the retirement fund
had increased to $2839.88.[53] The originators of the Retirement
Association were forced to abandon their experimental fraternity scheme
and to formulate a plan based more upon business principles.
Consequently, at the Portland convention in September, 1905, Chairman
Goodwin and Chief Clerk Wilson of the retirement committee proposed a
new plan.[54]

[Footnote 51: _Ibid_., Vol. 19, p. 7.]

[Footnote 52: _Ibid_., Vol. 16, p. 237.]

[Footnote 53: _Ibid_., Vol. 18, p. 215.]

[Footnote 54: _Ibid_., Vol. 18, pp. 214-215.]

Under the new law, which became operative January 1, 1906, the
Retirement Association was authorized to offer insurance against
disability and old age. The members are, therefore, divided into two
classes, annuity members and disability members, but those duly
qualified may hold both annuity and disability certificates. Any member
of the National Association of Letter Carriers may become an "annuity
member;" but only those under sixty-five years of age and in good
physical condition may become "disability members." A member retiring
from the carriers' service ceases to be entitled to disability relief;
on the other hand, however, retirement from the carrier service does not
affect the right of a member to an annuity.[55]

[Footnote 55: Constitution of Retirement Association, 1905, Art. 7;
Postal Record, Vol. 19, pp. 2-6.]

The plan provides for annuities of one, two, three, four or five hundred
dollars. The annuities can begin in five, or any multiple of five years
after the policy is issued and the rate varies according to the
deferment of the annuity. A member may withdraw at any time prior to
reaching the annuity, and in that event all payments are to be returned,
with interest. Members may receive loans to the amount of ninety-five
per cent. of the sum accredited to them in the retirement fund, provided
this aggregates two hundred dollars or over, and they surrender their
certificates as collateral, so that members credited with one hundred
dollars or more may receive a loan of fifty dollars as an emergency loan
for three months during any one year.[56]

[Footnote 56: The Postal Record, Vol. 19, p. 2.]

The following table shows the cost of the annuity per $100 for various
ages according to the age at which the annuity begins:

MONTHLY COST OF $100 ANNUITY IN THE LETTER CARRIERS.[57]
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Age |