The Waterbury Democrat., 1943-06-14

New YORK, N. Y, June IL - Inc
Church Pension Fund Of the Pro-
testant Episcopal Church reports
assets as of December 81, 1912 of
$36,271 ,297, and an annual pension
roll of over $4400,000 according to
its Twenty Fifth Annual Report
Just issued In hi report as Pres
ident OF the fun, }ishop Cameron
j. Davis Of BuffaiD states that the
assets increased il 1912 by over
1920, 900 and conn Hnts upon the
fact that the totai of the present
pension roll, which includes the
names of approximately $500 in
dividualS, lis about 33 per cent
larger than would have been the
case if the Trustees had not been
able to go beyond the original
promises" Started in 1917 as the
pension system of the Protestant
Episcopal church for the benefit of
the clergy, their widows and minor
orphans. The Church Pension Fund
has since paid out total OF over
$22 100000 in pension benefits. New
pensions in the annual amount Of
$128,857 were granted in 1912.
Bishop Davis paid tribute In his
report TO the late Frank L. Polk and
j. P. Morgan whose deaths occurred
after the close of the year and who
held the Offices of Vice-PreSident
and Treasurer, respectively. Mr.
Morgan had been treasurer from
the beginning of the fund until bis
death on March 10. 1913. The pres
ent officers of the Fund, aside from
Bishop Davis, are Bishop Benjamin
M. Washburn of Newark, Allen
WardWell and Bradford B. Locke,
vice presidents and Robert Worth
ington, secretary. The Office OF
treasurer, left vacant by Mr.. Nor
gan's death, has not yet been filled,
The vacancy on the Board of Trus-
tees created by Mr. Folks death was
recently filled by the election of
Charles d. Dickey, vice-president
of j. p Morgan and Company In
Corporatcd.
In his report as executive vice
president, Bradford B. Locke COM
ments on the fact that the support
of the pension system by the various
parishes, missions and other eccles-
iastical organizations throughout
the Church has been practically 100
per cent during the entire history
of the fund, total of over $25 ,000,-
900. having been paid in during the
last twenty-five years and the I'M
paid balance being only about $45,-
900. The fund is supported by as
sessments payable by each unit in
the Church and based on the
clergyman's current salary. He also
remarks upon the improvement in
the average rate of interest earned
on the Funds investments in 1912
compared to recent years. Excluding
certain special interest items, the
average earned on the actuarial re-
serve liabilities in 1912 was at the
rate Of 1925 per cent compared to
BOT per cent, in 1941 and 3.01 per
cent in 1890 Mr.. Locke reports that
although a few of the investments
of the fund are technically in de-
fault as to either principal or in
terest, there is not single invest
ment now held from which income
was not received in 1922
Analysing the present investment
portfolio, the report diScloses that
the fund has over % per cent of its
invested assets in United States
Government securities. OF the total
bonds owned by the fund, which
comprise over 25 per cent of the in
vestment holdings, about % per cent
will mature within five years and
about 81 per cent within ten years.
Remarking on this fact Mr.. Locke
says, In these uncertain times, with
the world in the midst of the great
est upheaval in its history, it would
appear wise to follow cautious
course in the matter of investing
the assets of an organization such
as The Church Pension Fund whose
obligations in the form of pension
benefits extend over an indefinite
period of years in the future. Safety
of principal, liquidity and stability
under present circumstances, even
at the expense of what some may
consider to be a relatively low aver
age income yield. form a firm foun-
dation upon which to face an I'M
certain future" The treasurer's re-
port. in which the investments are
listed in detail. shows market
value OF the funds invested assets
at the end of 1912 Of $35. 925, 724
compared TO a book value of $34,
624,78l. 1t is pointed out. in this
connection, that the market values
we're those fixed by the National AS
ISOLATION of Insurance Commission
ers for use in filing statements with
the New York Insurance Depart
ment. under whose supervision the
fund is administered. and were be-
low actual market values at the