# LCMS Convention Workbook_St. Louis Missouri_1973_S397 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) 384 STEWARDSHIP AND FINANCE Special Support Project Synod has from its very beginning been concerned about the well-being of its workers. In addition for the formal Pension Plan and the Concordia Plans which provide con- tractual benefits, it continues to provide special financial assistance through its Support Program. In order to upgrade this Support Program so that the best possible assistance in the most efficient manner can be pro- vided to the recipients, a Special Support Project study is being conducted with the help of a special grant from the Aid Association for Lutherans. Dr. Clarence F. Golisch, formerly of Bethesda Home, Watertown, has been secured as project director. Assistance in this project is being secured wherever pos- sible from Lutheran Social Agency personnel who are highly aualified in this area of endeavor. The intent of this study is to suggest and implement such changes which will lead to personalizing the program through personal contact with the recipients and in assisting them to become acquainted with such sources of services and financial aid about which they may not be aware but to which they are entitled, Target date for completion of the study is midsummer, 1973. Exhibits Appended to this report are several exhibits to give a brief overview of some of the activities of the Board during the past biennium. In Closing We have thoroughly enjoved the Opportunity to be of such service as we could to the Synod and to the workers and their families. We express our thanks to the people in Synod for the constant support they have given us in these endeavors. Boarp OF PENSIONS AND SUPPORT Walter E. Lichtsinn, Chairman Clarence M. Moses, Secretary Emmett H. Fastenau Fred A. Heisler Robert D. Murray John C, Knippenberg, Acting Executive Secretary Exhibit A RETIREMENT PENSIONS 1971 $175.00 1969 165.00 1965 150.00 1953 100.00 1947 60.00 1944 50.00 1941 40.00 1938 28000 Exhibit B SUBSIDY AND ANNUITY Subsidy (Decreasing) Annuity (Increasing) $1,591,041 ___ ss 4.972 $2,470,319 1,669,893 1971 2,108,647 1,728,918 1970 1,340,177 1,965,293 1966 756,001 Exhibit C COST TO SYNOD 1972 $1,826,158 1971 1,932,107 1970 1,992,716 1968 2,178,993 1966 2,268,765 Exhibit D RETIREMENTS 139 Retired in fiscal 1972: Average Annuity $147.97 per month 68 of these also received a CRP retirement benefit. Aver- age $74.66 per month 96 of these received a total benefit of $220.67 per month 27 received an earned benefit + subsidy. Average subsidy $31.81 per month 33 received an annuity only, but less than $175.00 per month 7 receiving an Age Annuity retired. Average Annuity $167.53 per month 13 retired early: Average Age 62-10. Average Annuity $112.42 per month + CRP benefit 159 Classified as Retired in 1972 Exhibit E DEATHS 91 Retired Workers: Average Years in retirement 10-1. Average Annuity $94.72: Average total benefit received in retirement $16,022 (Included Subsidy) 36 Active Workers: 4 left no widow. 26 widows receive an average annuity of $112.37 per month (17 also receive a Concordia Survivor Plan benefit). 6 widows have deferred receiving an annuity. 12-05 Report of Board of Trustees for Trust Funds The Board of Trustees for Trust Funds presents here- with its report covering the two fiscal years ending January 31, 1973. Pursuant to the authority contained in Sections 10.15 and 9.27 of the Handbook of the Synod, the Board of Trustees manages the investment of the following funds: Pension Plan for Pastors and Teachers LLL Endowment Fund Sundry Trusts now constituted as: Fixed Income Account “A” Equity Account “B" Mixed Account “C” The Trustees manage the funds in accordance with writ- ten investment principles and policies, revised from time to time, and approved by the Board of Directors of the Synod. The several trust funds have been audited each year by the independent certified public accountants em- ployed by the Synod, and reports of such examinations are on file in the office of the Treasurer of the Synod. Pension Plan for Pastors and Teachers The following is a summary of the invested assets of the Fund for the Pension Plan for Pastors and Teachers showing each class of securities at cost at the beginning of the Period and the end of each of the two fiscal years: Jan, 31, 1971 Jan. 31, 1972 Jan. 31, 1973 U.S. Govt. and Federal Agency Bonds ||... - $11.215.896 S$ 9,011,471 $ 8,562,597 Canadian Bonds. |. 1,918,218 1,863,068 1,563,193 Utility Bonds beeen -- 18,910,792 18,710,235 18,559.028 Railroad Bonds . 2.061.634 3,462,565 4,266,102 Industrial Bonds __ 6,431,712 6,208,887 6,574,352 Private Placements wee 450,000 430.000 360,000 Church Mortgages 5,592,003 5,049,708 4,562,584 Common Stocks — U.S. - 33,773,355 37,145,288 37,306,269 Common — Stocks —- Canada 914.851 895.909 817.582 Cash and Temp. Invest. a 1,145,376 1,876,221 4,014,913 $82,413,837 $84,653,352 $86,586,620 The Pension Fund, which began in October 1937 has grown in the past two fiscal years almost entirely from the excess of earnings and net realized gains from security sales over the amounts paid out of the Fund as pension annuities. Since the beginning of the Concordia Retirement Plans in 1965. contributions to this plan have been continued only for a small number of participants ineligible for the Con- cordia Plans, eligible workers who did not choose to join the new plans, and Canadian workers. Consequently, in- vestment results with the Fund continue to be the most important factor in the possible improvement in benefits to future pensioners from this plan. The market value of the Pension Fund investments has also increased in the two year period and was $97,999,082 at