Word: pension
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...pension plan referred to in the article was adopted by the Coop in 1944. It provided pension benefits, on a non-contributory basis, for employees with at least three years of service. These pension benefits were funded through individual life insurance contracts which paid an annuity on retirement and provided a death benefit prior to retirement. Thus, some life insurance was included in that plan. Under a separate group life insurance plan the Coop provided additional life insurance, on a contributory basis, for employees with at least six months service, regardless of age, in an amount depending on the employee...
...pension plan was deficient in a number of respects. Funding the pension benefits through individual life insurance contracts made administration costs extremely high. Every time a new employee became a participant in the plan or any participant received an increase in salary it was necessary to obtain a new contract and pay a commission to the insurance agent. The pension benefits were too low. No provision was made for employees who were disabled...
Likewise, the insurance benefits under the old plans were deficient in several respects. An employee was not covered by insurance under the old pension plan until he became a participant in that plan after three years of service. Employees were required to pay income tax on the cost of that insurance. Insurance was made available under the old group insurance plan for all eligible employees without regard to their need or desire for life insurance...
...management of the Coop, having begun a review of the old plans, decided that an outside expert on employee benefit plans should be retained to assist them in developing recommendations to the Board of Directors for changes in the plans which would enable the Coop to improve benefits, especially pension benefits, reduce administration costs and update the plans. Mr. Archibald Price of Peat, Marwick, Mitchell & Company was retained for this purpose. After a thorough review of the old plans and extensive discussions between Mr. Price and the management, detailed recommendations were prepared for the Board of Directors. These recommendations...
...pension piss, like the old, Proposes pension benefits, on a non-contributory basis, for all regular emphases with at least three vearn of service, However, the new pension plan is funded with a group annuity countract and the level of pension benefits has been improved for all participating employees, regardless of age. (The lowest paid employees received the highest percentage of increase in pension benefits). The new vesting provision compare favorably with those in the retirement plans of other major department stores in the Boston area. The pension plan also makes provision for employees who are disabled and provides dependent...