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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