Date of Award

1-1968

Degree Type

Master's Essay - Restricted

Degree Name

Master of Business Administration (MBA)

Department

Business Administration

Abstract

Mr. H. Bruce Palmer, President of the Mutual Benefit Life Insurance Company , and a Director of the Chamber of Commerce of the United States , made this statement at a National Conference on "Individual Planning for Retirement," held in Chicago in 1958:

What we are as a nation depends on what we are as individuals. The security of our society can be no sounder than that of the human beings who compose it. For even the mightiest arch can topple if its keystone is faulty--and the keystone of our democracy is the security of the individual.

According to social theory, the responsibility for the security of the individual "rests in part on the individual enterprises to provide for the economic and physical welfare of their employees, not only during the working life, but throughout the years of retirement."

Companies have realized this and many of them are providing private pensions for their employees. These pension plans can play a major role in raising. the living standards of our nation's elderly and keep the security of our society sound, but many plans as presently designed fail to meet the retirement needs of our rapidly growing elderly population. The pensions launched in the 1940's and 1950's are no longer adequate. They may be effective in providing fixed dollar income, but they fall short of the goal of providing a suitable purchasing power income. One of the reasons is inflationary pressure.

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