LCMS Convention Proceedings St. Louis, Missouri — 1969, Page 162

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162 RESOLUTIONS

$3,023,000, an increase of $1,394,000 over the 1970 ex-
pected subsidy of $1,629,000; and

Wuenreas, The Board of Pensions and Support, with
the approval of the Board of Directors, has, effective
Sept. 1, 1969, established $165 per month per worker
($99 for widow) as the minimum pension benefit, an
increase of 10%, and has accomplished this without ad-
ditional burden upon the operating budget of the Synod;
and

Wuereas, The aforesaid action of the Board of Pen-
sions and Support has anticipated the request of Over-
ture 12-37U to the extent that it appears economically
feasible; and

Wuereas, It is the view of the Pension Work Com-
mittee that if the investment performance does continue
as it has in the past few years, an increase in the mini-
mum pension to $175 a month can be realistically anti-
cipated within 3 years; therefore be it

Resolved, That Overtures 12-20 and 12-37U be re-
spectfully declined.

Action: Adopted (5).

(A motion to recommit was lost.)

To Decline Overtures to Permit Withdrawal
of Pension Plan Contributions
RESOLUTION 12-13

Overtures 12-10 to 12-15, 12-17, 12-19 (CW, pp. 476—479);
12-35U, 12-36U (URO, p. 83); alse New York Res. 10-08

Wuereas, The Board of Pensions and Support has
thoroughly studied the ramifications of Resolution 10-08
of the New York convention regarding the legal, tax,
and actuarial effects of withdrawals of Pension Plan
contributions (see Report 12-05, CW, pp. 470—471); and

Wuereas, This would be contrary to the original in-
tent of the Pension Plan; and

Wuereas, To place pension funds in tax-sheltered
annuity plans would be impossible under the essence of
resolutions previously adopted; and

Wuereas, A large withdrawal would make it im-
possible to set up programed investments; and

Wuereas, This is a group plan, set up for workers in
The Lutheran Church — Missouri Synod to accomplish
the greatest good for the greatest number of workers;
and

Wuereas, After careful study the committee foresees
many problems that would be of serious consequence
to the majority of workers in the plan; therefore be it

Resolved, That the convention accept the recommen-
dation of the Board of Pensions and Support (pp. 470—
471); and be it also

Resolved, That the above-listed overtures be re-
spectfully denied.

Action: Adopted (5).

To Decline Overtures to Provide Additional
Vesting in Retirement and Pension Plans
RESOLUTION 12-14
Overtures 12-16 (CW, pp. 478—479); 12-40U to 12-42U

(URO, pp. 84—85)
Whereas, The subject overtures involve additional

vesting under both the Concordia Retirement Plan and
the Pension Plan for Pastors and Teachers; and
Wuereas, Additional vesting entails added costs
without any increase in benefits; and
Wuereas, Maximum benefits consistent with pru-
dent stewardship of resources are being provided under
the existing contribution rates; therefore be it

Resolved, That no changes be made to provide addi-

tional vesting in either the Concordia Retirement Plan
or the Pension Plan for Pastors and Teachers.

Action: Adopted (5).

To Retain Present Scope of Participation
in Pension and Retirement Plans
RESOLUTION 12-15

Overtures 12-18, 12-32, 12-33 (CW, pp. 479, 481)

Wuereas, A basic concept in the Pension Plan and
Concordia Retirement Plan from their inception is to
provide maximum retirement benefits for a homoge-
neous group comprised of professional and lay workers
in The Lutheran Church — Missouri Synod and its affili-
ated agencies; therefore be it

Resolved, That no changes in the scope of participa-
tion in the Pension Plan and Concordia Retirement Plan
be authorized.

Action: Adopted (7).

To Investigate Medical Coverage
for Dependents of Married Students
at Terminal Schools
RESOLUTION 12-16

Overtures 12-22 to 12-31 (CW, pp. 480—481)

Wuereas, The Concordia Welfare Plan is qualified as
an association of employees, so that only full-time em-
ployees can receive the benefits of this plan; and

Wuereas, The employer-employee relationship does
not exist in regard to the above overtures; and

Wuereas, By the provisions of the plan and quali-
fications of IRS it is financially and legally impossible
to include students at terminal schools or their depend-
ents; therefore be it

Resolved, That Overtures 12-22, 12-23, 12-24, 12-25,
12-26, 12-27, 12-28, 12-29, 12-30, and 12-31 be respect-
fully declined; and be it also

Resolved, That the Synod request the Board of Man-
agers — Concordia Plans in conjunction with the Board
for Higher Education to study this matter and attempt