# LCMS Convention Proceedings_St. Louis Missouri_1953_S504
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

504 FINANCIAL MATTERS

workers at the increased rates. Both of these trends
indicated in a recent analysis of the Pension Fund a

76. The usual office routine of handling and processing’
is followed; checks and drafts are prepared for deposit, x
slips made up when necessary (blue for personal — buft-colag
employer’s), receipts mailed, and finally the remittances ares
to the various accounts. The Fund is growing at the rate: of
$7,000 each business day.

Balance Sheet

77. This schedule reflects all Assets and Liabilities of
as of the close of the fiscal years shown. All investmen
by Synod’s Board of Trustees, the membership of which
on page 53 of the 1953 Annual. All bonds in our portfoli
rated no lower than AA by two of the investment servic
Moody or Standard and Poors. Every precaution is taken
guard principal, as cash must be available to pay retirement
ties as they become payable.

Earnings on Investments

78. At the close of each Pension Fund fiscal year;:
earnings are distributed and credited to the individual |
Fund accounts. We now have over 11,000 accounts (6,835 *
and 4,364 employers). Interest of 244% is computed se
each account and is then posted to the credit of that accou
which involves a tremendous amount of detail. During th
years, the Pension Fund investments have earned approx
2.6%, slightly more than the amounts credited to the
accounts. . "

Year-end Statements

79: After the interest credit has been entered on the
‘an annual statement is sent to each active member. This‘s
shows the beginning balance, amount of interest credit for
year, amounts of personal and employer’s contributions?
during the fiscal year, and other credits (if any), such as’
deposits and graduate subsidy. A letter accompanies the
showing the Balance Sheet in comparative form and by
members to notify us of any differences that may exist
' their personal records and those shown on the statemen

Graduate Subsidy

80.:This subsidy was inaugurated in the year 1943 5
been granted since then to all graduates from our sen
teachers’ ‘colleges who join the Pension Fund within pore
after they become eligible, on the condition that both their BC