Document XR1DenvNwqadaQYGk9dv6NR7g

EXECUTIVE CCMMITTEE MEETING New York, N.Y. November 30, 1954 A meeting of the Executive Committee of the Lead Industries Association was held on Tuesday, November 30, 1954, at 10:45 A.M., in the office of the American Smelting & Refining Company, 120 Broadway, New York, N.Y. PRESENT REPRESENTING J. B. Haffner, Chairman K. C. Brownell J. M. Bowlby J. A. Martino Andrew Fletcher F. S. Mulock Bunker Hill & Sullivan Mining & Concentrating Co. American Smelting & Refining Co. The Eagle-Picher Co. National Lead Co. St. Joseph Lead Co. United States Smelting Refining & Mining Co.Inc. Also Present S. D. Strauss D. A. Merson American Smelting & Refining Co. National Lead Co. R. L. Ziegfeld, Secretary-Treasurer The meeting was called to order with Mr. Haffner in the chair. The minutes of the previous meeting of March 30, 1953, were approved. EMPLOYEE BENEFITS The employee benefit report of the secretary, which had been circulated to the Committee on October 20, 1954 was then discussed at considerable length. The Pension Plan discussion revolved around the Plan recently adopted by the American Zinc Institute. It was generally felt that inasmuch as sufficient funds were at hand a formal plan should be established rather than an informal plan. The cost of establishing the American Zinc Institute plan, as applicable to the Lead Industries Association, had been estimated at a maximum of approximately $93,000 as of December 31, 1954, and it was pointed out that the Association would have a reserve in its Ordinary Fund of approximately $124,000 on that date. It was felt that the cost of establishing the plan on this basis would be ex cessive. Therefore, it was decided to insert into the plan a stipulation that any employee, to be eligible, would have to meet the additional requirement of not having less than ten years of continuous accredited service with the Association at the time of retirement. It was also decided to make the plan effective January 1, 1955 rather than 1954. It was estimated that these changes would save between $13,000 and $14,000 on the liability for past services and about another $3,000 for the cost of operating the plan during the first year, 1955. There would be a further saving, due to figuring past services to December 31, 1954 rather than to an earlier date since past service is figured at 1 per cent and future service at l per cent. On this basis, it was roughly estimated that the cost of establishing the plan, with the changes sug gested, plus operating it for the first year, would be between $80,000 and $85,000. N 680 It was further felt that under the "Optional Joint and Survivor's Annuity" Executive Committee Meeting Minutes 2- - November 30, 1954 It was regularly moved, seconded and carried that the plan be adopted with these changes. A copy of the approved plan is attached as Exhibit MA.M It was decided that the other benefits suggested in the secretary's memo randum, relating to group life insurance, hospitalization and medical-surgical plan, and New Tork State Disability Benefits Payments be tabled in view of the heavy cost of instituting the Pension Plan. OFFICE RENTAL The increase in rental which the owners of the Graybar Building had asked the Association to pay at the termination of its lease on April 30, 1955 was then discussed. This increase amounts to approximately 50 per cent of the current rental or an increase from $4.00 per sq. ft. to $5*98 per sq. ft. The Executive Committee felt that the new rental requested was unreasonable and out of line with other rentals that might be obtained in the neighborhood and the secretary concurred in this in view of a survey he had made of other space available. In view of the expense of moving the Committee suggested that the secretary negotiate with the owners and if they would accept a rental not to exceed $5.00 per sq. ft. to accept a new lease. If the building insisted upon a rental in excess of that amount, he was instructed to look for other space. Meeting adjourned at 12:20 P.M. Executive Coaalttee Meeting Minutes Exhibit "A" November 30, 1954 LEAD INDUSTRIES ASSOCIATION PENSION PLAN EFFECTIVE JANUARY 1, 1955 LIAC281C N 680.01 LEAD INDU SIR I E S ASS 0 C I A T I 0 N PENSION PLAN 1. Effective Date* The effective date of the Plan is January 1, 1955* 2. Eligibility: All full-time employees who are between the ages of 30 and 65 shall be covered under the1 Plan. However, in order for an employee to be eligible for benefits under the Plan he must have at Isaet ten years accredited service at retirement date. Present employees not yet eligible and employees entering the ser vice in the future. Till be covered under the Plan on the first day of the current month daring which they satisfy all of the above con ditions, 3. Retirement Date: a. Normal Retirement: From and after the effective date of the Plan the normal retire ment date will be the first day of the month next succeeding the 65th birthday of the employee. The first payment of an employee's retirement annuity will be made on the normal retirement date, and service with the Associ ation shall cease on such date; provided, however, the employment of any person maty, on specific authorization of the Board of Di rectors of the Association, be permitted beyond his normal retire ment date, in which event benefits shall not accrue beyond the nor mal retirement date and no payments shall be made to him under the Plan until his actual retirement. b. Early Retirement: With the consent of the Board of Directors of the Association, spe cial arrangements may be made for retirement on a reduced pension on any date, but not more than 10 years before the employee's nor mal retirement date. The amount of such reduced pension shall be the actuarial equivalent of that accrued to the employee on the date of his early retirement, ii. Amount of Normal Retirement Annuity: The retirement annuity payable to each employee shall be in addition to the present Old Age and SnrviTor3 Insurance Benefits under the Federal Social Security Act, and shall be the sum of (a) the future service annuity and (b) the past service annuity, as hereinafter de scribed: LI AC2P11 LEAD INDUSTRIES ASSOCIATION - 2- PENSION PLAN a* Future Service Annuity: In respect to service after January 1, 1955* the effective date of the Plan, the retirement annuity will be equal to 1 1/2% of the em ployee^ annual earnings for each year of service to normal retire ment date. b. Past Service Annuity: In respect to service prior to January 1, 1955, for present employees the annual rate of retirement annuity will be equal to 1% of the em ployee's annual earnings at January 1, 1955, times the number of years of service since attaining age 30,, 5. Optional Joint and Survivor's Annuity: In lieu of the normal retirement income described in Item #U above, the employee may choose a ;tJoint and Survivor's Annuity1' in a reduced amount to him for life, and continued to a named contingent annuitant for life if the contingent annuitant survives the employee, Evidence of good health of the employee will be required as a condition to the granting of this option, unless the request is made not less than 180 days prior to the date when the retirement income payments are to commence. 6. Non-Assignability; The employee-s retirement annuity is non-assignable nh.-tlur cy volun tary action or by operation of law, nor shall ary benefits under the Flan be subject to the claims of any creditor. 7. Death Before Retirement: The Plan provides no benefits in the event of death cf an employee be fore his annuity payments commence, except that if the employee elected the "Joint and Survivor's Annuity" under Item #5, ar.d if retirement has been postponed beyond the normal retirement date, rue surviving con tingent beneficiary will receive the reduced annuity, as if tne employee had retired at his normal retirement date* 8. Termination of Employment: If an employee's services are terminated for reasons other than normal or early retirement, as provided in Items #3(a) and (b) above, he shall not be entitled to ary benefits under this Plan. 9. The Future of the Plan: The Association hopes and expects to continue the Plan indefinitely on the basis outlined, but reserves the right to change, extend, suspend or discontinue the Flan at any time by action of the Board of Directors at the annual meeting of t'v> Association. LI AC 212 novwHDer j.^54 AMERICAN ZINC INSTITUTE PENSION PLAN EFFECTIVE JANUARY 1, 1 9 5 I* LI AC-28 13 N 680.02 AMERICAN ZINC INSTITUTE PENSION PLAN 1, Effective Date: The effective date of the Plan is January 1, 195h. 20 Eligibility: All full-time employees who are between the ages of 30 and 65 shall be covered under the Plan, Present employees not yet eligible and employees entering the service in the future, will be covered under the Plan on the first day of the current month during which they satisfy all of the above conditions* 3. Retirement Date: a. Normal Retirement: From and after the effective date of the Plan the normal retirement date will be the first day of the month next succeeding the 65th birthday of the employee. The first payment of an employee's retirement annuity will be made on the normal retirement date, and service with the Institute shall cease on such date; provided, however, the employment of any person may, on specific authorization of the Board of Directors of the Institute, be permitted beyond his normal retirement date, in which event benefits shall not accrue beyond the normal retirement date and no payments shall be made to him under the Plan until his actual retirement,, b. Early Retirement: With the consent of the Board of Directors of the Institute, special arrangements may be made for retirement on a reduced pension on any date, but not more than 10 years before the employee's normal retire ment date. The amount of such reduced pension shall be the actuarial equivalent of that accrued to the employee on the date of his early retirementa It, Amount of Normal Retirement Annuity: The retirement annuity payable to each employee shall be in addition to the present Old Age and Survivors Insurance Benefits under the Federal Social Security Act, and shall be the sum of (a) the future service an nuity and (b) the past service annuity, as hereinafter described: a. Future Service Annuity: In respect to service after January 1, 190U, the effective date of LIACPf 14 the Plan, the retirement annuity will be equal to 1 1/1% of the em ployee's annual earnings for each year of service to normal retire ment date, b. Past Service Annuity: In respect to service prior to January 1, 19%, for present employees the annual rate of retirement annuity will be equal to 1$ of the em ployee's annual earnings at January 1, 1951:, times the number of years of service since attaining age 30, 5, Optional Joint and Survivor's Annuity: In lieu of the normal retirement income described in Item above, the employee may choose a "Joint and Survivor's Annuity" in a reduced amount to him for life, and continued to a named contingent annuitant for life if the contingent annuitant survives the employee. Evidence of good health of the employee will be required as a condition to the granting of this option, unless the request is made not less than 30 days prior to the date when the retirement income payments are to commence, 6, Non-Assignability: The employee's retirement annuity is non-assignable whether by voluntary action cr by operation of law, nor shall any benefits under the Plan be subject to the claims of any creditor, 7, Death Before Retirement: The Plan provides no benefits in the event of death of an employee before his annuity payments commence, except that if the employee elected the "Joint and Survivor's Annuity" under Item y5, and if retirement has been postponed beyond the normal retirement date, his surviving contingent beneficiary will receive the reduced annuity, as if the employee had re tired at his normal retirement date, 8, Termination of Employment: If an employee's services are terminated for reasons other than normal or early retirement, as provided in Items #3(a) and (b) above, he shall not be entitled to any benefits under this Plan, 9, The Future of the Plan: The Institute hopes and expects to continue the Plan indefinitely on the basis outlined, but reserves the right to change, extend, suspend or dis continue the Plan at any time by action of the Board of Directors at the annual meeting of the Institute, -2- L I AC 2 1 5 among are inform ed w h ic h we a r e be lo w e r. , y le s abl b b ta ro p inlyl's pwa Com and surance m a xim u m In be ife to L o p o lita n b e lie ve d is o f M e tr shown a re as s eb i iet ti lh ioanb MOTES: C o m p ile d on th e b a s is o f a G u a ra n te e d C o s t S in g le Prem ium A n n u ity . REQUIRED PAST SERVICE RESERVE DECe Du l R ,-.l. lU bE AND 1954 iU l i > u. -H 1 H-- --H to CO 3 03 25 a CD 03 . 3 O n n 03 03 cO rO cO 03 -H 25 to 05 rin n 03 03 Si H to <H o to to 0> Cl in -H to CO *H n ______ i2__d__ H rH cO H to om in CD 03 n to <H in in to to O 0) o Mp rK< o1 oo < o ^H H rH m 03 rsf r- 05 to 05 to to n 03 CO in' -1 03 aa in CO to* to rH o O n -Q rH 3 r-i * s 1 <" K -* gq 1 0 9} < H O in 05 iH 03 05 CO 02 05 <H n rH CO 05 CO 05 <H r* n rH A i-H 0) CO Ho o o 10 A% H rH iH ^ aT r- 0" 03 3 --H 03 H i 11 05 to t1 ' 1 1 rc- D 1 cto n o -d &h u o n O) rH e* 03 05 to C- rH o rH to H a CJ tc o1 < 04 to 05 03 n rH (Ti r- to H 05 CD 05 o to 05 05 03 O 05 CO 03 CD a, k rH <H H 0) *4 o w - > 1- ? V} > 4a> rh o O O o O o o. r> o .m n o in . o m CD *' o 05 N to to n to o t- to 03 o o CD CO rH rH rH rH sc to c in p < 0) U-l " 4. > r H> O -h to c 3 c I qm o n 05 rH 03 05 <0 03 05 rH n H CD to r (0 o 03 TJ< rf Si 05 rH 03 'H 05 CO . o 05 r- 3 C- CO -H --i 1` to 1 n m A 05 o <> 1 1\l 05 o o I n (O o a> u 0) o < * 3 H H > U J2 05 00 h a S3 CD n CO to CO -H to "H to H to co >o 03 CO <* * 05 05 n 1 1 1 05 05 o 05 n n d,, , rl _u_ H 0- to in in --t -H t- 1 1 1 1 rH H &____t 05 05 05 n H cv H |n lt 91 Hb <a q 3-- qq 3 <d *3 3T 03 o 3 3 3 3 3 3 3 3 3 .5 o r> 3 03 3 3 33 Q r* 3 o 3 CO CO 03 H * J H H 3 CO at A to to A n <* CO c- r- O to 03 03 to 03 s !0 i oo c ui u -*-> I a U <D 05 91 to <X> O 1 u o > --H o in c- S3 3 H > to to 3 05 Si to in H w 03 03 H H o oo o *d a > +J c H 91 4J 0) 05 O i-H ^ P S> cd -*-> o to di <h C cjj ttflJQ O.'H --St 05 03 3 CO O ^3 CO 0D ;0 CD co i 03 n 03 in 03 n 03 in in n 03 H CD e- 03 CO 05 05 c*> CD 03 H 03 03 to 11 l m CO CD CO CO H 03 n to in 03 > 05 rH 05 05 03 n 05 CO > in r> tO ^ 03 to CO to co 05 03 rH -0H5 H 02 U 91 -9 cd l te d ed a lc u la accru c e y th t L ia b ili e re fo re , A c c ru e d and, th N 680.03 Liac?fU MEMORANDUM WITH RESPECT TO GROUP LIFE INSURANCE FOR EMPLOYEES Because the Association has less than 25 employees the usual group life insurance plans are not available to it. However, upon in vestigation it appears that the National Industrial Council, which the Association is eligible to join for $100 a year, has an adequate plan applicable to its sponsors and affiliates. A folder describing this plan is attached. The cost to the Association, including membership in the Na tional Industrial Council, would be about $1*50 per year, the balance of approximately $350 a year being paid by the employees. tion. This plan is now in use by the Copper & Brass Research Associa * -> -* * * * -M- -K- -K- -;i- # -Si H-#*-***##*#*-* MEMORANDUM WITH RESPECT TO HOSPITALIZATION AND MEDICAL-SURGICAL PLAN FOR EMPLOYEES The Association now has the Blue Cross and Blue Shield Hospit alization and Medical-Surgical Flans for employees on a voluntary- basis, the cost being paid entirely by the employees. If the Association were to take over the entire cost of these plans and cover all employees at the single-person-rate, the cost would be approximately $1*00 per year. To cover the present employees on a' husband-wife and family basis, where applicable, would bring the cost to the Association to ap proximately $775 per year. Sc Sr 4c Sfc Sfr Sfr SS* Sfr Sc Sc tC Sc S Sc Sfr Sfr Sc Sc Sc Sc S$* Sc "n* Sc Sc Sc Sc Sc Sc Sc Sc Sc Sc S>* MEMORANDUM 'WITH RESPECT TO NEW YORK STATE DISABILITY BENEFITS PAYMENTS TO EMPLOYEES At present the Association and its employees are each contribut ing towards the cost of the New York State Disability Benefits Law. The Association's share of this cost is currently about $85 per year. If the entire cost were to be assumed by the Association it would amount to about $280 per year, or an increased cost to the Association of approximately $195. 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C/1 ft- n <K a m 3' O 33 ac- a< fct o-* 4a 5' Z 0Q ft rt c _ft -rnn 3 ft' * *< cr rt ft ft ft 2 Vi 3 n gh *3 rt O 5E5L so 2 ^ *H o i- c -< i 5a ft < Cl - ft a oc rt 2 " ft I 5T3- ft ft ft n ^ vi a 'ft ^ cl 3 C 3 : cr ft" rt rt ft a ^ p,. a ft w T ? {n a ^ 0G . ft 83 aS -- ft ft ft 3 rt 3T C C Vi a 3 CL ftT3 ft ft ft ft o ft Cl CL O a 3^ 0 ^ cr > a 3 3" ^ o ^ rcr ft a rt_ 3- . ft ft ft ft 7 ^ a-H. ?^ * a 3 n0 8 3 3 p. cft ft O ft* p o c Vi r: ft m d--. an 3 =* a 5' u2 ft * ft ore r+ S r> ft o o -< -f<t ft rt ft n rt n 2. < ft ON n a 0" ft 3 r^tr* LIA 02 819 NIC GROUP LIFE INSURANCE COMMITTEE State Group M. J. Hic k e y --New Jersey Manufacturers Association Jo h n H. Se e t o n --Pennsylvania Manufacturers Association Industrial Relations Group Ha r mo n E. Sn o k e--Manufacturers Association of Bridgeport R. T. Wa l s h --Cartaret Industrial Association Manufacturing Trade Associations Group Re u b e n C. Ba l l --National Association of Hosiery Manufacturers Ric h a r d J. Mu r p h y --National Electrical Manufacturers Association