LCMS Commission on Constitutional Matters — Minutes St. Louis, Missouri — NOVEMBER 2, 1962, Page 10

Transcription machine transcription, uncorrected

⤓ Download .txt · copy text

. 5. Ss .. 8 = 8 ._8

e ‘ c . e . 2 . . © . : . 3 . . . . ° . .

____+ —

Exhibit 'C"'

10,48 Transfers To and From Service

"a. If the membership of a person employed by another
synod (or component thereof) of the Synodical Conference (as constituted
on June 28, 1962) shall be transferred to Synod (either by such person's
action or upon transfer to Synod of his component employer's membership),
and if such person becomes a Worker as defined in Section 10. 41 f, the
Board shall accept, when tendered from any source, such cash and/or
other properties (herein called ‘transferred assets') which are represented
to be the accumulated retirement or pension benefit or credits of such
person as an employee of such other synod or compenent thereof, The
Board shall determine the value on the date received of all such trans-
ferred assets, and shall credit an amount equal to such value to an indivi-
dual account for such person, as though that amount constituted a 'Mem-
ber's Contribution’ (as defined in Section 10.41 g) and represented such
person's 'Personal Accumulation! (as defined in Section 10, 42 j), and
thereafter such transferred assets shall be fully subject to, and shall be
governed only by, the terms, provisions and conditions of these By -Laws
(as now enacted or hereafter amended) pertaining to the Pension Fund;
provided, however, that no part of such person's individual account
represented by such credit shall be subject to withdrawal under Section
10.43 b. After such transfer the transferor shall have no further right
or interest in the transferred assets or in the further administration or
disposition thereof.

"b. If the membership of a Worker shall be transferred
from Synod to another synod (of the Synodical Conference as constituted
on June 28, 1962) which then has a plan providing for retirement or
pension benefits and for the funding thereof, under which assets from the
Pension Fund may be received and shall be held and administered to
provide benefits for such Worker, then, in such event and at the written
request of such Worker, the Board shall transfer, pay over and deliver
to the administrators of such other plan, assets in an amount equal to the
amount credited to such Worker's individual account under the Pension
Plan, plus an amount equal to the Board's estimate of the interest attri-
butable to such Worker's individual account which has accumulated since
the last crediting of interest. After such transfer shall have been accomp-
lished, the Worker shall have no further rights or claims of any kind
whatsoever against the Board or the Pension Fund, and such Worker
shall thereafter look solely to the administrators of such other plan for
his retirement pension, or similar benefits. If (i) the other synod shall
not have such a plan, (ii) the plan of the other synod shall not authorize
the receipt of a transfer of funds as above contemplated, or (iii) the
Worker shall not request the Board to make such transfer, then, in any
of such events, the Board shall retain iin the Pension Fund the amount
credited to such Worker's individual account which, together with interest
thereafter credited thereto, shall be utilized (in accordance with the pro-
visions hereof as though such Worker had not transferred) to provide an