# LCMS Convention Proceedings_St. Louis Missouri_1950_S621
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

FINANCIAL MATTERS 621

otherwise stipulated in his last will and testament. If there
are no adult children, or if the member has failed to make
designation as hereinbefore provided, then the entire accu-
mulation shall be added to the Pension Contingent Fund.

10.45 gg

In the event that the member before entering upon an
age or disability annuity has elected, which privilege of elec-
tion is hereby made a part of the Pension Plan, a partial re-
fund option under which, if the amounts paid in annuities to
the member and to his surviving widow and/or minor orphans,
if any, aggregate less than the personal accumulation of the
member at the time any such annuity was entered upon, then
an amount equivalent to the excess of such personal accumu-
lation over such annuity payments shall be paid to such living
beneficiary as may have been designated by the member; other-
wise such excess payments shall be paid to the legal representa-
tive of the member or of the surviving widow, as the case may
be. The value of the reduced annuity payable under the terms
of this option shall be the actuarial equivalent of the full an-
nuity otherwise payable. . -

A like privilege of election shall be extended to the widow
of the member who dies prior to the date of entering upon
an age of disability annuity. ;

We also believe it to be to the best interests of Synod itself
and also to those pastors and teachers who receive their salary
from Synod or from a District in Synod that the following amend-
ment be adopted: :

Amendment and Addition to Section Referring to “Workers”
10.41 f .

Participation in Synod’s Pension Fund shall be required
of every pastor, professor, missionary, teacher, deaconess, or
other full-time church worker who after July 1, 1950, accepts
a position in, and receives his salary from, The Lutheran
Church — Missouri Synod or from a District in Synod.
The possibility of setting up a group-insurance program in

behalf of members of the Pension Fund was given much study.
Your Board dealt with a reputable agent of one of the largest
mutual insurance companies in the country to learn the cost of such
insurance to the worker in Synod and to Synod itself. It was the
unanimous opinion of the Board, which discussed this problem in
three separate plenary sessions, that we should not recommend
a group-insurance program to Synod for the following reasons:
1. Young men can get insurance from commercial companies
at very much the same rate as group insurance would cost
them; °
2. Such a group-insurance program would require additional
‘costly accounting; and
3. The collection of the premiums presents a great problem.