William Penn Life, 1985 (20. évfolyam, 1-6. szám)

1985-03-01 / 2. szám

February 21, 1985 axt/ (ffiju/ce ^Wr/^a/ty CONSULTING ACTUARIES 916 Sherwood Drive. Lake Bluff. Illinois 60044 Phone (312) 295-6200 Officers and Directors William Penn Association 709 Brighton Road Pittsburgh, PA 15233 Re: 1984 Year of Operations Gentlemen: This summarizes certain highlights from the actuarial report prepared for the Officers and Directors. *The year 1984 continued the long history of successful and profitable opera- I tions for the Association. It was the first full year of combined operations for William Penn Association and Catholic Knights of St. Goerge. Unassigned funds increased by the unusually large amount of $545,653 and reached a new record high of $8,864,099. The Association reported profits for the seventeenth straight year. The 1984 profit of $655,850 after dividends and losses on A & H business was highly gratifying. Management is to be congratulated on the successful operations of the Association during the year. Assets continued their rapid ascent, reaching another record high of $71,460,633. The increase of $3,160,438 was less than the 1983 increase of $13,365,093 due to assets received on merger in 1983. The solvency ratio on December 31, 1984 was at the very favorable level of 114.162. This means that the Association held $114.16 of admissible assets behind each $100 of liabilities as a safeguard and guarantee to all members that the benefits promised in the certificates will be paid when due. The Association enjoyed another favorable year from investments. The net rate of return on mean assets was 8.94Z. This rate of return is lower than in 1983 due to the merger in 1983. During 1984, the Association earned investment income of $6,150,922 after deducting ail investment expenses. The amount earned exceeded that required to be earned to maintain interest bearing liabilities of $3,558,621. In addition to the excellent investment returns, it is worth noting that the Association maintains $738,640 in the Mandatory Securities Valuation Reserve to guard against adverse fluctuation in investments. During 1984, new life certificates were issued for $14,113,630 of insurance. ' Total insurance in force amounted to $160,077,280 at the end of the year on ' 72,428 certificates. New annuity certificates were issued for $1,353,254 of premium, which, together with interest and renewal deposits, brought total annuity deposits for the year to $2,026,390. The Association has set aside $54,638,854 of life and annuity reserves, and $830,097 of A & H reserves for the payment of future claims, which amounts are in addition to those amounts set aside for claims currently in process. Management continues its prudent and conservative practice of setting aside sufficient funds with which to meet all known and contingent liabilities. An important index of services to members is the total amount paid to members. During 1984, the Association paid the significant amount of $7,145,347 . A summary of these payments to members for the past two years is as follows: Item 1983 1984 — Death Claims $1,512,012$1,483,055 Matured Endowments 345,851 411,540 Emergency Cash Surrender Benefits 2,081,880 1,829,984 Payments to A & H Certificates 2,104,416 2,029,176 Annuity and Old Age Benefits 475,400 888,024 Supplementary Contract and Refund Accumulations 322,289 272,817 Dividends 239,500 230,747 Total $7,081,348$7,145,347 In our opinion, the amounts carried in the balance sheet on account of the various actuarial items: (i) are computed in accordance with commonly accepted actuarial standards consistently applied and are fairly stated in accordance with sound principles; (ii) are based on actuarial assumptions which are in accordance with or stronger than those called for in certificate provisions; (iii) meet the requirements of the insurance laws of the Commonwealth of Pennsylvania; (iv) make a good and sufficient provision for ail unmatured obligations of the Association guaranteed under the terms of its certificates; (v) are computed on the basis of assumptions consistent with those used in computing the corresponding items in the annual statement of the preceding year end; (vi) include provision for ail actuarial reserves and related statement items which ought to be established. Respectfully submitted, BRUCE AND BRUCE COMPANY R. E. Bruce, FCA, MAAA REB/ep Subscribed and sworn to before me this 21st day of February, 1985. JANOS GOSZTONYI DIES By Judit Pataki Radio Liberty and Free Europe Janos Gosztonyi, Secretary- General of the World Federation of Hungarians since 1980, died at the age of 59 on 16 January 1985 after a serious illness. The child of poor peasants, Gosztonyi attended Benedictine schools and then completed a teaching course at the University of Technology and Economics in Budapest. A party member since 1945, he became a parliamen­tary deputy in 1947 at the age of 22 and in 1948 Secretary- General of the National Associa­tion of United Peasant Youth and editor-in-chief of the associa­tion’s periodical Magvető. In 1950 Gosztonyi was elected as secretary of the communist youth organization DISZ (League of Working Youth), and in 1957 he was made Secretary of KISZ (Communist Youth League), the successor to DISZ. From 1959 to 1963 Gosztonyi was First Secretary of the Vas County HSWP Committee, then head of the HSWP CC’s Scien­tific and Educational Department (1964-1965), and from 1965 to 1970 editor-in-chief of the party daily Nepszabadsag. In this posi­tion, he published a glowing re­port about the reforms that had taken place within the Czecho­slovak CP in 1968 and expressed “his sympathy toward the funda­mental political process [there].” In the same article, however, he was quite critical of the 1956 Hungarian “counterrevolution,” which, according to him, had ended in a "total negation of what happened after the [1945] liberation.” In the same year he conducted an interview with Czechoslovak President Ludvik Svoboda, who spoke Hungarian. Gosztonyi served as Deputy Minister of Culture and Educa­tion from 1969 until 1974, when the ministry was divided, and became State Secretary for Edu­cation, a post he held for six years until his apparent demotion to the less important post of Secretary-General of the World Federation of Hungarians in 1980. As State Secretary, Gosz­tonyi was a supporter of the edu­cational reform introduced in 1974 that reduced the instruction of some important subjects in schools and increased emphasis on gymnastics and the Russian language. Perhaps the most con­troversial element of the reform was the abolition of history as a mandatory subject for the final examination taken before leaving high school. This move, which was supported by Gosztonyi, was severely criticized, especially by Hungary’s young writers, who felt that less knowledge of Hungarian history also reduced youngsters' appreciation of their own culture. It was an irony that Gosztonyi, considered by some as a de­stroyer of national conscious­ness, became the head of the World Federation of Hungarians, an organization that is supposed to help keep national culture and language alive among Hungar­ians living abroad. Under Gosz­tonyi, the federation remained active only among Hungarians living in the West, a point criti­cized by many people concerned about the fate of the Magyar minorities in Romania and Czechoslovakia. Gosztonyi was a former mem­ber of the Presidential Council (1953-1958), the HSWP CC (1964-1980), and the Presidium of the Patriotic People’s Front, and was a parliamentary deputy for Vas County. Reprint Rights are granted by Father Miklós Dengl O.F.M. Katolikus Magyasok Vasarnapja, March 3, 1985 written by Judith Pataki. Donations January, February 1985 Mr. and Mrs Stephen M. Lang. Jr $250.00 Branch 85. Daisytown, Pa. 25.00 Branch 76, Philadelphia, Pa. 50.00 Miscellaneous January, February 1985 BOND INTEREST Ford Motor Credit Company $275.63 Pennsylvania Power and Light Company 375.00 Province of Ontario, Canada 630 00 West Penn Power Company 812.50 First Interstate Ban Corporation 900 00 Texas Federal Savings 2.200.00 Public Service Electric and Gas Company 793.70 Homestead Savings and Loan Association 306.25 Savings A/C Interest 76 54 STOCK DIVIDEND Connecticut Light and Power Company 240 00 COOK BOOKS 17.50 In Memory Of January, February 1985 MR AND MRS GÉZA ZSOLDOS Theresia Ann Zsoldos $20 00 DR. TIBOR BODI MRS ROSE BODIS MRS MARGARET ROSENFELD MR. JOSEPH SCHMIDT MR STEVE TORMA Branoh 76. Philadelphia. Pa 50.00 MR ZOLTÁN GOMBOS Mrs. Zoltán Gombos 510.00 MR. STEPHEN FLORECK MRS, STEPHEN BALOG MR. VITO NANIA MR. ALEX BOLDISZAR, JR. MRS. FRANK NAGY MR JAMES GAL MRS ALEX CAREY DOROTHY MILLER ETHEL SOLLER MR ANTHONY MENYHÁRT MRS. ROSE MILLER MRS JOSPEH LORINCZ Branch 18, Detroit, Michigan 60.00 MR. LÁSZLÓ SZECSI Branch 22, Roebling. New Jersey 10 00 Appointment of Bill Toigo Continued from page 7 column 3 Ron Abels, the National Sales Director, commenting on the appointment, said, “I am happy to welcome Bill into the William Penn family. He will be agency manager in the state of Florida and if you need in­surance, or help with your present program, contact him at his office in Clearwater. Bill’s address is 804 Keene Road, Clearwater, Florida 33516 and his telephone number is 813-446-3521. Continued from page 13 column 6 383 BUFFALO, N Y. Toth, Stephen 637 MIDDLETOWN, N Y Phillips, Bobby Joe 705 MAYVILLE, WISC Riley, James L. 720 BOSTON, MASS Bernard, Andrew A Koulas, Ernest E. Lewis, Albert L. Mitchell, Rita T. Rose, Arleita M BRANCH 8001 Salinski, Joseph J. BRANCH 8002 Moog, Ferdinand L. BRANCH 8014 Bozic, William J BRANCH 8016 Sieger, Maximillian S. BRANCH 8020 Hruska, Joseph BRANCH 8021 Mutschler, Ruth A. BRANCH 8034 Rosage, Norbert J BRANCH 8038 Kovalcin, Elizabeth M BRANCH 8042 Nonnenmacher, Julius BRANCH 8045 Werner, Frank J. BRANCH 8047 Heymann, John J. BRANCH 8049 Dematte, Charles BRANCH 8055 Heitz, Ernest O. BRANCH 8090 Bender, Modestus BRANCH 8095 Hustek, Catherine M BRANCH 8105 Graytok, Mary BRANCH 8155 Pinter, William BRANCH 8321 Damico, Lodino BRANCH 8329 Palladin, Aurelio L. BRANCH 8330 Birmingham, Jessie B BRANCH 8350 Kroboth, Karl Stangl, Ignatz BRANCH 8352 Koenig, William A BRANCH 8361 Gaudreau, Evelyn F Higgins, Virginia W BRANCH 8750 Anderson, Myra K. Guarino, Clementia Host, Alphons F McMeans, Ronald Schmidt, Mary K. 14

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