[Hamilton Manufacturing Company meeting minutes, 1941-1947]
. 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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