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 15, 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, 1914, 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. 
