tion of periodical physical examinations, after its adoption by 

 the Board of Trustees, wall be met with favor, and even with 

 enthusiasm, by the employees. 



At the time of the adoption of our Rules and Regulations, 

 Mr. S. Herbert Wolfe, the actuary who passed upon the plan, 

 recommended that from time to time examinations be made of 

 the condition of the Fund, and that a comprehensive survey 

 be made at least every five years. The unusual conditions 

 prevailing in 1918 prevented such an examination. In No- 

 vember last, however, Mr. "Wolfe made an exhaustive examina- 

 tion, and we have his assurance that the accumulations of the 

 Fund have reached the figure which it was assumed they 

 would equal. But Mr. Wolfe makes suggestions looking for- 

 ward to the improvement of the condition of the Fund, and 

 to the further assurance of its continuity. The following ex- 

 cerpt from his report is worthy of earnest consideration : 



"If the future experience follows that of the past, I am of 

 the opinion that the scale of contributions may remain as it 

 is. and the benefits will be paid as required. There are cer- 

 tain conditions, however, which must be noted in order that 

 the entire matter may be intelligently considered. 



"The number of contributing members is small, and it is 

 axiomatic that the smaller the group the greater will be the 

 effect of fluctuations from the normal. 



' ' It would not be the part of wisdom to shut our eyes to the 

 fact that throughout the world at this time a lack of balance 

 is manifest in the financial, the social and the economic bases 

 of our existence. What effect will these disturbances have upon 

 the Fund? Will they serve to change the relationship exist- 

 ing between the Museum and its employees ? Will they result 

 in unrest which in turn will be evidenced by less persistent 

 employment and by a desire to discontinue active work as 

 soon as the retirement age has been reached ? Will the chang- 

 ing economic conditions result in a modification of the wage 

 scale to an extent which will disarrange the calculations upon 

 which the Fund was started? 



"No one is competent at this time to answer the foregoing 

 questions, and I deem it desirable, therefore, to make a sug- 

 gestion intended to shield the Fund from the effect of any 

 adverse conditions which may be developed in the future. In 



