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FORM 3816
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK

[[stamp]]
THE MUTUAL LIFE NATIONAL FIELD CLUB
[[/stamp]]

JOHN L. KASSOFF
MANAGER

GEORGE SIMON
FIELD UNDERWRITER
RCA BUILDING
30 ROCKEFELLER PLAZA
TELEPHONE CIRCLE 6•5737

NEW YORK 20, N.Y.
February 1, 1947

Mr. Michael Gitt
148-25 Bayside Avenue
Flushing, New York

Dear Mr. Gitt:

As arranged with you, I am herewith giving you an
idea of how a Retirement plan operates.

In order to provide approximately $250 a month at
age 55, your company would have to invest about 30%
of the annual payroll, and the usual percentage is
15% from the employees, and the remaining 15% from
the employer.

Usually the plan runs around 10% of the annual payroll,
which means that the company pays 5% and the 
employee the other 5%. This type of Retirement Plan
also includes life insurance. The face value would
be $25,000 on a $250 monthly income, and of course, 
corespondingly smaller on a smaller income.

The company can consider the contribution as a business
expense and, therefore, it is not taxable income.

Sincerely yours, 
George Simon
George Simon

GS:RML