Indianapolis Times, Volume 46, Number 48, Indianapolis, Marion County, 6 July 1934 — Page 9

JULY 6, 1934.

PENSIONS FOR 30,000,000 IN U.S. PREDICTED Action Assured in Congress for National Old-Age Legislation. Ky - [>pt-Hntrnr4 S'Wtpnptr Alliance WASHINGTON, July 6 —Supporters of national old-age pension legislation predicted today that passage of the new railroad retirement act assures action in the next con- i press for similar age security for the nation's 30,000,000 other wageearners. President Roosevelt favors it, sentiment in congress is overwhelmingly for it. more than half the states now have laws carrying out its principles. Whether the legislation will embed" the idea of the Dill-Connery ] bill depends on further studies to 1 be made by the President and his advisers before next January. The ; Dill bill, providing federal aid to! states with old-age pension systems, wu repor’‘'d favorably by committees of both houses, but sidetracked in the final jam for must'* legislation. Affects 1.100.WH1 The railroad pension art repre- ! sen’s the seventy-third congress one outstanding achievement in social legislation. It affects approximately 1.100.000 railmen. The act provides for annuities to retired railmen on the ratio of 1 their wage or salary while cm- j ployed. The annuities are to be computed thus: Two per cent of * the first SSO of wage or salary, I l * ! per cent of the next SIOO and 1 per ; cent of all over $l5O up to a maximum of S3OO. The percentage of j monthly salary is then multiplied, by th-* number of years the em- | ploye was in service. Here is how it would work for a j retired worker who received S2OO a month wage: 2 p*r r,nt l fir.t l‘*<t Jij prr rent *f next ion, equal* .... J.'# I per rent nt remainin* equal* .. .’<* The total of $3, multiplied by his thirty years of service would give his ‘ monthly annuity—s9o. The system falls short of meet- . mg the desires of the National Pensions Association, which advocated a straight 60 per cent annuity. The association has announced it will continue the crusade for adoption of its plan. $l2O a Month Is Top The bill as passed would give annuitie, to retired workers at the following rates: Mnnthlv Salar* MonlKK Annuity $ SO fin * 1.1. S* tun SIM |M H 2UU si ;.v l.is# and t lie The employe contributes 2 per j cent of his active service pay to the i retirement fund at the beginning, but the railroad retirement board, | created under the act. is empowered to change the rate on the basis of | experience costs. The employer con- j tributes an amount equal to twice j that given by the worker. Contributions will be deducted from pay envelopes beginning Aug. 1. Retirement Age Is 65 It is estimated the system will cost the carriers from $50,000,000 to $70,000,000 a year, the workers, half that. The act unifies pension systems now in force on many of the car- t rier>. Employes are not required to work for any one road: total serv- j ire is all that counts and it does not I have to be continuous. Existing ; pension systems are to be absorbed by agreement between the carriers j and the new board. The retirement ace is fixed at 65. but it ran be extended a single year at a time up to 70. Workers can retire at any age voluntarily after thirty years of service. The first annuities will be paid after Feb. 1, 1935. If the worker dies before or after retirement, the money he has contributed—minus

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AIR IMPULSES

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Electrical impulses that will enable airplanes to take off and land without wheels on an “electrical cushion” —a space little bigger than the aircraft itself—is an invention being perfected by Professor A. M. Low, British scientist. He is shown at his London laboratory demonstrating his theory with a model.

any retirement payments—will be paid to his heirs with 3 per cent compound interest. Funds are to be held by the government and invested in government bonds. The act is to be administered by a board of three members, serving five years and receiving $lO.000 salary. One is to represent labor, another the employers and the third, serving as chairman, is to be a disinterested party. The Dill-Connery bill, designed to extend the old-age pension universally, provides for federal contributions of one-third the total amount paid by states having such systems. It was estimated that its present cost to the government would be about $10,000,000 a year and would reach a maximum of $44.000.000 a year when all states comply and reduce age requirements to 65. The American Association for Social Security estimates the potential number of old-age pensioners at 484.000. HELEN KELLER FORCED TO REFUSE ROYAL BID Teacher of Famed Mute Going Blind Too, Is Report. Ry I mitcd Press GLASGOW. Scotland. July 6. Helen Keller had to decline an invitation to meet the prince of Wales because she wanted to consult Glasgow specialists about the failing eyesight of her teacher, Mrs. Ann Macey Sullivan, she told the United Press today. The blind and deaf woman who became famous in spite of her handicaps had been asked, on behalf of the prince, to attend the opening of an extension of the National Institute for the Blind with him today. Because of her concern over her tutor's condition she felt she could not change her plans. LAKE YIELDS WALLET Bov Finds Purse and Dollar He Lost Last Year. R lf l pil'd /''< ** MIDDLEBURY. Vt.. July 6.—Diving deeply in Lake Dunmore on Wednesday, Benjamin Langway, 14. of Brookline. Mass., retrieved a wallet he lost about a year ago. A dollar bill, which left a perfect imprint on the inside of the wallet will be sent to Washington for replacement.

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THE INDIANAPOLIS TRIES

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