a r q u a rte r to $ 1 5 7 f o r 120 o r m o r e c a le n d a r q u a r t e r s , plus $ 0 ,0 2 5 f o r e a ch ca le n d a r q u a rte r o f s e r v ic e a fte r D e c. 31, 1957 (not to e x c e e d 120 q u a r te r s ), le s s $85 f o r S o c ia l S e c u r ity d is a b ility b e n e fit. D e fe r r e d fu ll. L a id o ff (in clu din g p e rm a n e n t shutdow n), and not r e c a lle d w ith in 2 y e a r s o f su ch la y o ff (in clu din g p e r m a nent shutdow n). 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 . 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 . 15 M onthly— g r e a t e r o f: (1) $ 9 0 , le s s S o c ia l S e c u r ity d is a b ilit y 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 ea rn in g s du rin g 120 m onths im m e d i a te ly p r e c e d in g r e t ir e m e n t tim e s y e a r s o f s e r v ic e , le s s $85 f o r S o c ia l S e c u r ity d is a b ility b e n e fit, o r in W o r k m e n ’ s C o m p e n sa tio n c a s e s , a ctu a l S o c ia l S e c u r ity b e n e fit if le s s than $ 8 5 , o r (3) $ 2 .5 0 tim e s y e a r s o f s e r v ic e a fte r O ct. 31, 1957, and $ 2 .4 0 tim e s y e a r s o f s e r v ic e p r io r to N ov. 1, 1957, to a m a xim u m o f 30 y e a r s . 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 w ithin 2 y e a r s o r te rm in a te d as r e sult o f pe rm a n e n t shutdow n o f plant, d e p a rtm en t, o r su b d iv is io n . A g e 40 and 15 y e a r s o f s e r v ic e . 32 SELECTED PENSION PLANS IL L U S T R A T IV E MONTHLY PENSIO NS NORMAL R E T IR EM E N T COMPANY, UNION, AND D A TE O F INFORMATION P A R T IC I PATION REQ U IR EME N TS Minimum reqairementa A fe Service credited Assamiag average aanual earnings of— S3,600 84,200 fe.000 and iacladiag present primary Social Secnrity benefits of— 898.50 8108.50 8108.50 Benefit formal a Service (Y e a rs ) *8 * E A R LY R E TIR EM E N T Miaimam reqairemeats Benefit formats Age Service (Y e a rs ) N o n c o n trib u to r y plan Inland S teel C om pa n y S te e lw o r k e r s a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t f o r m u la in c lu d in g p rim a ry S o c i a l S e c u r it y b e n e f i t s __ 65 15 Jan uary 1958 A ll. M on th ly— g r e a t e r o f: ( 1 ) 1 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 gs d uring 120 m onths im m e d ia te ly p r e c e d in g r e t ir e m e n t tim e s y e a r s o f s e r v ic e , le s s $85 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, o r (2) $ 2 .5 0 tim e s y e a r s o f s e r v ic e a fte r O ct 31, 1957, and $ 2 .4 0 tim e s y e a r s o f s e r v ic e p r i o r to N o v. 1, 1957, to a m a x im u m o f 30 y e a r s . A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 161 . o o $ 1 7 1 .0 0 in i.o o A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 60 15 A t w o r k e r 's r e q u e s t. A c tu a r ia l equ ivalen t o f n o r m a l b e n e fit, p aya ble im m e d ia te ly ; o r n o r m a l b e n e fit, p a ya b le a t a g e 65i A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 O ptional co n tr ib u to r y plan 2 years of s e r v ic e . 65 M onthly e a rn in g s M onthly b e n e fit f o r W o r k e r 's m o n th ly e a c h y e a r o f s e r v ic e 1 co n trib u tio n $ 160. 00 and $ 0 . 75 u n d e r ------------- - $ 1 6 0 .0 1 - $180— 0 .9 0 --------------------------- and up in in c re m e n ts o f—•— $20 0 .1 5 $ 2 4 0 .0 1 - $260— 1 .5 0 $ 2 6 0 .0 1 - $280— 1 .8 0 $ 2 8 0 .0 1 - $300— 2 . 10 $ 3 0 0 .0 1 - $320— 2 .4 0 3 .0 0 $ 3 2 0 . 01 - $ 38 0— 3 .9 0 $ 3 8 0 .0 1 - $ 4 4 0 — ■ and up in in c r e m e n ts o f— $60 0 .9 0 $ 2 .0 0 2 .4 0 0 .4 0 4 .0 0 4 .8 0 5. 60 6 .4 0 8 .0 0 1 0 .4 0 A ft e r 25 y e a r s o f fu tu re s e r v i c e : 1 $ 1 7 8 .0 0 $ 1 9 2 .0 0 $ 1 9 8 .0 0 yearis o f fu tu re s e r v ic e : $ 1 9 4 .0 0 $ 2 0 9 .0 0 $ 2 1 6 .0 0 Sam e as a b o v e . W ith e m p lo y e r 's c on sen t. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 9 7 .0 0 $ 2 1 3 .0 0 $ 2 2 2 .0 0 2 .4 0 M in im um m o n th ly b e n e fit f o r 15 o r m o r e y e a r s o f s e r v i c e * equ a l to b e n e fit p r o v id e d b y n o n c o n tr ib u to r y plan plus p o r tio n o f b e n e fits u n d er c o n tr ib u to r y plan c o v e r e d b y w o r k e r 's co n tr ib u tio n s . The A m e r ic a n B r a s s C om p a n y 65 15 M onthly— $ 2 .2 5 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 35 y e a r s . A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 M in e, M ill and S m e lte r W orkers A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 O cto b e r 1957 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 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 . 60 A t w o r k e r 's r e q u e s t. N o rm a l b e n e fit r e d u c e d l/» o f 1 p e r c e n t f o r ea ch m on th u n d er a g e 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a ya b le at a g e 65. 33 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM E N T NORMAL AND E A R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service INVOLUNTARY RETIR EM E N T VESTIN G Type, conditions, and minimum requirements Benefit formula Compulsory at age - DEATH BE N E F IT S Automatic at age - Before retirement After retirement __ __ __ FINANISING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y e a rs ) N o n co n trib u to ry plan Joint and s u r v iv o r . 15 M onthly— g r e a t e r o f: ( l ) $90 , le s s S o c ia l S e c u r ity 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 on th ly e a rn in g s during 120 m onths im m e d i a te ly p r e c e d in g r e t ir e m e n t tim e s y e a r s o f s e r v ic e , le s s $8 5 f o r S o c ia l S e c u r ity d is a b ility b e n e fit, o r in W o r k m e n ’ s C o m p e n sa tio n c a s e s , a ctu a l S o c ia l S e c u r ity b e n e fit i f le s s than $ 8 5 , o r (3) $ 2 .5 0 tim e s y e a r s o f s e r v ic e a fte r O ct. 31, 1957, and $ 2 .4 0 tim e s y e a r s o f s e r v ic e p r io r to N ov. 1, 1957, to a m axim u m o f 30 y e a r s . 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 y e a r s o r te rm in a te d as r e sult o f pe rm a n e n t shutdow n o f plant, d e p a rtm e n t, o r s u b d iv is io n . N o rm a l b e n e fit, p aya ble at age 65. __ _ F u ll co st. T ru s te e d ; E m p lo y e r . s e lfa d m in istered B a la n ce o f cost. In su red; grou p annuity. F u ll cost. T r u s te e d ; E m p lo y e r . banka d m in is te r e d A g e 40 and 15 y e a r s o f s e r v ic e . A t age 65, n o r m a l b e n e fit p a y a b le . i O ptional co n tr ib u to r y plan -------- ! Joint and s u r v iv o r . San ie as abo ve. M o d ified c a s h refu n d. W o r k e r r e c e iv e s the d is a b ility b e n e fit un d er the n o n c o n tr ib u to r y plan until a ge 65. A t a ge 65, n o r m a l b e n e fit p aya ble (co m p u te d u nd er c o n tr ib u to r y pla n ). D e fe r r e d fu ll. Sam e as a b o v e . i Sam e as a b o v e . T e rm in a te d f o r any reason . W o r k e r 's co n trib u tion s plus in t e r e s t . See norm al b e n e fit fo rm u la colu m n . Sam e as above. 10 y e a r s o f s e r v i c e * including 60 m on th ly c o n tr ib u tio n s . 50 15 M onthly— $ 9 0 , le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit. At a ge 65, n o r m a l b e n e fit p a y a b le . 68 34 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PEN SIO N S NORMAL R E TIR EM E N T E A R LY R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la in c lu d in g p rim a ry S o c i a l S e c u r it y b e n e f i t s COMPANY, UNION, AND D A T E O F INFORMATION P A R T IC I PATION RE Q U IR E MENTS Minimum requirements Age A m e r ic a n R a d ia to r and Standard SanitaryC o r p o r a t io n ( L o u is v ille , K y .) Service (Y e a rs ) Service credited after normal .Assuming average annual earnings of— S3.600 Benefit formula •8« *96.50 S te e lw o r k e r s 8108.50 Benefit formula Service *108.50 B oth l e e *3 $ 8 5 f o r p r im a r y S o c ia l S e c u r ity ben efit* A ft e r 35 y e a r s o f fu tu re s e r v ic e ; $1 5 3 . 50 $ 1 6 3 .5 0 $ 1 6 9 .3 3 M onthly— $ 2 . 50 tim e s y e a r s o f s e r v ic e . A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 6 1 .0 0 $ 1 7 1 .0 0 $ 1 7 1 .0 0 D e c e m b e r 1957 65 *5,000 (Y e a rs ) M onthly— g r e a t e r o f: ( l ) 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 gs A f t e r 25 y e a r s o f fu tu re s e r v i c e : du rin g 10 y e a r s im m e d ia t e ly p r e c e d in g r e t ir e m e n t tim e s $~1 4 3 .5 0 $ 1 5 3 .5 0 $ 1 5 3 .5~0 y e a r s o f s e r v ic e , o r (2) $14 0 f o r 30 o r m o r e y e a r s o f s e r v i c e , re d u c e d $2 p e r m on th f o r e a c h y e a r o f s e r v ic e le s s than y e a r s o f fu tu re s e r v ic e : 30 to a m in im u m o f $11 0 f o r 15 y e a r s o f s e r v ic e . $ 1 5 3 .5 0 $ 1 6 3 .5 0 $ 1 6 3 .5 0 65 Standard A llie d T r a d e s C o u n c il A m e r ic a n Can C om pa n y *4,200 and including present primary Social Security benefits of— 15 To age 7 2 .1 A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 D e c e m b e r 1957 60 W ith -e m p lo y e r 's co n s e n t. A c t u a r ia l equ iva len t o f n o r m a l b e n e fit, p a ya b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a ya b le at a g e 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 8 6 .0 0 $ 1 9 6 .0 0 $ 1 9 6 .0 0 R h eem M an u factu rin g C om p a n y G re a te r o f: ( l ) M onthly— 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 A ft e r 25 y e a r s o f fu tu re s e r v ic e : in gs during 120 m onths im m e d ia te ly p r e c e d in g r e t ir e m e n t $ 1 4 3 .5 0 $ 1 5 3 .5 0 $ 1 5 3 .5 0 tim e s y e a r s o f s e r v ic e , o r (2) Y e a r ly — $ 1 , 680 ($ 1 4 0 m o n th ly ) f o r 30 o r m o r e y e a r s o f s e r v ic e , r e d u c e d $2 p e r y e a r f o r A ft e r 30 y e a r s o f fu tu re s e r v ic e : e a ch m onth o f s e r v ic e l e s s than 30 y e a r s to a m in im u m o f $ 1 5 3 .5 0 $ 1 6 3 .5 0 $ 1 6 3 .5 0 $ 1 , 320 ($ 1 1 0 m o n th ly) f o r 15 y e a r s o f s e r v ic e . A ft e r 35 y e a r s o f fu tu re s e r v ic e : B oth le s s $85 m o n th ly f o r p r im a r y S o c ia l S e c u r ity b e n e fit. $ 1 5 3 .5 0 $ 1 6 3 .5 0 $ 1 6 9 .3 3 65 S te e lw o r k e r s D e c e m b e r 1957 N ationa l L o c k C om pa n y A u to m o b ile W o r k e r s M a r c h 1958 a ge 70. A f te r 25 y e a r s o f fu tu re s e r v ic e : M onthly— 3/* o f 1 p e r c e n t o f f i r s t $ 3 , 000 o f a v e r a g e annual a e a rn in g s du rin g high 10 y e a r s and Vio o f 1 p e r c e n t o f e a r n * $ 1 6 2 .2 6 $ 1 8 1 .0 6 $ 1 9 2 . 78 in gs 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 , d iv id e d b y 12 p r o v id e m o n th ly b a s e fig u r e . M onthly b a s e fig u r e is ad ju sted A fte r 30 y e a r s o f fu tu re s e r v ic e : im m e d ia te ly and su b s e q u e n tly on e a c h Jan u ary 1 and July 1 * $ 1 7 5 . 01 $ 1 9 5 .5 6 $ 2 0 9 .6 4 b y m u ltip ly in g it b y c u r r e n t BLS C o n s u m e r P r i c e Index (with f lo o r at an in d e x o f 99. 7) and d ivid in g r e s u lt b y 103. 7 A fte r 35 y e a r s o f fu tu re s e r v ic e : (in d ex f o r July 1948). * $ 1 8 7 . 77 $ 2 1 0 .0 8 $ 2 2 6 .4 9 5 60 N o rm a l b e n e f i t , p a y a b le im m e d ia te ly . W ith .e m p lo y e r 's c o n s e n t. M in im um m o n th ly b e n e fit— $ 4 0 , a d ju ste d in a c c o r d a n c e w ith c o s t - o f - l i v i n g fo rm u la a b o v e . 3 1 S e r v ic e c r e d it e d a ft e r a g e 72 o n ly to attain m in im u m s e r v ic 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. 2 T he in itia l 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 ; e lig ib ilit y f o r r e t ir e m e n t at o r a ft e r age 65 r e q u ir e s that a w o r k e r have 80 p o in ts , a llo w in g 1 p oin t f o r e a c h y e a r o f a g e and 1 poin t f o r ea ch y e a r o f s e r v ic e . 3 A w o r k e r w ith 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 ft e r a g e 65 r e c e iv e s $ 2 .2 5 m o n 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 i n g a d ju stm en t is m ad e in this am ou n t. 35 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM E N T NORMAL AND EA R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Type, conditions. Benefit formula Age INVOLUNTARY RETIR EM E N T VESTIN G Service requirements Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y e a rs ) 15 M onthly— g r e a t e r o f: ( l ) $75 , o r (2) 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 c a le n d a r 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 . F u ll co st. T r u s te e d ; E m p lo y e r . ban kadm inistered. F u ll cost. T r u s te e d ; E m p lo y e r . bankadm inistered. F u ll cost. T r u s te e d ; E m p lo y e r . banka d m in is te r e d F u ll cost. T r u s te e d ; E m p lo y e r a d bankm in is tr a tio n o f a d m in is te r e d funding. Both le s s S o c ia l S e c u r ity d is a b ility b e n e fit. A t a ge 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 . 15 M onthly— g r e a te r o f: (1) $ 9 0 , o r (2) $ 3 t i m e s y e a r s o f s e r v ic e . A t age 65, n o r m a l b e n e fit p a y a b le . N o rm a l b e n e fit, p aya ble at age 65. L aid o ff and not r e c a lle d w ithin two years o r te rm in a te d as r e sult o f plant c lo s in g . D e fe r r e d fu ll. 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 (N o rm a l). 15 M onthly— g r e a t e r o f: (1) $ 7 5 , o r (2) 1 p e r c e n t o f a v e r a g e m on th ly ea rn in gs du rin g 120 ca le n d a r 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 . B oth le s s S o c ia l S e c u r ity d is a b ility b e n e fit. A t a ge 65, n o r m a l b e n e fit p a y a b le . 15 M on th ly— g r e a t e r o f: ( l ) N o rm a l b e n e fit tim e s 1 .6 5 , o r (2) $ 4 .5 0 tim e s y e a r s o f s e r v ic e . U pon r e c e iv in g S o c ia l S e c u r ity d is a b ility b e n e fit, o r w hen e lig ib le f o r p r im a r y S o c ia l S e c u r ity b e n e fit, 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 r m in a te d f o r any reason. A g e 40 and 10 y e a r s o f s e r v ic e . M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e , p a ya b le at a ge 65. No c o s t - o f - l i v in g a d ju stm e n t is m ade. 70 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 pons ib ilit ie s ou tlin ed in a g r e e m e n t). 4 B a sed on c o m p u te d m on th ly b a s e fig u r e tim e s B I £ C o n s u m e r P r i c e Index o f D e c . 1957 (1 2 1 .6 ) d iv id e d b y 103. 7. 5 T h e se a r e the in itia l m in im u m r e q u ir e m e n ts . H o w e v e r , r e t ir e m e n t at a ge 60 and p r i o r to 65 r e q u ir e s that a w o r k e r have at le a s t 80 p o in ts , a llo w in g 1 poin t f o r e a c h y e a r o f a ge and 1 poin t f o r e a c h y e a r o f s e r v ic e . 36 SELECTEDPENSIONPLANS ILL U S T R A T IV E MONTHLY PEN SIO N S NORMAL R E TIR EM E N T COMPANY, UNION, AND D ATE O F INFORMATION P A R T IC I PATION REQ U IR EME NTS Minimum requirements Age S c o v ill M a n u factu rin g C om p a n y 65 Service (Y ea rs) 10 Service credited after normal age To age 70. Benefit formula Assuming sveruge nnnual earnings of— S3,600 84,200 S5.000 and including present primary Social Security benefits of— 898.50 M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e . A u to m o b ile W o r k e r s 8108.50 8108.50 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 M a r c h 1958 EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la in c lu d in g p rim a ry S o c i a l S e c u r it y b e n e f i t s Minimnm requirements Age 60 Benefit formula Service (Y ea rs) 10 A t 'w o r k e r 's r e q u e s t. N orm a l b e n e fit r e d u c e d 1 /1 8 0 f o r e a ch m onth under a g e 65, pa y a b le i m m ed ia tely ; o r n o r m a l b e n e fit, pa ya b le at age 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 C a te r p illa r T r a c t o r C om pa n y __ 65 10 To age 66. M onthly— g r e a t e r o f: ( l ) $ 2 .2 5 tim e s y e a r s o f s e r v ic e , 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. A u to m o b ile W o r k e r s A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 . 00 $ 1 7 6 . 00 $ 1 7 6 . Oo 60 10 A t w o r k e r 's r e q u e s t. N o rm a l b e n e fit r e d u c e d V a o f 1 p e r c e n t f o r e a c h m onth un d er a ge 65, p aya ble im m e d ia te ly ; o r n o r m a l b e n e fit, p a ya b le at a g e 65. F e b r u a r y 1958 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 In tern ation al H a r v e s te r C om p a n y __ 65 10 To a ge 68. M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e . A u to m o b ile W o r k e r s A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 . 75 $ 1 6 4 .7 5 $ 1 6 4 .7 5 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 76< 00 F e b r u a r y 1958 60 10 A t w o r k e r 's re q u e s t. N o rm a l b e n e fit r e d u c e d */io o f 1 p e r c e n t f o r ea ch m on th u n d er a g e 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, pa ya b le at a ge 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 H ughes T o o l C om pa n y (O il T o o l D iv is io n ) Independent M etal W o r k e r s U nion, L o c a ls 1 and 2 D e c e m b e r 1957 1 year of s e r v ic e . 65 __ N one. Y e a r ly — f o r s e r v ic e a ft e r July 31, 1957, 1 .5 p e r c e n t o f annual e a rn in g s f o r e a c h y e a r o f s e r v i c e ; 5 f o r s e r v ic e p r io r to A u g. 1, 1957, 1 p e r c e n t o f annual ea rn in g s * f o r e a ch year of s e r v ic e .3 M in im um m on th ly b e n e fit---- $10 0 f o r 25 o r m o r e y e a r s o f s e r v ic e , 5 r e d u c e d $5 p e r m onth f o r e a ch y e a r l e s s than 25 to a m in im u m o f $50 f o r 15 y e a r s o f s e r v ic e . A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 2 1 1 .0 0 $ 2 3 9 .7 5 $ 2 6 4 .7 5 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 2 3 3 .5 0 $ 2 6 6 .0 0 $ 2 9 6 .0 0 55 __ ' W ith e m p lo y e r 's co n s e n t. A c t u a r ia l eq u iv a len t o f n o r m a l b e n e fit, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a ya b le at age 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 2 5 6 .0 0 $ 2 9 2 .2 5 $ 3 2 7 .2 5 1 O nly s e r v ic e fr o m Jan. 1 o f y e a r in w h ich w o r k e r attains age 30 u s e d to co m p u te b e n e fit. 2 N ot a p p lic a b le to v e s te d w o r k e r s and w o r k e r s r e t ir e d on e a r ly r e t ir e m e n t . . A ls o , d is a b ility r e t ir e m e n t m u st o c c u r b e tw e e n a g e s 60 and 65 in o r d e r f o r w o r k e r to r e c e iv e death b e n e fit. 37 UNDERCOLLECTIVEBARGAINING DISA BILITY RETIR EM E N T NORMAL AND E A R LY RETIR EM EN T B E N E F IT OPTIONS Minimal* requirements Type, conditions, Benefit formnln Age INVOLUNTARY R E TIR EM E N T VESTIN G Service requirements Benefit formnln Compulsory •1 nge - M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e , p a y a b le at a g e 65. 70 Antomntic nt nge - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee (Y e a rs ) 15 M onthly— $ 4 . 50 tim e s y e a r s o f s e r v ic e . W hen e lig ib le f o r p r im a r y S o c ia l S e c u r ity b e n e fit, o r at a g e 65, n o r m a l b e n e fit p a y a b le . 15 M onthly— g r e a t e r o f: ( l ) $ 5 0 , (2) $5 tim e s y e a r s o f s e r v ic e r e d u c e d 1/ i o f 1 p e r c e n t f o r e a ch m onth under a ge 65, le s s S o c ia l S e c u r ity d is a b il ity b e n e fit, o r (3) $ 2 .2 5 tim 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 rm in a te d f o r any rea son . F u ll co st. 15 M onthly— $ 4 . 50 tim e s y e a r s o f s e r v ic e . U pon r e c e iv in g S o c ia l S e c u r ity d is a b ilit y b e n e fit, o r when e lig ib le f o r p r im a r y 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 e n e fit p a ya b le . Joint and s u r v iv o r . L e v e l in c o m e (E a r ly ). B ip a rtite a d m in is tr a tio n o f plan ( s p e c i f i c r e s p o n s i b ilit ie s ou t lin ed in a g r e e m e n t). D e fe r r e d fu ll. T e r m in a te d f o r any rea son . M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e ,1 pay a b le at age 65. 66 M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e ,1 pay a b le at a ge 65. 68 66 F u ll b e n e fit fo r 12 m on th s. * F u ll co st. C om bin ation : E m p lo y e r a d m in is tr a tio n o f In su red ; funding. d e p o s it a d m in is tr a tio n . B ip a rtite a d T r u s te e d ; m in is tr a tio n o f bankplan ( s p e c if ic ad m in istered . r e s p o n s ib ilit ie s ou tlin ed in A ft e r r e a g r e e m e n t). tirem en t: In su red , in d ividu al annuity. F u ll co st. E m p lo y e r a d T r u s te e d ; bankm in is tr a tio n o f ad m in istered , funding. A g e 40 and 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 f o r any reason . 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 ib ilit ie s outlined in a g re e m e n t). A g e 40 and 10 y e a r s o f s e r v ic e . D e fe r r e d g ra d e d . N o rm a l b e n e fit, p a y a b le at a ge 65. T e rm in a te d f o r any reason . 25 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 i c e , 5 plus 25 p e r c e n t f o r e a ch ad d itio n a l 5 y e a r s to 100 p e r c e n t f o r 25 o r m o r e y e a r s o f s e r v ic e . 3 E x clu d es p r e m e m b e r s h ip s e r v ic e . 4 Annual ea rn in gs f o r s e r v ic e p r io r to Jan. 1, 1948, b a s e d on ea rn in gs on Jan. 1, 1948. 5 In clu des p r e m e m b e r s h ip s e r v ic e . T r u s te e d ; E m p lo y e r a d ban k m in is tr a tio n a d m in istered . o f funding. 10 y e a r s o f s e r v ic e . A t a g e 65, n o r m a l b e n e fit p a y a b le . Join t and s u r v iv o r . ADMINISTRATION Employer 65 F u ll cost. In su red; grou p annuity. E m p lo y e r . 38 SELECTEDPENSIONPLANS ILL U S T R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t f o r m u la EA R LY R E TIR EM E N T i n c l u d i n g p r im 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 COMPANY, UNION, AND D ATE O F INFORMATION PATION REQ U IR E- Minimum requirements Age A d d ressog ra p h M u ltigra p h C o r p o r a t io n 65 Service (Y e a rs ) 10 Service credited after normal age To age 68. Benefit formula M onthly— g r e a t e r o f; ( l ) $ 2 .2 5 tim e s y e a r s o f s e r v ic e to a m axim u m o f 30 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 axim 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 ity b e n e fit. \ssuming average annual earnings of— S3,600 S4.2D0 S5.000 and including present primary Social Security benefits of— S98.50 S 108.50 S108.50 A ft e r 25 y e a r s o f fu tu re s e r v ic e ; $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 M a c h in is ts ; O ffice E m p lo y e s A fte r 30 y e a r s o f futu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 D e c e m b e r 1957 A fte r 35 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 A u tom otiv e T o o l and D ie M a n u fa ctu rers A s s o c ia t io n (D e tr o it, M ich . ) 65 10 To age 70. 2 M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e . A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 A u to m o b ile W o rk e rs 65 10 To age 68. M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e . A u to m o b ile W o rk e rs M a r c h 1958 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 A fte r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 A fte r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 O nly s e r v ic e fr o m Jan. 1 o f y e a r in w h ich w o r k e r attains age 30 u s e d to com p u te b e n e fit. A g e 71 p r i o r to June 1, 1958. N ot a p p lic a b le to w o r k e r r e c e iv in g r e t ir e m e n t b e n e fit un d er v e s tin g p r o v is io n . Benefit formula Age 60 Service (Y ea rs) 10 A t wo:r k e r 's reque! st or em p lo y e r 's req u e st. 60 10 A t wo ir k e r 's reque st. N o rm a l b e n e fit re d u c e d V10 o f 1 p e r c e n t f o r ea ch m onth tinder age 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, pa y a b le at a ge 65. N o rm a l b e n e fit re d u ce d 1 /1 8 0 f o r e a ch m onth u nd er a g e 65, paya ble im m e d ia te ly ; o r n o r m a l b e n e fit, paya ble at a ge 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $T77TZ"5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 D e c e m b e r 1957 The E l e c t r ic A u to -L it e C om pa n y A fte r 2 5 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 Minimum requirements 60 10 A t wc ir k e r 's reque :S t . N o rm a l b e n e fit red u c e d V 10 o f 1 p e r c e n t f o r ea ch m on th un d er a g e 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a y a b le at age 65. 39 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM EN T NORMAL AND EA R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service 45 15 INVOLUNTARY RE TIR EM E N T VESTING Type, conditions, and minimum requirements Benefit formula Compulsory at age - M onthly— $ 2 .2 5 tim e s y e a r s of s e r v ic e , 1 p a y ab le at age 65. 68 Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee (Y ea rs) M onthly— $ 7 5 , le s s S o c ia l S e c u r ity d is a b ilit y b e n e fit. A t a g e 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 r m in a te d f o r any reason . F u ll co st. T r u s te e d ; E m p lo y e r s e lfa d m in is tr a tio n adm inistered. of funding. B ip a rtite a d m in is tr a tio n o f plan ( s p e c i f i c r e s p o n s i b ilit ie s ou t lin ed in a g r e e m e n t). A g e 40 and 10 y e a r s o f s e r v ic e . Joint and s u r v iv o r (N o r m a l). 15 M onthly— g r e a t e r o f: ( l ) $80 , o r (2) $ 4 .5 0 tim e s y e a r s o f s e r v ic e . Both le s s S o c ia l S e c u r ity d is a b ility b e n e fit. L e v e l in c o m e (E arly). ADMINISTRATION Employer A t age 65, n o r m a l b e n e fit p a y a b le . 15 M onthly— $4 . 50 tim e s y e a r s o f s e r v ic e . Upon r e c e iv in g 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 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 . M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e , paya ble at a ge 65. 3 500 *70 A g e 40 and 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 r m in a te d f o r any reason . A g e 40 and 10 y e a r s o f s e r v ic e . M onthly— $ 2 . 25 tim e s y e a r s o f s e r v ic e , 1 p a y a b le at a ge 65. 68 68 F u ll T r u s te e d ; c o s t ---ban k $ 0 .0 8 6 a d m in istered . per m an h ou r w o rk e d . F u ll co st. E m p lo y e r ad m in is tration o f funding. B ip a rtite a d m in is tr a tio n o f plan. C om bin ation : E m p lo y e r a d m in is tra tio n o f funding. T r u s te e d ; banka d m in istered . B ip a rtite a d m in is tr a tio n In su red; o f plan ( s p e c i f i c r e s p o n s i d e p o s it a d m in is tr a tio n . b ilit ie s ou t lin ed in a g r e e m e n t). 40 SELECTEDPENSIONPLANS IL L U S T R A T IV E MONTHLY PEN SIO N S NORMAL R E TIR EM E N T EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t f o r m u la in c lu d in g p rim a ry S o c i a l S e c u r it y b e n e f i t s COMPANY, UNION, AND D A TE O F INFORMATION P A R T IC I PATION RE Q U IR E M ENTS MiaimnM requirements Service Age R a d io C o r p o r a t io n o f A m e r ic a 3 years of Service credited after Beaefit foraiala lonaal (Y e a rs ) M onthly— f o r s e r v ic e a ft e r N ov. 30, 1952, Via o f 40 p e r c e n t o f w o r k e r 's a g g r e g a te co n trib u tio n s m ad e a ft e r N ov. 30, 1952. 65 F o r s e r v ic e f r o m D e c . 1, 1944, through N ov. 30, 1952, g r e a t e r o f: ( l ) 8/io o f 1 p e r c e n t o f f i r s t $30 0 o f m on th ly e a r n in g s , and 2 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 , o r (2) b e n e fit b a s e d on a g e a t e n te rin g plan, c o n trib u tio n s and s e x . F o r s e r v ic e p r i o r to D e c . 1, 1944, V4 o f 1 p e r c e n t o f f i r s t $ 25 0 o f m on th ly e a rn in g s on N ov. 30, 1944, and 1 .2 5 p e r c e n t o f e a rn in gs e x c e e d in g $ 2 5 0 , tim e s y e a r s o f s e r v ic e , le s s 3 y e a r s . E l e c t r ic a l (IB E W ); E l e c t r ic a l (IUE) D e c e m b e r 1957 AssaMiag average aaaaal e araiags of— S3,600 84,200 fe.000 aad iacladiag preseat priaury Social Secarity benefits of— 896.50 8108.50 8108.50 Beaefit fonaata Service (Y ea rs) A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 5 8 .5 0 $ 1 7 8 .5 0 $ 2 1 1 .8 3 A ft e r 30 y e a r s o f fu tu re s e r v ic e $ 1 7 0 .5 0 $ 1 9 2 .5 0 $ 2 3 2 .5 0 W ith e m p lo y e r 's co n s e n t. A ft e r 35 y e a r s o f fu tu re s e r v ic e —imrsr $zo^.5o— A c t u a r ia l equ iva len t o f n o r m a l b e n e fit (m in im u m n ot a p p lic a b le ), p a y a b le 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 n ot a p p lic a b le ), p a y a b le at a g e 65. wffttt M in im um m o n th ly b e n e fit— $13 5 f o r 22 o r m o r e y e a r s o f s e r v i c e , 1 r e d u c e d $ 4 .0 5 f o r e a c h y e a r o f s e r v ic e l e s s than 22 to m in im u m o f $ 7 4 .2 5 f o r 7 y e a r s o f s e r v i c e , 1 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. 65 W estin g h ou se E l e c t r ic C o r p o r a tio n A ll.4 E l e c t r ic a l (IU E) F e b r u a r y 1958 M onthly— f o r s e r v ic e a ft e r D e c . 31, 1955, $ 2 .2 5 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 Jan. 1, 1956, $2 tim e s y e a r s o f s e r v ic e , plus f o r s e r v ic e p r i o r to Jan. 1, 1951, a d d itio n a l 1 p e r c e n t o f a v e r a g e m o n th ly e a rn in g s e x c e e d in g $40 0 fr o m Jan. 1, 1941, throu gh D e c . 31, 1950, tim e s y e a r s o f s e r v ic e p r i o r to Jan. 1, 1951. A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 60 A t w o r k e r 's r e q u e s t. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 - $ 1 8 7 .2 5 $ 1 8 7 .2 5 A m e r ic a n B o s c h A r m a C o r p o r a t io n (A r m a D iv is io n ) E l e c t r ic a l (IU E) A g e 25 and 1 year of s e r v ic e . 65 W om en 60 F e b r u a r y 1958 1 2 3 4 5 I U ntil the e a r l ie r o f a ge 70, * o r 25 years of serv ice . A ft e r 25 y e a r s o f fu tu re s e r v ic e : M onthly— g r e a t e r o f: ( l ) m o n th ly equ iva le n t o f 1 p e r c e n t o f $ 1 8 6 .0 0 JZTirOO----- $7547 33" f i r s t $ 3 , 000 o f a v e r a g e annual e a rn in g s 8 during 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 , and 2 p e r c e n t o f e a rn in g s A ft e r 30 y e a r s o f fu tu re s e r v i c e : 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 , o r (2) $2 tim e s y e a rs o f s e r v ic e .* $ 2 0 3 .5 0 $ 2 4 3 .5 0 $ 2 8 3 .5 0 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 . N ot 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 refu n d o p tio n s . S e r v ic e a fte r n o r m a l r e t ir e m e n t a ge cannot b e u s e d to e s ta b lis h e lig ib ilit y f o r b e n e fits . A g e 69 e f fe c t iv e O ct. 1, 1959, age 68 a ft e r S ept. 30, I960. A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 2 2 1 .0 0 $ 2 6 6 .0 0 $ 3 1 2 .6 7 55 *10 W ith e m p lo y e r ’ s c o n s e n t. N o r m a l b e n e fit re d u c e d V10 o f 1 p e r c e n t f o r e a ch m o n th u n d er a g e 65; plus (until e lig ib le 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) $ 4 5 w ith an a d d ition a l $1 f o r e a c h y e a r o f s e r v ic e e x c e e d in g 10, p a y a b le im m e d ia te ly . N o rm a l b e n e fit r e d u c e d V3 o f 1 p e rce n t fo r each m on th u n d er a g e 65 (age 60 f o r w o m e n ), p a y a b le im m e d ia t e ly . 41 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM EN T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Joint and s u r v iv o r . Type, conditions. Benefit formula Age 60 INVOLUNTARY RETIR EM E N T VESTIN G Service requirements Benefit formula Compulsory at age - A c t u a r ia l e q u iv a le n t o f n o r m a l b e n e fit (b e n e fit o n ly f o r s e r v ic e a ft e r N ov. 30, 1944, and m in i m um not a p p li ca b le ) , paya ble an ytim e during 1 0 -y e a r p e r io d p r i o r to a g e 65; o r norm al b en e fit (b e n e fit on ly f o r s e r v ic e a fte r N ov. 30, 1944, and m in im u m not a p p lic a b le ), p a y ab le at age 65. 65 Automatic at age - DEATH B E N E F IT S Before retirement After retirement W ork er’s co n trib u tio n s plus in t e r e s t . 60 m on th ly pa ym en ts, le s s b e n e fits r e c e iv e d ; i f 60 m on th ly paym ents do not equal w ork er’ s con trib u tion s plus in t e r e s t , d iffe r e n c e is paid to b e n e fic ia r y . 3 FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION F.mployer (Y ea rs) l 20 N o rm a l b e n e fit (m inim um not a p p li c a b le ) w ith m in im u m o f $50 m onthly, p aya ble im m e d ia te ly . C a sh refu nd. D e fe r r e d fu ll. T e rm in a te d f o r any reason . A t age 65, n o r m a l b e n e fit p a y a b le . L e v e l in com e(E arly)L 5 y e a r s o f s e r v ic e . 1 2 p e r c e n t B a la n ce C om bin ation : E m p lo y e r . o f fir s t of co st. $ 8 0 . 77 T r u s te e d ; ban k o f w e e k ly ad m in istered . ea rn in gs and 5 p e r In su red; cen t o f d e p o s it a d ea rn in gs m in is tr a tio n . e x c e e d in g $ 8 0 . 77. A c t u a r ia l e q u iv A g e 50 and 10 y e a r s o f s e r v ic e , 1 o r age 55 a le n t o f n o r m a l b e n e fit (m in i and 25 y e a r s o f m um not a p p li s e r v ic e . * c a b le ) , paya ble an ytim e during 1 0 -y e a r p e r io d p r i o r to a ge 65; or norm al bene fit (m inim um not a p p lic a b le ), p a y a b le at age 65. Joint and s u r v iv o r . 15 M onthly— $ 4 .2 5 tim e s y e a r s o f s e r v ic e , plus f o r s e r v ic e p r i o r to Jan. 1, 1951, ad d itio n a l 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 e x c e e d in g $40 0 fr o 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 i o r to Jan. 1, 1951, le s s S o c ia l S e c u r ity d is a b ility b e n e fit. D e fe r r e d fu ll. T e rm in a te d f o r any reason . N o rm a l b e n e fit, pa ya b le at a ge 65. 65 F u ll cost. E m p lo y e r . T r u s te e d ; bankad m in istered , F u ll co st. E m p lo y e r . T r u s te e d ; ban k adm ini s tered. A g e 40 and 15 y e a r s o f s e r v ic e . A t a ge 65, n o r m a l b e n e fit p a y a b le . Join t and s u r v iv o r . M en 65 (7) P e r io d c e r ta in . (*) W om en 60 L e v e l in c o m e (E arly). 8 7 $25 0; 5 8 A v e r a g e annual e a rn in g s f o r s e r v ic e p r i o r to July 1, 1941, is. b a s e d on w age ra te on July 1, 1941. In c a s e o f te rm in a tio n f o r any r e a s o n , te rm in a tio n b e n e fit pa y a b le b a s e d on y e a r s o f s e r v ic e a fte r a g e 25 a n d /o r M a r . 31, 1953, w h ic h e v e r is la t e r ; 3 y e a r s o f s u ch s e r v ic e — $ 16 0; 4 y e a r s — y e a r s — $ 3 6 0 ; 6 y e a r s — $4 9 0 ; 7 y e a r s — $6 4 0 ; 8 y e a r s -----$ 8 1 0 ; . 9 y e a r s — $ 1 ,0 0 0 ; 10 o r m o r e y e a r s — $1 0 0 tim e s y e a r s o f su ch s e r v ic e . A g e 70 e f fe c t iv e O ct. 1, 1958, a ge 69 e ffe c t iv e O ct. 1, 1959, and a g e 68 a ft e r Sept. 30, I960. 42 SELECTEDPENSIONPLANS ILL U S T R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la in c lu d in g p rim a ry S o c i a l S e c u r it y b e n e f i t s COMPANY, UNION, AND DATE O F INFORMATION PA R T IC I PATION RE Q U IR E MENTS Minimum requirements Age F o r d M o to r C om pa n y Service (Y e a rs ) Service credited after normal age Benefit formula M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e . 65 age 68. A u to m o b ile W o r k e r s \ssum ing average annual earnings of— S3,600 S4.200 *5,000 and including present primary Social Security benefits of— S98.50 $108.50 8108.50 A ft e r 25 y e a r s o f fu tu re s e r v ic e $ 1 5 4 . 75 $ 1 6 4 . 75 $1 6 4 . 75 A ft e r 30 y e a r s o f fu tu re s e r v ic e $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 F e b r u a r y 1958 Minimum requirements Age Benefit formula Service (Y ea rs) 60 At w o rk e r’s r e q u e s t. N o rm a l b e n e fit r e d u c e d 7s o f 1 p e r c e n t f o r e a c h m onth un d er age 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a ya b le at age 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 G e n e r a l M o to rs C o r p o r a tio n age 68. A u to m o b ile W o r k e r s M onthly— g r e a t e r o f; ( l ) $ 2 .2 5 tim e s y e a r s o f s e r v ic e , o r (2 ) $ 4 tim 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 , 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. A ft e r 25 y e a r s o f fu tu re s e r v ic e $ 1 5 4 . 75 $ 1 6 4 . 75 $ 1 6 4 . 75 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 F e b r u a r y 1958 A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 60 10 A t w o r k e r 's r e q u e s t. I 60 10 A t e m p lo y e r 's requ est or u nd er m u tu ally s a t is fa c t o r y c o n d itio n s . B oein g A ir p la n e C om p a n y M a ch in ists D e c e m b e r 1957 A g e 30 and 3 years of s e r v ic e . M onthly— $ 1 . 75 tim e s y e a r s o f s e r v i c e , * plus V4 o f 1 p e r ce n t o f m on th ly ea rn in g s o v e r $ 3 5 0 on Jan. 1, 1955, tim e s y e a r s o f s e r v ic e p r i o r to Jan. 1, 1955. PLU S A v a r ia b le b e n e fit f o r w o r k e r s w ith a m o n th ly b a s e ra te o f m o r e than $ 3 5 0 . A lth ou gh the " t a r g e t " am ount o f this su p p le m e n ta l b e n e fit is 1 .5 p e r c e n t o f m o n th ly b a s e ra te a b o v e $350 f o r e a c h y e a r o f s e r v ic e a ft e r D e c . 31, 1954, the a ctu a l am ount w ill be b a s e d on the w o r k e r 's total r e t ir e m e n t b e n e fit u n its, 3 the valu e o f w h ich 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 lit y 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 s tm e n t, e t c . O nly s e r v ic e fr o m Jan. 1 o f y e a r in w h ich w o r k e r attains age 30 u s e d to co m p u te 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 . y e a r s o f fu tu re s e r v ic e ; $ 1 4 2 .2 5 $ 1 5 2 .2 5 TT A ft e r 30 y e a r s o f fu tu re s e r v ic e ; $ 1 5 1 .0 0 $ 1 6 1 .0 0 (*) A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 5 9 . 75 $ 1 6 9 . 75 (*) W ith e m p lo y e r 's co n s e n t. N o rm a l b e n e fit re d u c e d V10 o f 1 p e r c e n t f o r e a ch m on th un d er a g e 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p aya ble at a ge 65. M onthly— $ 4 .5 0 tim e s y e a r s o f s e r v ic e , p aya ble im m e d ia te ly . W hen e lig ib le f o r p r im a r y S o c ia l S e c u r ity b e n e fit, o r at a ge 65, n o r m a l b e n e fit p a y a b le. A c t u a r ia l eq u iva len t o f n o r m a l b e n e fit, p aya ble im m e d ia te ly . 43 UNDERCOLLECTIVEBARGAINING DISA BILITY RETIR EM E N T NORMAL AND E A R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formnia Age Service M onthly— $ 4 . 50 tim e s y e a r s o f s e r v ic e . U pon r e c e iv in g S o c ia l S e c u r ity d is a b ilit y b e n e fit, o r at a ge 65, n o r m a l b e n e fit p a y a b le . 15 M onthly— $ 4 . 50 tim e s y e a r s o f s e r v ic e . U pon r e c e iv in g S o c ia l S e c u r ity d is a b ility b e n e fit, o r w hen e lig ib le f o r p r im a r y S o c ia l S e c u r ity b e n e fit, o r at a g e 65, n o r m a l b e n e fit p a y a b le . L e v e l in c o m e (E a r ly ). Type, conditions. requirements Benefit formula Compulsory at age - M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e ,1 pay ab le at a ge 65. 68 Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y e a rs ) 15 Joint and s u r v iv o r . INVOLUNTARY RETIR EM E N T VESTIN G D e fe r r e d fu ll. T e r m in a te d f o r any reason . F u ll cost. B ip a rtite a dm in is tra tion o f plan ( s p e c i f i c r e s p o n s i b ilit ie s ou t lin ed in a g r e e m e n t). A g e 40 and 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 f o r any reason . M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e ,1 pay a b le at a ge 65. 68 F u ll cost. T e rm in a te d f o r any reason . Y e a rs o f fu ture s e r v ic e * a fte r (D e c . 31, 1954) 5 6 7 8 9 T r u s te e d ; E m p lo y e r bankad m in istration adm inistered. o f funding. B ip a rtite a d m in is tr a tio n o f plan (s p e c i f i c r e s p o n s i b ilit ie s ou t lin ed in a g r e e m e n t). A g e 40 and 10 y e a r s o f s e r v ic e . D e fe r r e d g ra d e d . T r u s te e d ; E m p lo y e r ban ka d m in is tr a tio n a d m in istered , o f funding. A c t u a r ia l e q u iv a len t o f n o r m a l b e n e fit, paya ble an ytim e during 1 0 -y e a r p e r io d p r i o r to age 65; o r norm al ben e fit, p a ya b le at a ge 65. 65 F u ll co st. T r u s te e d ; E m p lo y e r . ban k a d m in istered . P ercent v e s te d 45 60 75 90 100 B e n e fits f o r s e r v ic e * p r io r to Jan. 1, 1955, a r e v e s te d f o r w o rk e r age 55 o r o ld e r on sam e b a s is . 3 A n e x a m p le o f how b e n e fit unit is ca lcu la te d is as fo llo w s (fo r a m o n th ly b a s e ra te o f $ 4 5 0 ): ( l ) 1 .5 p e r c e n t o f m on th ly b a s e rate e x c e e d in g $ 3 5 0 s $ l . 50, the " t a r g e t '1 m on th ly su p p lem en tal future s e r v ic e b e n e fit f o r y e a r ; (2) valu e o f unit f o r y e a r (b a se d on tru st fund p o s itio n f o r that p e r io d ) is d e te rm in e d to b e $ 1 ; r e t ir e m e n t b e n e fit unit c r e d it f o r that y e a r eq u a ls ( l ) d iv id ed b y (2) o r 1 .5 0 . Upon r e t ir e m e n t , th ese r e t ir e m e n t b e n e fit unit c r e d it s a r e to ta le d and m u ltip lie d b y c u r r e n t valu e o f r e t ir e m e n t b e n e fit unit and a d ju sted on a s e m i-a n n u a l b a s is th ereafter* 4 See n o r m a l b e n e fit fo r m u la . 44 SELECTEDPENSIONPLANS ILL U S T R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T COMPANY, UNION, AND DATE O F INFORMATION PA R T IC IPATION REQ U IR EME NTS Minimum requirements Age B en dix A v ia tio n C o r p o r a t io n 65 Service (Y ea rs) 10 credited after ri f , ■ge To age 68. EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e . A u to m o b ile W o r k e r s Assuming average annual earnings of— 83,600 84,200 85,000 and including present primary Social Security benefits of— 898.50 8108.50 8108.50 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 6 .0 0 $ 1 7 6 .0 0 $ 1 7 6 .0 0 F e b r u a r y 1958 Minimum requirements Benefit formula Service Age (Y e a rs ) 60 10 At w o r k e r 's r e q u e s t. N o rm a l b e n e fit r e d u c e d 5/g o f 1 p e r c e n t f o r ea ch m onth un d er a g e 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p aya ble at a ge 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 D ou gla s A i r c r a ft C om p a n y, Inc. __ 65 10 A u to m o b ile W o r k e r s ; M a c h in is ts M a r c h 1958 D ra v o C o r p o r a tio n M a rin e and S hipbu ilding W orkers F e b r u a r y 1958 3 years of s e r v ic e . 3 65 _ To age 68. M onthly— $ 1 . 75 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 30 y e a r s . P lu s f o r s e r v ic e a fte r N ov. 30, 1955, Via o f 1. 5 p e r c e n t o i p r o d u c t o f ( l ) h o u rs w o rk e d du rin g y e a r , not to e x c e e d 2, 080, and (2) e x c e s s o f w o r k e r 's b a s ic w age rate o v e r a ra te d e te r m in e d b y d ivid in g 2, 080 into m axim u m am ount o f e a rn in gs s u b je c t to S o c ia l S e c u r ity tax (c u r r e n tly $ 4 , 200 an n u ally), f o r e a c h y e a r o f s e r v ic e to a m axim u m o f 30 y e a r s . F o r s e r v ic e p r i o r to D e c . 1, 1955, Via °* V4 o f 1 p e r c e n t o f p r o d u c t o f ( l ) 2, 080, and (2) e x c e s s o f la s t b a s ic h o u rly ra te p r i o r to D e c . 1, 1955, o v e r $ 2 .0 2 p e r h o u r, 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, 1955, w h ich , w hen added to s e r v ic e a ft e r N ov. 30, 1955, d o e s not e x c e e d 30 y e a r s . N o n e .3 .Y e a r ly — f o r s e r v ic e a ft e r D e c . 31, 1954, 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 ity tax (c u r r e n tly $4, 200), 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 su ch am ount f o r e a ch y e a r o f s e r v i c e ; 4 f o r s e r v ic e fr o m July 1, annual e a r n in g s ,5 and 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 f o r e a ch y e a r o f s u ch s e r v i c e ; 4 f o r s e r v ic e p r io r to July 1, 1950, V4 o f 1 p e r c e n t o f f ir s t $ 4 ,2 0 0 o f annual e arn in gs 5 and 1 .2 5 p e r c e n t o f ea rn in g s e x c e e d in g $ 4 ,2 0 0 , tim e s y e a r s o f su ch s e r v ic e (e x clu d in g f ir s t 3 y e a r s ). A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 4 2 .2 5 $ 1 4 2 .2 5 k $ l6 7 .0 0 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 5 0 .0 0 $ 1 5 0 .0 0 * $ 1 7 9 . 70 A ft e r 35 y e a r s o f futu re s e r v ic e : $ 1 5 0 .0 0 $ 1 5 0 .0 0 * $ 1 7 9 . 70 1 or 60 | N o rm a l b e n e fit r e d u c e d V iq o f 1 p e r c e n t f o r each m on th un d er age 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, paya ble at age 65. 10 __ 55 A c t u a r ia l equ ivalen t o f n o r m a l b e n e fit (m inim um A t w o r k e r 's n ot a p p lic a b le ), paya ble r e q u e s t. im m e d ia te ly ; o r n o r m a l A ft e r 30 y e a r s o f fu tu re s e r v ic e : 1950, through o f (m f i r in s tim$ u 3m ,0 0not 0 of $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 2 0 1 .0 0 D e c . 31, 1954, 1 p e rbc e n et fit a p p lic a b le ), pa y a b le at a g e 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 6 1 .0 0 $ 1 7 1 .0 0 $ 1 7 8 .5 0 $ 1 7 3 .5 0 $ 1 8 8 .5 0 $ 2 2 3 .5 0 L e s s $ 4 2 . 50 f o r p r im a r y S o c ia l S e c u r ity b e n e fit. O nly s e r v ic e fr o m Jan. 1 o f y e a r in w h ich w o r k e r attains age 30 u s e d to co m p u te b e n e fit. C om pu ta tion b a s e d on a s s u m p tio n o f 2, 080 h o u rs w o rk e d d uring e a c h y e a r . N o rm a l r e t ir e m e n t date f o r a m e m b e r a ge 56 o r o ld e r on July 1, 1950, is the e a r l ie r o f a ge 70, o r 10 y e a r s a ft e r h is b irth d a y p r i o r to July 1, 1950. 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 ra te b a s e d on e a rn in g s o f July 1, 1950, o r a v e r a g e annual e a rn in g s o f 1947, 1948 and 1949, w h ic h e v e r is h ig h e r . 15 W ith e m p lo y e r 's co n s e n t. M in im um m on th ly b e n e fit f o r 15 o r m o r e y e a r s o f s e r v ic e , 6 $ 2 .5 0 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 30 y e a r s . 1 a 3 4 5 60 A t w o r k e r 's r e q u e s t. 45 UNDERCOLLECTIVEBARGAINING DISA BILITY RETIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Benefit formnls Compulsory at age - M onthly— $ 2 .2 5 tim e s y e a r s o f s e r v ic e ,1 pay a b le at a ge 65. 68 Antomntic at oge • DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Employee M onthly— $ 4 . 50 tim e s y e a r s o f s e r v ic e . U pon r e c e iv in g S o c ia l S e c u r ity d is a b ility b e n e fit, o r at a ge 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 . F u ll cost. D e fe r r e d g ra d e d . N o rm a l b e n e fit, pa ya b le at a ge 65. 68 F u ll cost. T e rm in a te d f o r any reason . A g e 50 and 10 y e a r s o f s e r v ic e . 4 A c tu a r ia l e q u iv a len t o f n o r m a l b e n e fit (m in i m um not a p p lic a b le ), p aya ble an ytim e during 1 0 -y e a r p e r io d p r io r to a ge 65; o r n orm al b en e fit (m inim um not a p p lic a b le ), paya ble at age 65. 7 65 W ork er’ s W orker’ s co n trib u tio n s co n trib u tio n s plus in t e r e s t . p lu s in t e r e s t , le s s b e n e fits r e c e iv e d . 3 p e r c e n t B a lan ce o f annual o f c o s t . ea rn in gs s u b je c t to S o c ia l S e c u r ity tax ( c u r r e n tly $ 4 ,2 0 0 ) , and 4. 5 p e r cen t o f ea rn in gs exceed ing su ch am ount. 6 In clu des p r e m e m b e r s h ip s e r v ic e . 7 C o m p u ls o r y r e t ir e m e n t date f o r m e m b e r a ge 56 o r o ld e r on July 1, 1950, is the e a r l ie r o f a g e 70, o r 10 y e a r s a ft e r h is b ir th d a y p r i o r to July 1, 1950. T r u s te e d ; E m p lo y e r banka d m in is tr a tio n a dm in istered. o f funding. B ip a rtite a d m in is tr a tio n o f plan ( s p e c i f i c r e s p o n s i b ilit ie s ou t lin ed in a g r e e m e n t). 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 c e n t f o r e a ch ad d itio n a l y e a r to 100 p e r c e n t f o r 15 o r m ore years of s e r v ic e . D e fe r r e d fu ll. T r u s te e d ; E m p lo y e r banka d m in is tr a tio n a d m in is te re d o f fu n din g. B ip a rtite a d m in is tr a tio n o f plan ( s p e c i f i c r e s p o n s i b ilit ie s ou t lin ed in a g r e e m e n t). A g e 40 and 10 y e a r s o f s e r v ic e . T e rm in a te d f o r any rea son . Joint and s u r v iv o r . ADMINISTRATION Employer (Y e a rs ) 15 Join t and s u r v iv o r . Type, conditions. requirements Service INVOLUNTARY RETIR EM E N T VESTIN G T r u s te e d ; E m p lo y e r . banka d m in is tered 46 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PEN SIO N S NORMAL R E TIR EM E N T EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 COMPANY, UNION, AND D ATE O F INFORMATION P A R T IC I PATION RE Q U IR E MENTS Minimum requirements Age Service (Y ea rs) P u llm a n -S ta n d a rd C a r M anufa ctu rin g C om pa n y Service credited after normal age A ll. S te e lw o r k e r s Benefit formula M onthly— g r e a t e r o f: ( 1 ) 1 p e r c e n t o f a v e r a g e m on th ly e a r n ings during 120 m onths im m e d ia te ly p r e c e d in g r e t ir e m e n t tim e s y e a r s o f s e r v ic e , le s s $85 f o r p r im a r y S o c ia l S e c u r ity b e n e fit, o r (2) $ 2 . 50 tim e s y e a r s o f s e r v ic e a ft e r A u g . 31, 1958, and $ 2 .4 0 tim e s y e a r s o f s e r v ic e p r i o r to Sept. 1, 1958, to a m axim u m o f 30 y e a r s . S e p te m b e r 1958 1 M a c h in is ts , D is t r ic t 9 O cto b e r 1957 A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 6 1 .0 0 $ 1 7 1 .0 0 $ 1 7 1 .0 0 A ft e r 30 y e a r s o f fu tu re s e r v i c e : £ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 Minimum requirements Benefit formula Service Age (years; 60 A t w o r k e r 's re q u e s t. A c t u a r ia l equ ivalen t o f n o r m a l b e n e fit, p aya ble im m e d ia te ly ; o r n o r m a l b e n e fit, p aya ble at a g e 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 A g e 30 S p erry G y roscop e C om pany (25 f o r (D iv is io n o f S p e r r y Rand w o m e n ) and C o r p o r a tio n ) 2 years E le c t r ic a l (IUE) of s e r v ic e . Jan u ary 1958 V a rio u s e m p lo y e r s , St. L o u is , M o ., a r e a \ssum ing average annual earnings of— 83,600 84,200 85,000 and including present primary Social Security benefits of— 898.50 8108.50 8108.50 1 year of s e r v ic e . Y e a r ly — f o r s e r v ic e a ft e r Jan. 1, 1949: (1) 1 p e r c e n t o f annual e a rn in gs f o r e a ch y e a r o f s e r v ic e , 3 plus (2) 1 p e r c e n t o f annual ea rn in g s e x c e e d in g am ou n t s u b je c t to S o c ia l S e c u r ity tax (c u r r e n t ly $ 4 ,2 0 0 ) f o r e a ch y e a r o f s e r v ic e . 6W5omIen 60 65 F o r s e r v ic e fr o m M a y 1, 1941, through D e c. 31, 1948, 1 p e r c e n t o f annual ea rn in g s f o r e a ch y e a r o f s u ch s e r v ic e ; f o r s e r v ic e p r i o r to M ay 1, 1941, V4 o f 1 p e r c e n t o f annual e a rn in gs 4 f o r e a c h y e a r o f su ch s e r v i c e . 5 (9) N one}0 M onthly— $ 2 . 50 tim e s y e a r s o f s e r v ic e during w h ich c o n trib u tio n s w e re m ade in w o rk 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 i o r to date w o r k e r b e c a m e c o v e r e d b y the plan. M in im um m on th ly b e n e fit— $ 2 0 . A ft e r 25 y e a r s o f fu tu re s e r v ic e : — £173750 '$196.00------$229.33' M en 55 I 35 A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 1 8 8 .5 0 $ 2 1 3 .5 0 $ 2 5 3 .5 0 A fte r 35 y e a r s o f fu tu re s e r v i c e : $ 2 0 3 .5 0 $ 2 3 1 .0 0 $ 2 7 7 .6 7 A c t u a r ia l equ ivalen t of n o r m a l b e n e fit, p aya ble im m e d ia t e ly ; o r n o r m a l b e n e fit, p a ya b le at age 65. At w o rk e r ’ s r e q u e s t. A ft e r 25 y e a r s o f fu tu re s e r v ic e $ 1 6 1 .0 0 $ 1 7 1 .0 0 $ 1 7 1 .0 0 A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 1 7 3 .5 0 $ 1 8 3 .5 0 $ 1 8 3 .5 0 A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 8 6 .0 0 $ 1 9 6 .0 0 $ 1 9 6 .0 0 1 M o d ifie d plan to b e c o m e e f fe c t iv e S ept. 1, 1958. 2 M ay 1 o r N ov. 1 fo llo w in g su ch s e r v ic e . 3 E x clu d e s p r e m e m b e r s h ip s e r v ic e . 4 A v e r a g e annual e a rn in g s f o r 5 y e a r s p r e c e d in g Jan. 1, 1941. 5 E x clu d e s s e r v ic e p r i o r to age 35 (age 30 f o r w o m e n ) o r 1 y e a r o f s e r v ic e , w h ic h e v e r is la t e r . 6 A w o r k e r m a y e le c t to r e c e iv e a lum p sum paym en t equal to 2 . 5 p e r c e n t o f annual e a rn in g s p lu s in t e r e s t f o r e a ch y e a r o f plan s e r v ic e in stea d o f th es e b e n e fits . A w o r k e r w ith le s s than 5 y e a r s o f plan s e r v ic e m a y c h o o s e a lum p sum paym en t equal to 2 . 5 p e r c e n t o f annual e a rn in gs plus in t e r e s t f o r e a ch y e a r o f plan s e r v ic e o r a b e n e fit p u r c h a s e d b y s u ch su m , p a y a b le a n ytim e d u rin g 1 0 -y e a r p e r io d p r i o r to age 65, o r p aya ble at a g e 65. 47 UNDERCOLLECTIVEBARGAINING DISA BILITY RETIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service INVOLUNTARY RETIR EM E N T VESTIN G Type, conditions, and minimum requirements Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Pmployee ADMINISTRATION Employer (Y ea rs) 15 M onthly— g r e a t e r o f: ( l ) $ 9 0 , le s s S o c ia l S e c u r ity d is a b ilit y 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 a rn in gs during 120 m onths im m e d i a 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 $85 f o r S o c ia l S e c u r ity d is a b ility b e n e fit, o r in W o r k m e n ’ s C o m p e n s a tio n c a s e s , a ctu a l S o c ia l S e c u r ity b e n e fit if le s s than $ 8 5 , o r (3) $ 2 . 50 tim e s y e a r s o f s e r v ic e a ft e r A u g. 31, 1958, and $ 2 .4 0 tim e s y e a r s o f s e r v ic e p r io r to Sept. 1, 1958, to a m a x i m um o f 30 y e a r s . D e fe r r e d fu ll. T e rm in a te d as r e s u lt o f a la y o ff and not r e c a lle d w ithin 3 y e a r s , o r te rm in a te d as r e sult o f p e rm an en t shutdow n o f plant, d e p artm en t o r s u b d iv is io n . N o rm a l b e n e fit, paya ble at a ge 65. F u ll cost. In su red ; E m p lo y e r . d e p o s it a d m in is tr a tio n . F u ll cost. In su red ; grou p annuity. A g e 40 and 15 y e a r s o f s e r v ic e . 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 . Level in c o m e . D e fe r r e d fu ll. T e rm in a te d f o r any rea son . A g e 30 and 5 y e a r s o f s e r v ic e . 3 D e fe r r e d fu ll. T e rm in a te d f o r any reason . 15 y e a r s o f s e r v i c e . 11 A c t u a r ia l e q u iv alen t o f n o r m a l b e n e fit, paya ble an ytim 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, p aya ble at age 65. 8 N o rm a l b e n e fit, p a y a b le at age 65. 2. 5 p e r c e n t o f annual ea rn in gs plus in t e r e s t . 3 2. 5 p ercen t o f annual ea rn in gs plus in t e r e s t , 3 le ss r e t ir e m en t b e n e fits r e c e iv e d .7 E m p lo y e r . (8 ) 60 m on th ly p a y m e n ts , le s s p a y m ents r e c e iv e d . In su red ; F u ll T r ip a r t it e . c o s t ---d e p o s it a d $ 1 7 . 35 m in is tr a tio n . per m onth f o r ea ch p a r tici pant. 7 E x clu d es b e n e fits b a s e d on p a r t (2) o f n o r m a l b e n e fit fo r m u la . 8 Not a p p lic a b le if jo in t and s u r v iv o r op tio n is e le c t e d . 9 5 y e a r s o f p a r ticip a tio n in the plan, the f i r s t y e a r o f w h ich m u st be w ith a con trib u tin g e m p lo y e r . A ft e r o n c e qu a lify in g as a p a r ticip a n t, k eep in g m e m b e r s h ip in g ood standing in union fu lfills r e q u ir e m e n t a s p a rticip a n t. 10 S e r v ic e c r e d it e d a fte r age 65 o n ly to attain m in im u m s e r v ic 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. 11 15 y e a r s o f s e r v ic e during w h ich co n trib u tio n s w e re m ade in w o r k e r ’ s b e h a lf. 48 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T COMPANY, UNION, AND D A T E O F INFORMATION PA R T IC I PATION RE Q U IR E MENTS Minimvn requirements Age K en n ecott C o p p er C o r p o r a t io n (W e ste r n M in in g D iv is io n s ) Service Assuming average annual earnings of— Service credited after tormal $3,600 Benefit formula age 68. M onthly— $ 2 .2 5 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 35 y e a r s . O cto b e r 195 7 60 M onthly— $ 100. Benefit formula Service $108.50 A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 1 5 4 .7 5 $ 1 6 4 .7 5 $ 1 6 4 .7 5 (Y ea rs) 60 A c t u a r ia l equ iva len t o f n o r m a l b e n e fit, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a y a b le a t a g e 65. A ft e r 25 y e a r s o f fu tu re s e r v ic e ; $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 U nited M ine W o r k e r s O cto b e r 195 7 D e c e m b e r 1957 $108.50 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 7 7 .2 5 $ 1 8 7 .2 5 $ 1 8 7 .2 5 B itu m in ou s c o a l in d u s try , v a r io u s e r p p lo y e r s V a rio u s unions $5,000 A ft e r 30 yrears o f fu tu re s e r v ic e -----$ 1 6 6 . (TO------------------------$ 1 7 6 .0 0 $ 1 7 6 . 00 V a rio u s unions P an A m e r ic a n P e t r o le u m C o r p o r a tio n $4,200 and including present primary Social Security benefits of— $98.50 (Y e a rs ) 65 EA R LY R E T IR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la in c lu d in g p rim a ry S o c i a l S e c u r it y b e n e f i t s A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 9 8 .5 0 $ 2 0 8 . 50 $ 2 0 8 .5 0 1 year of s e r v ic e *65 Y e a r ly — f o r s e r v ic e a ft e r O ct. 31, 1957, 1 .5 p e r c e n t o f annual e a rn in g s s u b je c t to S o c ia l S e c u r ity tax (c u r r e n t ly $ 4 ,2 0 0 ) and 2 p e r c e n t o f e a rn in g s e x c e e d in g su ch am ount f o r e a ch y e a r o f s e r v i c e . 4 A ft e r 25 y e a r s o f fu tu re s e r v i c e : $ 2 1 1 .0 0 $ 2 3 9 .7 5 $ 2 7 3 .0 8 A ft e r 30 y e a r s o f fu tu re s e r v i c e ; $ 2 3 3 .5 0 $ 2 6 6 .0 0 $ 3 0 6 .0 0 F o r e a c h y e a r o f s e r v ic e fr o m July 1, 1952, th rou gh O ct. 31, 1957, 1 p e r c e n t o f f i r s t $ 1 ,2 0 0 o f annual e a r n in g s , 1. 5 p e r A ft e r 35 y e a r s o f fu tu re s e r v i c e : cen t o f next $ 2 ,4 0 0 o f e a r n in g s , and 2 p e r c e n t o f e a rn in g s $ 2 5 6 .0 0 $ 2 9 2 .2 5 $ 3 3 8 .9 2 e x c e e d in g $ 3 , 600; f o r e a c h y e a r o f s e r v ic e fr o m July 1, 1947, th rough June 30, 1952, 1 p e r c e n t o f f i r s t $ 1 ,5 6 0 o f annual e a r n in g s , 1 .3 3 3 p e r c e n t o f next $ 1 ,4 4 0 o f e a r n in g s , and 2 p e r c e n t o f e a rn in g s e x c e e d in g $ 3 , 000; f o r e a c h y e a r o f s e r v ic e fr o m Jan. 1, 1939, th rou gh June 30, 1947, a c c r u e d b e n e fit u nd er c o n tr ib u to r y plan plus su p p lem en t to b r in g b e n e fit up to July 1, 1947, th rou gh June 30, 1952, fo rm u la ; f o r s e r v ic e p r i o r to Jan. 1, 1939, a m o n th ly b e n e fit o f 2 p e r c e n t o f the g r e a t e r o f: ( l ) A v e r a g e m o n th ly e a rn in gs fr o m 1936 through 1938, o r (2) a v e r a g e m on th ly e a rn in gs during 10 y e a r s p r e c e d in g Jan. 1, 1939, tim e s y e a r s o f s e r v ic e . W ith e m p lo y e r ’ s co n s e n t. I _<?r *55 ” 25 .A t w o r k e r 's re q u e s t. N o rm a l b e n e f i t 7 (m in i m um b a s e d on s e r v ic e not a p p lic a b le ) r e d u c e d 3 . p e r cen t f o r e a c h y e a r under a g e 65 th rough 60, 7 p e r cen t f o r e a c h y e a r tinder a g e 60 th rough 55, and a c t u a r ia lly f o r e a c h y e a r un d er a g e 55, p a y a b le 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 b a s e d on s e r v ic e not a p p lic a b le ), p a ya b le at a ge 65. M in im um m o n th ly b e n e fit f o r 10 o r m o r e y e a r s o f s e r v i c e : 5 ( l ) B a s e d on s e r v ic e — $3 tim e s y e a r s o f s e r v ic e to a m a x im um o f 2$ y e a r s , plus $5 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 y e a r s , o r (2) b a s e d on t e r m in a l e a r n in g s — 1. 666 p e r c e n t o f a v e r a g e m o n th ly ea rn in g s o f 60 c o n s e c u tiv e m onths o f h ig h e s t ea rn in g s du rin g 120 m on th 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 tim e s y e a r s o f s e r v ic e (m a xim u m 60 p e r c e n t o f 60 m onth a v e r a g e ), l e 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. 1 m en t in a 5 4 5 20 y e a r s o f s e r v ic e in a c la s s if ie d jo b in in d u s try d uring 30 y e a r s im m e d ia t e ly p r e c e d in g date o f a p p lic a tio n . W o r k e r m u st have b e e n r e t ir e d a ft e r M ay 28, 1946, fo llo w in g r e g u la r e m p lo y a c la s s i f ie d jo b f o r an e m p lo y e r s ig n a to r y to the a g r e e m e n t, and r e g u la r ly e m p lo y e d in a c la s s i f ie d jo b in in d u s try im m e d ia te ly p r i o r to date fund w as e s ta b lis h e d (M a y 29, 1946). E m p lo y e r s c o n trib u te $ 0 .4 0 p e r ton o f c o a l p r o d u c e d to U nited M in e W o rk e r* s W e lfa r e and R e tir e m e n t Fund f o r health, w e lfa r e and p e n s io n b e n e fits . W om en c o v e r e d b y plan on June 30, 1952, m a y e le c t to r e t ir e at a g e 60 w ith fu ll 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 . In clu d es p r e m e m b e r s h ip s e r v ic e . 49 UNDERCOLLECTIVEBARGAINING D ISA BILITY R ETIR EM EN T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Type, conditions. Benefit formula Age INVOLUNTARY RETIR EM E N T VESTIN G Service requirements Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION F.mployer (Y e a rs ) 15 M onthly— $ 9 0 , le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit. 68 F u ll co st. E m p lo y e r . T r u s te e d ; banka d m in is te r e d F u ll co st. a T r u s te e d ; T r ip a r t it e . s e lfad m in istered At 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 . L e v e l in c o m e (E a r ly ) N o rm a l b e n e fit re d u c e d 3 p e r c e n t f o r e a c h y e a r under age 65 through 60, 7 p e r c e n t f o r e a ch y e a r under age 60 through age 55, and a c t u a r ia lly f o r e a ch y e a r un d er age 55, p a ya b le im m e d ia te ly ; plus (fo r 10 o r m o r e y e a r s o f s e r v ic e ) an am ount equal to 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 w h ich w o r k e r w ould be e lig ib le at a g e 65, paya ble until a g e 65, le s s S o c ia l S e c u r ity d is a b ility b e n e fit. M in im um m on th ly b e n e fit f o r 10 o r m o r e y e a r s o f s e r v ic e : ( l ) Sam e as n o r m a l m in im u m b a s e d on s e r v ic e , plus su pplem en t d e s c r ib e d a b o v e , o r (2) sam e as n o r m a l m in im u m b a s e d on te r m in a l earnings; p r io r to age 65, le s s S o c ia l S e c u r ity d is a b ility b e n e fit. 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 i c e . 5 A c t u a r ia l e q u iv alen t o f n o r m a l b e n e f i t 8 (m in im u m s not a p p lic a b le ), p a y a b le an ytim e p r io r to a ge 65; or norm al bene f i t 8 (m in im u m s not a p p lic a b le ), paya ble at age 65. 65 70 W ork er’ s W orker’s co n trib u tio n s con trib u tion s plus in t e r e s t . plus in t e r e s t , le s s b e n e fits r e c e iv e d .* 2 . 7 p e r B a la n ce of cost. cen t o f annual ea rn in gs s u b je c t to S o c ia l S e c u r ity tax ( c u r r e n tly $ 4 ,2 0 0 ) and 4 percen t o f earn in gs e x cee d in g su ch am ount. C om b in a tion : E m p lo y e r . T r u s te e d ; ban k a d m in is te r e d In su red; d e p o s it a d m in is tr a tio n . 8 In itial m in im u m a g e r e q u ir e m e n t is 55 and w o r k e r m a y r e t ir e i f sum o f age plus s e r v ic e equ a ls o r e x c e e d s 80 (in clu d e s p r e m e m b e r s h ip s e r v ic e ) . 7 A t a ge 65, m in im u m b e n e fit b a s e d on te r m in a l e a r n in g s , l e s s p r im a r y S o c ia l S e c u r ity b e n e fit. * E x ce p t that b e n e fits b a s e d on s e r v ic e p r i o r to Jan. 1, 1939, and s u p p le m e n ta ry b e n e fits p ro v id e d f r o m . Jan. I, 1939, th rou gh Tun* 30, 1947, (s e e n o r m a l b e n e fit f o r m u la ) a r e 5 0 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 5 p e r c e n t f o r e a ch a d d itio n a l y e a r to 100 p e r c e n t f o r 20 o r m o r e y e a r s o f s e r v ic e . * B en efits r e c e iv e d not in clu d in g su p p lem en tal p a y m e n ts. 50 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T COMPANY, UNION, AND D ATE O F INFORMATION PA R T IC I PATION REQ U IR E MENTS Minimum requirements Age Service (Y ea rs) Service credited after normal age Benefit formula M onthly— $ 1 .5 0 tim e s y e a r s o f s e r v i c e 1 a fte r D e c. 31, 1955; and $1 tim e s y e a r s o f s e r v ic e p r i o r to Jan. 1, 1956, to a m axim u m o f 25 y e a r s f o r su ch s e r v ic e . C o n s tr u c tio n in d u stry , v a r io u s e m p lo y e r s (New Y o rk , N. Y . ) Assuming average annual earnings of— 83,600 84,200 85,000 and including present primary Social Security benefits of— 898.50 8108.50 8108.50 Minimum requirements Benefit formula Service (Y e a rs ) A ft e r 25 y e a r s o f fu tu re s e r v ic e : $1 4 6 . 00 TT TT A ft e r 30 y e a r s o f fu tu re s e r v ic e : H (*5 $ 1 5 3 . 50 C a rp e n te rs (New Y o r k D is t r ic t C ou n cil) A ft e r 35 y e a r s o f fu tu re s e r v ic e : (*) D e c e m b e r 1957 C o n s tr u c tio n in d u stry , N ational E le c t r ic a l C o n tr a c t o r s A s s o c ia t io n and oth er e m p lo y e r s EA R LY R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 65 E le c t r ic a l (IB EW ) N ational plan (*f $161.00 M onthly— f o r w o r k e r s r e in s ta te d o r in itia te d as " A " m e m b e r ! A ft e r 25 y e a r s o f fu tu re s e r v ic e : o r t r a n s fe r r e d to " A " m e m b e r s h ip a ft e r A p r . 30, 1952, $30 $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 f o r 20 y e a r s o f s e r v ic e , $40 f o r 25 y e a r s , and $50 f o r 30 y e a r s ; f o r w o r k e r s in itia te d o r r e in s ta te d as HA " m e m b e r s A ft e r 30 y e a r s o f fu tu re s e r v ic e : p r io r to M ay 1, 1952, $50 f o r 20 y e a r s o f s e r v ic e . $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 N o v e m b e r 1957 (4) A ft e r 25 y e a r s o f fu tu re s e r v ic e : M onthly— a g e s 60 th rou gh 64, o r a ge 65 and o ld e r but not e lig ib le f o r In tern ation al U nion P e n sio n — $ 7 0 . A g e 65 and o ld e r and e lig ib le f o r In tern a tion a l U nion P e n sio n — $ 20 0, 7 le s s In tern ation al U nion P e n s io n and p r im a r y S o c ia l S e c u r ity A ft e r 30 y e a r s o f fu tu re s e r v ic e : b e n e fit; paym en t fr o m fund at a g e . 65 not to e x c e e d $70 o r be le s s than $ 4 0 . A ft e r 35 y e a r s o f fu tu re s e r v ic e : C o n s tr u c tio n in d u stry , New Y o r k E le c t r ic a l C o n tr a c t o r s A s s o c ia t io n and oth er e m p lo y e r s T) T) E le c t r ic a l (IB EW ), L ocal 3 ---------- ------ P'5--------------- Jan u ary 1958 A s s o c ia t io n o f M a s te r P a in te r s and D e c o r a t o r s o f the C ity of N ew Y o r k , Inc. P a in t e r s , D is t r ic t C o u n c il 9 O cto b e r 1957 65 M onthly— $ 50. A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 1 25 y e a r s o f s e r v ic e in in d u s try . S e r v ic e in clu d e s ( l ) em p lo y m e n t w ith co n trib u tin g e m p lo y e r s (b a se d on Vio o f a y e a r f o r e a c h $500 o f g r o s s ea rn in g s du rin g c a le n d a r y e a r to a m axim u m o f 1 y e a r s e r v ic e during any 1 c a le n d a r y e a r ) a fte r D e c . 31, 1955, and (2) p r io r to Jan. 1, 1956, e m p lo y m e n t w ithin ju r is d ic t io n o f New Y o r k C ity C o u n cil, o r m e m b e r s h ip in g ood standing in union, if co n tr ib u tio n s w e r e m ad e in w o r k e r 's b e h a lf during 1956. W o r k e r s w ho w e r e o v e r a ge 65 on Jan. 1, 1956, q u a lify f o r p a s t s e r v ic e e v e n though not em p lo y e d b y a con trib u tin g e m p lo y e r in 1956. a See n o r m a l b e n e fit fo r m u la , fo o tn o te 1. 3 20 y e a r s as an " A " union m e m b e r in good standing im m e d ia te ly p r e c e d in g a p p lic a tio n f o r r e t ir e m e n t . A n " A " m e m b e r is one w ho c o n tr ib u te s to u n io n 's p e n s io n fund. 4 A m ou n ts show n a r e f o r w o r k e r w ho b e c a m e an " A " m e m b e r a fte r A p r . 30, 1952. F o r a w o r k e r w ho w as an " A " m e m b e r p r io r to M ay 1, 1952, plan b e n e fit is $50 f o r 20 y e a r s o f s e r v ic e . 5 If w o r k e r is e m p lo y e d b y a n o n co n trib u tin g e m p lo y e r , co n trib u tio n is $ 3 .2 0 . F o r m e m b e r s on w ith draw al c a r d , if e m p lo y e d b y a n on con trib u tin g e m p lo y e r , c o n trib u tio n is $ 3 .8 0 , o r i f not w ork in g o r e m p lo y e r is payin g tow a rd the fund, co n trib u tio n is $ 2 .2 0 . 4 15 y e a r s in g ood standing in lo c a l union p r e c e d in g a p p lic a tio n f o r r e tir e m e n t. 51 UNDERCOLLECTIVEBARGAINING DISA BILITY RE TIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Type, conditions. Benefit formula Age INVOLUNTARY R E TIR EM E N T VESTIN G Service requirements Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y ea rs) T r u s te e d ; F u ll B ip a r tite . c o s t —— s e l f 3 p er adm in istered. cen t o f gross p a y r o ll. $ 1 .6 0 per m on th . * 9 10 M onthly— $ 70. 1 per cen t o f gross p a y r o ll of "A " union m em bers. B ip a r tite . T r u s te e d ; s e lfadm in istered , F u ll c o s t ---1 p er cen t o f w e e k ly p a y r o ll. B ip a r tite . T r u s te e d ; s e lfadm inistered. F u ll c o s t . 11 B ip a r tite . T r u s te e d ; s e lfadm inistered- 7 $210 f o r th ose r e t ir in g a fte r D e c. 31, 1959, $22 0 a fte r D e c . 31, 1964, and $230 a ft e r D e c. 31, 1969. 8 See n o r m a l b e n e fit fo rm u la colu m n . 9 10 y e a r s in g ood standing in lo c a l union p r e c e d in g a p p lic a tio n f o r r e tir e m e n t. 10 20 y e a r s o f s e r v ic e in tr a d e . S e r v ic e in c lu d e s ( l ) 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 July 31, 1948, (2) e m p lo y m e n t w ithin ju r is d ic t io n o f lo c a l unions in D is t r ic t C o u n c il p r io r to Aug. 1, 1948, and (3) tim e as union m e m b e r in g ood standing p r i o r to Jan. 1, 1947. 11 E m p lo y e r s co n trib u te to a g e n e r a l fund f o r w e lfa r e , p e n s io n , and v a ca tio n b e n e fits as f o llo w s : A ug. 1, 1956, through July 31, 1957 - 8 p e r c e n t o f g r o s s e a rn in g s o f c o v e r e d w o r k e r s ; A u g. 1, 1957, through July 31, 1958 - 9 p e r c e n t o f g r o s s ea rn in gs o f c o v e r e d w o r k e r s ; A u g. 1, 1958, through July 31, 1959 - 10 p e r c e n t o f g r o s s ea rn in gs o f c o v e r e d w o r k e r s . 52 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T COMPANY, UNION, AND DATE O F INFORMATION P A R T IC I- “ PATION REQ U IR EMENTS Minimum requirements Age C o n s tr u c tio n in d u stry , P lu m b in g C o n tr a c to r s A s s o c ia t io n o f C h ic a g o a r e a , and oth er e m p lo y e r s (C h ica g o , III. ) __ Service (Y e a rs ) 115 65 \ssum ing average annual earnings of— 83,600 84,200 85,000 and including present primary Social Security benefits of— Service credited after normal age A ll. 898.50 M on th ly— $2 tim e s y e a r s o f s e r v ic e . 300 h o u r s .5 65 6 10 A ll. M onthly— $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 $ 5 0 . $ 1 4 8 .5 0 $ 158. 50 $ 1 5 8 . 50 A ft e r 25 y e a r s o f fu tu re s e r v ic e ; $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 A ft e r 25 y e a r s o f fu tu re s e r v ic e ; A ft e r 30 y e a r s o f fu tu re s e r v ic e ; $ 1 4 8 .5 0 P lu m b e r s , L o c a l 38 Age __ Benefit formula Service (Y ea rs) _ __ $ 1 5 8 .5 0 60 6 10 A t w o r k e r 's reque st. $ 1 5 8 .5 0 A ft e r 35 y e a r s o f fu tu re s e r v ic e ; $ 1 4 8 .5 0 $ 1 5 8 .5 0 $ 1 5 8 .5 0 N o v e m b e r 1957 in d u stry , C o n tr a c t o r s o f N ew Y o r k and o th e r 8108.50 A ft e r 35 y e a r s o f fu tu re s e r v ic e ; $ 1 6 8 .5 0 $ 1 7 8 .5 0 $ 1 7 8 .5 0 O cto b e r 1957 C o n s tr u c tio n Sh eet M eta l A s s o c ia t io n C ity, In c. , e m p lo y e r s 8108.50 Minimum requirements A ft e r 30 y e a r s o f fu tu re s e r v ic e ; $ 1 5 8 .5 0 $ 1 6 8 . 50 $ 1 6 8 .5 0 P lu m b e r s , L o c a l 130 C o n s tr u c tio n in d u stry , v a r io u s e m p lo y e r s , San F r a n c is c o , C a lif. , a r e a EARL.Y R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 __ 65 7 15 A ll. M onthly— $ 4 7 f o r 25 o r m o r e y e a r s 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 f o 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 . A ft e r 25 y e a r s o f fu tu re s e r v ic e ; $ 1 4 5 .5 0 $ 1 5 5 .5 0 $ 1 5 5 .5 0 __ __ 58 3 M onthly— l e s s e r of: (1) $2 tim e s y e a r s o f s e r v ic e , o r (2) $ 5 0 tim es r a tio o f (a) n u m b er o f y e a r s fr o m date f i r s t c o v e r e d b y plan to date of e a r ly r e tir e m e n t, to (b) n u m ber o f y e a r s fr o m date f i r s t c o v e r e d b y plan to age 65; p aya ble at a ge 65, o r a c tu a r ia l eq u iva len t p r i o r to age 65. __ A ft e r 30 y e a r s o f fu tu re s e r v ic e ; $ 1 4 5 .5 0 $ 1 5 5 .5 0 $ 1 5 5 .5 0 Sheet M etal W o r k e r s , L o c a l 28 A ft e r 35 y e a r s o f fu tu re s e r v ic e ; $ 1 4 5 .5 0 $ 1 5 5 .5 0 $ 1 5 5 .5 0 O cto b e r 1957 C h ic a g o T r a n sit A u th o rity S tr e e t, E l e c t r ic R a ilw a y and M o to r C oa ch E m p lo y e s Jan uary 1958 1 p lo y e r s a 3 4 5 ___ 65 3 N one. M onthly— f o r s e r v ic e a ft e r M a y 31, 1949, 1 .5 p e r c e n t o f total e a rn in g s (not to e x c e e d $ 1 0 , 000 in an y y e a r ), f o r s e r v ic e p r i o r to June 1, 1949, 1 p e r c e n t o f annual r a t e * o f past s e r v ic e tim e s y e a r s o f su ch s e r v ic e ; d iv id e d b y 12. M in im um m o n th ly b e n e fit f o r 20 o r m o r e y e a r s o f s e r v ic e — $75. A ft e r 25 y e a r s o f futu re s e r v ic e : $ 2 1 1 .0 0 $ 2 3 9 . 75 $ 2 6 4 . 75 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 2 3 3 . 50 $ 2 6 6 .0 0 $ 2 9 6 .0 0 N o rm a l b e n e fit r e d u c e d 5 p ercen t fo r each yea r u n d er a g e 65, paya ble im m e d ia te ly . A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 2 5 6 .0 0 $ 2 9 2 .2 5 $ 3 2 7 .2 5 15 y e a r s o f s e r v ic e in c r a ft (e x clu d in g y e a r o f r e t ir e m e n t ) and e m p lo y e d 3, 000 h o u rs during 5 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 . a ft e r M ay 31, 1953, and (2) em p lo y m e n t in c r a ft w ithin a b a rg a in in g unit o f union p r i o r to June 1, 1953. P e r m a n e n tly d is a b le d . Sam e as fo o tn o te 1. T o ta lly and p e r m a n e n tly d is a b le d . Sam e as fo o tn o te 1. Y e a rs o f s e r v ic e as de fin e d in fo o tn o te 1. 300 h ou rs w o rk e d f o r a co n trib u tin g e m p lo y e r fr o m July 1 through June 30, in o r d e r to b e c o m e a m e m b e r on July 1 fo llo w in g . A t wcJ rk er's reque ist. S e r v ic e in clu d e s ( l ) e m p loy m en t w ith con trib u tin g e m 53 UNDERCOLLECTIVEBARGAINING D ISA BILITY R E TIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Joint and s u r v iv o r (N orm a l), Type, conditions, Benefit formula Service Age INVOLUNTARY R E TIR EM E N T VESTIN G requirements Benefit formula Compulsory nt age - Automatic ■ t age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y ea rs) 60 *15 M onthly— $2 tim e s y e a r s o f s e r v ic e . cr 50 D e fe r r e d g ra d e d . T e r m in a te d f o r any rea son . N o rm a l b e n e fit fo rm u la a p p lie s , p aya ble at age 65. *15 ' 5 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 i c e , 4 plus 5 p e r c e n t f o r e a c h a d d itio n a l y e a r to 100 p e r c e n t f o r 29 o r m ore years of s e r v ic e . 55 7 15 c>r M onthly— $ 2 2 . 50. A t age 65, n o r m a l b e n e fit p a y a b le . ®20 10 N o rm a l b e n e fit, p aya ble im m e d ia te ly . M in im um m on th ly b e n e fit— $75 . 65 A ft e r 1 y e a r o f p a r t ic ip a tion , w o r k e r ’ s c o n t r i bu tion s plus in t e r e s t . W ork er’ s co n trib u tio n s plus in t e r e s t , le s s b e n e fits r e c e iv e d . 3. 5 p e r cen t of fir s t $ 1 0 ,0 0 0 o f annual e a r n in g s . F u ll T r u s te e d ; B ip a r tite . c o s t ---bank$ 0 . 15 a d m in is te r e d per m an h ou r w o rk e d . F u ll co st— $ 0 . 10 per m an h ou r w o rk e d . In su red ; B ip a r tite . d e p o s it a d m in is tr a tio n . F u ll c o s t ---3 p er cen t o f gross w ages. T r u s te e d ; B ip a r tite . s e lfa d m in is te r e d 7 per T r u s te e d ; B ip a r tite . bankce n t o f ad m in istered . fir s t $ 1 0 , 000 of w ork er’s annual e a r n in g s 4 10 y e a r s o f s e r v ic e in in d u s try . S e r v ic e in c lu d e s ( l ) 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 a ft e r D e c . 31, 1954, and (2) e m p lo y m e n t in in d u s try p r i o r to Jan. 1, 1955. 7 15 y e a r s o f s e r v ic e in tra d e and e m p lo y e d b y co n trib u tin g e m p lo y e r s 4 q u a rte r s s in c e Jan. 1, 1950. S e r v ic e in c lu d e s ( l ) e m p lo y m en t w ith con trib u tin g e m p lo y e r s a ft e r A u g. 31, 1950, (2) e m p loy m en t fr o m Jan. 1, 1947, through A u g. 31, 1950, w ith e m p lo y e r s w ho co n trib u te d to w e lfa r e fund, and (3) tim e as un ion m e m b e r in g ood standing, o r e m p loy m en t in jo b c o v e r e d b y u n ion ’ s c o lle c t iv e ba rga in in g a g r e e m e n ts p r i o r to Jan.^ 1, 1947. 8 20 y e a r s o f s e r v ic e in tr a d e . 9 F o r h o u rly ra te d w o r k e r s — a v e r a g e annual e a rn in gs (not to e x c e e d $ 1 0 ,0 0 0 in any y e a r ) o f o cc u p a tio n a l g ro u p (i. e . $ 3 , 700 f o r bus d r i v e r s , m o to r m e n , and c o n d u c t o r s ) in w h ich w o r k e r b e lon g ed to o r w as c la s s if ie d in on M ay 31, 1948; f o r s a la r ie d w o r k e r s — total e a rn in g s (not to e x c e e d $ 1 0 , 000 in any y e a r ) fr o m June 1, 1947, through M ay 31, 1948. 54 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIONS NORMAL R E TIR EM E N T COMPANY, UNION, AND D ATE O F INFORMATION P A R T IC I PATION REQ U IR E MENTS Minimum requirements Service Age P h ila d elp h ia T r a n s p o r ta tio n Company- 65 (Y e a rs ) M en I Service credited after normal age A ll. 25 T ra n sp ort W ork ers Jan uary 1958 T ru ck in g in d u stry, l o c a l c a r ta g e and o v e r - t h e ro a d fre ig h t, v a r io u s a s s o c ia tio n s and in d ivid u al e m p lo y e r s , C e n tr a l S tates, South e a s t and Southw est areas T ea m sters M a rch 1958 W om en 25 55 o (•) 60 320 Benefit formula M onthly— g r e a t e r o f: ( l ) $50 f o r 25 y e a r s o f s e r v ic e , and $1 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 y e a r s to a m axim u m o f $7 5 , plus $10 to w o m e n until a ge 62, o r (2) $ 16 0, 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 (not a p p lic a b le f o r w om en r e t ir in g p r i o r to age 65). a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 \ssuming average annual earnings of— S3,600 S4.200 S5.000 and including present primary Social Security benefits of— S98.50 S 108.50 S108.50 EA R LY R E TIR EM E N T Minimum requirements Benefit formula Age Service (Y ea rs) A fte r 25 y e a r s o f fu tu re s e r v i c e : $ 1 6 0 .0 0 $ 1 6 0 .0 0 $ 1 6 0 .0 3 A fte r 30 y e a r s o f fu tu re s e r v i c e : $ 1 6 0 .0 0 $ 1 6 3 .5 0 $ 1 6 3 .5 0 A ft e r 35 y e a r s o f futu re s e r v ic e : $ 1 6 0 .0 0 $ 1 6 8 .5 0 $ 1 6 8 .5 0 A ll. M onthly— $90 f o r f i r s t 60 m onths and $ 2 2 . 50 th e r e a fte r . A ft e r 25 y e a r s o f fu tu re s e r v i c e : 4$ 90.00 $ 90.00 $ 90.00 5 $ 1 8 8 . 50 $ 1 9 8 .5 0 $ 1 9 8 .5 0 A ft e r 30 y e a r s o f futu re s e r v i c e : 4$ 90.00 $ 90.00 $ 90.00 * $ 1 8 8 .5 0 $ 1 9 8 .5 0 $ 1 9 8 .5 0 A ft e r 35 y e a r s o f fu tu re s e r v i c e : 4 $ 9 0 .0 0 $ 9 0 .0 0 $ 9 0 .0 0 * $ 1 8 8 .5 0 $ 1 9 8 .5 0 $ 1 9 8 .5 0 1 W ork ers aged 70 o r o ld e r w ith le s s than 25 but m o r e than 15 y e a r s o f s e r v ic e r e c e iv e a m on th ly b e n e fit o f $2 tim e s y e a r s o f s e r v ic e . 2 C om pa n y m a y r e q u ir e a w o r k e r w ith 25 y e a r s o f s e r v ic e to r e t ir e on p e n s io n at age 68 f o r m e n and at age 58 f o r w om en . 3 20 y e a r s o f s e r v ic e in in d u stry in clu d in g 5 y e a r s o f s e r v ic e in in d u stry under u n ion 's c o ll e c t iv e b a rg a in in g a g r e e m e n ts , and co n tr ib u tio n s m ade in w o r k e r 's b eh a lf f o r 80 w e e k s . S e r v ic e in clu d e s ( l ) e m p lo y m e n t w ith con trib u tin g e m p lo y e r s , and (2) p a s t e m p lo y m e n t in in d u s try in a jo b c o v e r e d b y u n io n 's c o lle c t iv e b a rg a in in g a g r e e m e n t. 4 The m on th ly b e n e fit show n is f o r a w o r k e r r e t ir in g at a ge 60. The b e n e fit con tin u es f o r 60 m onths and then is r e d u c e d to $ 2 2 .5 0 , at w h ich tim e the w o r k e r w ou ld b e e lig ib le f o r p r im a r y S o c ia l S e c u r ity b e n e fit. 55 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM EN T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service INVOLUNTARY RE TIR EM E N T VESTIN G Type, conditions, and minimum requirements Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y e a r s ) 15 M onthly— $ 2 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 2 5 y e a r s , and $ 1 tim e s y e a r s o f s e r v ic e e x c e e d in g 2 5 y e a r s , plus an ad d itio n a l $ 1 0 . F u ll cost. Not funded. C ont r ibu tion s m ad e in w o r k e r 's b e h a lf to a m axim u m o f $ 2 , 000. F u ll c o s t ---$2 p e r w ork er per w eek . B ip a r tite . T r u s te e d ; s e lfa d m in istered . ( 8) ( 9) (*) E m p lo y e r . M in im um m on th ly b e n e fit— $ 6 0 . U pon r e c e iv in g S o c ia l S e c u r ity d is a b ility b e n e fit o r p r im a r y S o c ia l S e c u r ity b e n e fit, the $ 1 0 a dd ition al b e n e fit and am ount, if any, n e e d e d to b rin g p e n s io n to m in im u m ( $ 6 0 ) is r e d u c e d b y am ount b y w h ich c o m b in ed p e n s io n and S o c ia l S e c u r ity d is a b ility b e n e fit o r p r im a r y S o c ia l S e c u r ity b e n e fit e x c e e d s $ 1 6 0 . 45 6 15 A lum p sum equal to total c o n tr ib u tions m ade in w o r k e r 's b e h a lf to a m axim u m o f $ 2 ,0 0 0 . (7) (7 ) 5 The m onthly b en efit show n in clu d e s $ 9 0 fr o m fund plus p r im a r y S o c ia l S e c u r ity b e n e fit fo r a w o rk e r r e t ir in g at age 65. The m onthly b en efit fr o m fund w ill be r e d u c e d f r o m $90 to $22 . 50 at the end o f 60 m on th s. 6 15 y e a r s o f s e r v ic e in in d u stry in clu d in g 5 y e a r s o f s e r v ic e in in d u stry under u n ion 's c o ll e c t iv e ba rga in in g a g r e e m e n ts , and c o n tr ib u tio n s m ade in w o r k e r 's b eh a lf f o r 40 w e e k s . 7 C o m p u ls o r y and au tom atic r e tir e m e n t at age 70 fo r a w o r k e r who is q u a lifie d fo r a n o r m a l b e n e fit. W o r k e r s not q u a lifie d m ay contin ue to w o r k a fte r age 70 if p h y s ic a lly a b le. 8 W o r k e r m ust have 10 y e a r s o f s e r v ic e in in d u stry in clu d in g 5 y e a r s o f s e r v ic e in in d u stry under union's c o ll e c t iv e ba rga in in g a g r e e m e n ts , and co n tr ib u tio n s m ade in w o r k e r 's b eh a lf fo r 40 w eek s. 9 C o m p le te d n e gotiation s r a is e d c o n trib u tio n rate to $ 3 p e r w o r k e r p e r w eek e ffe c t iv e F e b . 1, 1958, and $ 4 p e r w o r k e r p e r w e e k e ffe c t iv e F eb . 1, I960. A t the tim e this d ig e s t w ent to p r e s s , oth er ch an ges had not b e e n w o rk e d out. 56 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T EA R LY R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la in c lu d in g p rim a ry S o c i a l S e c u r it y b e n e f i t s COMPANY, UNION, AND D ATE O F INFORMATION PA R T IC I PATION RE Q U IR E MENTS Minimum requirements Age T ru ck in g , w a reh ou s in g , and o th e r in d u s tr ie s , v a r io u s a s s o c ia tio n s and e m p lo y e r s , W e s te rn States 65 T e a m s t e r s (W este rn C o n fe r e n c e ) F e b r u a r y 1958 M a r itim e in d u stry, v a r io u s e m p lo y e r s , A tla n tic and G ulf C oa s ts M a s t e r s , M ates and P ilo ts Service (Y ea rs) (l) Assuming average annual earnings of— Service credited after normal 83,600 Benefit formula a8e (*) 898.50 M a ritim e U nion 85.000 8108.50 Minimum requirements Benefit formula Age Service (Y e a rs ) fu tu re s e r v ic e : 50 $1 8 3 . 50 fu tu re s e r v i c e ; 50 $1 8 3 . 50 fu tu re s e r v ic e : 50 $ 1 8 3 . 50 M axim u m — $ 75 tim e s quota ra tin g. 3 65 60 M onthly— $10 0 f o r 20 o r m o r e y e a r s o f s e r v ic e , re d u c e d $5 A ft e r 25 y e a r s o f fu tu re s e r v i c e : p e r m onth f o r e a ch y e a r o f s e r v ic e le s s than 20 to. a m in im u m $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 o f $75 f o r 15 y e a r s o f s e r v ic e . A t w o r k e r 's A fte r 30 y e a r s o f fu tu re s e r v ic e : r e q u e s t. $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 N o rm a l b e n e fit r e d u c e d */a o f 1 p e r c e n t f o r e a ch m onth u n d er a g e 65, p a y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p a y a b le at a ge 65. A ft e r 35 y e a r s o f fu ture s e r v i c e : $ 1 9 8 .5 0 $ 2 0 8 . 50 $ 2 0 8 .5 0 M on th ly 1 $ 4 9 .0 0 52. 00 55. 50 5 9 .0 0 6 2 .0 0 6 5 .0 0 Y e a r s o f s e r v ic e 15 16 17 18 19 20 o r m o r e D e c e m b e r 1957 New Y o r k Shipping A s s o c ia t io n , In c. 8108.50 A ft e r 25 y e a r s o f M onthly— f o r s e r v ic e a ft e r A p r . 30, 1955, 1. 6 p e r c e n t o f total co n trib u tio n s m ad e in w o r k e r ’ s b e h a lf; f o r s e r v ic e fr o m 5 $1 7 3 .5 0 $1 8 3 . Jan. 1, 1937, through A p r . 30, 1955, $3 tim e s y e a r s o f su ch s e r v ic e a fte r age 44, and $2 f o r s u ch s e r v ic e p r io r to age 45, A ft e r 30 y e a r s o f tim e s quota ra tin g 3 (if e m p lo y e d on date e m p lo y e r c o m 5 $ 1 7 3 . 50 $183. m e n c e d co n trib u tin g to plan , o r i f e m p lo y e d on M ay 1, 1955, b y e m p lo y e r w ho c o m m e n c e s co n trib u tin g to plan p r i o r to the A ft e r 35 yea:r s o f e a r l ie r o f M ay 1, I9 6 0 , o r w o r k e r ’ s r e t ir e m e n t ). 5 $ 1 7 3 . 50 $1 8 3 . F e b r u a r y 1958 M a r itim e in d u stry, v a r io u s e m p lo y e r s , A tla n tic and G ulf C o a s ts 84,200 and including present primary Social Security benefits of— A ft e r 2 5 y e a r s o f fu tu re s e r v ic e : $ 1 6 3 .5 0 $ 1 7 3 .5 0 $ 1 7 3 .5 0 A ft e r 30 y e a r s o f fu tu re s e r v i c e : $ 1 6 3 .5 0 $ 1 7 3 .5 0 $ 1 7 3 .5 0 A t w o r k e r 's r e q u e s t. N o rm a l b e n e fit re d u c e d 6 p ercen t fo r each yea r un d er age 65 w hen b e n e fit b e g in s , pa ya b le an ytim e p r i o r to a g e 65; o r n o r m a l b e n e fit, p a y a b le at age 65. * A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 6 3 .5 0 $ 1 7 3 . 50 $ 1 7 3 .5 0 A fte r 25 y e a r s o f fu tu re s e r v i c e : $ 1 6 3 .5 0 $ 1 7 3 .5 0 $ 1 7 3 .5 0 M onthly— $ 6 5 . In tern a tion a l L o n g s h o r e m e n 's A s s o c ia t io n A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 6 3 .5 0 $ 1 7 3 . 50 $ 1 7 3 .5 0 N o v e m b e r 1957 A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 6 3 . 50 $ 1 7 3 . 50 $ 1 7 3 . 50 1 i 600 c o v e r e d h o u rs (h ou rs f o r w h ich co n trib u tio n s w e r e m ad 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 , and a b e n e fit o f at le a s t $ 1 0 . L a te r o f: (1) A g e 70, o r (2) date 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 . 3 The qu ota ra tin g is de fin e d as ( l ) am ount o f e m p lo y e r co n trib u tio n s m a d e in w o r k e r ’ s b e h a lf, d iv id e d b y (2) $ 0 . 10 tim e s a quota (s m a lle r o f 47, 000, o r 125 tim e s n u m b er o f m onths fr o m M ay 1 1955, to a ge 65, w ith a m in im u m o f 600 plu s 50 tim e s n u m b e r o f m on th s, not to e x c e e d 48, fr o m M ay 1, 1888, to date o f b ir th ). The quota ratin g is 1 .0 0 f o r a w o r k e r in w h os e b e h a lf the' con trib u tion ra te w as $ 0 . 10 p e r h o u r f o r 125 o r m o r e h o u rs p e r m onth fr o m M ay 1, 1955, to r e t ir e m e n t d ate. In the event the c o n tr ib u tio n ra te e x c e e d s $ 0 . 10 p e r h o u r , b e n e fits i n c r e a s e p r o p o r tio n a te ly . S p e c ia l p a st s e r v ic e c r e d it is a llo w e d f o r e m p lo y m e n t fr o m Jan. 1, 1937, through A p r . 30, 1955, p e r fo r m e d a ft e r age 44, w ith e m p lo y e r w ho w as then 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 ion ’ s c o ll e c t iv e b a r g a in in g a g r e e m e n ts p r i o r to the e a r l ie r o f M ay 1, I960, o r w o r k e r ’ s r e t ir e m e n t u n d er plan. 3 C om pu ta tion b a s e d on a s s u m p tio n o f 2, 080 h o u rs w o rk e d du rin g e a ch y e a r , co n tr ib u tio n ra te o f $ 0 . 10 p e r h ou r f o r e a c h y e a r o f fu tu re s e r v ic e , qu ota ra tin g o f 1.00, and m a x im u m b e n e fit o f $75. T e r m in a tio n b e n e fit f o r 15 o r m o r e y e a r s o f s e r v ic e w ith 3, 000 c o v e r e d h o u rs (in lie u o f v e s te d p e n sio n f o r a w o r k e r a ge 52 o r o ld e r ) equal to s m 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 , o r (2) $90 0 tim e s quota ra tin g b a s e d on a quota o f 3 0 ,0 0 0 h o u r s . 7 W o r k e r q u a lifie d f o r r e t ir e m e n t is r e t ir e d u n d er the plan at a ge 70. 8 W ith 15 o r m o r e y e a r s o f s e r v ic e and 3 ,0 0 0 c o v e r e d h o u r s . 9 15 y e a r s o f s e r v ic e in in d u s tr y . S e r v ic e in c lu d e s ( l ) 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 a ft e r D e c . 31, 1954, and (2) fr o m Jan. 1, 1935, through D e c . 31, 1954, tim e as a union m e m b e r 57 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service Type, conditions, and minimum requirements T e rm in a te d f o r any reason . A g e 52 and 15 y e a r s o f s e r v ic e w ith 3, 000 c o v e r e d h o u r s ; 50 p e r ce n t v e s te d , plus 5 p e r c e n t f o r e a ch ad d itio n a l y e a r o f age to 100 p e r c e n t at a ge 62 o r o ld e r . 45 Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y e a rs ) D e fe r r e d g ra d e d . 55 INVOLUNTARY RE TIR EM E N T V ESTIN G 10 15 N o rm a l b e n e fit, paya ble im m e d ia te ly . 1215 N o rm a l b e n e fit, p aya ble i m m e d ia t e ly .15 18 15 M onthly— $ 65. N o rm a l b e n e fit fo r m u la a p p lie s , p a ya b le at a ge 65. (7 ) (7 ) ( 6) The s m a lle r Sam e as p r i o r o f; (1 )3 0 p e r to r e t i r e m ent, le s s cen t o f e m ben efits p lo y e r c o n tr ib u tio n s , o r r e c e iv e d . (2) $900 tim e s quota ( 8) ratin g b a s e d on a quota o f 3 0 ,0 0 0 hours. ( 8) $500 $500 F u ll In su red; F u ll B ip a r tite . d e p o s it a d cost— C o n t r i m in is tr a tio n . bution rate a c c o r d in g to lo c a l agree m ent (s e e norm al b en efit fo rm u la co lu m n fo r e ffe c t on b e n e fit). F u ll c o s t . 11 T r u s te e d ; B ip a rtite. s e lfa d m in istered . F u ll c o s t . 14 B ip a rtite . T r u s te e d ; s e lfa d m in istered . T r u s te e d ; B ip a r tite . ban k c o s t ---ad m in istered . $ 0 .0 7 p e r m an hou r w o rk e d . in g ood standing, 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 lle c t iv e b a rg a in in g a g r e e m e n t s . 10 Sam e as fo o tn o te 9 and e m p lo y e d b y a co n trib u tin g e m p lo y e r 10 days a ft e r age 54. 11 E m p lo y e r s co n trib u te $ 1 .6 0 p e r w o r k e r p e r day on p a y r o ll f o r health and w e lfa r e and p e n sio n b e n e fits . 15 y e a r s o f 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 w ith co n trib u tin g e m p lo y e r s a fte r D e c . 31, 1950, and (2) fr o m Ju ly 1, 1937, through D e c. 31, 1950, tim e a s a union m e m b e r , o r e m p lo y e d in in d u stry as a se a m a n . 13 W o r k e r w ith 14 y e a r s o f s e r v ic e m a y r e t ir e in 1958 w ith m on th ly b e n e fit o f $ 4 5 . 50. 14 W o r k e r w ith 14 y e a r s o f s e r v ic e m a y r e t ir e in 1958. See fo o tn o te 13. 15 W o r k e r w ith 14 y e a r s o f s e r v ic e m a y r e t ir e in 1958 w ith m onthly b e n e fit o f $ 4 6 . 50. 14 E m p lo y e r s co n trib u te $1 p e r w o r k e r p e r day f o r p e n s io n and w e lfa r e b e n e fits . 17 25 y e a r s o f s e r v ic e in in d u stry and e m p lo y e d at tim e o f r e tir e m e n t. If a ge 65 o r o ld e r Jan. 1, 1950, through D e c. 31, 1961, m u st have 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 ou rs p e r y e a r s in c e Jan. 1, 1937; if a ge 65 o r o ld e r a fte r D e c. 31, 1961, m u st have b e e n e m p lo y e d f o r a total o f 17, 500 h o u r s . 18 15 y e a r s o f s e r v ic e in in d u stry and e m p lo y e d at date o f d is a b ility . M ust have b e e n e m p lo y e d f o r a v e ra g e o f 700 h ou rs p a r y e a r . 58 SELECTEDPENSIONPUNS ILL U ST R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T COMPANY, UNION, AND D A TE O F INFORMATION PA R T IC I PATION REQ U IR E MENTS Minimum requirements Service Age P a c i f ic M a r itim e A s s o c ia t io n (Y ea rs) 65 A ll until m in i m um re q u ir e m ents fo r bene fit a r e m e t. L o n g s h o r e m e n ’ s and W areh ou sem en ’ s U nion F e b r u a r y 1958 G en era l T elep h on e C om p a n y o f C a lifo rn ia C o m m u n ica tion s W o r k e r s o f A m e r ic a N o v e m b e r 1957 60 T Assuming average annual earnings of— Service credited after normal age age 65. 83,600 Benefit formula 84,200 85.000 and including present primary Social Security benefits of— 898.50 M onthly— $1 0 0 . EA R LY R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t f o r m u la i n c l u d i n g p r im 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 8108.50 8108.50 Minimum requirements Age Benefit formula Service (Y ea rs) A ft e r 25 y e a r s o f fu tu re s e r v i c e ; $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 A fte r 30 y e a r s o f fu tu re s e r v i c e : $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 A fte r 35 y e a r s o f fu tu re s e r v i c e ; $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 Y e a r ly — 1 p e r c e n t o f a v e r a g e annual e a rn in g s during 10 c o n s e c u tiv e y e a r s o f h ig h e s t e a rn in gs tim e s y e a r s o f s e r v ic e , le s s o n e -h a lf 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 . M in im um m o n th ly b e n e fit— p r i o r to a ge 65, $ 7 5 ; at a ge 65, $1 0 0 ; le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit when e lig ib le . A ft e r 25 y e a r s o f fu tu re s e r v i c e : 6 $ 7 5 .0 0 7 $1 1 4 . 40 8 $ 149• 25 ’ $ 1 3 9 .4 0 $ 8 7 .5 0 $ 1 3 0 .9 0 $ 1 5 4 .2 5 $ 1 4 3 .4 0 S ee n o r m a l r e tir e m e n t. $ 1 0 4 . 17 $ 1 4 7 .5 7 $ 1 5 8 .4 2 $ 1 4 7 .5 7 A ft e r 30 y e a r s o f fu tu re s e r v i c e : 6 $ 9 0 .0 0 $ 1 0 5 .0 0 $ 1 2 5 .0 0 7 $ 1 2 9 .4 0 $ 1 4 8 .4 0 $ 1 6 8 .4 0 * $ 1 4 9 .2 5 $ 1 5 9 .2 5 $ 1 7 9 .2 5 ’ $ 1 3 9 .4 0 $ 1 4 8 .4 0 $ 1 6 8 .4 0 A fte r 35 y e a r s o f fu tu re s e r v ic e : 6 $ 1 0 5 . 00 7 $ 1 4 4 . 40 8 $ 1 5 4 .2 5 ’ $ 1 4 4 .4 0 $ 1 2 2 . 50 $ 1 6 5 .9 0 $ 1 7 6 . 75 $ 1 6 5 .9 0 $ 1 4 5 . 83 $ 1 8 9 .2 3 $ 2 0 0 .0 8 $ 1 8 9 .2 3 1 1. C h a r te r p a r ticip a n ts — 25 y e a r s o f s e r v ic e as a lo n g s h o r e m a n (in clu d in g 5 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 ) during 28 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 and on p e n s io n l is t . W o r k e r w as on p en s io n l is t on June 1, 1952, i f in c o lle c t iv e b a rg a in in g unit on June 1, 1951, a g e 55 on o r b e fo r e June 1, 1951, and e m p lo y e d as a lo n g s h o r e m a n f o r 15 o f la s t 18 y e a r s i f age 55 on June 1, 1951, 16 o f la s t 19 y e a r s i f age 56, e tc . , to 25 o f la s t 28 y e a r s i f age 65 o r o ld e r on June 1, 1951. 2. O th ers— 25 y e a r s o f s e r v ic e as a lo n g s h o r e m a n (in clu d in g 5 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 ) d uring 35 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 , in c o lle c t iv e b a rg a in in g unit s in c e June 1, 1951, (9 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 a ft e r June 30, I9 6 0 ), and on p a r ticip a n ts p e n s io n lis t . W o r k e r is e lig ib le f o r p a r ticip a n ts p e n s io n lis t i f e m p lo y e d b y con trib u tin g e m p lo y e r s in a c o lle c t iv e b a rg a in in g unit and has r e a c h e d age 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 as a lo n g s h o r e m a n . 2 25 y e a r s o f s e r v ic e as a lo n g s h o r e m a n (in clu d in g 1 y e a r p r io r to r e t ir e m e n t y e a r ) during 35 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 and to ta lly and p e rm a n e n tly d is a b le d as r e s u lt o f s i c k n e s s o r in ju ry that do e s not en title w o rk e r to W o r k m e n ’ s C o m p e n sa tio n . 3 W o r k e r e lig ib le f o r r e t ir e m e n t b e n e fit m u st r e t ir e at a ge 68 o r th e r e a fte r upon b e c o m in g q u a lifie d f o r r e t ir e m e n t b e n e fit. 4 At w o r k e r ’ s r e q u e s t o r at d is c r e t io n o f b e n e fit co m m itte e and a p p ro v a l o f p r e s id e n t. 5 At d is c r e t io n o f b e n e fit co m m itte e and a p p ro v a l o f p r e s id e n t. 59 UNDERCOLLECTIVEBARGAINING DISA BILITY RETIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age 8 Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S Before retirement After retirement FINANCING MEDIUM O F FUNDING Pmployee ADMINISTRATION Employer (Y ea rs) *25 Joint and s u r v i v o r . 10 Type, conditions. requirements Service INVOLUNTARY R E TIR EM E N T VESTIN G M onthly— $1 0 0 . (3) (3) 12 m on th ly b e n e fit p a y m e n ts . 65 65 (l l ) T r u s te e d ; B ip a r tite . F u ll s e lfc o s t ---On a ton ad m inistered. nage b a s is , e q u iv a lent to $ 0 . 15 per m an h ou r w o rk e d . F u ll cost. E m p lo y e r . T r u s te e d ; ban kadm in istered . F o r m en r e t ir in g p r io r to age 65 (w om en p r i o r to age 62). F o r w om en r e t ir in g at a ge 62, o r upon re a c h in g age 62 having r e t ir e d p r i o r to that age (in clu d e s r e d u c e d p r im a r y S o c ia l S e c u r ity b e n e fit). 8 F o r m en o r w o m e n r e t ir in g at a ge 65, o r m e n re a c h in g age 65 having r e t ir e d p r i o r to that a g e . 9 F o r w om e n upon r e a ch in g age 65 havin g r e t ir e d p r i o r to o r at age 62 (in clu d e s r e d u c e d p r im a r y S o c ia l S e c u r ity b e n e fit). 10 O ption not a v a ila b le to w o r k e r on m in im u m b e n e fit. II At the d is c r e t io n o f b e n e fit c o m m itte e and a p p ro 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 fit m a y be con tin u ed f o r a p e r io d o f 12 m onths to depen dent r e la tiv e s to a m axim u m o f $ 2 , 000. I 60 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIONS NORMAL R E TIR EM E N T COMPANY, UNION, AND DATE O F INFORMATION S outhern B e ll T eleph on e and T e le g r a p h C om pa n y C om m u n ica tion s W o r k e r s o f A m e r ic a M a r c h 1958 P A R T IC I PATION RE Q U IR E MENTS Minimum requirements Age Service (Y e a rs ) Service credited after normal age M en 60 | 120 age 65. or 55 "j~ *25 Benefit formula E A R LY R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 Assuming average annual earnings of— S3,600 $4,200 $5,000 and including present primary Social Security benefits of— $96.50 $108.50 $108.50 Y e a r ly — 1 p e r c e n t o f a v e r a g e annual e a rn in gs d uring 10 c o 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 r e t ir 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 , 10 c o n s e c u t iv e y e a r s o f h ig h e st e a r n in g s ) tim e s y e a r s o f s e r v ic e , le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit w hen e lig ib le . A ft e r 25 y e a r s o f futu re s e r v ic e ; * $ 7 5 .0 0 $ 8 7 .5 0 $ 1 0 4 . 17 4 $ 114. 40 $ 1 3 0 .9 0 $ 1 4 7 .5 7 5 $ 1 4 9 .2 5 $ 1 5 4 .2 5 $ 1 5 8 .4 2 4 $ 139. 40 $ 1 4 3 .4 0 $ 1 4 7 .5 7 M in im um m on th ly b e n e fit— p r i o r to a ge 65, $75; at a ge 65, $10 0; le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit w hen e lig ib le . A ft e r 30 y e a r s o f fu tu re * $ 9 0 .0 0 $ 1 0 5 .0 0 4 $ 129. 40 $ 1 4 8 .4 0 5 $ 1 4 9 .2 5 $ 1 5 9 .2 5 4 $ 1 3 9 .4 0 $ 1 4 8 .4 0 Minimum requirements Benefit formula Age Service (Y e a rs ) S ee n o r m a l r e t ir e m e n t . s e r v ic e ; $ 1 2 5 .0 0 $ 1 6 8 .4 0 $ 1 7 9 .2 5 $ 1 6 8 .4 0 A ft e r 35 y e a r s o f fu tu re s e r v ic e ; TThe W e s te rn Union T e le g r a p h C om pa n y M en 60 C o m m e r c ia l T e le g r a p h e r s F e b r u a r y 1958 | 120 or T-I 930 55 9 25 or W om en 55 j ^20 age 70. Y e a r ly — 1 p e r c e n t o f a v e r a g e annual e a rn in g s d uring the 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 (at e m p lo y e r ’ s d is c r e t io n , 10 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 ) tim e s y e a r s o f s e r v ic e , le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit when r e c e iv e d . M in im um m on th ly b e n e fit— 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 ity b e n e fit, $ 7 5 ; a ft e r su ch a g e , $10 0; le s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit w hen r e c e iv e d . 3 $ 1 0 5 . 00 4 $ 1 4 4 . 40 5 $ 1 5 4 .2 5 4 $ 1 4 4 .4 0 $ 1 2 2 .5 0 $ 1 6 5 .9 0 $ 1 7 6 . 75 $ 1 6 5 .9 0 3 $ 7 5 .0 0 4 $ 1 3 9 .4 0 5 $ 1 4 9 .2 5 i o f fu tu re s e r v ic e ; $ 1 0 4 .1 7 $ 8 7 .5 0 $ 1 4 3 .4 0 $ 1 4 7 . 57 $ 1 5 4 .2 5 $ 1 5 8 .4 2 A ft e r 30 yea:rs o f fu tu re s e r v ic e : 3 $ 9 0 .0 0 $ 1 0 5 .0 0 $1 2 5 . 00 4 $ 1 3 9 .4 0 $ 1 4 8 .4 0 $ 1 6 8 .4 0 $ 1 7 9 .2 5 5 $ 1 4 9 .2 5 $ 1 5 9 .2 5 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $1 4 5 . 83 3 $ 1 0 5 . 00 $ 1 2 2 .5 0 $ 1 6 5 .9 0 4 $ 1 4 4 . 40 $ 1 8 9 .2 3 $ 2 0 0 .0 8 5 $ 1 5 4 .2 5 $ 1 7 6 . 75 or I' — 930 1 * 3 4 5 4 7 A t w o r k e r 's r e 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 it t e e . ^ W ith a p p ro v a l o f b e n e fit c o m m it t e e . F o r m e n r e t ir in g p r i o r to a ge 65 (w om en p r i o r to age 62). F o r w om e n r e t ir in g at a g e 62, o r upon r e a ch in g age 62 having r e t ir e d p r i o r to that a g e (in clu d e s r e d u c e d 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 m en o r w o m e n r e t ir in g at age 65, o r m e n rea c h in g a ge 65 having r e t ir e d p r i o r to that a g e . F o r w om e n upon re a c h in g age 65 having r e t ir e d p r i o r to o r at age 62 (in clu d e s re d u c e d p r im a r y S o c ia l S e c u r ity b e n e fit). T ota l d is a b ility as r e s u lt o f s ic k 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 lo y m e n t. $1 4 5 . 83 $ 1 8 9 .2 3 $ 2 0 0 . 08 $ 1 8 9 .2 3 S ee n o r m a l r e tir e m e n t. 61 UNDERCOLLECTIVEBARGAINING D ISA BILITY RE TIR EM E N T NORMAL AND E A R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Beeefit formal* Age Service INVOLUNTARY RETIR EM E N T VESTIN G Type, conditions, nnd minimum requirements Benefit formula Compulsory at age - Automatic at age - DEATH B E N E F IT S FINANCING MEDIUM O F FUNDING ADMINISTRATION Before retirement After retirement (8) Annual e a r n ings at r e t ir e m e n t redu ced 10 p e r c e n t f o r e a c h fu ll y e a r e la p s e d s in c e r e tir e m e n t; m in im u m am ount equal to annual p e n s io n . A t d is c r e t io n o f b en efit c o m m itte e , 12 m on th s' ea rn in gs paid. F u ll cost. T ru s te e d ; E m p lo y e r . banka d m in istered . ( t°) 3 m on th ly r e tir e m e n t b e n e fit p a y m ents to a m axim u m o f $ 100 (granted at d is c r e t io n o f b e n e fit c o m m it t e e ). F u ll co st. T r u s te e d ; E m p lo y e r . s e lfa d m in istered . Employee Employer (H e a rs ) * 15 Y e a r ly — 1 p e r c e n t o f a v e r a g e annual e a rn in g s du rin g 10 c o n s e c u tiv e y e a r s im m e d ia t e ly p r e c e d in g r e t ir e m e n t (at b e n e fit c o m m it t e e 's d i s c r e t i o n , 10 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 ) tim e s y e a r s o f s e r v ic e , le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit (o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit w hen e lig ib le ). 65 M in im um m o n th ly b e n e fit f o r 20 o r m o r e y e a r s o f s e r v ic e — p r i o r to age 65, $ 7 5 ; at a g e 65, $ 10 0; le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit (o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit w hen e lig ib le ). 7 15 Y e a r ly — 1 p e r c e n t o f a v e r a g e annual 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 r e tir e m e n t (at e m p lo y e r 's d is c r e t io n , 10 c o n s e c u tiv e y e a r s o f hig h e st e a r n in g s ) tim e s y e a r s o f s e r v ic e , le s s o n e -h a lf S o c ia l S e c u r ity d is a b ility b e n e fit (o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit w hen re ceived ), 70 70 <“ > * ( l ) 3 y e a r s ' e a rn in gs to m a x im u m o f $ 3 0 ,0 0 0 , o r am ount payable under s ic k n e s s death b e n e fit (s e e (2) b e lo w ), w h ic h e v e r is g r e a t e r — fo r death b y o c c u p a tio n a l a c c id e n t. (2) 4 m on th s' ea rn in gs f o 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 b y 2 m o n th s' e a rn in gs f o r e a c h add ition al y e a r o f s e r v ic e to 12 m o n th s' e a rn in gs f o r 5 o r m o r e y e a r s , o r $ 2 5 0 , w h ic h e v e r is g r e a t e r — f o r death by oth er c a u s e s . 9 A t d is c r e t io n o f b e n e fit c o m m it t e e and a p p ro v a l o f a d e sig n a te d v ic e p r e s id e n t. 10 C om p a n y has a death b e n e fit plan p r o v id in g paym en t o f 3 y e a r s ' e a rn in gs to a m axim u m o f $ 1 5 , 000 in c a s e o f death by o c c u p a tio n a l a c c id e n t; and 6 m on th s' ea rn in g s fo r 5 to 10 y e a r s o f s e r v ic e , 1 y e a r 's e a rn in gs f o r 10 o r m o r e y e a r s o f s e r v ic e to a m axim u m o f $ 2 , 000, in c a s e o f death by o th e r c a u s e s . 11 H o w e v e r , i f p e n s io n e r d ie s b e fo r e r e c e iv in g in r e tir e m e n t b e n e fits an am ount equal to death b en efit (s e e fo o tn o te 10) had he d ied w h ile e m p lo y e d , e x c e s s paid to b e n e fic ia r y in lie u o f a b o v e . 62 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIONS NORMAL R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la EA R LY R E TIR EM E N T i n c l u d i n g p r im 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 COMPANY, UNION, AND D ATE O F INFORMATION P A R T IC I PATION REQ U IR E- Minimum requirements Age A la b a m a P o w e r C om pa n y A g e 25 and E le c t r ic a l (IB EW ) 1 y e a r of s e r v ic e . D e c e m b e r 1957 Service (Y e a rs ) 65 Service credited Benefit formula normal age N one. 898.50 M onthly— f o r s e r v ic e a ft e r D e c . 31, 1955, 1 .2 5 p e r c e n t o f f i r s t $350 o f m on th ly e a rn in gs and 1. 75 p e r c e n t o f e a rn in gs e x c e e d in g $350 f o r e a ch y e a r o f s e r v i c e ; 1 f o r s e r v ic e p r io r to Jan. 1, 1956, 1 p e r c e n t o f m on th ly ra te o f ea rn in g s on Jan. 1, 1955, f o r e a ch y e a r o f su ch s e r v i c e . 1 M in im um m on th ly b e n e fit— $100 f o r 30 o r m o r e y e a r s o f s e r v i c e , 2 r e d u c e d $ 1 .5 0 f o r ea ch y e a r le s s than 30 y e a r s , l e s s o n e -h a lf p r im a r y S o c ia l S e c u r ity b e n e fit. The D e tr o it E d is o n C om pa n y 6 m onths of s e r v ic e . 65 __ N one. U tility W o r k e r s N o v e m b e r 1957 P a c i f ic Gas and E l e c t r ic C om pa n y 1 yea r of s e r v ic e . 3 65 __ N one. E l e c t r ic a l (IBEW ) Jan uary 1958 __ 65 8 15 A ll. $ 2 2 9 .7 5 $ 2 5 6 .0 0 $ 2 6 1 .6 3 Service (Y e a rs ) $ 3 0 9 . 75 $ 3 0 2 .4 6 s e r v ic e ; $ 2 1 2 .6 7 s e r v ic e ; $2 3 3 . 50 $ 1 4 8 .5 0 45 *15 A t wo:r k e r 's requei St. A c t u a r ia l equ ivalen t o f n o r m a l b e n e fit, p aya ble im m e d ia te ly ; o r n o r m a l b e n e fit, p a ya b le at a ge 65. s e r v ic e : $ 25 4. 33 s e r v ic e ; $ 2 9 3 .9 2 s e r v ic e : $ 3 3 1 .0 0 4 55 __ W ith <jm p lo y e r 's c:on sen t. N o rm a l b e n e f i t 5 red u c e d 4 p e r c e n t f o r ea ch y e a r u nd er age 65, 3 paya ble im m e d ia te ly . s e r v ic e : $ 3 6 8 . 08 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 3 8 .5 0 E x clu d es 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 f o r w o m e n c o v e r e d b y plan p r io r to Jan. 1, 1954. A g e 50 f o r w o m e n c o v e r e d b y 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 dedu cted fr o m m in im u m w hen r e c e iv e d . A g e 45 f o r w o m e n c o v e r e d b y the plan p r io r to Jan. 1, 1954. Benefit formula Age 55 120 A c tu a r ia l equ ivalen t o f n o r m a l b e n e fit (m inim um A t w o i •ker's not a p p lic a b le ), p a ya b le ireques it (s u b im m e d ia te ly . A ft e r 30 y e a r s o f futu re s e r v ic e ; iject to e m p lo y $ 2 1 1 .0 0 $ 2 3 9 . 75 $ 2 7 4 .7 5 e r 's co n s e n t A ft e r 35 y e a r s o f futu re s e r v ic e ; p r io r to age 60)., A ft e r 25 y e a r s o f fu tu re s e r v ic e : M onthly— $40 f o r 20 o r m o r e y e a r s o f s e r v ic e , r e d u c e d $2 p e r m onth f o r e a ch y e a r o f s e r v ic e le s s than 20 to a m inim urr $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 o f $30 f o r 15 y e a r s o f s e r v ic e . A ft e r 30 y e a r s o f futu re s e r v ic e : $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 O cto b e r 195 7 8108.50 Minimum requirements A ft e r 25 y e a r s o f fu tu re s e r v ic e ; $ 1 9 2 .2 5 $ 2 1 7 .8 8 $ 2 4 7 .0 5 A ft e r 25 y e a r s o f fu ture M onthly— f o r s e r v ic e a ft e r D e c . 31, 1936, Va* o f w o r k e r 's total c o n tr ib u tio n s ; f o r s e r v ic e p r io r to Jan. 1, 1937, 1. 5 p e r $ 2 1 1 .0 0 $ 2 5 2 .2 5 cen t o f m on th ly e a rn in gs in D e c . 1936 tim e s y e a r s o f such s e r v i c e 2 f o r w om en a ges 45 through 49 on Jan. 1, 1937, A ft e r 30 y e a r s o f futu re 1 .2 5 p e r c e n t f o r w o m e n a g e s 40 through 44 (m en a g e s 45 $ 2 3 3 .5 0 $ 2 8 1 .0 0 through 49), and 1 p e r c e n t f o r w o m e n u n d er age 40 (m en un d er age 45). A ft e r 35 y e a r s o f fu tu re H otel and R estau ra n t E m p lo y e e s , L o c a l 89 1 2 3 4 5 6 8108.50 A ft e r 25 y e a r s o f fu tu re Y e a r ly — f o r s e r v ic e a ft e r M a r . 31, 1943, 1 p e r c e n t of a v e r a g e ea rn in g s d uring 5 c o n s e c u tiv e y e a r s o f h ig h e st e a r n $ 1 7 3 .5 0 $ 1 9 6 .0 0 ings tim e s y e a r s o f s e r v i c e ; 2 f o r s e r v ic e p r i o r to A p r . 1, 1943, g r e a t e r o f; ( l ) 1 p e r c e n t o f h ig h e s t annual e a rn in gs A ft e r 30 y e a r s o f fu tu re p r i o r to A p r. 1, 1949, tim e s y e a r s o f su ch s e r v ic e , o r $ 18 8. 50 $ 2 1 3 .5 0 (2) 1 p e r c e n t o f 1 .3 3 3 tim e s annual e a rn in gs f o r y e a r im m e d i a te ly p r e c e d in g A p r. 1, 1943, tim e s y e a r s o f such s e r v ic e . A ft e r 35 y e a r s o f fu ture $20 3! 50 $2 3 1 . 00 M in im um m on th ly b e n e fit f o r 15 o r m o r e y e a r s o f s e r v i c e 2— $40. M in im um m on th ly b e n e fit— $12 5 f o r 25 o r m o r e y e a r s o f s e r v ic e 1 r e d u c e d $5 p e r m onth f o r e a 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 f o 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. R esta u ra n t in d u stry, P r o g r e s s i v e R estau ra n t O w ners 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 . ) Assuming average annual earnings of— S3,600 84,200 85,000 and including present primary Social Security benefits of— $ 1 4 8 .5 0 __ __ __ 63 UNDERCOLLECTIVEBARGAINING D ISA BILITY R ETIR EM EN T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age INVOLUNTARY RETIR EM E N T VESTIN G Type, conditions, and minimum requirements FINANCING MEDIUM O F FUNDING Benefit formula Compulsory at age - N o rm a l b e n e fit (m inim um not a p p lic a b le ), p a y ab le at age 65. 65 Automatic at age - Before retirement After retirement Fmployee ADMINISTRATION Employer (Y ea rs) Joint and s u r v iv o r (N orm a l). D e fe r r e d fu ll. T e rm in a te d f o r any reason . Level in c o m e (E a r ly ). F u ll co st. T ru s teed ; E m p lo y e r . banka d m in istered . F u ll cost. T r u s te e d ; E m p lo y e r . ban k adm in istered . 20 y e a r s o f s e r v i c e . 2 Joint and s u r v iv o r . 65 Joint and s u r v iv o r . 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 6 and 10 y e a r s of s e r v ic e .1 55 7 8 to Jan. 9 DEATH B E N E F IT S 8 15 N o rm a l b e n e fit r e d u c e d 5 p e r c e n t fo r ea ch y e a r u nd er age 65 through 61, 4 p e r c e n t f o r e a ch y e a r under age 61 through 5 7, and 3 p e r c e n t f o r ea ch y e a r und er age 57 through 55, p a y a b le im m e d ia te ly . A c t u a r ia l e q u iv a le n t o f l /a 4 o f w o r k e r ’ s total c o n tr ib u tio n s , p aya ble anytim e du rin g 1 0 -y e a r p e r io d p r i o r to age 6 5 ;3 o r V 24 of w ork er’ s total c o n tr ib u tio n s , pa ya b le at age 65. 7 65 65 C on tribu tion s C on tribu tion s 3 p e r c e n t B a lan ce C om bin ation ; E m p lo y e r . o f cost. plus in t e r e s t . plus in t e r e s t , o f f ir s t T r u s te e d ; le s s b en efits $ 3 , 600 ban k o f annual r e c e iv e d . adm in istered . ea r n in g s , and In su red; 5 percent grou p of earn annuity. ings exceed ing $3, 600. B ip a r tite . T r u s te e d ; F u ll s e lfc o s t ---3 p er a d m in istered cen t o f p en sion p a y r o ll.9 A w om a n c o v e r e d b y plan p r i o r to Jan. 1, 1954, m u st r e t ir e at age 60 u n le s s r e q u e s te d to contin ue in e m p lo y m e n t b y e m p lo y e r but in no event a ft e r age 65. 15 y e a r s o f s e r v ic e in tr a d e . S e r v ic e in clu d e s ( l ) 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 a fte r D e c . 31, 1952, and (2) e m p lo y m en t c o v e r e d b y u n ion ’ s c o lle c t iv e b a rg a in in g a g r e e m e n ts p r io r 1, 1953. M in im um w age s c a le o r shop m in im u m in e ffe c t on O ct. 31, 1951, plus $2 f o r e a ch w o r k e r . 64 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIO NS NORMAL R E T IR EM E N T EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t f o r m u la i n c lu d in g p rim a ry S o c i a l S e c u r it y b e n e f i t s COMPANY, UNION, AND D ATE O F INFORMATION PA R T IC I PATION REQ U IR E MENTS Minimum requirements Age R e ta il fo o d in d u stry, F o o d E m p lo y e r s C o u n c il, In c. , and o th e r e m p lo y e r s , S outhern C a lifo r n ia a r e a 65 Service (Y ea rs) 110 Service credited after normal nge A ll. Assuming average annual earning , 0f . 000 S3,600 S4.200 t and including present primary Social Security benefits of— S96.50 8108.50 8108.50 Benefit formula M onthly— $100 f o r 30 o r m o r e y e a r s o f s e r v ic e , r e d u c e d $ 3 . 33 f o r e a ch y e a r o f s e r v ic e le s s than 30 y e a r s . Benefit formula Service Age (Y ea rs) 110 55 A t w o r k e r 's A ft e r 30 y e a r s o f fu tu re s e r v ic e : r e q u e s t. $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 R e ta il C le r k s A c tu a r ia l equ ivalen t o f n o r m a l b e n e fit, pa ya b le im m e d ia te ly ; o r n o r m a l b e n e fit, pa y a b le at a g e 65. A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 9 8 .5 0 $ 2 0 8 .5 0 $ 2 0 8 .5 0 M a r c h 1958 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 (New Y o rk , N. Y . ) A ft e r 25 y e a r s o f fu tu re s e r v ic e ; $ 1 8 1 .8 5 $ 1 9 1 .8 5 $ 1 9 1 .8 5 Minimum requirements 65 A ll. M onthly— f o r s e r v ic e a ft e r Sept. 30, 1951, Va o f 1 p e r c e n t o f total e a r n in g s , d iv id e d b y 12; f o r s e r v ic e p r i o r to O ct. 1, 1951, $3 6 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 , d iv id e d b y 12. A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 3 6 .0 0 $ 1 5 2 .2 5 $ 1 6 0 .5 8 A ft e r 30 y e a r s o f fu tu re s e r v i c e ; $ 1 4 3 .5 0 R e ta il, W h oles a le and D ep a rtm en t S to re Union, L o c a l 1199 $ 1 6 1 .0 0 55 *5 A t w o r k e r 's r e q u e s t. A c t u a r ia l equ iva len t o f n o r m a l b e n e fit, pa y a b le im m e d ia te ly ; o r n o r m a l b e n e fit, p aya ble at a ge 65. $ 1 7 1 .0 0 A ft e r 35 y e a r s o f fu tu re s e r v i c e : $ 1 5 1 .0 0 $ 1 6 9 .7 5 $ 1 8 1 .4 2 O cto b e r 1957 R eta il, w h o le s a le , and w a re h o u s e 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 . ) R eta il, W h o le s a le and D ep artm en t S tore U nion, D is t r ic t 65 (65 S e c u r ity P lan ) D e c e m b e r 1957 65 10 A ll. Y ea rs of s e r v ic e 10 15 --------------- 20 ---25 30 35 40 ----------------------------- M on th ly b e n e fit le s s fa m ily S o c ia l S e c u r ity b e n e fits --------------------- --------- --------------------- $12 5 140 --------------------------------------------------------- 160 -------------200 -------------- 225 250 --------------------------------------------------------- M in im um fr o m fund $ 50 60 75 100 100 100 100 A ft e r 25 y e a r s o f fu tu re s e r v ic e : * $ 2 4 7 .8 0 $ 2 6 2 .8 0 $ 2 6 2 .8 0 A ft e r 30 y e a r s o f fu tu re s e r v ic e : * $ 2 4 7 .8 0 $ 2 6 2 .8 0 10 60 A t w o r k e r 's requ est • $ 2 6 2 .8 0 A ft e r 35 y e a r s o f fu tu re s e r v i c e : * $ 2 4 7 .8 0 $ 2 6 2 .8 0 $ 2 6 2 .8 0 or M onthly b e n e fit is in c r e a s e d $25 f o r e a c h a d d itio n a l 5 y e a r s o f s e r v ic e ; n o fu r th e r in c r e a s e in m in im u m . (4) 55 *25 (15 fo r w o m e n ). A t w o r k e r 's r e q u e s t. M onthly— f o r 10 through l 5 y e a r s o f s e r v ic e and a g e 60, $10 0; plus $25 f o r e a c h ad d ition a l 5 y e a r s o f s e r v ic e o v e r 15 y e a r s , le s s fa m ily S o c ia l S e c u r it y b e n e f it s . M in im um m on th ly b e n e fit p a ya b le fr o m fund is $50 f o r 10 y e a r s o f s e r v ic e , plus $5 f o r e a ch ad d ition a l 5 y e a r s o f s e r v ic e o v e r 10 y e a r s to a m a xim u m of $80 f o r 40 o r m o r e y e a r s o f s e r v ic e . M onthly— f o r 25 y e a r s o f s e r v ic e (15 f o r w om en ) and a ge 55, $50 ; plus $25 f o r e a c h a d d ition a l 5 y ea rs o f s e r v ic e o v e r 25 y e a r s f o r b oth m en and w om en , le s s fa m ily S o c ia l S e c u r ity b e n e fits . M in im um m on th ly b e n e fit p aya ble fr o m fund is $35 f o r 25 y e a r s o f s e r v ic e , plus $5 f o r e a c h ad d ition a l 5 y e a r s o f s e r v ic e o v e r 25 y e a r s to a m axim u m o f $50 f o r 40 o r m o r e y e a r s o f s e r v ic e . 1 10 y e a r s o f s e r v ic e in in d u stry . S e r v ic e in c lu d e s ( l ) 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 ft e r M a r. 31, 1957, and (2) e m p lo y m en t by e m p lo y e r s u n d er ju r is d ic t io n o f union p r io r to A p r . 1, 1957, i f con trib u tion 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 it e d f o r b e n e fit p u r p o s e s a ft e r age 25. 2 5 y e a r s o f s e r v ic e w ith co n trib u tin g e m p lo y e r s . 3 10 y e a r s o f s e r v ic e in in d u stry . S e r v ic e in clu d e s ( l ) 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 Jan. 31, 1950, and (2) e m p lo y m en t under u n ion 's c o lle c t iv e b a rg a in in g a g r e e m e n ts p r i o r to F e b . 1, 1950, if con trib u tio n s m ade in w o r k e r 's b e h a lf on F e b . 1, 1950. 4 A w o r k e r e m p lo y e d b y one e m p lo y e r f o r 25 y e a r s in clu d in g 1 y e a r in w h ich e m p lo y e r m ade co n trib u tio n s in w o r k e r 's b e h a lf, r e c e iv e s a m on th ly b e n e fit o f $10 0, le s s fa m ily S o c ia l S e c u r ity b e n e fit. M inim um m on th ly b e n e fit fr o m fund - $15 , i f co n trib u tio n s w e r e m ade in w o r k e r 's b e h a lf f o r 1 y e a r , plus $5 f o r e a ch ad d ition al y e a r to a m axim u m o f $35 f o r 5 y e a r s . 65 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM E N T NORMAL AND EA R LY RETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Service INVOLUNTARY R E TIR EM E N T VESTIN G Type, conditions, and minimum requirements DEATH B E N E F IT S FINANCING MEDIUM O F FUNDING Benefit formula Compulsory at age - Automatic at age - Before retirement After retirement Fmployee ADMINISTRATION Employer ( } ears) Joint and s u r v iv o r . D e fe r r e d fu ll. T e r m in a te d f o r any reason . Level in com e (E a r ly ). 10 y e a r s o f s e r v i c e . 1 A c tu a r ia l e q u iv alen t o f n o r m a l b e n e fit, p aya ble an ytim e during 1 0 -y e a r p e r io d p r i o r to a ge 65; or norm al bene fit, p a ya b le at age 65. F u ll T r u s te e d ; B ip a rtite. c o s t ---s e lf$ 0 . 075 ad m in istered . per stra igh ttim e h oa r w ork ed . F u ll T ru s te e d ; B ip a r tite . s e lfcost— 3 per a d m in istered . cen t o f gross p a y r o ll. 50 3 15 or 325. M onthly— $ 5 0 , le s s fa m ily S o c ia l S e c u r ity b e n e fits . M inim um m on th ly b e n e fit p a ya b le fr o m fund, p r io r to age 50 and 25 y e a r s o f s e r v i c e , $ 1 0 ; age 50 o r o ld e r and 15 y e a r s , $15; 20 y e a r s , $20 ; 25 y e a r s , $25 . D e fe r r e d fu ll. T e r m in a te d f o r any reason . 10 y e a r s o f s e r v ic e . 3 M onthly— $ 2 . 50 tim e s y e a r s o f s e r v ic e , paya ble at age 65. (6) T r u s te e d ; B ip a r tite . F u ll s e lfc o s t ---4. 5 p e r a d m in istered . c en t o f straigh ttim e p a y r o ll. 5 B en efits com p u ted on a s s u m p tio n o f a w o r k e r e n titled to m in im u m fa m ily S o c ia l S e c u r ity b e n e fits o f $ 1 4 7 . 80 ($ 9 8 . 50 p r im a r y b e n e fit, plus on e-h a lf su ch am ount to s p o u s e ) f o r $ 3 , 600 a v e r a g e ea rn in gs le v e l, and $ 1 6 2 . 80 ($ 1 0 8 . 50 p r im a r y b e n e fit, plus o n e -h a lf su ch am ount to s p o u s e ) f o r $ 4 ,2 0 0 and $ 5 , 000 a v e r a g e e a rn in gs l e v e ls , • W o r k e r s m a y e le c t lum p sum w ith draw al b e n e fit in lie u o f v e s te d p e n s io n a c c o r d in g to fo llo w in g : 5 throu gh 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 ea rs, 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 , 3 3 .3 3 3 p e r c e n t; 20 through 24 y e a r s , 50 p e r c e n t; 25 through 29 y e a r s , 75 p e r c e n t ; and 30 and m o r e y e a r s , 100 p e r c e n t . 66 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIONS NORMAL R E TIR EM E N T COMPANY, UNION, AND DATE O F INFORMATION P A R T IC I PATION R EQ U IR EMENTS Minimum requirements Age M ilk D e a le r s , v a r io u s e m p lo y e r s , C h ic a g o , HI. , a r e a 65 Service (Y e a rs ) 1 25 Service . credited after normal age A ll. Benefit formula M onthly— $100 f o r 35 o r m o r e y e a r s o f s e r v ic e , $90 f o r 30 through 34 y e a r s , and $80 f o r 25 through 29 y e a r s o f s e r v ic e .2 EA R LY RETIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la i n c l u d i n g p r im 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 \ssum ing average annual earnings of— S3,600 S4.200 S5,000 and including present primary Social Security benefits of— $98.50 S108.50 8108.50 Minimum requirements Benefit formula Age Service (Y e a rs ) A ft e r 25 y e a r s o f fu tu re s e r v ic e ; $ 1 7 8 .5 0 $1 8 8 . 50 $ 1 8 8 .5 0 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 8 8 .5 0 $ 1 9 8 .5 0 $ 1 9 8 .5 0 T e a m s t e r s , L o c a l 753 Jan uary 1958 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 9 8 . 50~ $ 2 0 8 .5 0 $ 2 0 8 .5 0 (2) John H a n cock M utual L ife In su ran ce C om pa n y 1 year of s e r v ic e . 65 N one. In su ra n ce W o r k e r s o f A m e r ic a Y e a r ly — 1 p e r c e n t o f f i r s t $ 3 , 600 o f annual e a r n 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 $3 , 600 f o r e a ch y e a r o f s e r v ic e ;5 plus 1 p e r c e n t o f total ea rn in gs during 10 y e a r s p r e c e d in g r e t ir e m e n t (e x c lu d e s y e a r s p r i o r to a ge 50). F e b r u a r y 1958 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 2 0 3 .5 0 $ 2 4 3 .5 0 $ 2 8 3 .5 1 A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 2 1 8 .5 0 $ 2 6 3 .5 0 $ 3 1 0 .1 7 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 2 3 3 .5 0 $283.5*0 $ 3 3 6 .8 3 55 W ith !s m p lo y e r 's c:on sen t. or 60 6 25 W ith <s m p lo y e r 's c on sent o r at em p l o y e r 's req u e St. The P r den tial In su ran ce C o m ’ any o f A m e r ic a Insu ance A gents In* jrn a tio n a l U nion F e b r u a r y 1958 __ 65 __ N one. M onthly— f o r s e r v ic e a ft e r D e c . 31, 1946, 1 .3 p e r c e n t o f f i r s t $ 3 , 000 o f annual e a r n in g s , and 2 p e r c e n t o f e a rn in g s e x c e e d in g $ 3 , 000 f o r e a c h y e a r o f s e r v ic e , d iv id e d b y 12; f o r s e r v ic e p r i o r to Jan. 1, 1947, Via o f g r e a t e r o f; ( l ) 1 p e r c e n t o f f i r s t $ 3 , 600 o f ad ju sted p a st s e r v ic e e a r n i n g s ,8 and 1 .5 p e r c e n t o f ea rn in gs e x c e e d in g $ 3 , 600 tim e s y e a r s o f su ch s e r v ic e , o r (2) 110 p e r c e n t o f p r e v io u s p ast s e r v ic e f o r m u l a .9 A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 2 0 4 . 75 $2 3 9 . 75 $ 2 7 3 .0 8 A fte r 30 y e a r s o f fu tu re s e r v ic e : $ 2 2 6 .0 0 $ 2 6 6 .0 0 $ 3 0 6 .0 0 A c tu a r ia l eq u iva len t o f n o r m a l b e n e fit, p aya ble im m e d ia te ly . 55 10 A t w o r k e r 's r e q u e s t. N o rm a l b e n e fit, payable im m e d ia te ly , plus an am ount equal to p r im a r y S o c ia l S e c u r ity b en efit, p aya ble until e lig ib le fo r su ch b en efit. A c t u a r ia l equ iva len t of n o r m a l b e n e fit, p aya ble im m e d ia te ly . A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 2 4 7 .2 5 $ 2 9 2 .2 5 $ 3 3 8 .9 2 1 U nion m e m b e r f o r 25 y e a r s , e m p lo y e d in in d u stry at tim e o f r e tir e m e n t and f o 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 t ir e m e n t . 2 In lie u o f f i r s t $ 4 , 000 o f m on th ly b e n e fits , on a p p lic a tio n a lum p sum paym en t o f $ 3 , 600 m a y b e m ade at d is c r e t io n o f tr u s t e e s , o r if paym en ts have s ta rte d , an am ount equal to 90 p e r c e n t o f d iffe r e n c e b etw een $ 4 , 000 and paym en ts r e c e iv e d . 3 T e rm in a te d f o r any r e a s o n and e m p lo y e d in in d u stry f o 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 . W ith 10 th rough 14 y e a r s o f union m e m b e r s h ip and p e r m a n e n tly d is a b le d , $600 lum p aum ; 15 through 19 y e a r s o f union m e m b e r s h ip , $ 1 ,2 0 0 ; 20 through 24 y e a r s o f union m e m b e r s h ip , $ 2 , 400; 25 o r m o r e y e a r s o f union m e m b e r s h ip and not e lig ib le f o r r e t ir e m e n t b e n e fit, $ 2 , 400. 4 U nion m e m b e r s h ip and e m p lo y e d at tim e o f death f o r 2 y e a r s and r e t ir e m e n t b e n e fits not a p p ro v e d . 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 . 6 In clu des p r e m e m b e r s h ip s e r v ic e . 7 L ife annuity b e n e fit (o p tio n ) f o r w idow a ls o a v a ila b le upon death o f w o r k e r w ithin 1 0 -y e a r p e r io d p r i o r to n o r m a l r e t ir e m e n t date. 67 UNDERCOLLECTIVEBARGAINING D ISA BILITY RETIR EM E N T NORMAL AND EA R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age Type, conditions. requirements Service INVOLUNTARY 1 RE TIR EM E N T V ESTIN G Benefit formula Compulsory at a g e - Automatic at age - DEATH B E N E F IT S Before retirement After retirement T e rm in a tio n b e n e fit f o r w h ich e lig ib le (s e e fo o tn o te 3) e x c e p t $ 4 , 000 f o r 25 y e a r s o f union m e m b e r s h ip , plus $ 1 ,0 0 0 . $ 4 , 000, le s s b e n e fits r e c e iv e d p r o v id ed that lum p sum p aym ent a v a ila b le u nd er n o r m a l b e n e fit has not b e e n m a d e. FINANCING MEDIUM O F FUNDING Fmploype (Y ea rs) 1 25 M onthly— $70 f o r 3b o r m o r e y e a r s o f s e r v ic e , and $60 f o r 25 through 34 y e a r s o f s e r v i c e . * (3) F u ll T r u s te e d ; B ip a rtite. s e lfc o s t ---$ 6 p e r ad m in istered w ork er per w eek , plus a d d ition al am ounts f o r bulk and s to r e rou tes. (4) Joint and s u r v iv o r .7 ADMINISTRATION Employer 6 10 N o rm a l b e n e fit, paya ble im m e d i D e fe r r e d fu ll. a te ly ; plus am ount equal to p r im a r y S o c ia l S e c u r ity b e n e fit, p a y a b le until T e rm in a te d f o r any e lig ib le f o r su ch b e n e fit; m in im u m — reason . $ 10 0. 10 y e a r s o f s e r v i c e . 5 L e s s S o c ia l S e c u r ity d is a b ility b e n e fit. N o rm a l b e n e fit, p aya ble at age 65. 65 A c tu a r ia l e q u iv a len t o f n o r m a l b e n e fit, paya ble anytim e during 1 0 -y e a r p e r io d p r i o r to age 65; or n orm al b en e fit, p aya ble at age 65. 65 W o r k e r 's co n trib u tio n s plus in t e r e s t . W o r k e r 's con trib u tion s plus in t e r e s t , le s s b e n e fits r e c e iv e d . 2 per cen t o f annual ea rn in gs exceed ing $ 3 , 600. B a la n ce In su red; o f c o s t . grou p annuity. E m p lo y e r . 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 . Level in c o m e (E a r ly ). 10 M onthly— 2 p e r c e n t o f total e a r n in g s , d ivid ed b y 12. Upon r e c e iv in g S o c ia l S e c u r ity d is a b ilit 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 . 65 W o r k e r 's B e n e fic ia r y co n trib u tio n s r e c e iv e s plus in t e r e s t . g r e a te r o f; (1) w o r k e r 's con trib u tion s plus in t e r e s t , le s s b e n e fits r e c e iv e d , o r (2) 12 tim e s m on th ly b e n e fit b a s e d on a c c r u e d s e r v ic e a ft e r D e c . 31,1946 . (10) 2. 6 p e r B a la n ce cen t o f of co st. fir s t $ 3 , 000 o f annual e a r n in g s , and 4 p ercen t o f earn in gs e x cee d in g $ 3 , 000. In su red ; grou p annuity. E m p lo y e r . 8 A d ju sted past s e r v ic e ea rn in g s equ a ls m ean o f a v e r a g e ea rn in gs d u rin g 5 -y e a r p e r io d ending D e c. 31, 1946, and a v e r a g e ea rn in gs du rin g 5 -y e a r p e r io d ending D e c . 31, 1951. 9 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 r a g e ea rn in gs d u rin g 5 -y e a r p e r io d ending D e c. 31, 1946, tim e s y e a r s o f s e r v ic e to n o r m a l r e t ir e m e n t d ate, le s s 60 p e r c e n t o f p r im a r y S o c ia l S e cu rity b en efit in e f fe c t D e c. 31, 1946; the r e s u lt m u ltip lie d by r a tio o f n u m ber o f y e a r s o f s e r v ic e as o f D e c . 31, 1946, to y e a r s o f s e r v ic e as o f n o r m a l r e t ir e m e n t d ate. 10 E m p lo y e r a ls o p r o v id e s a m onthly su p p lem en tal b e n e fit to w idow o f r e t ir e d w o r k e r w h ose death o c c u r s a fte r attainin g a ge 65 in an am ount by w h ich 50 p e r c e n t (r e d u c e d Vio of 1 p e r c e n t fo r ea ch m onth ex c e e d in g 5 y e a r s that her age is l e s s thfin h e r h u sba n d 's) o f h u sba n d's r e t ir e m e n t b e n e fit e x c e e d s a m on th ly in c o m e w h ich co u ld be p r o v id e d by total death b en efit (le s s $ 1 ,0 0 0 ) under com p a n y plans, includ ing grou p life in su ra n ce (m a x im u m am ount fo r w hich w o r k e r c o u ld be c o v e r e d ) , sta ff group in s u r a n c e , and r e tir e m e n t plan. 68 SELECTEDPENSIONPLANS ILL U ST R A T IV E MONTHLY PENSIO NS NORMAL R E TIR EM E N T a t a g e 6 5 u n d e r n o r m a l r e t i r e m e n t fo r m u la EA R LY R E TIR EM E N T i n c l u d i n g p r im 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 COMPANY, UNION, AND D ATE O F INFORMATION P A R T IC I PATION REQ U IR EMENTS Minimum requirements Age B ro n x R e a lty A d v is o r y B o a rd , I n c . , and o th e r e m p lo y e r s (New Y o rk , N. Y . ) __ .65 Service (Y e a rs ) 120 Service credited Benefit formnla normal *g e A ll. M onthly— $ 4 0 f o r 30 o r m o r e y e a r s o f s e r v ic e , re d u c e d $1 p e r m onth f o r e a ch y e a r l e s s than 30 to a m in im u m o f $30 f o r 20 y e a r s o f s e r v ic e . A ft e r 25 y e a r s o f futu re s e r v ic e : $ 1 3 3 .5 0 $ 1 4 3 .5 0 $ 1 4 3 .5 0 _ 65 *15 A ll.. M onthly— $ 1 . 60 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 . A ft e r 25 y e a r s o f fu ture s e r v ic e : $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 N ew Y o r k H otel T ra d e s C o u n c il A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 O cto b e r 1957 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 T e a m s t e r s , L o c a l 688 F e b r u a r y 1958 Benefit formula Age __ Service (Y ea rs) ___ ___ A ft e r 35 y e a r s o f futu re s e r v ic e : $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 D e ce m b e r 195 7 V a rio u s e m p lo y e r s , St. L o u is , M o ., area Minimnm requirements A fte r 30 y e a r s o f fu tu re s e r v ic e : $ 1 3 8 .5 0 $ 1 4 8 .5 0 $ 1 4 8 .5 0 B u ildin g S e r v ic e E m p lo y e e s , L o c a l 3.2E H otel A s s o c ia t io n o f N ew Y o r k C ity , In c. Assuming average annual earnings of— 83,600 84,200 85.000 and including present primary Social Security benefits of— 898.50 8108.50 8108.50 __ 65 (3) N o n e .4 M onthly— $30 plus $1 tim e s y e a r s o f s e r v ic e . A ft e r 25 y e a r s o f fu tu re s e r v ic e : $ 1 5 3 .5 0 $ 1 6 3 .5 0 $ 1 6 3 .5 0 ___ ___ ___ ___ __ __ A ft e r 30 y e a r s o f fu tu re s e r v ic e : $ 1 5 8 .5 0 $ 1 6 8 .5 0 $ 1 6 8 .5 0 A ft e r 35 y e a r s o f fu tu re s e r v ic e : $ 1 6 3 .5 0 $ 1 7 3 .5 0 $ 1 7 3 .5 0 1 20 y e a r s o f un ion m e m b e r s h ip , and e m p lo y e d b y co n trib u tin g e m p lo y e r s f o r 40 o f 60 m onths im m e d ia te ly p r e c e d in g r e t ir e m e n t . * 15 y e a r s o f s e r v ic e in in d u s tr y and ( l ) 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 f r o m June 1, 1952, to r e t ir e m e n t date, o r t h e r e a fte r , e m p loy m en t w ith c on trib u tin g e m p lo y e r s fr o m an y date p r i o r to D e c . 1, 1952, to r e t ir e m e n t d ate, (2 ) e m p lo y m e n t w ith c o n trib u tin g e m p lo y e r s fr o m date e m p lo y e r w as f i r s t o b lig a te d to c o n tr ib u te , to r e t ir e m e n t date (m in im u m o f 24 m onths a ft e r A u g . 31, 1954), o r (3) i f not e m p lo y e d a s in ( l ) 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. 69 UNDER COLLECTIVE BARGAINING D ISA BILITY RETIR EM E N T NORMAL AND EA R LY R ETIR EM EN T B E N E F IT OPTIONS Minimum requirements Benefit formula Age 60 Joint and s u r v iv o r (N o r m a l). Service INVOLUNTARY R E TIR EM E N T VESTIN G Type, conditions, and miaiaiaai requirements Benefit formula Compalsory Automatic at age at age • Before retirement After retirement FINANCING MEDIUM O F FUNDING Fmployee ADMINISTRATION Employer (Y ea rs) F u ll c o s t ---$5 p er w ork er per m on th . T r u s te e d ; B ip a rtite . s e lfad m iiiistered , * f5 M onthly— $1.60 tim e s y e a r s o f s e r v i c e io a m axim u m o f 25 y e a r s . F u ll c o s t ---2 per ce n t o f tota l w ages. T r u s te e d ; B ip a r tite . s e lfa d m in istered , 3 10 M onthly— g r e a t e r o f: ( l ) $ 2 5 , o r (2 ) tim e s y e a r s o f s e r v ic e du rin g w h ich co n trib u tio n s w e r e m ad e in w o r k e r ’ s b e h a lf. F u ll c o s t ---5 p e rce n t o f gross m on th ly p a y r o ll. C om bin ation : P e r io d c e r ta in (N o r m a l). 3 10 y e a r s o f s e r v ic e in clu d in g 1 y e a r im m e d ia te ly p r e c e d in g r e t ir e m e n t i f not e m p lo y e d on date e m p lo y e r f ir s t b e c a m e ced in g r e t ir e m e n t i f e m p lo y e d on date e m p lo y e r f i r s t b e c a m e o b lig a te d to c o n trib u te to plan . S e r v ic e in clu d e s ( l ) e m p lo y m e n t under u n ion ’ s c o lle c t iv e b a rg a in in g a g r e e m e n ts p r i o r to Jan. 1, 1953, i f e m p lo y e d on date e m p lo y e r f i r s t b e c a m e o b lig a te d to * W o r k e r e m p lo y e d on date e m p lo y e r f i r s t b e c a m e o b lig a te d to co n trib u te to plan , w ho had attained a ge 64 on o r b e f o r e DEATH B E N E F IT S T r ip a r t it e . T r u s te e d ; s e lfa d m in istered . In su red ; d e p o s it ad m in is te r e d . o b lig a te d to con trib u te to plan , o r 1 y e a r o f s e r v ic e im m e d ia te ly p r e w ith co n trib u tin g e m p lo y e r s a ft e r D e c . 31, 1952, and (2) em p loy m en t co n trib u te to plan. su ch date, m a y a c c r u e s e r v ic e f o r 1 y e a r r e g a r d le s s o f a g e . 71 Union Identification This listing presents the full titles of the unions referred to in the plan summaries. The names used to identify unions in the summaries are shown m bold type. Unions not affiliated with AFL-CIO are noted as independent (ind). Aluminum Workers International Union. International Union, United Automobile, Aircraft and Agricultural Implement Workers of America. Bakery and Confectionery Workers’ International Union of America (Ind). Building Service Employees’ International Union. United Brotherhood of Carpenters and Joiners of America. International Chemical Workers Union, Amalgamated Clothing Workers of America. The Commercial Telegraphers’ Union. Communications Workers of America. International Brotherhood of Electrical Workers (IBEW). International Union of Electrical, Radio and Machine Workers (IUE). United Furniture Workers of America. Glass Bottle Blowers Association of the U. S. and Canada. United Glass and Ceramic Workers of North America. United Hatters, Cap and Millinery Workers International Union. Hotel and Restaurant Employees and Bartenders International Union. Independent Metal Workers Union (Ind). Insurance Agents International Union. Insurance Workers of America. International Longshoremens Association (Ind). International Ladies9 Garment Workers’ Union. Amalgamated Lithographers of America. International Longshoremen’s and Warehousemen’s Union (Ind). International Association of Machinists. Industrial Union of Marine and Shipbuilding Workers of America. National Maritime. Union of America. International Organization Masters, Mates and Pilots of America. Amalgamated Meat Cutters and Butcher Workmen of North America. International Union of Mine, Mill and Smelter Workers (Ind). New Hampshire Shoe Workers Union (Ind). New Hampshire Shoe Workers Union of Manchester (Ind). New York Hotel Trades Council (association of various unions in hotel field). American Newspaper Guild. Office Employes’ International Union. Oil, Chemical and Atomic Workers International Union. United Packinghouse Workers of America (UPWA). Brotherhood of Painters, Decorators and Paperhangers of America. United Papermakers and Paperworkers. United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the U. S. and Canada (Plumbers). International Leather Goods, Plastic and Novelty Workers’ Union (Pocketbook Workers). International Brotherhood of Pulp, Sulphite and Paper Mill Workers. Retail Clerks International Association. Retail, Wholesale and Department Store Union. United Rubber, Cork, Linoleum and Plastic Workers of America. Sheet Metal Workers* International Association. Standard Allied Trades Council (various unions collaborating in negotiation of single agreement). United Steelworkers of America. Amalgamated Association of Street, Electric Railway and Motor Coach Employes of America. International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America (Ind). Textile Workers Union of America (TWUA). Tobacco Workers International Union. Transport Workers Union of America. International Typographical Union (Typographers). United Mine Workers of America (Ind). Upholsterers’ International Union of North America. Utility Workers Union of America. International Woodworkers of America. *U . S.GOVERNM ENTPRINTINGOFFICE: 19580— 468851
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