Pension Fund Report 245 



With the gradual return of our industries to normal, thought 

 is being given as never before to the obligation of employers to 

 their workers, and to the best way to provide for those who have 

 devoted themselves faithfully and unselfishly and frequently with- 

 out hope or thought of reward to building up the plant or in- 

 stitution in which they are engaged. The employer who has 

 solved this problem by recognizing his obligation, in a manner 

 which has not the savor of paternalism, by an active and equitable 

 system of provision for aged and long-service workers, is bound 

 to have his reward in the increased loyalty, energy and efficiency 

 and the greater permanency of individual workers. Many in- 

 stitutions and private corporations have dealt with the situation 

 by installing pension systems similar to our own plan, group in- 

 surance or wage bonuses. Frequently, however, the systems re- 

 quire too long a service period or provide too low an annuity 

 to make retirement possible for the employee. This seems in 

 a great measure to be the case with our own pension system. 



On seeking the opinion of members who have given especial 

 thought to the workings of our Rules and Regulations, we find 

 three general criticisms : 



1. Too long a service period is required for retirement. 



2. The pensions allowed are too small to permit of volun- 

 tary retirement. 



3. The death gratuities are inadequate. 



The Pension Board is frequently importuned by its em- 

 ployee members to adopt amendments on these points, and it is 

 to be hoped that, after another survey has been made, revision 

 along the suggested lines may be found possible, in view of the 

 highly satisfactory financial condition of the Fund. 



It is thought important, in this connection, to call attention to 

 a condition which, at the time of the adoption of the present 

 Rules, was not allowed for in determining pension requirements 

 of either service or age, — the wonderful loyalty to the Museum 

 which prevails among our employees. We have a number of 

 contributors who are eligible to retirement on a living annuity, but 

 who prefer to continue at the Museum in their chosen activities. 

 Unfortunately, however, we have also some members who de- 

 serve and desire to be superannuated, but whose annuities would 

 not be sufficient for their support. For these people, increased 



