Fraternity-Testvériség, 1984 (62. évfolyam, 1-4. szám)
1984-04-01 / 2. szám
Page 8 TESTVÉRISÉG the legal recipients due to various reasons. These are kept in our trust fund. After a certain number of years, in accordance with the state laws, these deposits are considered as abandoned property under the escheat laws. These unclaimed insurance proceeds are then transferred to the respective states. A list of members was published in the fourth quarter Fraternity. Some trust fund claims have been settled. In some cases the branch managers were negligent in not advising the members of their options at the time of maturity. However, results from this notice are satisfactory and every effort is being made to remit these pamyents to the members. When no response is received, monies due are then transferred to the states. The Trust Fund balance as of December 31, 1983 are as follows: USA Canada Total Balance on December 31, 1982 $150,266.19 $6,958.84 $157,222,03 Balance on December 31, 1983 $154,013.27 $8,800.84 $162,814.11 EMPLOYEE’S RETIREMENT FUND As chairman of the Employee’s Retirement Fund, the following activity is being herewith reported. Balance as of December 31, 1982 $474,667.38 Employee Contributions 10,119.86 HRFA Contributions 12,000.00 Interest income 23,568.55 TOTAL: 520,355.79 Less benefits 28,712.59 Balance as of December 31, 1983 491,643.20 In accordance with the board resolution of September, 1983 the Employee’s Pension Fund became non-contributory on January 1, 1983. For the directors deferred compensation a liability of $244,003 has been setup as of December 31, 1983. The Employee’s Pension Plan is fully funded and the actuarial reserve of $640,887.00 is set aside as a liability. There are 12 employees in the plan as of December 31, 1983 and benefits are being paid to 6 members or beneficiaries who have retired. OTHER DUTIES In accordance with the by-laws pertaining to my duties, they have all been fulfilled in addition to the following tasks. I am the Recording Secretary of the Executive Committee, Board of Directors, Board of Managers of the Bethlen Home and the Student Aid and Loan Fund. A list of the meetings are as follows: Executive Committee Meeting........................... 26 Board of Directors Meeting................................ 2 Executive Committee Student Aid and Loan Fund........................... 4 Board of Directors/Student Aid and Loan Fund ................................................ 1 Bethlen Home Board of Managers................... 4 All minutes were mailed to the Directors and are on file in my office. As this report covers the activities of the previous year, special thanks and appreciation must be extended to my office staff. In claim settlements, my secretary, Mrs. Katalin Paschke, for her efficient manner in the settling of the claims along with the preparation of the many year end reports for the annual statement. Handling the general secretarial duties along with the underwriting work is Mrs. Martha Major. She is a very important co-worker with Dr. George Topor who is working part-time. They are responsible for the processing of all new applications, changes in plans, changes in beneficiaries, lost certificates etc. All of these are also processed and handled efficiently and in a most expedient manner. The machine operation and statistical compilations is being done by Dr. Zoltán Korossy in a most commendable fashion even with our outmoded equipment. All of our employees are loyal and dedicated in doing their utmost in providing services to our membership. My heartfelt thanks and appreciation are extended to my fellow Officers, Directors, Home Office Employees, Medical Director, Financial Counselors, Legal Counselor and Field Force members for their usual fine cooperation and assistance during the year. This report is being submitted for your review, evaluation and acceptance for the work concluded in the year of 1983. E. E. Vargo, F.I.C. Vice President-Secretary DEADLINE for news for the next issue: JUNE 30, 1984
