Pension Fund Report 253 



system, namely : under the group insurance plan, the employee 

 is insured immediately from the time his status is denned as 

 permanent, while under our present plan, the insurance feature 

 does not become active until the employee has been a member 

 of the Pension Fund for an entire year; group insurance 

 offers a gratuity from 40% to 75% greater than that provided 

 for under our present plan ; the group plan provides insurance 

 at a much lower rate than it is possible for the Pension Fund, 

 with its additional responsibilities and limited resources, to 

 offer ; participants in the group insurance plan have the priv- 

 ilege of continuing their policy, without medical examination, 

 after leaving the employ of the Museum. 



We are glad to report that at the close of 1920 we have 249 

 contributors. There have been forty new members admitted 

 into the Fund during the past year, eighteen have resigned and 

 two have been dismissed. We have lost by death four sub- 

 scribers, of whom further mention is made later in this report. 

 There has been one retirement. 



In the recent death of Horace F. Hutchinson, banker and 

 financier, a fine and generous man was lost, and, so far as the 

 Museum was concerned, a valued member and very good 

 friend, who for eight years past has given to Museum em- 

 ployees in need the frequent and free use of his endowed 

 beds in the Presbyterian Hospital. 



To Mr. Lewis L. Delafield, Colonel S. Herbert Wolfe, Dr. 

 John A. Fordyce and Dr. George M. Mackenzie, we are under 

 deep obligation, and we take this opportunity to express our 

 sincere gratitude to them. 



