Word: pensions
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Dates: during 1930-1939
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First U. S. wage earner to be registered for a Social Security Act pension at 65 was a 23-year-old Princeton graduate who remarked: "It's a long way off" (TIME, Dec. 14). Last week the first U. S. wage earner to apply for a pension was one Ernest Ackerman, for 33 years a motorman for Cleveland Railway Co., who became 65 on Jan. 2. His wages for Jan. 1, day the pension plan went into effect, were $4.96, of which he paid 5? as the Social Security tax. For his pension, he claimed 32% of his total...
Harvard's own little pension plan for her employees will probably go into effect on the first of February, according to rumor that is now prevalent around the College Yard...
Everybody laughed except Chief Moran. "I know the Service too well for that," he replied. He then frankly complained to reporters that he was leaving a $9,000 a year job for a pension just one-sixth as large. "I can hardly rely on the Government's retirement pay to support my family. I am being given the munificent sum of $1,500 a year. I cannot understand why Congress fails to realize that the men of the Secret Service who occupy hazardous positions are entitled to adequate retirement considerations." Retiring Chief Moran, long famed for his lack...
Some 1,200 of these Mennonites may not accept old-age pensions when they begin to come due in 1942, but 26,000,000 other U. S. citizens doubtless will. Among them is John David Sweeney Jr., blue-eyed, sturdy, unmarried, 23. After graduating last June from Princeton, where he belonged to Colonial Club, he took a month off in Bermuda, then went to work as shipping clerk in his father's business the Royal Eastern Electrical Supply Co. of Brooklyn. He lives with his family in a 15-room house in suburban New Rochelle, N. Y. Like...
Largest classes of workers excluded from the pension provisions of the Social Security Act are farmers and domestic servants. Included in the Act as originally written, they were stricken out by the Senate after Secretary of the Treasury Morgenthau's protest that it would be virtually impossible to collect taxes from them and their employers. Last week in Washington it was made known that the Social Security Board was preparing to propose to Congress the creation of a voluntary Government insurance system for these 16,000,000 pensionless citizens. To be administered by the Board, it would accept premiums...