# LCMS Convention Proceedings_St. Louis Missouri_1953_S510
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

510 FINANCIAL MATTERS

that retirement benefits are reduced by one half the
any primary insurance amount to which a retiring em}
entitled or would be entitled under the Old Age Insurangé
fits provisions of the Social Security Act and so that
contributions into the Retirement Fund are reduced by the.
of any taxes incurred in connection with that Act; and .

Whereas, Under the provisions of the Plan every
who is eligible for participation is automatically entitled:
retirement benefits therein provided, irrespective of Be
contributions into the Retirement Fund; and

Wuereas, Certain agencies of Synod have made no é
tions into the Retirement Fund and others, particularly”
the colleges and seminaries, have discontinued making sual
tributions on account of their employees’ now being coveréd:
the Federal Social Security Act; and x

Wuereas, The Retirement Committee appointed b
Board of Directors is charged with the administration of -th;
and has no authority to accept any voluntary actions wh
inconsistent with the terms and provisions of the Plan#
therefore

Resolved by this convention of Synod assembled in
Tex., on June 17—27, 1953, that any agency of Synod desiring
participate in Synod’s Retirement Plan for Lay Employg
privileged to file a formal resolution with the Board of Di
of Synod certified by the chairman and the secretary °@f
board or committee of authority to operate such agency;
certificate in addition to quoting the resolution adopted sh;
cate the number of votes cast for and against such resolut
be it further :

Resolved, That the Board of Directors of Synod be em
to exclude such agency from the Retirement Plan for
ployees with the understanding that such exclusions |
permanent and binding upon any present and future
employed by such agency; and be it further

Resolved, That the Board of Directors of Synod shall de
the date as of which any such exclusion shall be effectit
certify such action by filing a written report thereof ¥
Secretary of the Retirement Committee. :

A. T. Lempacy, Chairman :”s
Cuartes E. Grozricn, Secretay