PROFIT-SHARING AT IVORYDALE 49
laborers are slow to take advantage of it. To encourage them to invest, the company proposes to guarantee them against loss upon their investments by making their stock a lien upon the property.
Another feature which must also be described is the pension plan, inaugurated in 1894. The plan for the establishment and maintenance of a pension fund for the benefit of the employes, and the provisions for its distribution, are as follows : The fund is created by setting aside the sum of $500 semi-annually, one-half of which is taken from each profit-sharing dividend and one-half is paid by the company. This money is paid over to a board of trustees consisting of five members. The President of this board is the President of the company, and the remaining four members are chosen from the employes in the factory ; two- from the office force including foremen, and two from the operatives. Two trustees are elected annually, mak- ing the term of office two years. The election occurs at the profit-sharing meeting nearest January 1st, and the candidate in each class receiving the highest vote is elected. The board has the authority to invest the funds and to apply the income of such investment, or both income and principal, to the payment of pensions, and moreover, if at any time the trustees find that the income from investment exceeds the amount necessary to pay pensions, the semi-annual payment from the profit-sharing dividend, and from the company, may cease until such a time as shall be decided upon by the trustees. Only those who have been in the service of the company for a period of not less than seven years, and who have been permanently, partially, or totally disabled by accident, sickness, or old age may receive a pension. The board may reject any applicant or discontinue any pension. No pension may exceed 75 per cent, of the aver- age wages earned by the applicant during the last two years of his service with the company. So far as possible the company provides those who are entitled to apply for a pension with such as they can readily perform, and at such a rate of wages as the work which they are giving is entitled to receive. A
