Volume 2 - ElectricCanadian.com

THE PENSION FUND 527abolished, an increase from three to four per cent, in thepayments to the Pension Fund would not prove unduly burdensometo the staff. In addition, the capital accumulations inboth the Widows' and Orphans' Fund and Life InsuranceScheme would be made available for the same purpose. Theonly objection would be that the Pension Fund, althoughadmirably adapted to the needs of the married man, or of theofficer who lived to enjoy his pension, offered no return in thecase of the single man who died before reaching the pensionage, notwithstanding the fact that he might have contributed aconsiderable sum to it. This was remedied by providing a lifeinsurance benefit for an unmarried officer, graduated accordingto length of service, to commence at $100 as soon as hisappointment was confirmed and to increase at the rate of $50a year with every additional year's service or portion thereof,until the limit of $1,000 was reached. As this gave everyjunior officer, regardless of his age, a financial interest in thefund from the date of the confirmation of his appointment, itwas decided that he should contribute to it between the agesof twenty-one and twenty-five at the rate of two per cent, perannum. This, it was estimated, would provide for theadditional liability.In addition to the arrangements for an increased incomefor the fund, the Board of Directors authorized the transferof a considerable sum from other funds under their control,and in this way it proved possible to cancel nineteen of thespecial yearly payments which the bank had undertaken tomake as a result of the actuarial examination of 1903-04,leaving only eight to be made in future years.The result of the actuary's calculations showed that afterallthese plans had been carried out it would be necessary forthe bank to contribute an additional sum of $26.45 yearlyfor each member of the fund, in respect of the additional pensionbenefits, making a total annual grant from the bank of$81.45 for each member. This was agreed to and at the nextannual meeting, held in January, 1911, these arrangements were