# LCMS Convention Proceedings_St. Louis Missouri_1953_S670
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

678 FINANCIAL MATTERS
As originally adopted, the Lay Retirement Plan

irement benefits for all qualifying employees of Synod and its

th . :
man 30 years of credited service may, however, continue emp]
ment fo age ' . if they So desire and are able to perform the de tics
Position. ereafter, emplo i yeas
t ; , yment is ~
basis and without additional retirement. credits sceruing ‘Year
’ : "
emp 's patirement Plan for Lay Employees covers all full-tim,
colle i S ° Synod and its agencies, which, of course, include all
é and Districts. All agencies are expected to pay into th
nan amount equal to 6% of the 8ross salary paid to all full time
y employees, There are no Personal payments by the employees,

require full-time emplo A
. yment during the .
or probationary employees are not included. ; Temporary, Special

f4 lo ees. As a result the E lan was amended so
clude reli 10US emp. y
that the contribution rate of 6 (a) for the Lay Retirement F Jan Is

entitled to receive.
At present eight employees are receiving retirement benefits

FINANCIAL MATTERS , 679

* employees died after retirement. That makes a total of ten
E have retired and have received benefits under the Plan. The .
¥ -payments to the benficiaries under the Plan from the inception
ee amount to $11,500.31. ‘

: Only one District is participating and making regular contribu-
ins in behalf of its employees, but it should be remembered that
a few of our Districts have regular lay employees. All col-
with the exception of Oakland have made contributions in
of their lay employees. However, several colleges are now
arrears. This situation is apparently due to an assumption that
» inclusion of employees under the amended Federal Social Se-
rity Act obviated coverage under Synod’s Plan. This is not the
. The amendment of Synod’s Plan recognizes coverage under
ie Social Security Act. The effect is similar to many industrial
which supplement or are integratéd with social security ben-
ts. Our Committee discussed the matter at length. It felt that
od’s Plan as amended should prevail. However, in order to
lve the matter in an orderly manner, our Committee decided
0 petition the Board of Directors to memorialize Synod for a
shange in the Plan so that certain agencies which do not wish to
‘participate may be excluded under prescribed conditions from
participation in the Plan.

The investment of the retirement fund is under the super-
vision of Synod’s Board of Trustees, who are charged with the
“responsibility of managing, investing, and re-investing all of

“Synod’s Trust Funds.
|, The balance sheet of the Fund as of January 31, 1953, is
follows:
; Assets Liabilities
‘Cash .__ sd «17,376.11 9 Lay Retirement Fund — $517,704.16
Investments ___.__-_._ 498,240.00

Unamortized Premiums

. and Discounts 1,030.83
Accrued Interest Re-
ceivable on
Investments ______. 1,057.22
$517,704.16 $517,704.16

A. T. Lemsaca, Chairman
Cuartes E. Groericu, Secretary

Resolutions Proposed by the Retirement Committee
Under Synod’s Retirement Plan for Lay Employees
, . (Memorial 815)
Wuergas, Synod in 1947 authorized adoption of a Retirement
Plan for Lay Employees, which Plan became effective as of Janu-
ary 1, 1948, for the benefit of qualifying employees of “Synod,