Newspapers / The Chowan Herald (Edenton, … / Oct. 25, 1956, edition 1 / Page 16
Part of The Chowan Herald (Edenton, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
PAGE EIGHT ’—SECTION TWO PRIVATE PENSION PLANS’ COVERAGE UP NEARLY FIVE MILLION SINCE 1950 Private pension and retirement programs, insured and noninsured combined, have shown an accelerat ed growth in recent years, adding close to a million workers a year to their rolls on the average since 1950. As a result, they now cover approximately one person in every four in private nonfarm employ ment. The growth record of private pension and retirement programs is of particular interest at this time in view of the series of studies undertaken by the U. S. Depart ment of Labor of the economic and job status of the older worker. Jobs for Older Workers Experts selected by the Labor Department have been looking into purported barriers to employment opportunities for older workers, and made an exhaustive investiga tion of private pension and retire ment funds in this connection. Their conclusion, in a report re cently made public, is that these funds need he* no real obstacle to hiring older people, and they call ed on employers to re-examine their hiring practices with this in mind. Data compiled from Government and private sources show that there were 13.3 workers covered by private pension and retirement plans at the end of 1955, a rise of 4.7 million persons or more than 50 per cent over the 8.6 million per sons covered at the end of 1950. Back at the end of World War 11, in 1945, the coverage was only 5.6 million persons, or little more than 40 per cent of the 1955 total, indicative of the progress made in the short span of a decade to help j protect workers against the eco- j nomic impact of retirement. Re-j tirement benefits are now being J paid to close to a million annui tants. the overwhelming majority of whom are also drawing Social Security benefits. Assets Up Over 100'v The figures show that the re* serves and assets accumulated be hind insured and noninsured pen sion and retirement programs to; guaranty the benefits they pro- j vide have shown an even greater rate of growth than cove rage in re cent years. The total exceeded $24 billions at the end of 1955 as against less than sll biflions five years earlier, a rise of more than 100 per oept. These reserves and assets have been increasing at the rate of around $3 billions a year in the j last few years, and have beeom° j a large source of capital and in-1 vestment funds to help meet th n | needs of our expanding economy. ! The payments into these funds; are coming predominantly from! the employer, as much as 90 per| cent in the aggregate in the case of j noninsured plans and 80 per cent in insured programs. The Labor Department study not. I ed the fact that private pension j and retirement programs are in an f evolutionary state because of their relatively brief existence as far as mass coverage is concerned. If pointed out liberalization trends with respect to basic provisions 1 such as benefits and vesting, and referred to the development of in dustry-wide and area-wide plans in 1 certain parts of the country in with GULF SOLAR HEAT J.Qiiuht it k QoipitoJL axuun-.t&o! heating oil Coastland Oil Co. PHONE 699 EDENTON Distributors of " Gulf Oil Product.. which more than one employer par ticipates, and in which a worker, regardless of age, may move from one employer to another without the loss of accrued benefit rights. Factor of Retirement Age Other significant points with re spect to older workers and pension plans made by the Labor Depart ment study are, 1. Flexibility in retirement age is a big factor in ultimate costs of any pension plan. Retirement at age 06 instead of 05, with no in crease in benefits, would reducel % the overall cost of a typical plan by 8 per cent, and a 07 retirement age by 15 per cent. In this connec- j tion, it is pointed out the average age of retirement under OASI has been about 08 to 09, and under pri P\Sb YOUR HOME DESERVES brfection BECAUSE A BECAUSE 4 BECAUSE Only Perfection Only Perfection has Only Perfection h a s t h e t Hri ft y the Regulaire Blower. has DynaDraft— "Midget" Pilot. the AUTOMATIC \ forced draft. // \\ \ T ■ Burn* over 40 HOURS The ONLY automatic on one gallon of oil. blower wirh a separate Gets MORE heat out A true pilot, its tiny heat-sensitive control that of every drop of oil— flamo uses LESS oil assures velvet-smooth injects air, burns LESS than *he smallest LOW ALL-OVER comfort no oil ends chimney FIRE! Arealfuei-saverl coid floors, no hot blasts. troubles foreverl See if Here • EASY Terns Coastland Oil Company PHONE 699 EDENTON DISTRIBUTORS OF GOLF OIL PRODUCTS QD E has a furnace £ Ls ta 4uit (facet Over 24 Delta models and sizes —both gas and oil for custom-fit in your home or plant. ■ FLOOR-LEVEL FURNACE—No basement SUSPENDED—Horironlol Suspends out H§ needed .. . sets in floor out o' sight of sight in attic, ceiling, basement or h ... heats a small home automatically, under floor. Space saving and thrifty. «| efficiently and economically. H OIL-FIRED COUNTERFLOW—FuIIy en- HI LO BOY - Only 53" high, this folly S closed, designed for ceilorless homes, com* automatic unit hides away in basement, S mercial buildings. Gives safe, silent closet or garage Heats instantly, pro fl| service economy-engineered! vides summer air circulation, air filtering. E For gas or oil. f Fr>' information ofcout the perfect model to solve your heating ■ prebiem, lelsphone today! FREE ESTIMATE, NO OBLIGATION! Coastland Oil Company PHONE 699 Edenton DISTRIBUTORS OF GULF OIL PRODUCTS Kate plans which permit voluntary retirement, 68. 2. Hiring an older applicant per mits him to maintain his OASI earnings and his status as a pro ductive citizen, to the benefit of both the individual and society as a whole. Most full-time workers today have already earned sub stantial oldvige benefits if they continue in covered employment. By payroll contributions to the OAST under our dual system of re sponsibility toward human obsoles cence, the employer contributes di rectly toward a worker’s protec tion irrespective of any supplemen tary benefits from a private pen sion or retirement plan. 3. By contrast with older plans, most private pension plans today call for benefits related to length of service or to levels of current and future earnings, or to both service and earnings. In such plans, it is not generally or nec essarily true that the current cost THF, CHOWAN HERALD. EDENTON. NORTH CAROLINA. THURSDAY, OCTOBER 25, 1956„ of providing for future pension benefits is substantially higher for older workers entering the plan. - New Books Received At Edenton Library New books received at Shepard- Pruden Library include the fol-i lowing: Vicarious Years by Van Druten; Lonely Passion of Judith Hearn by Moore; From The Tables of Sum-| er by Kramer; Charmed Circle by. Ertz; Amelia In Love by Troyat; I The Unquiet Spirit by Steen; Af-| ternoon of An Autocrat by Lofts; i Old Yeller by Gipson; Life on the) Mississippi by Clemens (Mark' Twain); Rand McNally Cosmopoli tan World Atlas, 1956 edition; Old Virginia Houses: The Mobjack Bay Country by Farrar. Juvenile—Picture Book of Vir ginia by Bailey; A Dog For Davie’s Hill by Bice; Senior Year by Em ery; The Friendly Phoebe and Bet sy and the Circus by Haywood; Better Homes and Gardens Story Book, edited by O’Connor; You and American Life Lines; You and the Constitution; You and Space Trav el; You and the United Nations; \ou and Your Amazing Mind. Children are reminded of the set of True Books which pop ular. The World Geography Read ers will also be found helpful. Any requests will be filled within the Pettigrew Library Region, from j “You can still win, friends. Gulf’s gala ‘Life of Riley’ Contest > closes October 31!’’ ji f , .. . 1 n pjjjH ' uiAi,", i L i.. * \ TV show... and your royal Riviera playground. taßl - -iR Micni n ™ E * v, N 30 FABULOUS DAYS W' 1 * *3OO A DAY 10 SPEND .# 00000000000000000000000000000000000000 Fly via a luxurious Pan American Super 7 Clipper 8 ‘ _ ___ __ __ _ o ” r ” O NEXT A NEW CITROEN SPORTS SEDANS! O Fly direct to Nice, France, in 20 two. You enjoy scores of exciting 2 TOP The revolutionary DSI9 by CITROEN of France—safer, smoother, 2 hours, via the world's most experi- holiday adventures—withs2ooaday q PRIZES first with automatic air-oil suspension q enced airline. Live in a Riviera man- to sperfd! Your own limousine whirls Q O sion for four fabulous weeks. Reign you through a gay round of gala O /II 1 1 O in a royal home, with all modern events in nearby Nice, Cannes and O «•=-»- — O conveniences. other Riviera playgrounds. 2 \ 8 Servant staff, luxury furnishings, A world of pleasure awaits you. O -I Q glamorous patio, private swimming Golden beaches, festive occasions, O •’Vi-' O and boating facilities... all this and dazzling scdhery ... sports, pleas- Q ’ - 2 ting oil" the 1 Mediterranean **** « re - re Sal rel^ ation •• : y° u live the O and a Gulf [JS®) othar Q ling on tne ivieaiterranean. Life ofßiley for a magnificent, mem- c\ , * l||% . HH O It’s a once-in-a-lifetime trip for orable month! Q ° Xy ° ®° ° Q • Just comdete this iinple. Enter as Ms IMhx b Ik, M • Q 7 • often as you wish. All entries must n *’ h ~" ’«"*•* • Q 1 ' 1 . ' 9 • be on official Contest Entry Blanks W-P-M-Jm *»*•• O g Revolutionary TAPPAN HMACRMOXCoIorTVSets. 10 NIRGINS, Inc. of New X • whichcontain complete contest rules. 0 X Electronic ranps-cook at Featuring Hi-FideUty Color Orleans 14-foot deluxe out- 1^ _ . . F „ • vJ amazing speed without heat and Sound. board runabouts and traders. y • Get yours /ree at any Gulf station. ~. . , ~ O ° _ O 0 Contest doses midnight Oct 31 (Make your last word rhyme with W V Clean-burning No-Nox gives you •. 0 I . jsgi x t many more miles of new-car powerl g 5 Wy ▼ 0 Zj HINTS TO HELP YOU WINI • -Q u 1957 FRHHMIRE Laundry U Magnificent MAGNAVOX SB BROWNING Shotguns. 8 J/1- No-Nox bum, ebon because Gulf 3. No-Nox protects your engine! • O Hi-Fidelity Radio-Phono- Double Automatic Light- Q refines out the “dirty-burning tail- keeps new-car power intact for thou- ® O dy . graphs 4 mulUple speakers. weight models with case*. Q • end" found in ordinary gasoline. sands of extra miles. • O ji JMnrr J '<i VV' Q l J 2-No-Nox combats formation of 4. Gulf No-Nox is a high-octane ® 2 _/* © dsi Complete deluxe fishl™ mitfitsf . 8 • carbon deposits which “shrink” en- gasoline—gives more miles per gal- % 2 - • fi V O • gine power. lon in short-trip driving. 0 g «™W» O GET FREE ENTRY FROM YOUR GULF DEALER Wlgfejo 1 the State Library, or esewhere if necessary. Suggestions are wel comed and encouraged. A Crusher I A much-married Hollywood ac tor was confronted by a gay dam sel. “Hello there,” she greeted him; “don’t you remember me? Ten years ago you asked me to marry you.” “Really,” yawned the actor, “and did you?” Self-love is arrogant than blind; it does not hide our faults from ourselves, but per suades us that they escape the no-1 tice of others. —Samuel Johnson. Janet, Please Read This! Read this Janet, it’s our invitation to see the 19 57 De Soto ... the most exciting car in the world today! It will be on display at our De Soto-Plymouth dealer’s October 30th. ACCIDENT FACTS Raleigh Traffic accidents in North Carolina last year killed 1,- 165 persons, an 18 per cent in crease over the previous year. The 1955 street and highway death toll was the second highest in Tar Heel motoring history. The nation’s fatalities rose fro m 35,586 to 38,- 300 in 1955. I The price of greatness is respon sibility. —“Winston Churchill. \\ or the ultimate \ Jg f'r / in clean ” * nc^oor warmt h mliilmLmmfy /Super-Clean-Btfming Gulf || Solar Heat “(44. There’s real yno doubt about it! yy - “ You get clean oil heat at its fin est when you heat with Gulf Solar -» Heat. Makes home life healthier^ til more comfortable and enjoyable for all. Try a tankful and dis » cover why this fine fuel oil scores wm) heavily with discriminating Tv/.!'//// I homemakers. We’ll appreciate '///// your business and servq you well. " heating oil Call us today. Coastland Oil Company PHONE 699 Edenton DISTRIBUTORS OF GULF OIL PRODUCTS
The Chowan Herald (Edenton, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Oct. 25, 1956, edition 1
16
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75