William Penn Life, 1982 (17. évfolyam, 1-4. szám)
1982-04-01 / 2. szám
Auditing Committee. He stated the consolidation appears to becoming fruition and if we continue to believe in its fruition, it will become a reality. He extended best wishes to the Board of Directors for a successful meeting. Vice President, Louis L. Varga, stated he recently had lunch with former National President, Julius Macker in Florida. Mr. Macker celebrated his 80th birthday. He informed Vice President Varga to relay his best wishes to the Board of Directors for a successful meeting. The Board of Directors acknowledged Mr. Macker's best wishes and they sang Happy Birthday to Julius Macker. The Chairman officially called the meeting to order and excused the Auditing Committee at this time so they may proceed with their audit. 2) Secretary of the Board, Frank J. Radvany called the roll and the following are present: National President, Elmer Charles; National Vice Presidents, John P. Balia and Louis L. Varga; Secretary- Treasurer, Gus G. Nagy; Directors, Frank Bero, Stephen Danko, Zoltán Emri, Michael Hegedűs, William C. Kohut, Stephen Lang, Jr., Steve Lesco, John T. Lesko, Paul Molocko, Frank J. Radvany, John Sabo, Albert J. Stelkovics, Joseph Toma and Frank J. Wukovits, Sr.; General Counsel, Gay B. Banes. Director Albert G. Kertesz was absent due to illness. 3) It was moved, seconded and the Board adopted the Agenda with the proviso that any matter belonging before this meeting may be added thereto during the course of the meeting. 4) Mr. Charles introduced Robert E. Bruce, Actuary, to our Spring meeting. Mr. Bruce thanked Mr. Charles for the opportunity to appear before the Board and extended greetings and best wishes from his Home Office to the Board of Directors. He commenced to review the Actuarial Report on 1981 Year of Operation of the William Penn Association page by page. The Board members also asked questions regarding the Association's operation as they reviewed the report. 5) The Board of Directors commenced to review the Directors Minutes . . . Deferred Compensation Plan. It was moved, seconded and unanimously adopted by the Board of Directors that the present term of the Board of Directors and Auditing Committee members which commenced at the September 1979 convention will cease at the time the consolidation becomes effective if approved. This term will be considered a four year term for the purpose of calculating length of service for the Directors. 6) It was moved, seconded and unanimously adopted by the Board of Directors that any Director or Auditing Committee member who serves beyond the twenty-four year period, the compensation will be calculated on a pro-rata basis beyond the twenty-four years. 7) It was moved, seconded and unanimously adopted by the Board of Directors that the benefit schedule of the Directors be increased in each terms of service category by $50.00 to become effective this date. 8) Chairman Charles recessed the meeting at 4:50 P.M. until 10:00 A.M., Tuesday, March 16, 1982. 9) Chairman Charles reconvened the meeting at 10:15 A.M. and same are present. 10) Secretary of the Board, Frank J. Radvany, read the Minutes of Monday's meeting and same are adopted as corrected. 1 1) Actuary Robert E. Bruce continued to review his report where he left off Monday. The Board also reviewed the last portion of the Actuary's report pertaining to the Employees Pension Plan. 1 2) It was moved, seconded and adopted by the Board that the Employees Pension Plan benefit be vested at 50% after five years of employment. It will continue to be vested 1 0% each year, so that it will be 100% vested after ten years of service. 13) The Board of Directors requested the Actuary, Robert E. Bruce to present an up-to-date analysis of the Employees Pension Plan and present same to the Board of Directors at the June meeting. 14) The Board of Directors accepted the Actuary's report in its entirety and extended sincere thanks and appreciation to Mr. Bruce for a fine report and presentation. 15) Director Albert J. Stelkovics read the Minutes of the Executive Committee meeting held on Friday, February 1 9, 1 982. 16) It was moved, seconded and the Minutes of the Executive Committee Meeting held February 19, 1982 were accepted for further deliberation by the Board. 17) Chairman Charles next introduced Mr. Richard Smith to submit his report on the Association's Field Operation. 1 8) It was moved, seconded and adopted by the Board that on all Annuity Plans, the interest rate be 1 2% and a letter be forwarded with the policy stating that the guaranteed rate is 4 Vi %. 1 9) It was moved, seconded and authorized by the Board to accept the Deferred Compensation Plan for the William Penn Association agents for further discussion by the Executive Committee. The Board requested Mr. Robert E. Bruce, Actuary to prepare cost estimates for the fringe benefit program. The Executive Committee has full power to act on this matter when fully discussed so as to implement the program as soon as feasible. 20) Director William C. Kohut read the Minutes of the Field Committee Meeting dated January 25 and 26, 1982. It was moved, seconded and the Minutes were accepted. The Field Committee reported that they have fulfilled the duties and responsibilities assigned to them. The Board of Directors extended sincere thanks and appreciation to the Field Committee for the conscientious service they performed in helping to solve the problems of our sales effort. It was moved, seconded and authorized to discontinue the Field Committee and refer all matters pertaining to the Field Operation to the Executive Committee. 21) Chairman Charles thanked Mr. Richard Smith for his fine presentation and the Board of Directors acknowledged his report with sincere thanks and appreciation. 22) President Charles introduced Dr. Julius Kesseru, Medical Director of the William Penn Association. Dr. Kesseru submitted his report for the period of January 1 to December 31, 1981. The Board of Directors acknowledged the Medical Directors Report with thanks and appreciation. 23) Chairman Charles next introduced Professor and Mrs. Andrew Kazai-Boros and Professor 18
