# LCMS Convention Proceedings_St. Louis Missouri_1950_S1276
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

FINANCIAL MATTERS 197

V. CHANGE IN “HANDBOOK” SECTION 10.45 g
Upon recommendation of Committee 12, Synod resolved:

Resolution 10
Wuereas, Every Pension Fund member has a disposable equity
in the Pension Fund, at least to the extent of his personal contri-
butions; and
Wuereas, The Committee has studied the proposed amend-
ment 10.45 g (1) on page 789; therefore be it
Resolved, That this section be amended to read as follows:

“In the event of the death of a worker before entering upon
an Old Age or Disability Annuity and of his leaving no widow
and no minor orphans, that part of his accumulation which orig-
inated from his personal contributions (see 10.43a-o) shall be
remitted to his adult children in equal shares unless he has other-
wise 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 accumulation shall be
added to the Pension Contingent Fund”; and be it further

Resolved, That we recommend adoption of Regulation
10.45 g (2), which reads as follows:

“In the event that the member before entering upon an Age
or Disability Annuity has elected, which privilege of election is
hereby made a part of the Pension Plan, a partial refund 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 accumulation over such annuity pay-
ments shall be paid to such living beneficiary as may have been
designated by the member; otherwise such excess payments shall
be paid to the legal representative 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 actu-
arial equivalent of the full annuity 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.” Se
, VI. RESOLUTION OF THANKS
Committee 12 submitted the following resolution, which was

adopted: Resolution 15

Your Committee recommends that the report of the Board of
Support and Pensions be accepted together with the financial
statement, and be it further recommended that the Board as well