Taylor

This case is before us on certified transfer from the Appellate Department of the Los Angeles County Superior Court pursuant to rule 63, California Rules of Court, for detérmination of questions regarding employee rights under private pension plans which call for no cash contribution "by the employee.

Plaintiff was discharged from his employment by defendant in 1967 at the age of 54 after having been in defendant’s employ for 31 years. During this period, defendant maintained a pension plan (the Plan) for employees funded exclusively by employer contributions. Section 4(1) of the Plan provided in substance that (a) employees must retire at age 65 and, if they have 15 or more years of employment, “become eligible to pensions upon such retirement”; (b) male employees at. age 60 who have been employed 20 or more years “shall if they so request, or may at the discretion of the Committee and with the approval of the President . . . , be retired . . . and granted a pension”; (c) male employees at age 55 who have been employed 25 or more years “may at the discretion of the Committee and with the approval of the President . . . , be retired . . . and granted a pension”; and (d)…