# LCMS Convention Workbook_St. Louis Missouri_2004_S103 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) SYNODICAL REPORTS 103 The benefits paid by the Plan for the past three years are shown below: 2003 (unaudited) $155,706,000 2002 2001 Benefits Paid $140,994,000 $121,882,000 Concordia Retirement Plan The Concordia Retirement Plan (CRP) is a defined benefit re- tirement plan benefiting 32,000 active members enrolled through congregations, schools, and agencies of the Synod and 9,900 re- tirees. Every CRP dollar purchases retirement income (both a pri- mary and supplemental benefit), survivor income, and lump-sum death benefits. The purpose of the CRP is to provide a pension ben- efit upon retirement at age 65. However, there are provisions for a benefit to begin as early as age 55. Members become vested and earn a right to a benefit after five years of participation. During the last three years, benefits provided by the Plans were as follows: Benefits Paid 2003 (unaudited) 2002 2001 Primary Retirement Benefits $75,592,000 $70,077,000 $60,938,000 Supplemental Retirement Account 7,790,000 6,083,000 6,706,000 Survivor Benefits 12,153,000 11,172,000 8,041,000 The number of individuals currently receiving benefits is 11,500. Concordia Disability and Survivor Plan The Concordia Disability and Survivor Plan (CDSP) has been designed to meet two important needs: (1) to pay a monthly income benefit when a member becomes totally disabled; and (2) to pay survivor benefits (lump sum) upon the death of a member before retirement. In addition, the Plan pays a lump-sum benefit upon death of an enrolled dependent. There are 32,000 members enrolled in the CDSP. The benefits paid by the Plan during the past three years are shown below: Benefits Paid 2003 (unaudited) 2002 2001 Survivor Income $2,983,000 $3,136,000 $3,298,000 Survivor Death Benefits 53,000 94,000 187,000 Active Death Benefits 4,877,000 4,416,000 2,557,000 Disability Income 6,423,000 6,322,000 6,381,000 Health Benefits for Survivor and Disabled 3,247,000 2,849,000 2,640,000 Pension Plan for Pastors and Teachers Prior to the Concordia Retirement Plan, the Pension Plan for Pastors and Teachers (PPPT) was the only pension program for pastors and teachers of the Synod. This program provides retire- ment and disability benefits for its members, as well as benefits for surviving dependents of a deceased member. Effective July 2001, the PPPT began funding the Supplemental Benefits Program. This program supplements the regular benefit and brings the minimum benefit to $250 per month for a retired member and $150 per month for a surviving dependent. A lump- sum death benefit is also provided. When the Concordia Retirement Plan was established in 1965, new enrollments in the PPPT ceased. However, 310 members who are still actively working maintain an account balance and will ul- timately receive benefits from this plan. There are 4,304 individuals currently receiving benefits as re- tired members, disabled members, or ‘surviving dependents of de- ceased members. 2003 (unaudited) $14,799,000 20020 2001 Benefits Paid $17,415,000 $18,303,000 Supplemental Benefits Program This program provides additional benefits to eligible retired members and dependents of deceased members if their total monthly benefit is below the established “minimum benefit.” The benefits were provided out of the budget of the Synod until June 2001. Effective July 2001, the PPPT began funding these benefits. 2000/01 Benefits Paid $405,000 Support Benefits Program Special Assistance Program The purpose of this program is to provide financial aid to eligi- ble disabled workers, retired workers, and dependents of deceased workers. Funds are provided out of the Synod’s budget. The amount of assistance is based on demonstrated need and is deter- mined in accordance with established guidelines. Financial assis- tance is currently being provided for 43 individuals under the Sup- port Program. 2002/03 2001/02 2000/01 $323,000 $335,000 $305,000 Included in the above figures are benefits paid for a Special As- sistance Program, which provides an assured monthly income for 31 older and needy retired pastors and teachers and widows of such retired workers. Annual Payments Accident Insurance Programs The Travel Accidental Death and Dismemberment Insurance Program is provided for members of boards, commissions, com- mittees, and designated members of staff of the Synod. About 2,388 individuals have this $100,000 coverage. The Travel Accidental Death and Dismemberment Insurance Program for Foreign Missionaries is a program for foreign mis- sionaries and their dependents and covers 248 people. The cover- age for the missionary is $50,000; $20,000 for spouse; and $10,000 for each child. The All-Cause Accidental Death and Dismemberment Insur- ance Program is available to all workers participating in the Con- cordia Plans. There are 9,215 workers participating, with insurance amounts ranging from $25,000 to $300,000. Challenges The next three years promise to be challenging ones as Worker Benefit Plans begins new programs to assist the health and finan- cial well-being of LCMS church workers. The first challenge will be to evaluate the implementation of “Employee Choice” and pos- sibly expand the availability in 2005. To assist with a worker’s future financial well-being, WBP is making plans to offer the Concordia Retirement Savings Plan (CRSP) to all workers. CRSP will be a 403(b) Tax-Sheltered An- nuity, but with the option to allow employers to contribute match- ing funds if they choose. Future goals also include the availability of employers to per- form business transactions online (e.g., enroll workers, report new workers/transfers/terminations, receive/view invoices). 2004 Convention Workbook