It has been thought desirable to preface the report of the 

 Pension Board by briefly recording the most essential changes 

 which have been made in the Rules and Regulations of the 

 Pension Fund and also the measures for safeguarding, in 

 every way possible, its investments. 



So many changes are occurring in the personnel of the em- 

 ployees of the Museum, as well as among the participants in 

 the Pension Plan, that it has been found desirable and neces- 

 sary to institute a system of physical examination for the new 

 entrants. Upon recommendation of this Board, the Trustees 

 of the Corporation amended the Rules and Regulations so as 

 to provide that no employee of the Museum can become a sub- 

 scriber without having first passed a satisfactory physical ex- 

 amination. That the insertion of this provision was justifiable 

 and wise is best demonstrated, not alone by the rejection of 

 certain applicants, but by having the attention of others per- 

 sonally called to minor physical defects and ailments, and 

 which, in the majority of cases, have readily responded to 

 treatment. 



Early in the year the Chairman notified the members of the 

 Pension Board that certain of its securities were not legal 

 investments for Savings Banks, etc., according to the laws of 

 the State of New York, and thereupon, in accordance with the 

 resolution adopted by the Trustees of the Museum, the Pen- 

 sion Board sold such bonds and invested the proceeds thereof 

 in securities which had been declared to be legal investments. 

 A list of the securities now held is incorporated in the finan- 

 cial statement of this report. 



It is with deep regret that we are obliged to report the death 

 of four of our subscribers, who have been in the service of 

 the Museum for periods ranging from seven to eighteen years, 

 particular mention concerning whom will be found in another 

 part of this report. 



At the time of the adoption of the present Rules and Regu- 

 lations, in 1913, the Trustees of the Corporation had the as- 

 sistance of Mr. S. Herbert Wolfe as consulting actuary. Mr. 

 Wolfe since that time has taken an active interest in the wel- 



