Argus Stockholders Approve Changes In Retirement Plan

Argus Stockholders |
Approve Changes

Stockholders representing 308,3
684 shares of Argus stock voted iq
favor of revisiohary amendment^
to the firm's seven-year-old profit
sharing and retirement plan' at a
special meeting here yesterday aft-
ernoon. ,

Stockholders representing 9,94^
shares voted against the amends
"'nt plan. {

Changes in the plan approved
j yesterday named the Ann Arbor
i Trust Co. as an institutional trustee
in place of the chief executive of-
fice of the company, and called
for a periodic valuation of the
fund's assets. J

In addition, the old plan stipwl
lated that an employe leaving tW
fund prior to retirement age or
prior to having served for 20 years*
i received only 50 per cent of th^
>mpany's contributions which
iod to his credit. <
Now, under the amended agree'
"nt, an employe leaving the corn-
,,--ny receives 50 per cent of th(*
company's contribution if he leaves
after having participated 10 year;

or less. He also will receive an ad-'
'• ditional five per cent for each yeai

beginning with the llth year, u&
• to 100 per cent. y

The amended plan was scheduled
to go into effect immediately.

George Burke, sr., president o(
;the company, attended the meeting
[briefly in order to turn over chair*
Imanship of the session to Rudolph
E. Reichert, a director of the firm?
Burke is convalescing from a heart
attack. J