Collection › LCMS Convention Workbook (St. Louis, Missouri) › 2004 · 62nd Convention, St. Louis › Page 103
LCMS Convention Workbook St. Louis, Missouri — 2004, Page 103

Scan: The Lutheran Church—Missouri Synod
Transcription machine transcription, uncorrected

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