# LCMS Convention Proceedings_St. Louis Missouri_1953_S508
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

508 FINANCIAL MATTERS

and Concordia Publishing House made initial contri
$150,000 toward the cost of founding prior service credits:
Retirement benefits payable to each participant Ww
at the normal retirement age of 65 amount to a monthly: ré
income for life equal to 14% of the average monthly com;
during his period of creditable service, multiplied by the.
years of such creditable service up to thirty years. An.é
with thirty years of credited service will receive a yearly;
of 45% of his average salary. Creditable service begins afte
ment of age 35 and continues for thirty years to age 65°
age 70 if such creditable service is less than thirty years:
The Plan provides for no death or withdrawal benefits:
payments cease upon the death of the worker unless he’
provide benefits out of his retirement income for a depe
fore he retires. Normal retirement age is 65. Employees
than 30 years of credited service may, ‘however, continue
ment to age 70 if they so desire and are able to perform, th
of their position. Thereafter, employment is on a year
basis and without additional retirement credits accruing,
Synod’s Retirement Plan for Lay Employees covers all
employees of Synod and its agencies, which, of course, in
colleges and Districts. All agencies are expected to pay’
Fund an amount equal to 6% of the gross salary paid to all’
lay employees. There are no personal payments by the enip
Employees for whom payments are to be made are all |
sons regularly employed in a position, the duties of whic ord
require full-time employment during the year. Temporary,
or probationary employees are not included.
Effective January 1, 1951, Social Security was extend
clude religious employees. As a result the Plan was am
that the contribution rate of 6% for the Lay Retiremeni
reduced by amount of tax paid by each employer in (
with Federal Social Security. This rate is now 1%2% of alk
ual salaries up to $3,600 per year. All lay employees of th
are eligible under the Act, and only those employees.o
body are exempt who are duly ordained, commissioned, or J
ministers of a church ‘in the exercise of their. ministry. :
was also amended so that benefit payments are reduced by.
of the primary social security benefits which a retiring em:
entitled to. receive.
At present eight employees are receiving retirement *B
Two employees died after retirement.’ That makes a total!
who have retired and have received benefits under the P
total payments to the benficiaries under the Plan from the i
date amount to $11,500.31.