If after carefully reading the Rules and 

 Regulations as now revised, you desire to make 

 any changes in your designation as now filed 

 with the Pension Board, you are requested to 

 give the matter your early attention. 



For your further information, and in reply 

 to numerous inquiries for an interpretation of 

 those rules pertaining to the payment of a 

 gratuity in the event of death while in the 

 service, which is particularly mentioned in the 

 second clause of Section 13, we would state that 

 the same is to be computed upon the basis of the 

 average annual salary received by employees 

 since the time they became subscribers to the 

 Fund, i.e. March 1, 1913, and allowing, to those 

 employees who were eligible and became sub- 

 scribers when these rules became effective, the 

 entire period of their service as follows: 

 twenty-five (25) per cent, for the first year 

 and two (2) per cent, for each additional year 



of service. 



Very truly yours , 



FELIX M. WARBURG, Chairman, 

 GEORGE N. PINDAR, Secretary 



