Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-01-02
Announced by Bishop Lawrence
for Protestant Episcopal Cler-
gymen and Their Dependent
Families
AFTER S5,O00,O0O
BY 1st OF MARCH
BIASED on Thorough Investiga-
ton and Recognized Actuarial
Principles"

New York. Jan. 1.-Success in obtain
ing pledges for 100000 toward the So
$4,000 church pension fund being raised
for Protestant Episcopal clergymen and
their dependent families was announced
here today by Bishop William Lawrence
of Massachusetts. chairman of the fund
committee. '
This great sum of money is the largest
the church has ever raised in so snort
time" Bishop Lawrence said. The cam
paign, which began March !, 1916, will end
on March l of this year On that day the
entire $5,000,0C0 must be in hand; other
wise we are not entitled to keep the four
millions now pledged. We are confident
however, that the extra 100000 will be
raised and that this pension system will
be formally established TO provide sub
stantial annuities for aged and disabled
clergy and the widows and dependent or
phans of deceased clergy"
The plan as described in an announce
ment by the committee is based on thor
ough investigation and recognized actu-
aral principles IT is calculated to pro-
vide a minimum old age pension of 5000 I"
clergymen who voluntarily retire at the
age Of g. while the maximum is to be
half the average salary.
Disability Pension
A disability pension also is to be pro-
yided, available at any age. reckoned on
the basis of 40 per cent. of the average
salary for five years of service preceding
Involuntary retirement with minimum
of $500 Under the plan widows will re-
ceiye half of the pension the husband
would have been entitled. a if he had
lived. reckoned from the tine of marriage
which must have been contracted before
retirement. the mininl1fnsbeing $500.
Orphans benefitsTare to be of fat
basis of 500 annually up TO the age of
seven years, 5000 t6 those between sew
en- and IA and $500 to those above IA
until they reach majority, all such BEN
efts ending, however, when, the recip-
lent ceases to be dependent. -
The s5,OO0,0 900 being collected now is
to enable the fund to begin immediate
payments to clergymen who will re-
tire during the early years of its OPP
eraticns. Its system is to be maintain
ed through annual payments by each
parish of II per cent. of the rectors
salary.
Without the s. 100000 fund, it is ex-
planned. under the IL per cent. col
lection alone no pension would be
paid until some of these men were dis
abled or until they retired at the age
of 6S approximately 40 years hence. In
order. therefore, to make possible a
system which will in some measure as
sumo already obligations and atone
for the neglect of an adequate PEN
sion system in the past substantial
cash reserve is required Immediately
This explains the S5,000000 fund
which is now being collected.
Pensions for ministers, the statement
says. is social justice and it is a
strange anomaly that the church has
Jagged behind business corporations
and governments in this matter 1t is
stated that unless the reserve fund of
$5,0O0,o00 has been definitely pledged
by March l no pension plan whatever
will be inaugurated.