# LCMS Convention Workbook_St. Louis Missouri_1981_S205 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) ASS AVAILABLE FOR BE CONCORDIA RETIREMENT PLAN ASSETS Investments, at market value (cost-- $145,306,573 in 1980; $122,449,620 in 1979)--Note D: Bonds, notes, and debentures Common stocks Preferred stocks Participation in Commingled Funds of Morgan Guaranty Trust Company: Equity Commingled Funds Fixed Commingled Funds Contributions receivable Accrued income Cash: Demand deposits Investment account Prepaid expenses and other assets Equipment (less allowance for depreciation of $19,259 in 1980 and $17,457 in 1979) Data processing software TOTAL ASSETS LIABILITIES Accounts payable NET ASSETS AVAILABLE FOR BENEFITS See notes to financial statements. STATEMENTS OF CHANGES IN NET ASSETS AY CONCORDIA RETIREMENT PLAN ADDITIONS Invest -nt income: Interest income Dividend income Investment income from Commingled Funds of Morgan Guaranty Trust Compan Equity Commingled Funds Fixed Commingled Funds Contributions Realized gain on sale of investment s~-net DEDUCTIONS Retirement benefits Disability benefits Administrative expenses Unrealized appreciation in market value of investments NET INCREASES Net assets available for benefits at beginning of vear - Restated--Note F NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR See notes to financial statements. ADMINISTRATION December 31] 1980 1979 S$ 14,814,489 (Restated) S$ 18,088 ,8t3 5,070,543 31,398,743 513,119 150,900 55,562,039 16,394,701 75,311,812 54,165,546 151,272,002 120,198,703 3,912,557 3,482,986 2,812,353 1,814,510 33,628 530,758 7,207 122,234 40,835 652,992 7,500 9,057 2,941 13,091 106 ,808 39,745 158,164,996 126,208,084 284,158 152,178 $157,880 ,838 $126,055,906 ILASLE FOR 3ENEFITS Year Ended December 31 1980 1979 $ 1,829,503 (Restated) S$ 1,504,868 241,686 1,654,103 2,070,351 552,441 7,459,187 4,524,447 11,600,727 8,235,859 15,137,446 13,605 ,900 352,612 973,383 27,090,785 72,815,142 2,453,942 2,111,470 254,622 251,171 2,708,564 7,362,641 773,635 589,260 3,482,199 2,951,901 23,608 , 586 19,863,241 8,216,346 1,542,105 31,824,932 21,405, 346 126,055,906 104,650,560 $157,880,838 $126,055,906 IAL STAT CONCORDIA RETIREMENT PLAN December 31, 1980 NOTE A--SIGNIFICANT ACCOUNTING POLICIES Investment securities are stated at market value. The fair value of the units of participation in Morgan Guaranty Trust Company Fixed and Equity Commingled Funds is based on the redemption value on the last business day of the plan vear as reported by Morgan Guaranty Trust Company. All office space is rented from The Lutheran Church ~ Missouri Synod. Equipment and data processing software is recorded at cost. Depreciation is computed on the straight-line method over the estimated useful life of the equipment. Amortization of data processing software will begin when the software is fully developed and in use for its intended purpose. The cost of certain administrative expenses incurred for the benefit of each of the Concordia Plans (Retirement, Survivor, and Health) and the cost of shared equipment is allocated to each of the plans based upon management's estimate of the use of the service. NOTE B--DESCRIPTION OF THE PLAN The Plan has been established for the ministers of religion and lay workers of The Lutheran Church - Missouri Synod and its controlled organizations. The Plan has been made available to member congregations and other affiliated organizations. The Plan is administered by a Board of Managers which is appointed by the Board of Directors of The Lutheran Church - Missouri Synod. All contributions to the Plan are paid by the employer organization. The purpose of the Plan is to provide an income for all members after retirement for age or disability. Benefits include monthly benefits to a maximum of 50% of compensation if retirement is at age 65 or later and reduced monthly benefits if retirement occurs before age 65 but after aze 55. Disabled members may receive normal monthly benefits after 52 weeks of disability. In cases where contributions to tne Plan are reduced by amounts payable for social security, the benefits noted above are adjusted to reflect such reduced contributions (offset method). The Plan is self-insured and ali benefits become vested after ten years of creditable service. NOTES TO FINANCIAL STATEMENTS--CONT'D NOTE B--DESCRIPTION OF THE PLAN--CONT'D A more comprehensive description of the Concordia Retirement Plan and its benefit provisions is contained in the pamphlet, A Brief Description ~ Concordia Retirement Plan. This pamphlet may be obtained from the Board of Managers. The Plan can be terminated by The Lutheran Church - Missouri Synod in convention. 8ased upon such action the Board of Managers would dispose of the net assets of the Plan as follows: First, provision shall be made for the payment of retirement benefits to retired members and inactive members receiving benefits, Second, any remaining assets shall be prorated among the members and inactive members who are not receiving retirement benefits at the date of termination of the Plan on the basis of the actuarial reserves for their accrued benefits. Third, the remainder, if any, after satisfaction of all Liabilities for accrued benefits for all members and dependents and the satisfaction of all other liabilities shall be used to increase proportionately the payments to those cited above. NOTE C--ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS Accumulated plan benefits are the actuarial present value of future payments attributable under the Plan's provisions to services rendered by members as of December 31, 1980. This amount results from applying actuarial assumptions which reflect the time value of money (through discounts for interest) and the probability of payment (by means of decrements such as for death, disability, withdrawal, or retirement) between the valuation date and the expected date of payment. Accumulated plan benefits include benefits expected to be paid to retired or terminated members and present members. Benefits for retired or terminated members are based on the members' compensation during their last five years of creditable service. The accumulated plan benefits for active members are based on their average compensation during the five years preceeding December 31, 1980. Benefits payable under all circumstances--retirement, disability, and termination of membership are included, to the extent deened attributable to service rendered to December 31, 1980.