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Trolt.-Li LA-el
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*ntroductian
This booklet tells you how you can get
retirement income under Owens-Illinois'
Service Retirement Plan. It includes
the changes put into effect on
January 1, 1954.
It contains the latest information on
the Service Retirement Plan. The master
plan will, in all cases, supersede the
information in this booklet.
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Very simply, when you retire the Plan givesyou $1 a month for each credited year workedfor the Company. ("Credited service" isexplained fully in the question and answersection.)-To qualify you must have worked forthe Company for 10 full credited years and youmust be working for the Company or ontemporary leave of absence when ou retire. Itis possible to get as muc 35 Aonth andthis money is in addition anything youmay get from Social Security.
Who administers the planThe Retirement Committee, which is made upof employees appointed by the President ofthe Company, administers the Plan. It has theright to make uniform rules and regulationss_ nroA_I
How the plan worksThe best way to explain how the Plan worksis by answering questions which vou might askabout it. -
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as neeV%AUeU.
Who can get retirement bene-fits under the Plan?
Every employee who hasworked for the Company for10 full years when he reachesretirement age.
What is my normal retire-ment age?
The last day of the month inwhich you become 5eearsold, or.6L if you are a womanand wereZird before January1, 1954.
May I retire before I reachnormal retirement age?
Yes. If you have 10 full yearsof credited service and get ap-proval, you may retire within10 years before you reach nor-mal retirement age.
Who must approve early re-tirement?
The Retirement Committee.
What is "credited service"?
Credited service is the lengthof time you work for the Com-pany and is used to figure howmuch money you will get eachmonth when you retire.
How can I figure my ownred er
YOU get redit or the total
time worked before the Planstarted, April16, 1942, whetheryouwore fo Owellinoior a copny` wich be-
cme a part of OwensIllinoisbefore that daite. If youWorked for K;imle, you getcredit for all time worked
before July 1, 1946. Since
April 15, 1942, uly 1, 1946
for Kimble) you get cedit forthe total number of yearsworked MINUS time lost forthe following reasons:
(1) Layoff over 60 days. Ifyou areternaite ughno faul of yours, nd re-tur to work within oneyear, you lose all time overthefirst 60 days you are off.
When you are called back,if within one year, youcontinue adding to yourcredited serie.
(2) Leave of absence. If youare granted a leave of ab-sence for longer than 60
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days, you get no credit forthe time of your leave.
(3) Quitting. If you quit, youlose all the service youhave built up at the timeyou leave. If you are hiredagain, you begin building anew record of service.
4) Discharge for cause. If youare discharged for cause,you lose credit for all ser-vice built up at the time ofdischarge. If you are hiredagain, you begin a newrecord of service.
Are there times when I amabsent from work and stillget credit for service just as ifI were working?
Yes. In case of:(1) Layoff, through no fault
of yours, of 60 days or less.You will get credit for alltime off.
(2) Disability.(a) You will receive credit
for all time away fromwork due to temporaryoccupational sicknessor accident.
(b) You will receive creditfor all time, up to oneyear, away from workdue to temporary non-occupational sicknessor accident.
3) 60-day leave of absence.Leaves of 60 days or less
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are counted as service justas if you had been working.Failure to return whenagreed upon, hver can-cels all of your service.
(4) Military service. If youleave the company to enterservice, you will receivecredit for all time awayfrom work due to yourmilitary service, (limitedto one enlistment) pro-vided you come back towork with the Companywithin three months afteryour honorable discharge.
How much money do I geteach month when I retire?
You will get $1 per month forevery year of credited service(if you have worked ten ormore) up to a maximum of $35per month.
Do I get anything if I leavethe Company before retire-ment?
No. The plan has cost younothing and the only way youcan get money from it is toretire under the terms of thePlan.
If I quit to take a job withanother company, and then I
am hired again by Owens-Illinois, what happens to myyears of service?
You lose the service built upduring your first job with theCompany and start building anew service record when youare hired again. Your retire-ment payments will then bebased on your new servicerecord.
Has the Company set asideany money to pay for serviceretirement payments?
Yes. When the Plan was be-gun, the Company made anagreement with the ToledoTrust Company and moneyhas been deposited with themeach year since. This money isintended to provide monthlyincome for retired employees.
Does the Company promiseto continue the Service Re-tirement Plan?
No. The Company expectsthat the Plan will be continued,and that payments to theTrust Fund will be made fromyear to year. This depends onthe future success of the Com-pany through the continuedeffective work of its people.
Q How will the servwe retire-ment income be paid to re-tired people?
A It will be paid by check at thelast of eac month.
Q What happen to MY grouplife insurane after I retire?
The Company will: pay for con-tinuing one quarter of theamount of vmu Dru life in-'Orgrouplifsuce w you . Thisis called Post RetirementGroup; Insrce.
Q May I continue the full cov-erage of my Group Life In-surance?
A Yes, if you pay the premiumson some or all of the 75% ofyour Group Life Insurancethat is not continued by theCompany. Your premium rateswould be the insurance com-pany's regular rates for yourage at the time you retire.
Q Can I use any of this PostRetirement Group Insurancebefore I die?
A Yes, you may use up to 75%of this continued amount ofinsurance for hospital and sur-gical expenses.
Q Will this include hospitaland surgical expenses for mywife?
A Yes, if she was your wife atthe time of retirement.
y How much are the benefits?
A The ame schedule of benefitscan be paid as if you were anactive employee under theCompany's Group InsurancePlan (see your Group Insur-ance booklet); except that youcannot use more than 75% ofthe amount of your Post Re-tirement Group Insurance.
Q What effect will these benefitshave on the money my bene-ficiary wil receive at thetime of my death?
A Your beeiir ilreceivethe total amount of your PostARretient Grup Ioels the total amount you havealready used to pay hospitaland surgical expenses afteryou retire.
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Q How long will this group in-surance on retired employeesunder the Group Life Insur-ance Plan be continued?
A The Company can make nopledge as to how long it cangive such coverage. It mustkeep the right to change it orstop it at any future time, butnot for those who are alreadyretired.
Q If I retire early, will my re-tirement income be as muchas if I had waited untilage 65?
A No. It will be less than youwould have received depend-ing upon how early you retire.
QWhy will the payments beless.
AA1 Because you will receive pay-mints for a longer period oftime if you retire early, andthere i stimne to lay asidemoney for you while you areat work.
r~~~~~~prQ What happens if I amper-ma y ad tally dis-abled bre rer ag?
A Tme Retirement Commis
tiremet;Altwanceif the Aetn Lif InsurnceCompay aproe your claimunder the Compan' G:roupLife Insurane P and fyour ae and yer of sevwhen a tot , e 70or more p ed: 1) y areat least 4 oy ld di-abled, and 2) you have at least15 full yssm Of0edited service.
Q How much will my Disabil-ity Retirement Allowance be?
A $1.00 a month for each year ofcredited service.
Q Will these payments be re-duced because I am youngerthan age 65?
A No. You will get $1.00 for eachyear of credited service just asthough you were age 65 whendisabled.
Q How long will this DisabilityRetirement Allowance becontinued?
A For as long as you live, unlessyou become well enough towork for pay, in which eventthe Retirement Committee re-serves the right to decrease theallowance or discontinue italtogether.
A,iQ What happens to my retire-
ment income when I die?
A It stops with the paymentmade during the month inwhich you die.
Q Can I transfer benefits underthe Service Retirement Planto someone else?
A No. Your benefits can not betransferred and they can notbe attached by claims fromyour creditors.
Q Do I continue to build ser-vice after I reach age 65?
A No. Under no circumstanceswill credit for retirement pur-poses be given for service afterage 65.
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0-I benefits plus Social Security
If you reach age 65 and qualify for Social Security on or afterJune 30, 1956, the table below will help you to see how muchmoney you can expect to get when you retire.
EXAMPLES OF COMPANY SERVICE RETIREMENT INCOME COMBINEDWITH FEDERAL SOCIAL SECURITY BENEFITS AT AGE 65*
Years of Monthly If your average monthly' earn- yur aerage monthly earn-Service Benefits Under ings under Social Security were: ings under Social Security were:
at Retirement $250 $300 $350 $250 $300 $35Age 65 Plan Your Social Security plus your Serv-You illgetromSocal Scurty: ice Retirement income will be:
25 $25.00 $ 88.50 $ 98.50 $108.50 $113.50 $123.50 $133.50
30 30.00 88.50 98.50 108.50 118.5t 128.50 138.50
35 35.00 88.50 98.50 108.50 123.50 133.50 143.50
*EMPLOYEES AGE 65 AS OF JUNE 30, 1956, COVERED UNDER SOCIAL SECURITY
If you are married and retire, your wife will receive an addi-tional amount from Social Security when she reaches the qualifyingage. This amount will be one-half of the amount you receive fromSocial Security.
The Social Security office should be contacted if:(1) An employee dies.(2) An employee is totally disabled before 65.(3) An employee becomes age 72.
559 6OM Form PA- I
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