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Chicago, Illinois November 5,1948 Dear Sir: The following pages have been prepared to provide you with a factual "dollars and cents" evaluation of the ALPA sponsored Retirement Act. Briefly, four types of cases are considered: First, the pilot who reaches retirement age. Second, the pilot who dies prematurely. Third, the pilot who is disabled by accident or illness. Fourth, the pilot who wants complete insurance protection. Generally, speaking the ALPA plan is compared to various policies offered by Commercial insurance companies. The result of this comparison shows conclusively that Commercial plans provide a greater return, per dollar invested, than does the Retirement Act. The comparison of the ALPA plan to Commercial plans should not be interpreted as lobbying for the insurance companies. To honestly evaluate the Retirement Act it is necessary to compare it with established standards. These standards are the Commercial insurance companies. Yours very truly, [[signature]]Robert Stone[[/signature]] Capt. Robert A. Stone United Air Lines