Meanwhile, the average age of the Bethlehem workforce was increasing, and the ratio of retirees to workers was rising, meaning that the value created by each worker had to cover a greater portion of pension costs than before. Former top manager Eugene Grace had failed to adequately invest in the company's pension plans during the 1950s. When the company was at its peak, the pension payments that should have been made were not. As a result, the company encountered difficulty when it faced rising pension costs and diminishing profits.