Collection › LCMS Convention Proceedings (St. Louis, Missouri) › 1935 · 36th Convention, Cleveland › Page 287
LCMS Convention Proceedings St. Louis, Missouri — 1935, Page 287

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

Ey. Luth. Synod of Missouri, Ohio, and Other States. 1935. 287

shall also be held to make regular payments to the pension fund equal
to 4 per cent. of his salary plus rent, as provided in Paragraph 4a.

4c. The worker upon his retirement shall receive in annuities the
full accumulated value of his payments and those of the congregation
or board (or congregations and boards) which he has been serving, as
provided in Paragraphs 4a and 4b, this accumulation to be paid out
as an annuity based on his own and his wife’s life expectancy and
the length of dependence of his surviving children.

4d. Until a full pension system can be made operative, the an-
nuities provided under Paragraph 4c, wherever the need of the bene-
ficiary requires it, shall be supplemented from the proceeds of the
L. L. L. Endowment Fund, the Permanent Support Fund, and such
contributions from the budget of Synod as may be established by
Synod from time to time, as provided in Paragraph 3.

Status of Workers Leaving Service.

5. Workers leaving the service of the Synod or any component
part thereof- before the regular retirement age and not because of
disability shall retain the rights to all payments made by them under
the provision of Paragraph 4a and the interest thereon. However, by
leaving the service of Synod, they automatically relinquish all claims
under the operations of Paragraphs 4b, 4c, and 4d. Such workers’
accumulation under Paragraph 4b shall be transferred to, and become
a part of, a reserve fund for an eventual full pension system.

Federal Government’s Social Security Plan.

6. Your Committee gave the Federal Government’s Social
Security Plan as embodied in H.R. 4142-and S. 1130 due considera-
tion in its deliberations and for a time was of the opinion that this
plan would make unnecessary the submission of any suggestion on its
part; but at the time of this writing the Ways and Means Committee
of the National House of Representatives, which has charge of H. R.
4142, recommends that all church-bodies be exempted from the pro-
visions of the proposed legislation concerning compulsory old-age
pensions.

Group Insurance and Annuity Endowments.

7. Your Committee has thought it to be within the scope of its
duties to consider so-called group insurance in connection with “the
question of old-age pensions as also the advisability of Synod’s
workers’ taking advantage of opportunities for the accumulation of
savings offered by approved investment companies; but it does not
find itself in a position at this time to make any definite suggestions
or recommendations as the result of its studies of these two means of
providing for the old-age needs of our workers. Synod might well
consider the fact that many of its workers are now seeking protection
from insurance and other investment companies.