Word: pensioned
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Dates: during 1970-1979
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...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...
...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...