Fraternity-Testvériség, 1970 (48. évfolyam, 1-12. szám)

1970-04-01 / 4-6. szám

tlrement Benefit Plan, I report on the affairs of the Plan as follows:

Financial Condition:

Balance as of

December 31, 1968 ...................$146,884.76

Contributions from

Employees in 1969 ........ 4,434.78

Contribution of the

Federation in 1969 .......... 6,000.00

Interest Income in 1969 ___ 6,637.16

TOTAL INCOME....................$163,956.70

Benefits Paid and Equity

Withdrawn in 1969 .......... 9,219.21

BALANCE ON

DECEMBER 31, 1969 .............$154,737.49

LIBERALIZATION OF THE PLAN

On the request of the members and with the approval of the Executive Committee I obtained an evaluation of our Retirement Plan from the Actuary.

The study prepared by the CPS Company is based on recent survey of retirement plans of more than 490 companies in 33 industries and reveals the following shortcomings of our Plan:

a. ) Present benefits plus Social Security falls short of a retirement income of 50% of final salary;

b. ) It was never liberalized since established in 1953;

c. ) It is the only plan which has a

limit on credited salary;

d. ) At the present rate of benefits,

the 4% contribution requested from the employees is extremely high.

It is respectfully requested that the plan be liberalized as recommended by the Actuary.

2. ) Together with the Treasurer, I prepared a monthly statement of income, disbursements and assets for publication in the Fraternity. As one of the associate editors, I wrote articles in the Hungarian and English languages.

3. ) Mailing list is maintained and changes of addresses are handled in my department. If automation of the Home Office administration will not be authorized, I recommend to introduce a new and more efficient method of preparing the mailing list.

X. SUMMARY

Membership and the number of certificates further decreased but at a more acceptable rate than what we experienced in the previous year.

The more than one million dollar net increase in the insurance in force is a spectacular achievement. The fine production of the revitalized field-force is primarily responsible for the outstanding progress.

We had a slight decrease in net dues received. The stabilization of the Canadian situation alone could eliminate this small decline. Beside more new business better organized conservation should reverse the unfavorable trend.

As a consequence of the $594,520.33 increase of our assets and $163,791.37 of our Unassigned Fund we reached the unprecedented high solvency ratio of 112.00. Despite the fact, however, that

the ratio of net invested income to mean assets rose from 4.27 to 4.59, we still trail many fraternal organizations with our investment income. Therefore, reassessment of our portfolio and fundamental changes in the investment policy are recommended.

In conclusion, we may safely state that we are on our way of recovery from the 1968 slump. During 1969, the Federation has shown improvement in every vital area of the insurance trade.

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I am glad to report that my present office force is the best trained and most co-operative I ever had during my thirteen years in office. With the able help of Mrs. Katalin Paschke, Dr. Zoltán Korossy, Mr. Gyula László, Mrs. Vilma Csorba, Mrs. Irene Simon, Miss Elizabeth Nagy and Mrs. Katalin Galanthai-Nagy, I always could cope with the diversified duties of my office. I recommend that their outstanding services be recognized by the Board.

I wish to express my heartfelt appreciation to our advisors for their expert support, especially to the late Mr. Jerry L. Wizon, in whom we lost a fine accountant and a true friend. I gratefully acknowledge the co-operation of my fellow officers and I thank every one of you, Gentlemen, for your understanding, concern and fellowship.

Hoping that my report will meet your approval and gain final acceptance, I remain

Fraternally yours,

László L. Eszenyi Controller

MARRIED RECENTLY

Walter Zoltán Katona, Jr., and Linda G. Parrey, members of our Branch No. 20 in Trenton, N. J., were married recently in Trenton, N. J. Walter Katona is a college graduate and received many awards and medals in mathematics and science.

Walter is the son of Zoltán Katona and Betty Molnár a wealthy tomato farmer in New Jersey. Linda is the daughter of Louis Parrey and Yolanda Szabó. They are all members of our Federation. Best wishes and congratulations!

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