# LCMS Convention Proceedings_St. Louis Missouri_1953_S664
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

666 FINANCIAL MATTERS

Board of Support and Pensi
ensions? Large bequests i
been received not only by other church ‘Pension ree ire

the Lord and in a iati
Pppreciation of the servi
— teachers and pastors throughout Synod “endered y eur
. Permit us to remind all
members in Synod
made fo fils cause are not taxable. Furthermore the
of coaue e income in the form of donations to chur ae
orga e charitable causes has been increased from 15
your gifts in behalf of our veterans of the Cone rela

nent Pension reserve, th i
» the earnings of which i iti
cansion benefits to our pensioners, We shall be. leone te aitonal
auest ms regarding such annuities and upon your cate shall
Pply you with the annuity rates meanest
71. Our Board has
. prepared memorial-wreath i
pastors and teachers have made available to members of nt one
con-

ot race = prayer. We plead with you for your continued inter-
eee end support and pray that also in the future the Lord will
lange, ee ae ° service to those servants of the Word who no
ng 0 continue in the active teaching or preachin;
g
73. i :

requesting Ge has discussed the possibility or advisability of
these whe ress to include our ministers of religion among
Were > may Pp icipate in Social Security taxation and benefits.
ed the implications of such coverage and have taken

FINANCIAL MATTERS 667

with our actuary, Dr. G. W. Huggins, but as yet we are not
to make any recommendations either for or against such
ge. We will, however, continue to study the matter, and
recognize the necessity of a special report to Synod, we
‘offer such a report to the convention itself.

: Epwin A. Sommer, Executive Secretary.

Report of the Accounting Department

PENSION FUND BALANCE SHEET
ASSETS Sept. 30, 1950 Sept. 30, 1952 Sept. 30, 1952

_______. $8,326,580.68 $9,650,398.15 $11,338,243.21

4m ents ——-~—-—-—--
erest Accrued on Investm’ts 74,195.22 85,381.30
__.. _— 19,820.80 121,644.73 213,881.73

$8,346,401.48 $9,846,238.10 $11,637,506.24
——————oeeaeaSS Oe ——————_—_—_—_—

sépension Fund ——_____ ___ $7,445,280.23 $8,932,379.67 $10,522,144.45

oiusion Annuities Fund... 564,862.61 659,946.40 798,869.87

S8Pension Contingent Fund - 110,481.13 142,557.64 172,836.48

Reserve for Inv. Depreciation_.. 38,606.91 38,626.91 106,555.99

‘Earnings on Invest. (Undist.*) 187,170.60 12,727 48* 37,099.45*
co $8,346,401.48 $9,846,238.10 $11,637,506.24
: FISCAL YEARS

10-1-49 to 9-30-50 10-1-50 to 9-30-51 10-1-51 to 9-30-52 Three-Year Total

Pension Fund
* Receipts -——.$1,047,662.81 $1,321,324.05  $1,570,929.18 $3,939,916.04
- Interest
._.,Distributed _. 158,898.35 186,182.15 216,961.04 562,041.54
Graduates’ Sub.
Credit _..__. 10,022.91 12,678.88 16,064.22 38,766.01
5. Receipts — New Money

During the past triennium, Synod’s Pension Fund has grown
‘considerably, as is evidenced by the comparative figures above.
The schedule shows receipts by fiscal years, which run from
October 1 to September 30. Receipts during the fiscal year ended
September 30, 1952, were the largest in the history of the Fund.
This vast growth is brought about by increased membership as
well as increased employer's contributions as established by the
Milwaukee Convention. The graduated scale of employer’s rates
there agreed upon is as follows: 1951—5%, 1952-—6%, 1953 —
1%, 1954 and thereafter — 8%. It is significant to note that approxi-
mately 90% of all employers who are members of the Pension Fund
are following this scale of increased rates. Equally significant is
the fact that most large congregations, those employing several
pastors and as many as six or eight teachers, have adopted the
policy of paying Pension Fund contributions in behalf of their