To the President and Trustees of The American Museum of 

 Natural History and to the Subscribers to the Pension Fund: 



The Pension Board takes pleasure in submitting for your 

 consideration its report for the fiscal year ending December 

 31, 1914. 



During the past year the Pension Board has noted with 

 pleasure the satisfactory fulfilment of the purposes of the 

 establishment of the Pension Plan for this institution : ade- 

 quate provision for aged employees, life insurance protection 

 for the families of deceased subscribers and practical relief 

 extended in cases of distress. 



Death has invaded the ranks and called from their labors 

 four members, of whom particular mention is made in another 

 part of this report. One employee was retired. 



It is worthy of comment that in no case has the ratio of 

 death or retirement exceeded the calculations of the actuary 

 at the time the rules were formulated, and a recent examina- 

 tion of the fund, by Mr. S. Herbert Wolfe, who very kindly 

 offered his services for the purpose, indicates that the system 

 is operating on a sound financial basis. 



The first draft of the present rules contained provisions 

 for the payment of a pension to the widow, children or 

 other dependents of deceased employees who had been in the 

 service not less than ten nor more than fifteen years, of a 

 single payment equal to one-half of such deceased employee's 

 annual salary, but if the employee had been in the service 

 less than ten years then the dependents were to receive the 

 amount of the deceased employee's contribution with simple 

 interest, and the further provision that if such deceased 

 employee's term of service exceeded fifteen years, regardless 

 of age, then such dependents were to receive one-half of 

 the pension the said employee would have received had he 



