LCMS Convention Workbook St. Louis, Missouri — 1981, Page 198

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198 ADMINISTRATION

Division Chairmen (two-year terms):
Missions and Special Ministries: Dr. Edward A. Westcott

r.

Higher Education: Dr. Arthur M. Ahlschwede (replaced
later by Dr. Walter L. Rosin)

Parish Services: Dr. Victor A. Constien
Communications: Mr. Victor Bryant
Stewardship Services: Rev. Marcus T. Zill

Board for Public Relations: Rev. William Wagner, Mrs. Jean
Garton, Dr. Arnold Kuntz

Board for Social Ministry and World Relief: Rev. Walter
Snyder, Rev. Simon Bodley, Dr. Milton Carpenter

Council for Christian Medical Work: Dr. Ruth Goehle, Dr.
Roland Miller, Dr. John Rittmann, Rev. Howard Mueller

Board of Trustees for Trust Funds: Mr. Arvid Jouppi, Mr.
Ken Guebert, Mr. Harlan Klotz, Mr. Harold Mattfeld

Board of Managers, Worker Benefit Plans: 1980: Mr.
Julian Hoffmann, Dr. George Beto; 1981: Mr. Harvey
Wilkening, Rev. Gerhardt Bluhm

Commission on Architecture: Mr. James Pfluger, Mr. Rex L.
Becker, Mr. Richard Brumfield, Mr. Deon Bahr, Mr.
Craig Melde, Dr. Wayne Schmidt (replacing Dr. Gilbert
Otte)

ILLL Television Committee: Dr. Herman Gockel

Board of Trustees, LCMS Foundation (terms beginning

Jan. 1, 1981):

For one year: Mr. Rupert Dunklau, Mr. Kenneth Guebert,
Mr. Arvid Jouppi, Mr. Harlan Klotz, Mr. Robert Long,
Mr. Harold Mattfeld

For two years: Mr. Harold Bernthal, Mr. Roger Bettin,
Mr. Carl Runge, Mr. William Harbeck, Dr. Herbert
Mueller

Board of Directors Liaison with Other Boards:

ILLL Television Committee: Mr. Gus Melde

ILLL Board of Governors: Mr. Gus Melde

CPH Board of Directors: Dr. Norman Sell

Editorial Commission for Official Periodicals: Dr. George
Wollenburg

4-05
Report of Synodical Service Commission

During the first half of the past biennium the commission
met, or discussed through conference phone calls, to work with
lists of nominees for the positions of Executive Secretary,
Board for Higher Education, and President, Lutheran Church
Extension Fund—Missouri Synod.

Regarding the former position, the chairman of the com-
mission met with the Board for Higher Education in November
1979 to discuss and explain the commission’s efforts and
procedures in establishing the list of qualified candidates that
was finally presented to the board.

The commission expresses its gratitude for the fine assis-
tance from the staff of the synodical Personnel Department in
requesting nominations, obtaining the necessary evaluations,
and submitting the gathered information to the commission
for its work.

The commission also expresses its gratitude for the splendid
cooperation from all who have submitted nominees and from
those who have been consulted for profiles and asks for the
continued prayers of the church in behalf of its assigned task.

Synodical Service Commission
Edwin Dubberke, Chairman
Donald Poch, Secretary

4-06
Report of Board of Trustees
for Trust Funds

The Board of Trustees for Trust Funds presents its report
covering the activity ending Dec. 31, 1980.
Pursuant to the authority contained in Bylaws 10.15 and

9.27 of the Handbook, the Board of Trustees manages the
investment of the following funds:

Pension Plan for Pastors and Teachers

LLL Endowment Fund

Sundry Trusts constituted as:

Fixed Income Account “A”
Equity Account ‘“B”
Mixed Account “C”

The trustees manage the funds in accordance with written
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 employed 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 end of each of the past
three calendar (fiscal) years.

Dec. 31, 1978 Dec. 31, 1979 Dec. 31, 1980
U.S. Government and
Federal Agencies Bonds = $ 4,547,933 $ 4,808,539 $ 2,759,741
Utility Bonds ............... 16,351,275 15,225,996 10,709,582
Railroad Bonds ............. 4,671,679 3,787,592 5,147,309
Industrial Bonds ........... 9,581,650 9,656,469 13,066,208
Private Placements ......... 60,000
Church Mortgages 3,000,152 2,475,733 2,185,941
Common Stocks 48,954,944 48,867,672 60,218,266
Cash and Temp. Invest. 1,001,051 6,151,120 1,705,003
U.S. Funds ........... $88,168,684 $90,973,121 $95,792,050
Canadian Bonds ............ $ 1,705,653 $ 1,894,459 $ 1,909,283
Common Stocks ............ 847,736 795,220 692,627
Pooled Funds ............... 514,583 573,569 643,518
Cash and Temp. Invest. ..... 311,418
Canada Funds ........ $ 3,067,972 $ 3,263,248 $ 3,556,846
Total Invested Assets ....... $91,236,656 $94,236,369 $99,348,896

The growth of the fund, which began in October 1937, comes
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 Plan in 19635, contributions to this plan have been
continued only for asmall number of participants ineligible for
the new Concordia Plans, eligible workers who did not choose
to join the new plans, and through Dec. 31, 1971, for Canadian
workers. Recently completed actuarial review reinforces our
view that investment results of the fund continue to be the most
important factor in possible benefit improvements for future
pensioners of this plan.

The investment policies of the Board of Trustees provide for
investments in quality fixed-income and equity securities.
Such policies are reviewed and adopted by the Board of
Directors of the Synod. At the present time equity investments
are 60.6 of the cost of the U.S. portion of the fund. The policies
also provide for investments in church loans in accordance
with criteria established by the 44th convention of the Synod.

Since 1974 the board has continued its program of replacing
low-interest-rate fixed-income securities and loans as they
have matured with much higher-yielding securities in the
range of 10 to 15 percent interest. In addition, the board has
followed a policy of purchasing securities maturing no more
than 10to 12 years from purchase. As a result, nearly 50% of all
bonds mature in the next 5 years, and 46% in the following
5-year period for a total of 96% in the next 10 years. This will
afford flexibility to the board in seeking the most favorable
investment opportunities from time to time as the needs of the
plan dictate.

For a number of years the Board of Trustees invested an
increasing proportion of the Pension Plan funds in investment-
quality common stocks. While the trustees have continued to
purchase common stocks during the past two-year period,
significant investments have also been made in high-yielding