[Footnote 45: Constitution, 1903 (St. Louis, ii. d.), p. 106.]

The Letter Carriers also have not the same urgent need for the payment
of a disability benefit and until the Denver convention, 1902, paid
insurance against death without direct provision for disability. At this
convention, however, the National Association organized a Retirement
Association for the payment of superannuation benefits to the aged and
disabled members.[46] The Association had in view in founding this
department the growing necessity of making some provision for the large
number of carriers whom old age prevented from doing the regular amount
of work.[47] Under the original plan, which went into effect January 1,
1903, the Association issued retirement certificates to members in the
sums of $500, $400, $300 and $200 at monthly premiums of $6.70, $5.35,
$4.00 and $2.70, respectively. On retirement, after having paid thirty
annual premiums, or their equivalent, the beneficiary was entitled to
receive annually the amount of his certificate. The retirement might
also take place after thirty years' service, or after thirty years'
membership in the Association, or after the age of sixty-five had been
reached, provided ten annual premiums had been made.[48] This "ten
annual premium" concession was for the special benefit of old men whose
circumstances would not allow them to pay the sum of thirty years'
premiums. The concession was allowed only for a period of ten years.[49]

[Footnote 46: The Postal Record, Vol. 15, pp. 235, 254-257.]

[Footnote 47: The Postal Record, Vol. 15, p. 301.]

[Footnote 48: _Ibid_., Vol. 17, p. 6.]