nineteen hundred and forty-six - Amazon Web Services

438 SOUTHERN BAPTIST CONVENTION
Thus the Convention gave its favorable attention to the nescessities of the (Old)
Annuity Fund in 1938 and in 1944, and thereby began in earnest to fulfil its
earlier commitments to this phase of the Relief and Annuity Board's work.
The Relief and Annuity Board is contractually obligated to use 2% of distributable
Cooperative Program funds toward the payment of its half of the sum
necessary each year for the funding of the (Old) Annuity Plan, just as it understands
that the convention is obligated to continue to provide the 8 1/3%
for the same purpose. The 2% for the (Old) Annuity Fund taken from the 7%
allocated for relief was approved by the convention, the same having been made
available by action of the executive committee, making the same retroactive to
January 1, 1944.
THE INAUGURATION OF TEN NEW CONTRIBUTORY ANNUITY PLANS
The first of the new contributory annuity plans to be started was the socalled
"Service Annuity." This plan was approved by the convention in May,
1930, and was inaugurated January 1, 1932. It was closed to new members
January 1, 1938. The reserves in this plan of $30,147.28 are sufficient to.finance
all payments to its present and future beneficiaries.
Although known to be fundamentally correct and actuarially sound, the
plan was never generally accepted by our preachers and churches. In fact, it
was accepted by only a few. It was almost identical with a plan which was
being operated with remarkable success by Presbyterians, North and South, by
the Disciples, and by several other leading denominations. That there were
features in the plan which were not as workable among Southern Baptists as
they were with the groups above named is admitted. The plan was offered to
our pastors and churches for several years. In its abandonment the principles
and all the workable provisions became integral parts of other plans which
were launched. The Board has adhered strictly to the two lines of work
marked out for it by the Southern Baptist Convention when it was called into
being, viz., Relief and Annuities.
The Foreign Mission Board Pension Plan. This plan for the pensioning
of our foreign missionaries at age 65 or earlier on account of permanent and
total disability was inaugurated January 1, 1934. Every missionary of the
Foreign Mission Board is a participating member. The dues of $2.50 per
month of the missionaries are remitted to the Relief and Annuity Board by
the Foreign Mission Board. The Foreign Mission Board contributes a like
amount on account of each missionary. The guarantor of the plan is the
Foreign Mission Board. The guarantor of the invested funds is the Relief
and Annuity Board. The Foreign Mission Board supplements the regular
monthly dues by such an amount as is computed to be necessary to meet the
monthly pension payments made by the Relief and Annuity Board. Under
this plan, a missionary upon retirement is assured a pension of S500 per year.
A missionary couple receive together $1,000 per year.
On January 1, 1936, the Institutional Employees Pension Plan for Orphanage
staffs was inaugurated. This is a contributory group plan based on dues
paid by the employees equivalent to 3% of the monthly salary and a like contribution
by the orphanages. The minimum benefit is $500 per annum on
25 years or more of service to employers, and the minimum dues is $2.50 per
°« n « th nn The ma ^ mu ^, bene . fit * *H00 per annum and the maximum of dues
us $6.00 Per month. There is a benefit available on account of permanent and
total disability, the maximum being $500 per year. All benefits are paid in
monthly installments. *
The Baptist Orphanage of North Carolina, Incorporated. (Thomasville and
Kinston) participates in this general plan but its contributions are not pooled
with other orphanages The pooled orphanages are Buckner Orphans Home,
Dallas, Texas; Carmi Baptist Orphanage, Carmi, Illinois; Connie Maxwell Orphanage,
Greenwood, South Carolina; Louisiana Baptist Children's Home Mon
roe, Louisiana; The Alabama Baptist Children's Home, Trov Alahamn- WoR^n.
tist Orphanage Portales, New^Mexico; Baptist- Orphanagl^f vfr^ h |a B e a £
Virginia; Baptist Children's Aid Society of Maryland, Baltimore Marvland !
Oklahoma Baptist Orphans' Home, Oklahoma City, Oklahoma- Florida Bantist
Children's Home, Arcadia, Florida; Missouri Baptist Orphans' Home Patton
ville, nessee Missouri; Orphanage Bottoms is participating Baptist Orphanage, in a special Monticello, plan.
Arkansas The Ten