Volume 2 - ElectricCanadian.com

THE PENSION FUND 529quarterly assessments computed by the staff of the secretaryto the pension fund trustees, and in this way the necessityfor adjusting errors is largely obviated.During the war a large number of officers who took upmilitary service were given leave of absence, and were thusenabled to preserve their connection with the Pension Fundand its benefits. In November, 1917, finding that owing tothe difficulty of remitting and other reasons, many wereallowing their contributions to get into arrears, the Board ofDirectors generously ordered the payment of the contributionsof any who should fall behind, leaving it to them to refundthe amount later on, and thus preserving them as members ingood standing.On November 30, 1918, the audited statement of the fundshowed that it amounted to $3,103,676.68, invested as follows:Mortgages $1,291,981 70Dominion and Provincial Governmentsecurities 453,483 38Canadian municipal securities 970,249 97Other bonds and stocks 155,178 08Cashinbank 232,783 55$3,103.676 68The total income of the fund for the twelve months endingNovember 30, 1918, was $336,950.70, made up as follows:Officers' contributions $82,014 51Income from investments 152,248 19Transferred from Guarantee Fund 17,688 00Bank's contribution 85,000 00$336,950 70The pensions paid during the same period amounted to$95,330.77 and the life insurance benefits to $6,350. Therewere sundry expenses of management charged to the fundamounting to $377.75. The number of pensioners as atNovember 30, 1918, was sixty-five.