Document x5zn5g9N2n0xvB5M6EpDQ9B6g

LEAD INDUSTRIES ASSOCIATION 202 MADISON AVENUE NEW YORK 17, N. Y. April 18, 1961 SUBJECT: NOTICE Of MSBTIBB AND AflCTnA To the Board of Directors of the Lead Industries Association: There will be a meeting of the Board of Directors of the Lead Industries Association on Tuesday, May 2, 1961, at 4:30 PM, in Parlor H, Mezzanine Floor, Drake Hotel, Chicago, Illinois The agenda follows: AGENDA 1. Approval of minutes of previous meeting (December 6, i960) 2. Report of Nominating Committee for Officers Harold E. Lee, Chairman Julian Bers W. P. Wilke, III 3. Election of officers and chairman of the Board of Directors 4. Election of Executive Comdttee (a) Designation of chairman of Executive Ccianlttee 5. Report on progress in incorporating LIA 6. Treasurer*s bond Is Treasurer'8 bond of $10,000 still adequate in view of enlarged financial operations of LIA? 7. Consideration of pension plan amendment to Section 5 dealing with annuitant's options (see Exhibit A attached) 8. Membership Resignations of The Fleam Lead Company John A. Roebling's Sons Div., The Colorado Fuel and Iron Carp. Rochester Lead Works White Metal Rolling & Stamping Corp. L 1*0 1363 N 3680 Board of Directors -2- April 18, 1961 9. Dates for 1963 annual meeting Tentative dates vere previously established with the Drake Hotel for either April 17-19 or April 24-26, 1963. It has been learned sub sequently that these dates conflict vlth annual meetings of some member companies. Attempts are being made to secure April 29-May 1, which do not conflict. An expression of opinion by the Board con cerning meetings later in May or in March would be helpful. A March meeting would require an amendment to the by-laws. 10. New business Very truly yours. KLZ: <JHH Att. L 1*01364 Board of Directors April 18, 1961 EXHIBIT A PENSICW PLAB OPTIONS The Lead Industrlee Association and American Zinc Institute pension plans were originally intended to conform with each other, but, due to a sub sequent revision in the AZI plan, Section 5 in the tvo plans, -which deals with annuitant's options. Is not identical. Section 3 of the LEA plan now reads as follows: 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 sur vives 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 100 days prior to the date when the retirement income payments are to commence. Differing from the above, the AZI plan Section 5 reads aa follows: 5. Annuitant's option: In lieu of the normal retirement Income described in Item fk above, the employee may request the Institute to procure at the same cost to the Anerlcan Zinc Institute, an annuity in a reduced amount to him for life and for a number of years certain, with right to designate a beneficiary to receive any benefits which may become payable in the event of his death, but compliance with such request shall be in the sole dis cretion of the Institute. 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 leas than 30 days prior to the date when the retirement income payments are to commence. After consulting with Mr. Kimberley and Marsh & McLennan, we recommend amending this section in both plana to read as follows: 5. Annuitant's Options: liaci?&s In lieu of the normal retirement Income described in Item k above, the employee may choose, at the same coat to Lead Industries Association (American Zinc Institute), a "Joint and Survivor's Annuity" in a reduced amount to him for life and continued to a named contingent annuitant for life if N 3680.01 Board of Directors April 18, 1961 EXHIBIT A Continued the contingent annuitant survives the employee, or an annuity in a reduced amount to him for life and for a number of years certain vith right to designate a beneficiary to receive any benefits which may become payable in the event of his death. Evidence of good health of the employee will be required as a condition to the granting of either of these options unless the request is made not less than 30 days prior to the date when the retirement income payments are to ccnmence. In connection with the foregoing suggested amendment, the Lead Industries Association already has provided in its pension plan for the normal re tirement and the first option, and the American Zinc Institute plan already provides for the normal retirement and the second option. RLZiJBH Ll4n?56