来自《耶鲁大学开放课程：金融市场 第18集 第18集》

• 
  
  it started to establish the principle on a
  它首先创立了
• 
  
  --this was the first big company to establish a pension fund.
  这是第一个设立养老基金的大公司
• 
  
  It grew through the first few decades of the nineteenth century
  19世纪初 养老基金不断成长
• 
  
  and by 1929 there were many pension funds.
  到1929年已经有很多养老基金了
• 
  
  They started doing union pension funds.
  人们开始建立联合养老基金
• 
  
  There were the cigar makers--that was a union--
  其中有个雪茄制造商 作为一个联合会
• 
  
  granite cutters and cigar makers--1905.
  花岗岩加工商和雪茄制造商 1905年
• 
  
  Locomotive engineers--that was 1912--
  机车工程师 1912年
• 
  
  but many of these funds failed in 1929 and they were
  但其中许多基金在1929年倒闭了
• 
  
  offered by companies for
  基金的资金是由公司向其雇员
• 
  
  their employees or unions for their members.
  或工会向其成员提供的
• 
  
  When companies offered pensions for their employees,
  公司向雇员提供养老金