# LCMS Convention Proceedings_St. Louis Missouri_1956_S641
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

FINANCIAL MATTERS © 641

an amount sufficient to pay an actual earned annuity of $1,200 to
a pastor or teacher who retires at age 65 and has a wife of about .
the same age. Our actuary advises us that an accumulation of
$18,000 is needed to pay an earned annuity of $1,200. Since the
Pension Fund has not been in operation a sufficient number of
years and also because the salaries during the first years were
relatively small, the average accumulation to the credit of our
members at retirement or death in 1955 was only a little more
than ‘$4,000.

19. Thus. the Board of ‘Support and Pensions disbursed during
the 1955 fiscal year to:

1,132 Pension beneficiaries and 358 Support
beneficiaries (including a $15 Christmas Gift

to each) _.. ce — $1,195,745.64

Minus Pension Credits 114, 994.76
Cost to Synod from Budget Appropriation a $1,080,750.88
Graduate Subsidy _..—----___--=_ 30,240. 37
Death Benefits. _..-.._--__-.-__-- _ 35;300.00
Operating Expenses of the Board’s Office ___ 34,760.39
Special Pension Premiums _ 2,332.30+
Total $1,183,383.94

Our Budget Appropriation for 1955 was $1,250, 000.
20. As of February 1, 1956, we had on our role of: beneficiaries

435 Retirement Pensioners

13 Special Old Age Beneficiaries

53 Disabled Pensioners

578 Widow Pensioners

17 Receiving Annuity Only

57 Support Cases (Pastors “and Teachers)

259 Support Cases (Widows of Deceased Pastors and Teachers)
17 Dependent Children of Veterans of the Cross

The cost to Synod in providing the Pension and Support.

benefits to the above beneficiaries during 1956 will be approxi-
mately $1,200,000.

21. We now turn to that section of our report which has to do-

with Pension Fund membership and participation.

Membership Report — January 31, 1956
Membership: 8714% of Synod’s Workers, 93% of Congregations,

and 163 Boards. .
PENSION FUND REGISTRATION

January 31, 1955 January 31, 1956

Pastors 4,682 4,862
Teachers — SEE 2,054 2,179
Professors 220 244
Workers serving boards or institutions 519 . 519
Female Workers 301 337

Total active members 7,811 8,190