LCMS Convention Workbook St. Louis, Missouri — 1983, Page 160

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160 ADMINISTRATION AND PROGRAM IMPLEMENTATION

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

CONCORDIA RETIREMENT PLAN

EXHIBIT C
Page 2

Decerber 31

1982 1981
ASSETS
Investments, at market value (cost--
$216,035,364 in 1982; $167,728, 343
in 1981)--Note D:
Short-cerm investments $ 26,036,884 $ 2,193,
Bones, notes, and debentures 83,595,826 26,969,189
Common stocks 67,380,042 4,231,346
Preferred stocks 784,886 677,197
Participation in Commingled Funds
of Morgan Guaranty Trust Company:
Eguity Comningled Funds 20,048,035 57 ,886,2
Fixed Commingled Funds 26,505,245 55,756,497
Guaranteed investwent contracts at
cost plus accrued income of
$4,418,360 in 1982 and $818,733
in 198!--Note F 24,418, 366 20,818,733
242,769,280 168,532,240
Due from Concordia Disability and Survivor
Plan--Note G 7,470,669
Contributions receivable 5,540,438 4,333,652
Accrued income 2,624,527 3,004 653
Cash:
Demand deposits 92,296 30,C71
Investment accounts 6,399 112,692
98,695 142,963
Prepaid expenses and other assets 5,19C 6,554
Equipment (net of allowances for
depreciation of $30,440 in
1982 and $20,907 in 1981) 27,424 24,5357
Data processing software (net of
amortization of $64,36) in 1982
and $21,362 in 1981) 372,214 205,266

TOTAL ASSETS 258,908,437

LIABILITIES
Accounts payable 283,349

NET ASSETS AVAILABLE FOR BENEFITS $258,625, 088

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

CONCORDIA RETIREMENT PLAN

176,250,111

187,684

a>

$176,062, 427

EXHIBIT C

Page 3

Year Ended December 31

1982

1981

Net assets available for benefits

at beginning of year 176,062,427 157,880,838

NET ASSETS AVAILABLE FOR BENEFITS

AT END OF YEAR $258,625,088 $176,062, 427

See notes to financial statements.

NOTES TO FINANCIAL STATEMENTS
CONCORDIA RETIREMENT PLAN

December 31, 1982 and 1981

NOTE A--SIGNIFICANT ACCOUNTING POLICIES

Investment securities are stated
units of participation in Morgan
Comaingled Funds is based on the
day of the plan year as reported

at market value. The fair value of the
Guaranty Trust Company Fixed and Equity
redemption value on the last business
by Morgan Guaranty Trust Company.

ADDITIONS

Investment income:

Interest income S$ 14,466,816

$ 3,534,423

Dividend {income 972,449 306,397
Investment income from Commingled
Funds of Morgan Guaranty Trust
Company:
Equity Commingled Funds 845,012 2,578,537
Fixed Commingled Funds 3,838,217 8,827,217
20,122,494 15,246,574
Contributions 21,701,964 16,875,483
Interest income from Concordia
Disability and Survivor Plan~-Note G 1,206,016
Other income 3,330 1,356
43,033,804 32,123,413
DEDUCTIONS
Retirement benefits 3,908,875 3,189,778
Post retirement death benefits 199,084
4,107,959 3,189,778
Administrative expenses 1,192,340 920,503
5,300,299 4,110,281
37,733,505 28,013,132
Net realized and unrealized gains (losses)
in fair value of investments-—-Note D 23,564,503 (9,831,543)
Transfer from Concordia Disability and
Survivor Plan--Note G 21,264,653
NET INCREASES 82,562,661 18,181,589

All office space is rented from The Lutheran Church - Missouri Synod,

Equipment and data processing software are recorded at cost. Deprecia-
tion and amortization are computed on the straight-line method over the
estimated useful lives of the equipment and software.

The cost of certain administrative expenses incurred for the benefit of
each of the Concordia Plans (Retirement, Disability and Survivor, and
Health) and the cost of shared equipment is allocated to each of the
plans based upon management's estimate of the use of the service.

NOTE B--DESCRIPTION OF THE PLAN

The Plan has been established for those individuals serving The Lutheran
Church - Missouri Synod, The Plan is administered by a Board of Managers
which is appointed by the Board of Directors of The Lutheran Church -
Missouri Synod. All contributions to the Plan are paid by the employer
organization.

The purpose of the Concordia Retirement Plan is to provide a pension
benefit at age 65. However, there are provisions for a pension to begin
as early as age 55 or as late as age 70. In addition, upon the death of
a retiree, a spouse may be eligible to receive a lunp-sun payment as vell
as a monthly income benefit. The Plan also provides for a lump-sum
benefit payment upon the death of a dependent of a retiree. In cases
where contributions to the Plan are reduced by amounts payable for social
security, the benefits noted above are adjusted to reflect such reducec
contributions (offset method).

The Plan is self-funded and all benefits become partially vested after
five years and fully vested after ten years of creditable service,

NOTES TO FINANCIAL STATEMENTS--Continued

CONCORDIA RETIREMENT PLAN

NOTE B--DESCRIPTION OF THE PLAN--Continued

A more comprehensive description of the Concordia Retirement Plan and its
benefit provisions is contained in ite Summary Plan Description, which is
available from the Worker Benefit Plans office.

The Plan can be terminated by The Lutheran Church - Missouri Synod in
convention. Based upon such action the Board of Managers would dispose
of the net assets of the Plan as follows:

First, provision shall be made for the payment of retirement
benefits to retired members and inactive members receiving
benefits.

Second, any remaining assets shall be prorated among the wembers and
inactive members who are not receiving retirement benefits at the
date of termination of the Plan on the basis of the actuarial
teserves for their accrued benefits.

Third, the remainder, if any, after satisfaction of all liabilities
for accrued benefits for all members and dependents and the
satisfaction of all other liabilities shall be used to increase
proportionately the payments to those cited above.