# LCMS Convention Workbook_St. Louis Missouri_1983_S160 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) 160 ADMINISTRATION AND PROGRAM IMPLEMENTATION STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS CONCORDIA RETIREMENT PLAN EXHIBIT C Page 2 Decerber 31 1982 1981 ASSETS Investments, at market value (cost-- $216,035,364 in 1982; $167,728, 343 in 1981)--Note D: Short-cerm investments $ 26,036,884 $ 2,193, Bones, notes, and debentures 83,595,826 26,969,189 Common stocks 67,380,042 4,231,346 Preferred stocks 784,886 677,197 Participation in Commingled Funds of Morgan Guaranty Trust Company: Eguity Comningled Funds 20,048,035 57 ,886,2 Fixed Commingled Funds 26,505,245 55,756,497 Guaranteed investwent contracts at cost plus accrued income of $4,418,360 in 1982 and $818,733 in 198!--Note F 24,418, 366 20,818,733 242,769,280 168,532,240 Due from Concordia Disability and Survivor Plan--Note G 7,470,669 Contributions receivable 5,540,438 4,333,652 Accrued income 2,624,527 3,004 653 Cash: Demand deposits 92,296 30,C71 Investment accounts 6,399 112,692 98,695 142,963 Prepaid expenses and other assets 5,19C 6,554 Equipment (net of allowances for depreciation of $30,440 in 1982 and $20,907 in 1981) 27,424 24,5357 Data processing software (net of amortization of $64,36) in 1982 and $21,362 in 1981) 372,214 205,266 TOTAL ASSETS 258,908,437 LIABILITIES Accounts payable 283,349 NET ASSETS AVAILABLE FOR BENEFITS $258,625, 088 See notes to financial statements. STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS CONCORDIA RETIREMENT PLAN 176,250,111 187,684 a> $176,062, 427 EXHIBIT C Page 3 Year Ended December 31 1982 1981 Net assets available for benefits at beginning of year 176,062,427 157,880,838 NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR $258,625,088 $176,062, 427 See notes to financial statements. NOTES TO FINANCIAL STATEMENTS CONCORDIA RETIREMENT PLAN December 31, 1982 and 1981 NOTE A--SIGNIFICANT ACCOUNTING POLICIES Investment securities are stated units of participation in Morgan Comaingled Funds is based on the day of the plan year as reported at market value. The fair value of the Guaranty Trust Company Fixed and Equity redemption value on the last business by Morgan Guaranty Trust Company. ADDITIONS Investment income: Interest income S$ 14,466,816 $ 3,534,423 Dividend {income 972,449 306,397 Investment income from Commingled Funds of Morgan Guaranty Trust Company: Equity Commingled Funds 845,012 2,578,537 Fixed Commingled Funds 3,838,217 8,827,217 20,122,494 15,246,574 Contributions 21,701,964 16,875,483 Interest income from Concordia Disability and Survivor Plan~-Note G 1,206,016 Other income 3,330 1,356 43,033,804 32,123,413 DEDUCTIONS Retirement benefits 3,908,875 3,189,778 Post retirement death benefits 199,084 4,107,959 3,189,778 Administrative expenses 1,192,340 920,503 5,300,299 4,110,281 37,733,505 28,013,132 Net realized and unrealized gains (losses) in fair value of investments-—-Note D 23,564,503 (9,831,543) Transfer from Concordia Disability and Survivor Plan--Note G 21,264,653 NET INCREASES 82,562,661 18,181,589 All office space is rented from The Lutheran Church - Missouri Synod, Equipment and data processing software are recorded at cost. Deprecia- tion and amortization are computed on the straight-line method over the estimated useful lives of the equipment and software. The cost of certain administrative expenses incurred for the benefit of each of the Concordia Plans (Retirement, Disability and 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 those individuals serving The Lutheran Church - Missouri Synod, 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 Concordia Retirement Plan is to provide a pension benefit at age 65. However, there are provisions for a pension to begin as early as age 55 or as late as age 70. In addition, upon the death of a retiree, a spouse may be eligible to receive a lunp-sun payment as vell as a monthly income benefit. The Plan also provides for a lump-sum benefit payment upon the death of a dependent of a retiree. In cases where contributions to the Plan are reduced by amounts payable for social security, the benefits noted above are adjusted to reflect such reducec contributions (offset method). The Plan is self-funded and all benefits become partially vested after five years and fully vested after ten years of creditable service, NOTES TO FINANCIAL STATEMENTS--Continued CONCORDIA RETIREMENT PLAN NOTE B--DESCRIPTION OF THE PLAN--Continued A more comprehensive description of the Concordia Retirement Plan and its benefit provisions is contained in ite Summary Plan Description, which is available from the Worker Benefit Plans office. The Plan can be terminated by The Lutheran Church - Missouri Synod in convention. Based 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 wembers and inactive members who are not receiving retirement benefits at the date of termination of the Plan on the basis of the actuarial teserves 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.