William Penn Life, 1972 (7. évfolyam, 1-4. szám)

1972-04-01 / 2. szám

to the William Penn. Mr. Bruce com­menced to read his report. 10. Based on the suggestion of the last convention that the Board review the re­tired employees pension, and upon the recommendation of the Executive Com­mittee that this matter be referred to the Actuary, Mr. Robert E. Bruce, moved, seconded that Mr. Bruce review the re­tired employees pension plan and submit his report and recommendation to the Board for consideration as to whether or not a benefit increase can be considered for retired employees. The Motion was unanimously adopted. 11. Actuary, Robert E. Bruce, concluded reading his Report. He congratulated the Board of Directors and National Officers for the fine showing of the Association in 1971. With continued effort he felt certain that the Association is on the right track and that it will continually move forward. Moved, seconded and the Board unani­mously accepted the Report of the Actuary. 12. The following resolution pertaining to the retirement of Director Joseph Toma, Field Manager, East, was unanimously adopted by the Board: RESOLUTION WHEREAS, the Fraternal Benefit Sys­tem has a history of serving the cause of the brotherhood of man, and WHEREAS, the Fraternal Benefit Sys­tem has grown and prospered for more than a century in these United States of America, and WHEREAS, the history of the many societies, as well as the William Penn Association, records the unselfish, loyal and tireless efforts of its Officers, Direc­tors and outstanding members, and WHEREAS, you, Joseph Toma, for the past 33 years have devotedly served the cause of the William Penn Association as Assistant District Manager from 1938 to 1940, District Manager from 1941 to 1955, Field Supervisor from 1956 to 1964, Regional Manager from 1965 to 1966’ Supervisor of Agencies from 1967 to 1969 and Field Manager (East) from 1970 to 1972, and Director from 1963 to present time, and WHEREAS, you have rendered out­standing service not only to the Associa­tion, but to your fellow members, and also furthered the cause of Fraternalism in your everyday life, and WHEREAS, you have promoted, fostered and preserved a better understanding of our American and Hungarian culture and heritage, and WHEREAS, the Board of Directors and National Officers of the William Penn Association with great pride wish to ex­press their gratitude to you for your con­tributions and loyalty to the growth and prosperity of the William Penn Associa­tion, NOW, THEREFORE, BE IT RE-12 SOLVED by the Board of Directors in tegular meeting assembled in Pittsburgh. Pennsylvania, this thirteenth day of March, 1972, that we are honored and proud to have you as a friend, Director, retired employee, and on behalf of the entire Board, National Officers and our membership, extend to you our thanks and appreciation in recognition of the outstanding contributions and untiring loyal service you have rendered to the membership in promoting the growth of the Association, and also for your efforts and service in preserving and dissemin­ating a better understanding of the cul­ture of our Hungarian heritage. WE FURTHER RESOLVE that this resolution be spread upon the minutes of this meeting and a suitable copy signed by all of the members of the‘Board of Directors and Officers be presented to you. 13. The following resolution pertaining to the retirement of Frank J. Wukovits, Sr., Field Supervisor, West, was adopted by the Board: RESOLUTION WHEREAS, the Fraternal Benefit Sys­tem has a history of serving the cause of the brotherhood of man, and WHEREAS, the Fraternal Benefit Sys­tem has grown and prospered for more than a century in these United States of America, and WHEREAS, the history of the many societies, as well as the William Penn Association, records the unselfish, loyal and tireless efforts of its Officers, Directors and outstanding members, and WHEREAS, you, Frank J. Wukovits, Sr., for the past 31 years have devotedly served the cause of the William Penn Association as District Manager from 1941 to 1948, Field Supervisor from 1948 to 1964, Regional Manager from 1965 to 1966, Supervisor of Agencies from 1967 to 1969 and Field Manager (West) from 1970 to 1972, and Director from 1963 to 1971, and WHEREAS, you have rendered out­standing service not only to the Associa­tion, but to your fellow members, and also furthered the cause of Fraternalism in your everyday life, and WHEREAS, you have promoted, fostered and preserved a better understanding of our American and Hungarian culture and heritage, and WHEREAS, the Board of Directors and National Officers of the William Penn Association with great pride wish to ex­press their gratitude to you for your con­tributions and loyalty to the growth and prosperity of the William Penn Associa­tion, NOW, THEREFORE, BE IT RE­SOLVED by the Board of Directors in regular meeting asembled in Pittsburgh, Pennsylvania, this thirteenth day of March, 1972, that we are honored and proud to have you as a friend, former Director and ietired employee, and on behalf of the entire Board, National Officers and our membership, extend to you our thanks and appreciation in recognition of the out­standing contributions and untiring loyal service you have rendered to the member­ship in promoting the growth of the Association, and also for your efforts and service in preserving and disseminating a better understanding of the culture of our Hungarian heritage. WE FURTHER RESOLVE that this resolution be spread upon the minutes of this meeting and a suitable copy signed by all of the members of the Board of Directors and Officers be presented to you. 14. The Board commenced to review the Annual Statement for 1971. The Board noted that the operation of the William Penn Fraternal Association for the year ending December 31, 1971 was a healthy one. The Actuary’s report concluded with the statement: “The year 1971 was an­other excellent year. Insurance in force, new business issued, assets, renewal pre­mium and excess interest earnings all increased.” The statement figures reveal among other things that: Solvency ratio was 110.11% which means that behind each $100.00 of liabilities the Association has admissable assets of $110.11. Profits after dividends were $191,938.56 the second highest profit in the history of William Penn. Dividends paid or credited $115,091.48. Premiums on first year life business was $317,825.00 an increase of $156,098.00 over 1970 which is an extremely favorable increase. Operating expenses remained constant between 1971 and 1970. This is a very fine achievement in a rising cost era and convention year. Mortality ratio in 1971 was 56.71% which reflects a significant decrease from 1970. Net investment yield was $4.50. The Association continues to make excellent gains in improving its yield position. In­surance in force increased by 4.52%. Significantly for the first time in many years there was an increase in the number of certificates in force of 130, a small gain, but never-the-less a significant gain as opposed to loss of certificates in the past years. The average premium of the business written in 1971 was $85.90, a substantial increase over the $56.42 of 1970. The Board is well pleased with such a fine Annual Statement. The Board of Directors commended the National Officers and Employees of the Association for the very fine showing ex­hibited in the Annual Statement. Moved, seconded and the Board accepted the Annual Statement in its entirety. 15. Moved, seconded and the Board adopted the following resolution pertain­ing to salaries of full time Home Office Employees.

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