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Originally Posted by Davidsam52
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Lets see if i can explain it as clear as possible. Every week a worker gets his pay envelope that contains his weekly paycheck for x-amount of straight time and x-amount of overtime,if in fact they have worked overtime that week. Also included in that envelope are stamps,similar to the old trading stamps,if you're old enough to remember those.Those stamps reflect those straight and overtime hours and are used to show proof of hours worked so they can be credited toward retirement and medical benefits. Those stamps are placed in a book for every year. When it comes time to retire,the said worker will have a book for every year worked. For instance,if the guy retires after 35 years,he should have 35 yearly books he turns in and retirement is based on the number of stamps in each book. Not many locals use the stamp books anymore. Most locals have gone to an electronic system nowadays. I will say though that it,in my opinion is a better way. I hope that helps a bit.