Under the new law, which became operative January 1, 1906, the Retirement Association was authorized to offer insurance against disability and old age. The members are, therefore, divided into two classes, annuity members and disability members, but those duly qualified may hold both annuity and disability certificates. Any member of the National Association of Letter Carriers may become an "annuity member;" but only those under sixty-five years of age and in good physical condition may become "disability members." A member retiring from the carriers' service ceases to be entitled to disability relief; on the other hand, however, retirement from the carrier service does not affect the right of a member to an annuity.[55] [Footnote 55: Constitution of Retirement Association, 1905, Art. 7; Postal Record, Vol. 19, pp. 2-6.] The plan provides for annuities of one, two, three, four or five hundred dollars. The annuities can begin in five, or any multiple of five years after the policy is issued and the rate varies according to the deferment of the annuity. A member may withdraw at any time prior to reaching the annuity, and in that event all payments are to be returned, with interest. Members may receive loans to the amount of ninety-five per cent. of the sum accredited to them in the retirement fund, provided this aggregates two hundred dollars or over, and they surrender their certificates as collateral, so that members credited with one hundred dollars or more may receive a loan of fifty dollars as an emergency loan for three months during any one year.[56] [Footnote 56: The Postal Record, Vol. 19, p. 2.] The following table shows the cost of the annuity per $100 for various ages according to the age at which the annuity begins: MONTHLY COST OF $100 ANNUITY IN THE LETTER CARRIERS.[57] ====================================================================== Age | Age at which Annuity Begins. at |--------------------------------------------------------------- Entry| 30 | 35 | 40 | 45 | 50 | 55 | 60 | 65 | 70 ---------------------------------------------------------------------- 20 |$13.47|$ 7.66|$ 4.83|$ 3.19|$ 2.16|$ 1.47| $ .99| $ .66| $ .45 30 | | 28.31| 11.97| 6.63| 4.05| 2.59| 1.68| 1.08| .72 40 | | | | 24.50| 10.06| 5.37| 3.16| 1.91| 1.21 50 | | | | | |19.83 | 7.79| 3.98| 2.27 60 | | | | | | | | 14.62| 5.62 65 | | | | | | | | | 12.46 ---------------------------------------------------------------------- [Footnote 57: _Ibid_., Vol. 17, p. 11.]