xt7kh12v6014_191 https://exploreuk.uky.edu/dips/xt7kh12v6014/data/mets.xml https://exploreuk.uky.edu/dips/xt7kh12v6014/data/2008ms006.dao.xml Benham Coal Mines. (Benham, Ky.) 151.0 Cubic feet 302 Boxes The Benham Coal Company records (151 cubic feet, 302 Boxes; dated 1911-1973) focus primarily on the early years of Benham Coal through the 1940s, including office files, Employee Benefits Association records, files on accidents and safety, and photographs. archival material English University of Kentucky This digital resource may be freely searched and displayed. Permission must be received for subsequent distribution in print or electronically. Physical rights are retained by the owning repository. Copyright is retained in accordance with U. S. copyright laws. For information about permissions to reproduce or publish, contact the Special Collections Research Center. Benham Coal Company Records African American coal miners--Kentucky--Harlan County Coal miners--Kentucky--Harlan County Coal mines and mining--Appalachian Region Coal mines and mining--Appalachian Region--History. Coal mines and mining--Kentucky--Benham--History Company towns--Kentucky--Benham 1940 May 1 text 1940 May 1 2015 https://exploreuk.uky.edu/dips/xt7kh12v6014/data/2008ms006/2008ms006_18/2008ms006_18_18/17872/17872.pdf 1940 May 1 1940 1940 May 1 section false xt7kh12v6014_191 xt7kh12v6014 EMPLOYES SAVINGS
and
EXTRA COMPENSATION
PLAN
INTERNATIONAL HARVESTER COMPANY
and
AEE11.1A·1·E¤ COMPANIES Q
Chicago, Illinois {
EFFECTIVE MAY 1, 1940 g S
I O
1 Employes Savings
and
Extra Compensation Plan
—•—
A Plan to Provide
Retirement and Unemployment Income
Z —•—
INTERNATIONAL HARVESTER COMPANY
and
AFFILIATED COMPANIES T
Chicago, Illinois l
Q EFFECTIVE MAY 1, 1940 T
I N D E X
Purpose of Plan ......................,,.........4.... Page 3
Date eE{l`ective ..4..,..,..,....A.P,.,....4..,.........A4... 3
Employes Eligible .........»......,4..,..................,, 3
Security Fund ......,a...........4......,,,...,.....4..,4. 3
Savings by Employes ...,...........,...,,.....4........... 4 •
Matcliing Payments by Company .4,,....4........4...,..... ~l·
Extra Compensation Payments by Company .......,.,...,,.. 5 ,
Investment. ol` Security Funds ,... t 4............4.......,... 5
Custody ot` Investments .............,..,.,..........,..,.4. 6
Interest (Yreclits ......,.............4.....,,,.............. T
Withdrawal ol` E1nploye`s Savings ..4.......,»........4...... 7
\Vitlidrawal of Extra Compensation Credits .......,.,.......,. 8
VVltll(lI`t1\\/Ell During lTnemployment .... . .,..,.4.......,..4... 8
Settlement of Account on Retirement .......,......4........, 0
Settlement ol` Account, on 'Fermination of Service
Belbre lletirement. .,.........,.......,....,.,......... 9
Settlement ol` Account in Case of Death .,.,,...............,, 10
General Security Fund lleserve Account .,..4...........,.,.,. 10
Determination of Net Income and Extra Compensation ........ 11
'l`ime ol` Paying Extra Compensation ......._,........,....... 11
Determination of Service ..........4.....................4,. 11
Payment ol` Plan`s Expenses; Taxes .,,4...... . .,............. 12
Fiscal Year ol` Plan ......,...r....,..........,,,.........,. 12
Nonassignability ol` Employe`s Interest ...,...,..........,,,.. I3 ’
Construction and Administration ..4.4...t.................., 13
Amendment. or 'Permination ............4.......,.,......,,, I3 ·
Questions and Answers. ..44 , ......4........,......,........ 14
INTERNATIONAL HARVESTER COMPANY
EMPLOYES SAVINGS AND
i EXTRA COIMIPENSATION PLAN
To Provide Retirement and Unemployment Income
I. PIVRPOSIC. Iieeognizing thait the need to provide ineome
during unemployment. amd retirement is one of the most serious
problems ol` employes, the Compamv now oII`ers this lfmploves
Saivings amd Iixtru Compensaition Plain.
2. l)ATIC I·ZI’I<`liCT[\*lC. The Plain will beeome eII`eetiv0
Maiv I, I910.
3. EKIPLOYICS ELIGIBLE. All employes of lnternaitionail
I.lan·vester Compamv amd its ailiiliaited eompamies in the Iinited
Stutes amd Camaidai, exeept niamaigeriul employes, muy deposit
savings under the Plam amd reeeive interest thereon tlI`lt§EI` eompleting
one veair ol` serviee. limploves haiving three veairs or more of
serviee will atlso be entitled to reeeive the Compamv speeiul maitehing
eredits amd extrai eompensaition eredits provided below. Serviee
will be determined in aia·<·ordamee with the provisions oI` Seetion Et).
al. Sl£CIilil't`Y FUND. .a\tt saivings ol` employes amd ull
contributions amd paivments bv the Compamv under this Plain shaill
be deposited in one or more speeiail baml; aieeounts in the namie of
, "Illl(}l`lItIIIOlllll Ilairvester Emploves Seeuritv I?und.’° Saiid aieeounts
shaill be eairried in sueh bamlis in the United Staites (amd for Camaidiam
employes in sueh Camaxdiam hamlas) ais the Compamy mary from
. time to time seleet, provided that no deposits shaill be maide exeept.
in am ineorporaited bamk aauthorized by Iaiw to do ai eenerail bamking
amd trust. business whieh hats been in operaition for more tham
ten yeairs.
’lllll‘ (1\\`IlL*l`Slll})
;u~ in 2l(`(`()l`(l2lll(‘<‘ willu lluu- prll&1IIl()lllllS puyululu ll less lluun only p<·1‘<·l·nl (ICQ) nor nu<>u‘<· lluun lon p<·r u·<·nl (l(l"Ql
nl` lluwir sulur) or \\’ug‘u· llur <·u¤·lu puy u‘. \l.·\'l`CZlllj\'(i l’;\ YNlIi\'|`S HY (l()\ll)\\Y 'l`(_il ICN-
(i()l li;\(}l*; |*j\ll’LOYl§S` S;\\ lN(]. ln l‘lll‘()lll`£I;!`|‘ ¤·nuplnlu‘ilunli<>n
sluull luv nuuyl· in oxvvss yu
ilvpiusils Z"?} nl` luis xxlugxcs. llul· (jlnunpunuy will uclrl I'} (ur, il` luis
dvpnsils 5‘V`,'. lluv (.l(lIll[)LlII§` will uclml \>ils
luy un l‘Ill|)lfl}1‘ ulunw nl liis wuugus will mul luv nuull·|u¢·rl luy llu<2
(Znnupuny, l>nl will I`C(`(‘l‘»`L‘ lluu Sllll1(‘ lIll(¥l`<‘$l us luis <>llu¢·r suvings _
us pu‘<· puirl inlo llule S<,·¢ruu·ily l·`uml uml wurlilcnl
<·nnling<·nIIy liu l~u<·lu <_·nuplny<·`s u<·<·<>nnl willu llio uncluwsluuuiling .
lluul lluuy muy mul liu xxillumlruxxuu cxccpl ilnring lllllfllll)l()}`lllL¥Ill or
nn u·u·liu·l~1uu<»uul lo lluc <·xl<’~nl lI(¥l`(¥lllIll.l(‘I' pu·<>vi)`t‘·S halancc for
Ill()l'(_‘ llltlll 30 days at`tcr said halancc is suh_icct to witl1-
drawal in linal St‘lll(?lllt‘I]l ol` l1is account by l`t‘ttSUll of
lt‘I`llliI]tlll(>[l ol` t‘Ill})ltt}`lll(‘l]l. t`(‘lll`t}lIl(‘I]l or dcalh.
(c) lll\'L‘SlIllt‘l1lS i11 annnitics arc p1·i111arily to i11crcasc rctirc—
lll(‘lll incoinc and will yicld no t‘lll`l`t‘Ill intcrcst.
_ ll. \Yl'I`lllDlt·\\Y;\ L OF I·]\ll’l.OYl·]`S SAVINGS. All
cinployc may witlnlraw at any tinic thc wholc or any part of 11is
own sayings dcposits with i11t<·1·cst lllt‘l`t‘Oll (iIt(‘ll|(llllg securities or
annuity ('<)llll`tlt‘lS prcvio11sly plll'l`ll&lS(‘(l with such l`unds for his
indi\*idu:1I t`t(`tTOtlttI) by giving 30 days` notiee to the C()IIIp1lII}'
(which netiee may be wnived). Unless sneh \\`IIII(II`{l\\`tlI is o11
:1ee011nt of 1111en1pI0yme11t er I`CIIl`CIllCIlI 11s providetl below in
Seetiens I3 ttll(I 1¤t—, tI1e enipleye SIIIIII I`orI`eit the ])tI)'tIlt‘IIIS IIlt‘I`t)I(>-
fore 111:1de by the COllI})2`tIl}` to IIILIICII the (‘IIII)Itl}t‘iS s11vi11gs so
\\`IIIl(Il`tl\\'Il, und :1Iso tI1e IIIIt‘I`CSI1 IIl()I’(‘O1l. IC111pIoyes Ill2l}' witI1-
(Il`it\\' :1t any time :1II sayings deposits \\'IIIl interest IIIl‘I't*t)II, whieh
the COIll[)illl}` IIIIS net m11tehed; th:1t. is, :1II snvings lIt2l(It,‘ i11 exeess
of 5% of their wages :111It
p€Q`Illt‘IlIS credited te :111y en1pIoye under Seetion T ttI}()\`(‘ or may
[)ttI`I thereof`, Illtt}` be \\'IIIl(II`tt\\`Il by I1i111 \\IIIt()tII I)t‘IIttII}i :1t 11ny
time, \\'IIIl interest eredited IIlt?I`L‘tlIl. TI1is is IIk‘I`t‘IIl1IIIIt‘I' I`t‘I‘t‘I`I't‘fI
to as “llIll`t‘SIt'I(‘IQ(I CXII`tt (‘()IllI)(‘IlSilIIUILII
TI1e other h:1It` of tI1e C()lIl[)t,lll}`·S extr:1 (`()I]lI)L‘Il$ilIIt)II p:1y111ents.
with interest eredited IIlt‘I`t,‘()lI, 111:1y not be \\'IIIl(Il`t!\\`Il III`()Ill tI1e
Security Fund exeept i11 ease ot` tlll€IllI)IO}`lll(‘IlI, I`t¥III`(‘tlIt,‘III, or
otI1er ICl`IllItlttIItJtt of seryiee :1s provided below i11 Seetions _l 3, II, I5.
2ltI(I I6. This is II(}I`(‘IllitI`It‘l` I't?IIt‘I'I'()(I to :1s HI`USII`I(`I(‘(I extr:1 eom-
[)OIISttII()Il.”
I3. WITIII)P11»\\\`;\I1S DIJRING UNIYNIPLOYXIICXT. I*ItlI`
e:1eh week during whieh ttl] employe, due to I`C(Ittt‘II<>Il i11 \\(>I`I\III:L{`
time or I:1yoII` for I:1t·k ot` work, reeeiyes Iess IIIHII 6t)‘y`{ of I1is II<>I`IItt\I
I11II-time CtU`IlIIl;.§S, Ill(‘Itl(IIIl;.§ :111y Cttl`llItIgS from other (‘Ill[)Itl}`[Ilt‘III
amd HHIOIIIIIS reeei1*ed IIl`()IlI §IU\`t)I`IlINCIlIltI tlIl(!Ill[)I(>}`IIIt*llI I1e11etiIs
for sneh week, I1e 111:1y :1ppIy for ZlIl(I I`C(‘(‘I\`(_¥ III`(ttll tIII}' ttIIlllt1llIS
SIHIICIIIIQ to his eredit in the Security `I.*`tl]I(I :1II 01* till} p:11‘t ol` the
HIIIOIITII1 by whieh I1is (jt1l`IlIt]§IS t`:1II short ot` s111·h (SOC`;. .'\[)[>IIt‘tlII<,)Il
For sueh \\'IIII(Il`?l\\'2lI must be mnde i11 e:1<·h (RISC within two weeks
ttIII($I` the end of tI1e week t0 whieh tI1e \\`IIIl(II`2l\\'ttI npplies. _
PtI}`tNGllIS ll'lH(IC to :111 employe 1`or tI1is purpose sI1:1II be ('IlilI`{.§t}(I
:1s t`:1r :1s pessible in tI1e proportion of I\\`()-IIIII'(IS ngninst I1is t>\\'Il
deposits matehed by tI1e Compnny :1nd t')Il(}—IIlII`(I :1g:1i11st the .
COIIl})tlI1y’S llll1I(JIlIIlg ])tl}'lNOI1IS then standing to his eredit in the
Security Fund. /\I`tr·r the IHflI(‘IlIIl{.{ ])t't}`lTltEIIIS 111:1de by the
C()IlI})tlIl}’, \\'IIII iriterest III(}I`t‘(Hl, hnve I)(,‘()II exI1:111steI`(,‘QUIlIg amounts
Iiayar I><·a·11 <~xhamsla·d, SI1I)S(‘f|l|<‘IlI 1ma·mpIa>ym<·a1t payainariits shall Ivo
a·Iaa¤a·;;a—d angziiaist amy ammimts nranianiiaiiig tn his a·1‘<:di| in the I"umI.
I I. $IC'I"I`LIC\II·i\'Ii OI? IC\II’I.OYIC`S SIC(ILiI'tITY AC-
(I()IfNrI` ON ItI*]'I`IIII‘]MI£N'I`. \\IIIt,‘II am vmphiyte is I`tJIII'(j(I.
his $a·a·m‘it y I"l|II(I i\t`('OIIIII shaII Im a·h»s<·d mit amd swtthxd as t`<,»IIrm‘s:
(ai) By a·a·¤;I<* into <·ash. p11ra·I1a'1sa‘·i1. ’
(M 'I`hc I)2,\Ittllt`(‘ to his c1‘ci·m in xyhia·h it then stamds iii his auvvouut,
xxhivh may Iw part vash amd part limited Statcs Sayings Bowls or
IVIIIIIIIIIIPS. rI`ha— paymcnls so madv to tho vmphayc shall iuchidc
the balance of all savings paid into the Fuml by tl1e employe and
of all extra compensation payments made by the Company, together
with interest credited thereon, but shall not include any part. of the
matching payments made by the Company with interest. credited
thereon, all of which shall be forfeited. llowever, there shall he
no forfeiture of the Compauy’s matching payments if the termina— _
tion of employment is because of lack of work or physical disahilit y.
I6. SlYI`rl`Ll£)llCN'll OF EXll’LOYlC`S Sl·l(QlIevlclI'l`Y ACGOI `N'I`
IN CASE OF DIZATII. \Yhen an employe dies prior to retirement.
the entire account standing to his credit, including the Company’s
matching credits, shall be payable according to the law of his place
of residence governing the disposition of the estate of a deceased
person.
IT. GICNFHAL SlZCUBlrl`].l FUND RFSlill\llC A(ilCOIlN'l`.
In addition to the separate accounts for each participating employe
recording his individual share in the Security Fund, the Company
shall maintain a General Security Fund Reserve Account. and
transfer to and credit such account from time to time with all
l`unds derived from the following sources:
(a) All matching payments made by the Company which are
later forfeited on account of withdrawal by employes of
their savings as provided in this Plan, shall be transferred
to the General Security Fund Reserve Account, together
with interest credited thereon.
(b) Any amount standing to the credit of an individual
employe who fails to withdraw the same on or after leaving
the Company’s service may be transferred to the General
Security Fund lteserve Account, if the Company has
mailed notice to the employe at his last known address
requesting withdrawal and said amounts have remained
unclaimed for a period of live years after the mailing
of said notice. _
(c) Any amounts standing to the credit. of a deceased employe
may be transferred to the General Security Fund Reserve
Account if the Company has been unable after reasonable .
search to locate any person legally entitled to receive the
same and no such person has called for and claimed such
balance within live years after the death of said employe.
) 7 ..
ll` any legal claims shall later be established to any of the
unclaimed Funds so transferred to the General Security Fund
Reserve Account, they may be paid out of said Reserve Account.
No amounts i11 the General Security Fund llcservc Account shall
ever be paid or returned to the Company and all such amounts
sl1all be used exclusively I`or employe retirement purposes in such
i manner as the Company may from time to time determine. Any
l`unds in the (leneral Security Fund Iilcscrvc Account may bc
invested with the I`unIIowing tli<»oiirni ol u <·rt~diL huluntru or securities 0r unnuitics hold liir his
u<·(·r.»nnt, shull nut. he ussignublu und shull hr; lrcc ml the cluirns ol`
t·1·t.·ditnr·s tlirnngh gurnislnnt.·nt, uttu<;lnncnt. or cxcrntion to tht:
. l`nlh,·st cxlunl p<_~rinitt¤·d hy luwg und Ilt‘lllltjl` thc Crinipunv nor un)
trnstodiun hunk shull lic obliged to rumgiiizc unv uttempted
ussignnirnt.
il. CONSTIKlj(iZ'l`lOX .i\ YD .V\li)XllNlSTR.\TlON Ol·` .
PLAN. ;\s thc ilIllt.‘l`lltlllUIilLll lslurvcsler (ii(_)|ll])lIll}' is u c·<>rpr.»ruli0n
ol` thc Stutc ul` Now .h~rst·v und this Plun is 0ll`t.~r0d to cinplnvcs in ull .·
Stulvs nl` the Linitrd Stutos und l)mviii<·©s ul` Cunudu, it is ugrccd
thut this Plun shull hr c<»nslrn<~d und thu rights 0l` ull intcrcstod (
purtius shull be dctcrniinod uwmirdiiig tn thc luws of the Sluts; of l
New .lvi·scv. The Olllt.'t_‘l`St)lilll(‘lI1lt?1`l12lllOIl{ll Ilurvestcr Compunv.
subjcct to the upprnvul ol` thc Bourd of Directors, shull udininistcr
this Plun, und th<~ir l` (lL‘l(‘l`IlliIllI1g thc suinc in u l`uir und oqnitublu i
munin~r. with dnt- rugurd tn the interusts ul' ull cmplnycs invnlvcd. %
;\ll cinploycs purtiripuling in thv bcnclits nl` the Plun shull l)C(lL‘Ul1lC(l 5
to mnscnt und ugrvc lo ull nl` the provisions <»l` thu Plun us here-
in sol 0ut. l
Z5. .·\Nl ICNDBIIZNT Oli ililfllullN.-\'l`l.ON Ul" PLAN. Tho
Bourd nl` Directors rt~scrvt.·s the right tn cliungc, uincnd, suspvnd
0r tcrininutc this Plun in whole nr in purl ut uny time il` udvisublc
. in its jndgnwnt, but no such uction shull ho given unv rutrouctivc
cll`ccL to the dvtriincnt of uny <—rnpl0v<~.
To clarify this Plan l`lll`lllCl', the f`oIlowing list ot` tIlI(‘SlI(}IIS and
answers has been COlI1[)II(‘(l, 111 the behel that they will answer
many ol` the questions that, may occur to employes 111 Ct)llI'I(‘ClI()Il
witl1 the Plan.
VIllI(‘$(‘ (]ll(‘5lIOtlS a11d answers are intended 111<~rely t.o l.tlI`tIlSIl
Itll.ttI'IIlllll(JII i11 C(,1tl\`L‘ltlt‘tll l.Ul`lll, w1tI1 no attempt to include all the
details or to adhere to the language ol the Plan. 'Ilhey do not 111 any
way l)l(>(lIl.)' or Change the provisions ol` the Plan as print.0'(}S who have COIII})l(§l.·(‘(il one year ol` service
l'(*($(‘l\'($ interest (lll their savings. limployes having _
three years or more ol` service will also be entitled to
t`(¥CC1\`C the (Zompa11y’s special matching credits lillll
extra c·o111pe11sat1o11creditsprovided i11 the Plan.
_. 1.;, _
T. ()11ws/in/1—— What is lhe rale nl` inleresl an employe will
reeeive on his savings deposits?
VIn.r Ilie year ending .V\pril BI). ll) I l, llm rale
<»l` 375 has been <·slalvlisl1e}'l*S lnaving lliree years nr more nl` service will be
I eligible ln reeeiv <~ llie (ii(>I]l[)HIl}'—S inalcrliing eredils.
‘).(_)11w.»/ian \\'hal is the amount of the (l0inpany`s malehing ~
payments?
,l/I.\'l/‘/’l` lCrnplnyes willi lliren years nr more of servien wlm sav e .
l`r<»n1 In nf llieir salary nr wages under llie Plan
are enlillod ln Iiilnnipany malcliing eredils ul` nne—l1alI`
nl` sneli savings. 'l`Iiere is a maxinnnn inaleliing eredil i
nl` nl` any <·mpl<>ye`s salary nr wages l`nr any
pay roll period.
lll. (_)ll(‘N/I·HII)]f an eligible einploye saves up l0 10% of his
salary ur wages, how does the nialehing apply?
.In.v~m·r s'l`l1c (Ymnpany will maleli llie 5% savings deposit
willi nialeliing ercdils. ;\ddili0nal deposits 0ver
3% will not lie inalelied. linl will also draw inlcrresl. l
Iixaniplcz
Eniploye Cmnpany [nleresl i
Savings Malcliing Credits i
IQ (\liIIillll|Ill> léqf-. I}/Q} Yes `
l I} Yes
$(7;. (Maxiinnml Yes
III?}. (\laxinnnn) (\l1I\lIllllHli