NOTE

1. Consult 45 Iowa L. Rev. 656 (1960); 56 Colum. L. Rev. 251, 263-26B (1956); 23 U. Chi. L. Rev. 96 (1956); 70 Colum. L. Rev. 909, 920 (1970). See also Employee Retirement Income Security Act (ERISA) 514(a), 20 U.S.C.A. §1144(a).

2. In July 1930 an employer sent to a number of employees the following letter:

Confirming our conversation of today, it is necessary with conditions as they are throughout the petroleum industry, to effect substantial economies throughout the plant operation. This necessitates the reducing of the working force to a minimum necessary to maintain operation. In view of your many years of faithful service, the management is desirous of shielding you as far as possible from the effect of reduced plant operation and has, therefore, placed you upon a retirement list which has just been established for this purpose.

Effective August 1, 1930, you will be carried on our payroll at a rate of $ — per month. You will be relieved of all duties except that of reporting to Mr. T. E. Sullivan at the main office for the purpose of picking up your semi-monthly checks. Your group insurance will be maintained on the same basis as at present, unless you desire to have it cancelled. [Signed by the vice-president.]

Payments were regularly made until June 1, 1931 when the employees were told that the arrangement was terminated. Consideration? Plowman v. Indian Refining Co., 20 F. Supp. 1 (D.C. Ill. 1937).