Certainly the employee working under the protection of 
a pension system will render better service, and the Trustees 
have the sense of satisfaction that they have provided a 
plan by which they are relieved of all embarrassment of 
carrying on their pay-rolls a superannuated employee. 
That the employees themselves believe the plan a meri- 
torious one and are appreciative of the efforts made to pro- 
vide for their future are best evidenced by their practically 
unanimous participation in the plan. 
The Pension Board, as authorized by the Rules and Regu- 
lations adopted February third, 1913, consists of seven mem- 
bers, four of whom are members of the Board of Trustees, 
and three of whom are employees of the Corporation. 
Soon after their appointment, the members constituting the 
Board met, duly organized and adopted By-Laws prepara- 
tory to the practical operation of the system, which for con- 
venience of reference have been made a part of this report. 
Shortly after organizing, the Pension Board caused copies 
of the Rules and Regulations, together with application 
forms, to be distributed among the employees, and the 
Director certified that 254 employees were permanently en- 
gaged in the service; of this number 12 were found to be 
under age requirements, leaving 242 eligible to become sub- 
scribers. 
The Rules provide that an optional period of sixty days 
be given to those employees who were in the service prior 
to their date of enactment, and it is of interest to note that, 
of the total number (242) eligible, only twelve failed to 
become subscribing members. 
Of this latter number one was and still is in the field and 
has probably not received his notifications, but for whom 
the Board has made provision; three had under considera- 
tion the acceptance of other positions, and the remainder 
did not feel that the plan was advantageous to their indi- 
vidual cases, or felt that the rate assessed was prohibitive 
and would impose a hardship. 
An examination of the records shows the status of mem- 
bership: 
