Word: pension
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...PENSION PLAN IS FUNDED WITH A GROUP ANNUITY CONTRACT..." Instead of resting on a solid base of individual life insurance contracts, employee pensions are now taken from a pooled investment fund. This, like any investment fund, is vulnerable to shifts in the stock market and economy...
...PROVISION WAS MADE FOR EMPLOYEES WHO WERE DISABLED." The old plan specifically empowered the pension committee to make pension benefits available to an employee after becoming disabled. The new plan increases disability benefits nicely--but no one has ever become disabled on a Coop job in the memory of current and past Coop insurance administrators...
...final note, The Crimson requested copies from the Coop of the current and former insurance and pension plans. General Manager Howard W. Davis denied both requests, saying that portions were liable to be "misconstrued." Davis has since told The Crimson "not to bother" Coop employees with further questions on the pension program or other matters. Mark C. Frazier
...Board of Directors of the Coop have voted unanimously me to reply to an article entitled "Controversy Opens Over Coop Pensions, NLRB Probes 'Intimidation' of Union," which appeared in the Crimson of October 21, 1972. This article contained many erroneous statements and was particularly misleading in its cursory treatment of the changes made in 1971 in the pension and insurance plans maintained by the Coop for the benefit of its employees...
These changes significantly improved pension and insurance benefits for Coop employees. They were made only after a careful study by the management of the Coop acting with the assistance of an outside expert on employee benefit plans. They were all fully discussed and approved by the Board of Directors and the new pension plan has been approved by the Internal Revenue Service...