226 Pension Fund Report 



establish a large initial fund to take care of what are some- 

 times termed 'accrued liabilities.' I felt that we would be 

 justified in first determining whether the peculiar conditions 

 surrounding your employees would obviate the necessity for 

 the creation of such initial fund based upon assumptions 

 which would not be applicable to the problem which con- 

 fronted us. I stated that if the time arrived when a change in 

 your method became necessary, I would advise you and steps 

 could then be taken to provide the necessary safeguards based 

 upon data derived from your own actual experience. I am 

 happy to state that the condition of your fund is such as to 

 indicate the necessity for no change at the present time." 





