# LCMS Convention Proceedings_St. Louis Missouri_1950_S1271
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

792 FINANCIAL MATTERS
Pension Fund Liabilities
(Members’ Accum. Credit) . $4,457,054.42 $5,387,911.05 $6,406,909,19
Annuities (Accumulated Credit) 23,560.57 28,977.74 30,342.59
Contingent Fund __ 57,388.04 70,888.84 92,955.89
Retirement Fund 252,792.85 344,252.05 422,491 93
Reserve for Invest. Depreciation 34,141.31 34,172.56 34,172.56
Earnings on Investments _____ 121,229.33 152,413.04 165,007.49
——— S$
$4,946,166.52 $6,018,615.28 $7,151,879.29
Fiscal Years Three-Year
Pension Fund 10-1~46—9-30-47 10-1-47—9-30-48 10-1-48—9-30-49 Total
Receipts _....... $ 884,776.79 $ 975,885.39 $1,077,935.08 $2,938,597.25
Interest
Distributed __. 89,627.57 110,584.56 133,632.58 333,844.71
Graduates’ Subsidy
Credit 0. 6,420.44 8,493.23 10,425.36 25,339.03

Pension Fund Financial Report
Receipts — New Money

During the last three fiscal years Synod’s Pension Fund has
received large sums of money in the form of personal and em-
ployers’ contributions. Receipts are listed in the above schedule
according to fiscal years, which run from October 1 through Sep-
tember 30. More than $1,000,000 was received during the last fiscal
year of the Fund, the largest income per year since the Fund was
started in 1937. The daily volume of receipts continues to be quite
large. The individual sums received are small, which means that
the number of remittances is very large. These are processed as
soon as received; checks and drafts are prepared for deposit,
remittance slips prepared when necessary (blue for personal, buff-
colored for employer’s), receipts mailed, and finally the remittances
are posted to the various accounts. The Fund is growing each busi-
ness day at the rate of about $6,500.

Balance Sheet

This schedule reflects all Assets and Liabilities of the Fund as
of the close of the fiscal years shown. All investments are made
by Synod’s Board of Trustees. Heretofore only Government Bonds
have been bought, but the Board of Trustees has begun to diversify
investments of Synod’s Trust Funds, which includes the Pension
Fund, and has bought some Utility and Industrial Bonds, with
AAA rating preferred, but no lower than AA. Every precaution
is being taken to safeguard the principal, with yield of secondary
importance.

Earnings on Investments

At the close of each fiscal year of the Pension Fund, earnings
are distributed and credited to the individual Pension Fund ac-
counts. We now have about 11,000 accounts (5,700 workers’ per-