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RE: (erielack) Book Review -- Mott

RD
I would be interested in seeing a copy of that DL&W pension article although your precis looks pretty good.
MJC

> From: rdukarm_@_roadrunner.com
> To: erielack_@_lists.railfan.net
> Subject: Re: (erielack) Book Review -- Mott
> Date: Sun, 3 May 2009 14:44:01 -0400
> 
> > And in many cases in 1900, $7 was a weekly salary -- not daily . . .
> > Cheers,
> > Jim Guthrie
> > ELHS #1296
> 
> List,
> 
> This thread gives me the opportunity to mention a news clipping I ran across 
> last week in the Buffalo Courier Express, published on Feb 22, 1902, 
> entitled: "Lackawanna Will Introduce Pension System".
> 
> Effective March 1st a formal pension system was introduced by the DL&W. In 
> the article they give an example of a typical employee. To qualify you 
> basically had to be 65 years old and have a minimum of 25 years continuous 
> service (there are exceptions). They base the pension on your average 
> monthly salary of the past ten years and give you 1% for each year of 
> service.
> 
> Their typical employee in the example averaged $60 per month in salary and 
> had 30 years service. This equalled $18 per month for his pension.
> 
> The article goes on to mention that the DL&W set aside $50,000 for the first 
> year to cover all their pensioners, "an amount as large in proportion to the 
> number of employees as has been set aside by any large corporation." Today, 
> this amount wouldn't even cover my annual pension.
> 
> Ron Dukarm 
> 
> 
> 
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