Collection › LCMS Convention Workbook (St. Louis, Missouri) › 1973 · 50th Convention › Page 384
LCMS Convention Workbook St. Louis, Missouri — 1973, Page 384

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

384 STEWARDSHIP AND FINANCE

Special Support Project

Synod has from its very beginning been concerned about
the well-being of its workers. In addition for the formal
Pension Plan and the Concordia Plans which provide con-
tractual benefits, it continues to provide special financial
assistance through its Support Program.

In order to upgrade this Support Program so that the best
possible assistance in the most efficient manner can be pro-
vided to the recipients, a Special Support Project study is
being conducted with the help of a special grant from the
Aid Association for Lutherans. Dr. Clarence F. Golisch,
formerly of Bethesda Home, Watertown, has been secured
as project director.

Assistance in this project is being secured wherever pos-
sible from Lutheran Social Agency personnel who are highly
aualified in this area of endeavor. The intent of this study
is to suggest and implement such changes which will lead
to personalizing the program through personal contact with
the recipients and in assisting them to become acquainted
with such sources of services and financial aid about which
they may not be aware but to which they are entitled,
Target date for completion of the study is midsummer, 1973.

Exhibits

Appended to this report are several exhibits to give a
brief overview of some of the activities of the Board during
the past biennium.

In Closing

We have thoroughly enjoved the Opportunity to be of
such service as we could to the Synod and to the workers
and their families. We express our thanks to the people
in Synod for the constant support they have given us in
these endeavors.

Boarp OF PENSIONS AND SUPPORT

Walter E. Lichtsinn, Chairman

Clarence M. Moses, Secretary

Emmett H. Fastenau

Fred A. Heisler

Robert D. Murray

John C, Knippenberg, Acting Executive Secretary

Exhibit A
RETIREMENT PENSIONS

1971 $175.00

1969 165.00

1965 150.00

1953 100.00

1947 60.00

1944 50.00

1941 40.00

1938 28000
Exhibit B

SUBSIDY AND ANNUITY

Subsidy (Decreasing) Annuity (Increasing)

$1,591,041 ___ ss 4.972 $2,470,319
1,669,893 1971 2,108,647
1,728,918 1970 1,340,177
1,965,293 1966 756,001
Exhibit C
COST TO SYNOD
1972 $1,826,158
1971 1,932,107
1970 1,992,716
1968 2,178,993
1966 2,268,765
Exhibit D
RETIREMENTS
139 Retired in fiscal 1972: Average Annuity $147.97 per

month
68 of these also received a CRP retirement benefit. Aver-
age $74.66 per month

96 of these received a total benefit of $220.67 per month

27 received an earned benefit + subsidy. Average subsidy
$31.81 per month

33 received an annuity only, but less than $175.00 per month

7 receiving an Age Annuity retired. Average Annuity
$167.53 per month

13 retired early: Average Age 62-10. Average Annuity
$112.42 per month + CRP benefit

159 Classified as Retired in 1972

Exhibit E

DEATHS

91 Retired Workers: Average Years in retirement 10-1.
Average Annuity $94.72: Average total benefit received
in retirement $16,022 (Included Subsidy)

36 Active Workers: 4 left no widow. 26 widows receive an
average annuity of $112.37 per month (17 also receive
a Concordia Survivor Plan benefit).

6 widows have deferred receiving an annuity.

12-05

Report of Board of Trustees for Trust Funds

The Board of Trustees for Trust Funds presents here-
with its report covering the two fiscal years ending January
31, 1973.

Pursuant to the authority contained in Sections 10.15 and
9.27 of the Handbook of the Synod, the Board of Trustees
manages the investment of the following funds:

Pension Plan for Pastors and Teachers
LLL Endowment Fund
Sundry Trusts now constituted as:
Fixed Income Account “A”
Equity Account “B"
Mixed Account “C”

The Trustees manage the funds in accordance with writ-
ten investment principles and policies, revised from time
to time, and approved by the Board of Directors of the
Synod. The several trust funds have been audited each
year by the independent certified public accountants em-
ployed by the Synod, and reports of such examinations are
on file in the office of the Treasurer of the Synod.

Pension Plan for Pastors and Teachers

The following is a summary of the invested assets of the
Fund for the Pension Plan for Pastors and Teachers showing
each class of securities at cost at the beginning of the
Period and the end of each of the two fiscal years:

Jan, 31, 1971 Jan. 31, 1972 Jan. 31, 1973

U.S. Govt. and Federal

Agency Bonds ||... - $11.215.896 S$ 9,011,471 $ 8,562,597
Canadian Bonds. |. 1,918,218 1,863,068 1,563,193
Utility Bonds beeen -- 18,910,792 18,710,235 18,559.028
Railroad Bonds . 2.061.634 3,462,565 4,266,102
Industrial Bonds __ 6,431,712 6,208,887 6,574,352
Private Placements wee 450,000 430.000 360,000
Church Mortgages 5,592,003 5,049,708 4,562,584
Common Stocks — U.S. - 33,773,355 37,145,288 37,306,269
Common — Stocks —- Canada 914.851 895.909 817.582
Cash and Temp. Invest. a 1,145,376 1,876,221 4,014,913

$82,413,837 $84,653,352 $86,586,620

The Pension Fund, which began in October 1937 has
grown in the past two fiscal years almost entirely from the
excess of earnings and net realized gains from security sales
over the amounts paid out of the Fund as pension annuities.
Since the beginning of the Concordia Retirement Plans in
1965. contributions to this plan have been continued only
for a small number of participants ineligible for the Con-
cordia Plans, eligible workers who did not choose to join
the new plans, and Canadian workers. Consequently, in-
vestment results with the Fund continue to be the most
important factor in the possible improvement in benefits to
future pensioners from this plan.

The market value of the Pension Fund investments has
also increased in the two year period and was $97,999,082 at