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Story
July 22, 1918
Casper Daily Tribune
Casper, Natrona County, Wyoming
What is this article about?
Standard Oil Company of Indiana launches annuity plan effective July 1, offering retirement and disability benefits to employees based on service, up to 75% of prior income, with death benefits and rules for application.
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OCR Quality
100%
Excellent
Full Text
ANNUITY PLAN FOR EMPLOYES OF THE STANDARD IS NOW IN FORCE
Disability and Old Age No More: No Hardship as Result of Order Recently Announced
The Standard Oil company of Indiana which operates the large refinery here has issued an order affecting all employes of the company in a pleasing way. The company has prepared a plan for an annuity for each and every employe who, thru disability or old age cannot continue in the work they have been doing.
The new order was approved by the board of directors on June 14 of this year and went into effect July the first of the present month. The order provides that each party benefited under the order will receive not less than $300 per year and then up according to service until 75 per cent of the recipients total annual income is reached. The 75 per centum being figured on a ten-year basis.
Regular allowance shall be granted to the following classes:
Class A. All men who have reached the age of 63 and all women who have reached the age of 55 years who have given 20 years continuous service shall be retired unless in individual cases at the request of the employer some later date for retirement shall be fixed by the board of directors.
Class B. Any man who has reached the age of 55 years or any woman of 50 years, who has been 30 years or longer in continuous service or any man of the age of 60 years who has been 20 years or longer in the service may be retired on regular annuity, either at his or her request, with the approval of the board of directors, or without the request of the employee as the discretion of the board.
Any employee who has been 10 years or longer in continuous service and who by physical examination is shown to be permanently incapacitated for service, or whose retirement on account of advancing years is, in the judgment of the directors advisable, may at the discretion of the directors be retired on regular or special allowance.
Should death occur to any employee while in the company's service, who has rendered the company five or more years of continuous service; provided such death is due to disease or to accident when employee is not on duty-the directors at their discretion may grant a death benefit to employee's heirs or dependents. Such benefit, if granted shall be not less than $500 nor more than $2000. In case death, or injury, shall occur by reason of accident when on duty, compensation shall be paid in accordance with the provisions of the state workmen's compensation law applicable to the case.
The provisions of this plan shall be applied to the cases of all persons receiving annuities from the company at the time this plan becomes effective and the annuity plan heretofore adopted and in use by this company is hereby repealed.
GENERAL RULES
(A) Annuities shall be paid quarterly by check, payable only to order of annuitant.
(B) Annuities terminate at the death of beneficiary but the directors may, at their discretion, continue annuity to needy dependents for a period not to exceed one year.
(C) Proof of age of employee shall be by affidavit stating time and place of birth. Time of service shall be calculated from the records of Standard Oil company (Indiana), to which shall be added time of service of applicant in any other company which was co-defendant with the Standard Oil company of New Jersey, in the dissolution decree of the United States Circuit court of the Eastern district of Missouri, dated November 20th, 1909. Provided, however, that said service was rendered to such other company prior to the dissolution made in accordance with said decree.
(D) Annuities are not assignable and an attempted transfer or actual transfer or pledge of same will not be recognized by the company and may, at the discretion of the board of directors, effect a forfeiture thereof.
(E) No person retired under this plan shall be barred from engaging in any business not prejudicial to the interests of this company, but he may not re-enter the company's service.
(F) The company reserves the right at any time to abolish or modify or suspend or annul the operation of this plan or the annuities thereunder both in their general form or in their application to individuals at the discretion of its board of directors.
Disability and Old Age No More: No Hardship as Result of Order Recently Announced
The Standard Oil company of Indiana which operates the large refinery here has issued an order affecting all employes of the company in a pleasing way. The company has prepared a plan for an annuity for each and every employe who, thru disability or old age cannot continue in the work they have been doing.
The new order was approved by the board of directors on June 14 of this year and went into effect July the first of the present month. The order provides that each party benefited under the order will receive not less than $300 per year and then up according to service until 75 per cent of the recipients total annual income is reached. The 75 per centum being figured on a ten-year basis.
Regular allowance shall be granted to the following classes:
Class A. All men who have reached the age of 63 and all women who have reached the age of 55 years who have given 20 years continuous service shall be retired unless in individual cases at the request of the employer some later date for retirement shall be fixed by the board of directors.
Class B. Any man who has reached the age of 55 years or any woman of 50 years, who has been 30 years or longer in continuous service or any man of the age of 60 years who has been 20 years or longer in the service may be retired on regular annuity, either at his or her request, with the approval of the board of directors, or without the request of the employee as the discretion of the board.
Any employee who has been 10 years or longer in continuous service and who by physical examination is shown to be permanently incapacitated for service, or whose retirement on account of advancing years is, in the judgment of the directors advisable, may at the discretion of the directors be retired on regular or special allowance.
Should death occur to any employee while in the company's service, who has rendered the company five or more years of continuous service; provided such death is due to disease or to accident when employee is not on duty-the directors at their discretion may grant a death benefit to employee's heirs or dependents. Such benefit, if granted shall be not less than $500 nor more than $2000. In case death, or injury, shall occur by reason of accident when on duty, compensation shall be paid in accordance with the provisions of the state workmen's compensation law applicable to the case.
The provisions of this plan shall be applied to the cases of all persons receiving annuities from the company at the time this plan becomes effective and the annuity plan heretofore adopted and in use by this company is hereby repealed.
GENERAL RULES
(A) Annuities shall be paid quarterly by check, payable only to order of annuitant.
(B) Annuities terminate at the death of beneficiary but the directors may, at their discretion, continue annuity to needy dependents for a period not to exceed one year.
(C) Proof of age of employee shall be by affidavit stating time and place of birth. Time of service shall be calculated from the records of Standard Oil company (Indiana), to which shall be added time of service of applicant in any other company which was co-defendant with the Standard Oil company of New Jersey, in the dissolution decree of the United States Circuit court of the Eastern district of Missouri, dated November 20th, 1909. Provided, however, that said service was rendered to such other company prior to the dissolution made in accordance with said decree.
(D) Annuities are not assignable and an attempted transfer or actual transfer or pledge of same will not be recognized by the company and may, at the discretion of the board of directors, effect a forfeiture thereof.
(E) No person retired under this plan shall be barred from engaging in any business not prejudicial to the interests of this company, but he may not re-enter the company's service.
(F) The company reserves the right at any time to abolish or modify or suspend or annul the operation of this plan or the annuities thereunder both in their general form or in their application to individuals at the discretion of its board of directors.
What sub-type of article is it?
Historical Event
What themes does it cover?
Triumph
Recovery
What keywords are associated?
Annuity Plan
Standard Oil
Employee Retirement
Disability Benefits
Old Age Security
Where did it happen?
Indiana, Large Refinery
Story Details
Location
Indiana, Large Refinery
Event Date
June 14 Of This Year; Effective July 1 Of The Present Month
Story Details
The Standard Oil Company of Indiana approves and implements an annuity plan for employees, providing benefits for retirement due to age or disability, scaled by service length up to 75% of average annual income, with provisions for death benefits and general rules.