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SMITHSONIAN INSTITUTION   1269

these employees under the Federal Retirement System as of May 18, 1947.

The Executive Committee then approved the following plan to carry out the instruction from the Board.

The balance available in the Smithsonian Retirement Fund on May 17, 1947, made up by contributions from the employees and from the Institution was $99,298.45

From this sum retirement rights in the federal system were purchased for the employees concerned for a period of 15 years, or so much thereof as they had served, prior to 1939, when the Smithsonian System was established, which carried out the provisions in the Smithsonian Plan for these individuals, this amounting to 61,557.24

Balance remaining in Smithsonian Fund $37,741.21

ADministrative expense in change-over 500.00

Balance $37,241.21

As of May 18, 1947, there were 7 annuitants who had retired under the Smithsonian plan who had an average age of about 75 years. Payments to these 7 individuals range from $34.32 to $1794.00 annually with an annual total of $3608.28. There is thus an ample margin in the Smithsonian Fund to care for its obligation to these individuals.

The Smithsonian System, now discontinued, made guarantee of pension based on minimum of service at rates established in a table included in the plan. Through transfer to the Federal plan, a few individuals, when retired, may receive somewhat smaller annuities than under the other System, since, because of

A.W. 

Transcription Notes:
The initials AW appear on the lower left side of the page (not transcribed).