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[Hamilton Manufacturing Company meeting minutes, 1941-1947]
(1941-1947)

1943


. The trust i ndenture to be cntered into by the om
eTrustee shall be in such form as will meet the renuire-
:,ents of Sections 165(a) and 23(p) of the Internal Revenue
Code as amended and of the Emergency Price Control Act of
1942 as amended, and the regulations, orders End rulings
iromulgated thereunder.
5. Employees of the Company eligible under the Plan are herein-
after referred to as Participants, and eligibility reauire-
ments shall be as follows: annual basic compensation of not
less than $3000; continuous employment by the Company for not
less then four consecutive years; age at commencement of such
employment not more then 50 years; age at date of becoming a
Participant not more then 60 years.
6. Normal retirement date, 65th birthday of a Participant;
but in the case of n employee who becomes a Participant
after attaining the age of 55 years, normal retirement
date shall be ten years thereafter.
7. Normal retirement income to begin at normal retirement
date and continue for life of Participant and for not
less than 100 months certain.
. Normal retirement income to be 25% of basic compensation
of Participant in excess of $3,000 per year, plus 1/4
of such excess for each year of employment after 191;
total applicable percentage limited to 34/o.
9. Basic compensaticn, for the purposes of the Plan, shall
be exclusive of bonuses, overtime or other extra compen-
sation but shall include the average commissions earned by
employees during the five year preceding period as defined
in the Trust.
10. The benefits to which a Participant will be entitled shall
be provided through the purchase by the Trustee of endow-
ment policies or annuity policies from a legal reserve
life insurance company; the Trustee to use in the purchase
of such policies the funds and assets which constitute the
trust fund.
11. In the case of a Participant whose employment by the Com-
pany is terminated by resignation or discharge, the benefits
distributable to such Participant shall be the cash sur-
render value of the policy on his life then held by the
Trustee, such benefits to be paid in annual installments
of not exceeding 1/5 of the total amount of the benefit.
1?. In case of death of a Participant while employed, proceeds
of the policy on his life to be onaZ over to his beneficiaries.


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