# LCMS Convention Proceedings_St. Louis Missouri_1956_S650
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

650 FINANCIAL MATTERS

LIABILITIES
Pension Fund _. $13,464,867.13 $16,015,567.93 $18,782,543.89
Pension Annuities 1,077,978.62 —1,285,817.83 —-1,531,445.57
Contingent Fund _ 146,517.33 188,839.40 244,462.00
Reserve for Inv. Depreciation 202,555.99 247,393.11 321,503.11
Deferred Income 39,905.97 86,538.51 53,541.30

$14,931,825.04 $17,824,156.78 $20,933,495.87

Pension Fund Interest Graduate

Fiscal Year Ending Receipts Distributed Subsidy
January 31, 1954 ~ $2,178,596.46 $274,311.75 $22,139.40
January 31, 1955 2,560,873.42 326,913.71 25,445.79
January 31, 1956 0 2,658,702.27 365,473.19 30,093.02
Three-Year Totals _.... . $7,398,172.15 $966,698.65 $77,678.21

Receipts — New Money

59. The past triennium has again shown a remarkable growth
in the volume of Pension Fund receipts. The comparative schedules
above clearly indicate that receipts during Synod’s fiscal year,
ended January 31, 1956, were the largest in the history of the Fund.
Total receipts average $10,000 per business day. The maximum
employer’s rate of 8% has now been in effect since January 1, 1954.
Our congregations are to be commended for their willingness to
follow the increased rates established by Synod at the Milwaukee
Convention in 1950. With but very few exceptions, all participating
congregations are now remitting at the 8% employer’s rate. There
are now over 12,000 Pension Fund accounts on our books (7,474
workers and 4,766 employers).

Balance Sheet

56. Assets and Liabilities of the Pension Fund are shown as
of the close of Synod’s fiscal year, January 31. All Pension Fund
investments are made by Synod’s Board of Trustees. Investments
consist of no less than 40% Government bonds and not over
45% utility bonds, with some railroad-equipment trusts and
industrials. All bonds are rated AA or better. The Board of
Trustees is primarily concerned in safeguarding the principal.

Earnings on Investments

57. As of September 30 of each year, interest is credited to
the individual ledger accounts in the Pension Fund at the rate of
24%% per annum. During the past few years the Pension Fund
investments have yielded earnings of approximately 2.94%. The
difference of 44% is used to defray expenses of the Accounting
Department of the Pension Fund and to increase the reserve for
investment depreciation.

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