Manual: Pension Plan of Thomas J. Lipton, Inc. Effective December 1, 1945.

Archive

-

Hoboken Historical Museum

front cover

front cover

Name/Title

Manual: Pension Plan of Thomas J. Lipton, Inc. Effective December 1, 1945.

Entry/Object ID

2013.013.0002

Scope and Content

Pension Plan of Thomas J. Lipton, Inc. Effective December 1, 1945. This Booklet describes the pension benefits of each member whose Retirement Pension under the Plan is provided by a Group Annuity Contract. It is not the contract. It is in digest form. Printed booklet, 5-1/4" x 8" high, 32 pp. plus covers. Text of the first five pages including the index is notes. This copy once belonged to Hoboken Lipton Tea employee Marian Andersen of 825 Washington St., Hoboken. Per donor, grandson Dean Pflug, she worked at the company starting in the 1950s. (Lipton left Hoboken in 1963 for Englewood Cliffs.) See archives 2013.013.0001, .0003 and .0004 for related employee publications regarding employee manual and pension plans (a transmittal letter and one item dated as 1962) that also belonged to her.

Acquisition

Accession

2013.013

Source or Donor

Pflug, Dean

Acquisition Method

Gift

Credit Line

Gift of Dean Pflug.

Archive Details

Date(s) of Creation

1945 - 1945

Archive Notes

Date(s) Created: 1945 Date(s): 1945

Condition

Overall Condition

Good

General Notes

Note

Notes: Archives 2013.013.0002 ==== [cover title] Your Life at Lipton! ==== [page 1] PENSION PLAN OF THOMAS J. LIPTON, INC. EFFECTIVE DECEMBER 1. 1945 This Booklet describes the pension benefits of each member whose Retirement Pension under the Plan is provided by a Group Annuity Contract. ==== [page 3] INDEX TO BOOKLET Page No. DIGEST OF PENSION PLAN— 1. What is the purpose of the Plan......................................................5 2. Who pays the cost of the Plan..................................................................5 3. When does an employee become a member 5 4. When is the Retirement Pension payable............6 5. How much is the Retirement Pension....................................7 6. What is the meaning of Annual Basic Pay 9 7. How is the Retirement Pension calculated when an employee first becomes a member of the Plan ............................................................................... 9 8. Will the final Retirement Pension reflect increases in basic pay......................................................... 10 9. Will the final Retirement Pension be reduced if basic pay is decreased .............................. 11 10. For how long is the Retirement Pension payable ......................................................................................... 12 11. How will the Retirement Pension be provided ............................................................................................... 13 12. What are a member's benefits if his employment terminates before his normal retirement date...................................................................................... 13 13. Can a member retire before his normal retirement date........................................................................ 15 14. Is time in military service counted as employment ...........................................................-......................... 16 15. How is the Plan administered................................. 17 ==== [page 4] INDEX TO BOOKLET (continued) Page No. 16. Future of the Plan............................................................... 17 17. How can a member get more information about the Plan ...................................................................... 17 Appendix A—Optional forms of pension........................ 18 Appendix B—Military service provisions........................ 22 Appendix C—Description of social security benefits 24 ==== page 5 Digest of PENSION PLAN 1. WHAT IS THE PURPOSE OF THE PLAN The purpose of the Plan is to provide for the payment of a definite amount of Retirement Pension for each member. This Retirement Pension is in addition to all of a member's Social Security benefits. (See Appendix C on page 24 of this booklet for a brief description of Social Security benefits.) This Retirement Pension, when added to his own savings and his Social Security income, will put a member in a better position to enjoy his retirement. 2. WHO PAYS THE COST OF THE PLAN The entire cost of the Plan is paid by Thomas J. Lipton, Inc. and Continental Foods, Inc. 3. WHEN DOES AN EMPLOYEE BECOME A MEMBER The original entry date was December 1, 1945,—the date the Plan was adopted. In each year after 1945 there are two entry dates, which are June 1 and December 1. [end page 5] ==== ==== Status: OK Status By: dw Status Date: 2013-04-04