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Summer 2012
MemberMAGAZINE
Catholic Financial Life
Inside this issue:
2011 Financial and Fraternal Report
Archbishop Listecki Servant of the Poor Award - Call for Nominations
President’s Message
I love the four seasons, and I am not just referring to the 1960’s band! Each season
has such a unique feel. But I must admit that summer is my favorite. Food and fairs,
fireworks and festivals, family and fun—all help to give summer its special flavor.
What’s not to like?
Catholic Financial Life offers affordable, family fun through countless regional and
local activities. You can attend one of five baseball games in Maine, Rhode Island and
Wisconsin; spend a day at the Milwaukee County Zoo, Bay Beach or the Wisconsin
State Fair; enjoy our fraternal weekend camp out; or attend any one of the dozens of
picnics sponsored by local chapters. I look forward to seeing old friends and making
new ones at these events while enjoying a brat and a beer!
Bill O’Toole (back row, 2nd from left) at last
year’s Catholic Financial Life Zoofari Day at
the Milwaukee County Zoo—just one of many
family-friendly and affordable events members
look forward to attending each year.
“I hope that you
are able to
spend time
with family and
friends enjoying
some good ‘ole
summertime fun.”
This is also the time of year when we share with you our annual report. Please take
a few minutes to read the enclosed information beginning on page 8. We continue
to successfully manage our way through these challenging times and in 2011 realized
the highest net operating gain in history. Also, last year we added to capital reversing
the trend caused by the Great Recession. Ernst and Young conducted their annual
audit of the Society and we successfully completed our routine five-year Office of
the Insurance Commissioner state financial exam. These types of independent
oversight reviews, provided to our board of directors, help to ensure that we continue
to operate in a financially sound manner.
As summer gives way to fall, we will celebrate the first Triennial Convention as
Catholic Financial Life. Delegates representing members from nearly 200 chapters
across the country will come to Milwaukee as representatives of the many parts of
our Society. And, as the Convention convenes, delegates will become united as one...
one in faith, one in service, and one in commitment to the financial security of each
other...Many Parts, One Body.
I hope that you are able to spend time with your family and friends enjoying some
good ’ole summertime fun. May the Lord bless you and your loved ones with safe
travels and a renewed spirit as you enjoy the warmth and wonder of this season.
Fraternally,
William R. O’Toole, Jr.
President and CEO
bill.otoole@catholicfinanciallife.org
800-927-2547
P.S. If I can be of any service to you, please don’t hesitate to E-mail or call me.
2 Catholic Financial Life Summer 2012
Summer 2012, Volume 3, Issue 2
MemberMAGAZINE
Features
5
Catholic Financial Life Board of
Directors Renews Partnership
with the Society of St. Vincent
de Paul
18 Survey says: Catholic Financial
Life members are very satisfied
Members rate Catholic Financial
Life on quality, value, service, and
more as part of a study by the
American Customer Satisfaction
Index
Archbishop Listecki Servant of
the Poor Award—call for
nominations
DEPARTMENTS
Board of Directors
Executive Officers
William R. O’Toole, Jr., Pleasant Prairie, Wis.
President and Chief Executive Officer
Allan G. Lorge, Cedarburg, Wis.
Secretary, Treasurer and
Executive Vice President
Elected Directors
Mary Baker, Wauwatosa, Wis.
Carla C. Breunig, Menomonee Falls, Wis.
Robert Dippold, Maria Stein, Ohio
William C. Dreyer, New Berlin, Wis.
Mildred M. Jandrin, Kewaunee, Wis.
Phyllis John, Eaton, Wis.
Dennis Kabat, New Holstein, Wis.
John Kenawell, St. Louis, Mo.
Patrick J. Murphy, Milwaukee, Wis.
Paul B. Pinsonnault, North Attleboro, Mass.
Charles Rebek, Wauwatosa, Wis.
Janet Stelken, Dyersville, Iowa
Thomas VanHimbergen, Shorewood, Wis.
Arthur Wigchers, Brookfield, Wis.
Appointed Directors
8
Annual Report
2011 Financial and
Fraternal Report
13 Convention Delegate Listing
See who’s representing
your chapter at the
inaugural convention of
About
the
cover.
4
A Message from Our
Spiritual Director
6
It’s all About ME (Member
Experience): Share your story
about serving your country,
or your special thank-you to
a veteran. Read member First
Communion stories.
17 A Teachable Moment: Living in
the low interest rate environment
20 Living the Catholic Life:
The reality of love
22 Serving God by Serving Others:
Members giving back
Donald W. Layden, Jr., Wauwatosa, Wis.
Jay Mack, Hartland, Wis.
Spiritual Director
Archbishop Jerome E. Listecki,
Milwaukee, Wis.
Magazine Team
Executive Editor: Lee Berg
Editor: Kari Lueneberg
Catholic Financial Life Magazine is the
official publication of Catholic Financial
Life, 1100 West Wells Street, P.O. Box 3211,
Milwaukee, WI 53201-3211.
POSTMASTER: Send address changes to
Catholic Financial Life Magazine, Catholic
Financial Life, 1100 W. Wells Street,
Milwaukee, WI 53233.
Phone: 414-273-6266 or 800-927-2547.
Copyright © 2012 Catholic Financial Life. All
rights reserved.
Members from Chapter WI22, Kenosha,
Wis., showing their patriotic spirit during
a community Independence Day Parade.
Our Mission: Catholic Financial Life, a faith-based membership organization, puts
Catholic values in action by: serving God through serving others; providing financial
security; and enhancing quality of life.
®
catholicknights.org | 3
A MESSAGE FROM OUR SPIRITUAL DIRECTOR
Dear Catholic Financial
Life Members:
Independence Day for many people is a day filled with family picnics and colorful
fireworks. However, it’s important that, as Americans, we not lose sight of the
real reason we celebrate. The Fourth of July marks the birth of our nation, our
independence, our constitutional rights and our many freedoms—freedoms that many
of our brothers and sisters around the globe do not enjoy.
For Catholics, Independence Day 2012, held special meaning. The United States
Conference of Catholic Bishops concluded a special observance—A Fortnight for
Freedom—on July 4. It was a 14-day period of prayer, education and action dedicated
to the support of religious freedom. During the “fortnight,” which began on June 21,
bishops throughout the United States were encouraged to plan special activities
engaging Catholics to lend their voices to the dialogue surrounding the protection of our
religious liberties. The observance served as a great hymn of prayer for our nation.
“The observance
served as a
great hymn
of prayer
for our nation.”
As patriotic Americans, we should never forget those who forged our freedoms and
died to protect them. As committed Catholics we should reflect on the lives of Saint
John Fisher, Saint Thomas More, Saint John the Baptist, Saint Peter and Saint Paul,
and the First Martyrs of the Church of Rome—all who remained faithful despite
persecution by political powers.
The fortnight activities presented an ecumenical opportunity to reach out in
cooperation to those of other faiths, thus creating a national campaign for religious
liberty. We must speak with a united voice in defense of religious freedom and the
protection of our consciences as we endeavor to live in accordance with our beliefs.
We are a people of faith in the service of one God—many parts, one body—as we
learn from Paul’s Letter to the Romans.
This September, delegates will gather for the inaugural convention of Catholic
Financial Life. The theme for the weekend will be “Many Parts, One Body,” as nearly
1,000 delegates and guests—travelling from throughout the United States—will be
united in their faith and commitment to serve God by serving others. The convention
will be an opportunity to participate in Society business, to worship and pray together
and to discuss the important issues we face as Catholics. This event is sure to be a
tremendous showing of Catholics exercising the freedom of celebrating one faith,
together.
I look forward to attending this gathering of Catholic fraternal leaders as they forge
the future of Catholic Financial Life and reaffirm what it means to put Catholic values
in action.
Sincerely yours in Christ,
Most Reverend Jerome E. Listecki
Archbishop of Milwaukee
Board Approves Continued
Partnership with
The Society of St. Vincent
de Paul
Catholic Financial Life’s Board of Directors
unanimously decided to extend our partnership
with the Society of St. Vincent de Paul (SVdP)
for an additional three years. Through an
ongoing relationship that began in 2009,
Catholic Financial Life has provided over
$440,000 and nearly 42,000 hours of
volunteer support to help SVdP administer
services to those in need. The initial three-year
partnership was set to expire at the end of 2011.
“Our partnership with the Society of St. Vincent
de Paul allows us to put our Catholic values in
action. As Catholics, we are called to reach out
to individuals in need, especially those lacking the basic necessities
of life,” commented Bill O’Toole, President and CEO of Catholic
Financial Life.
Each year, Catholic Financial Life chapters, volunteer leaders and
associates participate in a variety of activities and events to raise
funds and awareness for SVdP. The SVdP mission to serve the
poor also has special meaning for our Spiritual Director, Milwaukee
Archbishop Jerome Listecki.
“A great man of kindness and compassion, Saint Vincent de Paul is
near and dear to my heart, both as an individual and as the archbishop
of Milwaukee. The extension of the partnership between Catholic
Financial Life and the Society of St. Vincent de Paul is a perfect match, as both
organizations put the Catholic values of universal outreach and charity into
action every day,” said the Archbishop.
In appreciation of Catholic Financial Life’s support for SVdP, Archbishop
Listecki presented an icon and a first-class relic of Saint Vincent de Paul to
the organization. Both are displayed inside the All Saints Chapel located
at Catholic Financial Life’s home office. Last year, Archbishop Listecki
commissioned a sketch from Father Anthony Brankin, depicting the life
of the saint. From the sketch, autographed prints were made which will
be presented to Catholic Financial Life members who embody both our
corporate mission, “serving God through serving others,” as well as the
spirit of prayerful giving exhibited by Saint Vincent de Paul.
read more on the web
catholicfinanciallife.org
Call for Award
Nominations
Archbishop Listecki Servant
of the Poor Award
Catholic Financial Life is seeking
nominations for the Archbishop
Listecki Servant of the Poor Award.
The award will be presented to
a member who best exhibits
an ongoing commitment to a
conference or district council of the
Society of St. Vincent de Paul or, in
areas not served by a conference or
district council, for work focusing on
the needs of the poor.
The award will be presented to
a deserving member at
Catholic Financial Life’s
inaugural convention to
be held in September.
The award recipient
and a guest will
receive complimentary
accommodations
and meals during
the convention. For
complete information,
including qualifications and
a nomination form, please
visit catholicfinanciallife/
servantofthepoor. If you do
not have internet access, you
may contact Sally Krochalk
at 1-800-927-2547 ext.
6604, or sally.krochalk@
Pictured on this page
are the icon and relic of
Saint Vincent de Paul.
IT’S ALL ABOUT ME...Member Experience
Share your story
… of Service
to our Country
In the Fall issue of Member Magazine, we would like to publish member
stories about sacrifice and service to our country. Are you a veteran
with a special story to tell, or is there a special hero whose story you
would like others to hear about? Stories can be about veterans who
have served in the past, or those currently serving in the military.
Submit your story and photo (if available) and you may see it
published in our Member Magazine. Members whose stories appear
in the magazine will receive $25 for participating. Entries must be
received by September 1, 2012. Visit our Web site and click on the
Summer Member Magazine link or mail your entry to: Member
Magazine, Catholic Financial Life, 1100 W. Wells St., Milwaukee, WI
53233. Be sure to include your name, address, and phone number.
Members Share Their First Communion Stories:
My First Communion on
May 5, 2012
By Anna Knott (8 years old)
Chapter 1038, St. Louis, Missouri
I wanted to have my First Communion
because Jesus asked us to do
communion, and I love Jesus. I was
excited and a little bit scared. I loved
getting dressed up. The dress was really
bright white. I really wanted a veil. It
was long and flowing. It was hard to get
into the minivan with my dress and stuff
on. I couldn’t believe how many kids
were lined up. Everyone was looking
at me. I smiled when I saw my family
and cousins there. I like the singing at
Mass, my favorite is the Alleluia. I was
excited that my Papaw got to give me
the wine for the first time. Fr. Purcell
knows me well and I like him. He did my
First Reconciliation and he gave me the
bread. My favorite thing was spending
time with my family. I was very excited
to get a statue of Mary for my bedroom.
It made me very proud, and made me
feel really good when I was done. Now I
get to go down and get communion with
mom and dad instead of walking down
with my arms crossed.
Our Communion Story
By Delphine Schmitz
Chapter WI39, Tisch Mills, Wis.
My name is Delphine Schmitz. I live in
Kiel, Wis. On April 25, I celebrated my
95th birthday, so I have many years
of happy memories about my
childhood.
When I was
young, our
family lived
on a farm
in Calumet
County, Wis.
My mother
passed away
on June 23,
1923, at age 36.
I was only six
years old, my
sister was eight,
and my brothers
were ten and
four. My father, John Klapperich, raised
all of us alone and took care of the house
and the farm. He taught us many things
about housekeeping and farming and
gardening. He even cut our hair himself.
But when it was time for my sister
Dorothy’s and my First Holy Communion
at Holy Trinity Catholic Church, my
father didn’t know how to get us ready
for that special occasion. So that
morning, he took our dresses and veils
and everything we needed for the day
to the priest’s housekeepers and asked
them to help us. They were sisters with
the last name of Greuel. They crimped
our hair, helped us get dressed and made
sure we looked just as nice as all the girls
who had mothers.
After my father took us to the priest’s
housekeepers’ house, he went back
home to do the farm chores, cleaned
up, and came back to take us to church
for our First Holy Communion. I still
remember the priest’s name too. It was
Father Huhn. It was a very special day.
After church we went to a studio to have
our picture taken. I was wearing the
fancier dress and my sister wanted the
plainer one. We felt very dressed up that
day because we had only one dress for
school and had to wear an apron over it
to keep it clean. After the studio, we went
home, changed into our everyday clothes
and went back to our everyday
chores. But it was still a very
special day and one I will always
remember.
My First Communion Story
By Marleen Venner
Chapter 144, Genoa, Wis.
It was the spring of 1962 and
my twin sister and I were
preparing to make our First
Communion at St. Patrick’s in
Seneca, Wis. While I cannot
remember how many total
children were in our class,
I do remember five of us
were cousins, from both our mother and
father’s side of the family; typical for a
small town parish, I’m sure. Whether it
was because we had eight older brothers,
thus no possibility for hand-me-downs,
or the fact that we were twins, our
mother, with the encouragement of our
older sister, made sure we had matching
white dresses and hats well in advance of
this special day. The hats were our Easter
bonnets too.
Who could have
known that
the dresses
would serve
for another
special
occasion,
as well? On May
1st, at the age of fifty, our father died of a
heart attack. Our mother, who would give
birth to our little sister in late June, said we
should wear our First Communion dresses
to Daddy’s funeral. Within weeks, two
very different occasions brought our family
together, celebrating in white, with our
small parish community.
The Gift of Faith
By Debbie Branger
Chapter 306, Milwaukee SE, Wis.
All three of my children have received
their First Communion. From the
moment they were conceived, I have
given my children many things. I have
given them toys, vacations, a Catholic
education, taekwondo lessons, the shoes
they “had” to have, love, punishments,
advice—even my heart.
Now that they are older and I reflect back,
I realize that the most important thing I
have given them is the gift of faith. This is
the gift that means the most to me, the
one I hope they have truly received and
treasure. When they received the Body of
Christ for the first time, it set them on the
path of their faith journey. Watching them
and guiding them on this journey has been
my greatest joy. It brings me peace to
know that with faith, they have everything
they need.
Find the
Radiant Cross
We have hidden
the “Radiant Cross”
icon from our logo
somewhere in the pages of
this publication. Members who correctly
identify the location of at least one of
the four Radiant Cross icons hidden in
this issue will be eligible for a drawing
to receive $25. Please note: the Radiant
Cross featured on this page does not
count.
Submit your entry by September 1,
2012. Visit our Web site and click on
the Summer Member Magazine link or
mail your entry to: Member Magazine,
Catholic Financial Life, 1100 W. Wells St.,
Milwaukee, WI 53233. Be sure to include
your name, address, phone number and
the location of the Radiant Cross.
The winner for our spring issue Radiant
Cross activity was Charlotte Ovechka of
Forest Lake, Minn.
2011 FINANCIAL AND FRATERNAL REPORTS
2011 Financial Report
Allan G. Lorge
The Society’s long standing tradition of
financial stability continues. We achieved
historic results in 2011 with assets exceeding
$1.2 billion, placing us in the top 10% of all
fraternal organizations and ranking us among
the top 150 life insurance companies in the
United States.
During 2011 we also successfully completed
the transition of the management of the
Society’s financial results and reporting
as Jeff Tilley assumed Chief Financial
Officer responsibilities, allowing Al Lorge,
as Secretary, Treasurer and Executive Vice
President, to focus his efforts on corporate
Jeffrey B. Tilley
governance, investment management and
strategy development. We are committed to
maintaining the financial integrity of our Society for its current
and future members.
Strong Operational Results - Catholic Financial Life achieved
a record gain from operations in 2011, as the Society realized
the full benefit of the economies of scale from the merger of
Catholic Knights and Catholic Family Life Insurance which was
effective April 1, 2010. The net gain from operations before
investment results was $11.7 million in 2011, compared to a
gain of $3.8 million in 2010, as economies of scale from the
merger helped reduce operating and field sales support costs
by more than $3 million in 2011. Total revenues exceeded $161
million as our members continue to entrust their hard-earned
dollars to the Society. We in turn provide our members with
peace of mind and financial security through our insurance and
retirement products, while providing members the opportunity
to put their Catholic values in action by serving others and
enhancing quality of life.
Financial Strength and Stability - Total assets grew $46
million and exceeded $1.2 billion by year-end 2011. Surplus
is one part of an insurance organization’s total capital, with
asset valuation and other reserves also adding to total capital
as defined by insurance regulators. The strong gain from
operations in 2011 helped the Society increase its total capital
and increase the capital adequacy ratio from 305% at yearend 2010 to 348% at December 31, 2011, which is significantly
higher than the 200% level insurance regulators consider “well
capitalized.” According to a comparative analysis by Standard
Analytical Service, Inc. Insurance Reports, the Society’s financial
results achieved in the year ended 2011 are favorable when
compared to the aggregate averages of 25 of the leading life
insurance companies. We will continue to focus on implementing
operational efficiencies that will lower expenses, increase
earnings and enhance the Society’s strength and stability.
Protecting Your Financial Security - Catholic Financial Life is
independently reviewed by:
• Ernst&Young:agloballeaderinfinancialassurance,
conducts an annual audit.
• Milliman:oneoftheworld’slargestindependentactuarial
and consulting firms, conducts an annual review.
• TheStateofWisconsinOfficeoftheCommissionerof
Insurance: conducts routine periodic examinations and
annually reviews a detailed report completed and filed by
Catholic Financial Life.
Investments - We experienced investment losses again in
2011 as we wrote down asset values to assure, as best possible,
the majority of investment losses would be behind us. The
investment losses were lower than the previous year as we
have begun to see hopeful signs in the economy. The Society’s
investment portfolio remains well-diversified with less than
one percent of our portfolio invested in common stocks. Our
portfolio remains substantially invested in high-quality fixed
income securities and first mortgage loans on churches and
schools in our members’ parishes. More than 95 percent of
our bond portfolio is invested in high-quality bonds carrying
the top two ratings from the National Association of Insurance
Commissioners. During 2010, the Society engaged nationallyrecognized Wellington Management to manage the Society’s
investment portfolio under our direction and in accordance with
Catholic social teaching investment guidelines.
Return to Members - We are proud of our track record of
sharing our financial successes with our membership. The
Society distributed nearly $30 million in the form of dividends and
interest to our members and more than $377,000 was distributed
through member benefit programs, with $234,500 awarded to
students in grade school, high school and college through our
scholarship programs. As a result, more than 95 percent of our
life insurance and annuity business continued in force, exceeding
industry averages and demonstrating our members’ loyalty and
recognition of the outstanding value they receive.
Fraternal & Charitable Outreach – Catholic Financial Life’s
fraternal outreach also remained strong in 2011. Our total amount
of charitable outreach was $1.6 million, with 49 percent directly
benefiting Catholic causes, parishes, and schools. Of that more
than $550,000 was matched and donated by the home office
for charitable causes.
Fulfilling Our Promise - The most important outcome of
2011 is that Catholic Financial Life continued to fulfill its
promises to you, our members. Together we strengthened
our financial position while continuing our commitment to
provide financial assistance to our members and to support
your volunteer efforts in making your communities, schools
and parishes better places to live, learn and worship. The
increased uncertainty in our economy means that now more
than ever, the Society’s long-standing tradition of conservative
fiscal management will serve our members well. We remain
committed to enhancing the organization’s long-standing
tradition of financial stability.
Allan G. Lorge, CPA, CLU
Secretary, Treasurer and
Executive Vice President
Jeffrey B. Tilley, CPA
Vice President and
Chief Financial Officer
Giving Back to Members Through
Fraternal Benefits
In 2011, Catholic Financial Life contributed more than $377,000 toward
fraternal benefits to assist members.
Benefit Highlights:
n Estate Planning Benefit –
Catholic Financial Life provided
$6,050 in financial subsidies to
n Family Protection Benefit – $13,000
121 members for the preparation
was provided to members through
or updating of estate planning
the Prenatal Benefit, Newborn Benefit
documents.
and Guaranteed Issue Benefits.
n Orphan Program – Catholic Financial n Family Care Suite – 30 members
took advantage of the hospitality
Life supplied $8,200 in financial
apartment offered to members
assistance to member-orphans for
n Regional Member Activities – More
or families of members receiving
monthly living expenses and college
than 8,000 members attended
medical treatment in the
tuition.
ballgames, a zoo outing, camp out,
Milwaukee area.
pilgrimage and other regional events.
n Child Cancer Treatment Benefit –
n
ScriptSave®
–
Members
saved
$10,000 was issued to assist
n Scholarships to Members –
$78,765 on 4,724 prescriptions
members with the cost of cancer
$94,000 was awarded to memberthrough this prescription savings
treatment.
students attending Catholic
program.
elementary schools. $70,000 was
n Spiritual Benefits – $15,171 was
given to Catholic high school students,
n
50&
75-Year
Member
distributed to members to help them
while $70,500 helped members
Recognition
–
More
than
$41,000
attend Catholic summer camps
attend college.
was
used
to
honor
our
long-time
loyal
and retreats, and to commemorate
members.
Baptisms, First Communions, and
Weddings.
Giving Back to the Community
n Chapters held 931 community service and fund-raising
events, and contributed nearly $1.6 million to Catholic
schools, Catholic parishes, individuals in need and
other worthy causes.
n Members donated 72,139 hours of volunteer service,
valued at $1,571,909 according to Independent Sector.
Partnership with the Society of St. Vincent de Paul
Catholic Financial Life has been successfully partnering with the
Society of St. Vincent de Paul since 2009 as part of a three-year
partnership. The partnership is a means to support the Society’s
common cause—to assist the poor.
•
Local
Membership
Activities
13%
22%
Community
Causes
Member
Scholarships
Individuals
in Need
Catholic
Parishes
17%
14%
11%
18%
5%
Catholic
Schools
Catholic
Causes
Join Hands Day
In 2011:
•
•
Charitable Outreach by Beneficiary
Chapters raised and donated $156,194
Chapters collected $11,646 in non-cash donations
(food, clothing, etc.)
Members donated 17,743 hours of volunteer time
In 2011, 46 Catholic Financial Life Chapters sponsored
activities for JOIN HANDS DAY, a national day of volunteering.
Our members volunteered 957 hours, providing outreach
to the elderly, enhancing the environment and serving their
communities in unique ways.
Above Left: Members of Chapter 68, Newton, Wis., worked with a youth group from St. Thomas the
Apostle to clean litter from ditches running along a two-mile stretch of road.
Above Right: Backpacks for Kids Weekend Meals Program was a combined Join Hands Day effort
for Chapters 278, Paris, Wis.; 151 Kenosha, Wis.; 175 Burlington, Wis.; 202 Racine, Wis.; and W106
Burlington, Wis. Over 650 backpacks were assembled by over 100 volunteers. The backpacks were
distributed to children who depend on school lunches to meet their nutritional needs. Read more about
this fantastic volunteer activity online at www.blog.catholicfinanciallife.org.
At Left: Chapter 103, Hollandtown, Wis., members and children decorated treat baskets and held a bingo
party for Join Hands Day at Kindred Hearts Assisted Living Center in Kaukauna.
Statement of Financial Position As of December 31
Investments
Assets
2011
Bonds
$1,090,158,646
$1,033,808,471
Mortgage loans
70,062,585
86,637,219
Policy loans
24,904,884
25,103,993
Preferred stocks
1,450,058
2,241,739
Common stocks
5,853,639
6,282,145
Other long-term investments
3,167,420
3,341,007
28,330,781
19,204,306
1,223,928,013
1,176,618,880
Cash and short-term investments
Total Cash and Investments
1% Common Stocks
2010
2% Policy Loans
6% Commercial/Church
Loans
2% Cash and
Short-term
Investments
88% Bonds
0% Preferred Stocks
Bond Portfolio Quality
A Rated or Higher
Home office, at cost
net of depreciation
6,027,545
6,339,859
Investment income due and accrued
12,427,591
11,947,838
Other assets
308,090
1,734,856
Total Assets
$1,242,691,239
$1,196,641,433
62%
BBB Rated
16%
2% B Rated
17%
Exempt
Government
Rated Obligations
3% BB Rated
Liabilities
Policy reserves
$1,148,847,393
$1,103,329,064
Interest maintenance reserve
1,732,000
1,006,333
Asset valuation reserve
5,530,734
5,396,869
Premiums received in advance
and on deposit
11,762,966
10,749,233
Policyholders’ and beneficiaries’
funds on deposit
31,897,725
36,262,912
2,671,129
3,201,685
12,298,674
10,595,389
1,214,740,621
1,170,541,485
27,950,618
26,099,948
$1,242,691,239
$1,196,641,433
Dividends payable to members
Other liabilities
Total Liabilities and Reserves
Surplus
Total Liabilities and Surplus
“We achieved
historic results
in 2011 with assets
exceeding
$1.2 billion...”
Statement of Operations
As of December 31
Revenues
2011
Life insurance premiums
Use of 2011 Revenue Dollars
79%
Benefits, Dividends and Interest
Paid or Set Aside for Members
Home Office Support
7%
5%
7%
Field Sales Support
Net Operating Gain
2% Fraternal
Benefits and
Expenses
Highlights of the Year
•Assetsexceeded$1.2billionandthe
Society has no debt.
•Morethan$72millionwasreturned
to members through life insurance
and annuity benefits paid.
•Nearly$30millionwasreturnedto
members in dividend payments and
excess interest paid on life insurance
and annuity certificates.
$34,324,710
$34,603,203
Annuity deposits
57,356,992
61,019,535
Other premiums and deposits
4,654,460
6,247,377
Total Premiums Earned
96,336,162
101,870,115
Investment revenue
(Net of investment expenses)
64,703,183
64,026,696
Other revenues
15,621
145,964
Total Revenues
$161,054,966
$166,042,775
$72,370,458
$81,632,821
Additions (reductions) of insurance policy
reserves net of interest paid to members
24,351,114
23,332,498
Field sales support costs
8,097,000
9,249,000
Benefits & Expenses
Insurance and policy surrender benefits paid to
members and beneficiaries
Fraternal benefits and expenses
2,821,270
3,335,350
Operating expenses
11,869,813
13,836,981
Total Benefits and Expenses
119,509,655
131,386,650
Gain from operations before dividends and
interest paid to members
41,545,311
34,656,125
Dividends and interest paid to members
29,829,847
30,879,941
Gain from Operations
before Investment Results
$11,715,464
$3,776,184
Statement of Changes in Surplus
As of December 31
Surplus, beginning of year
Add (deduct):
Gain from operations before investment results
$26,099,948
$37,362,081
11,715,464
3,776,184
(9,607,614)
(12,213,782)
Investment results:
Net realized losses
Net unrealized gains (losses)
(258,368)
2,749,826
Increase in asset valuation reserve
(133,865)
(1,092,982)
Cumulative effect of
changes in accounting principle
Net investment results
Decrease (Increase) in
minimum pension liability
One-time merger costs
Reinsurance reserve credit
St. Joseph Benevolent Society Asset Transfer
(Increase) decrease in non-admitted assets
Increase (Decrease) in Surplus
Surplus, end of year
2010
-
(653,385)
(9,999,847)
(11,210,323)
(1,852,892)
(851,569)
-
(3,527,420)
2,638,507
264,923
(915,485)
550,995
1,850,670
$27,950,618
(11,262,133)
$26,099,948
Many Parts, One Body
Delegates to Gather at the Inaugural Convention of Catholic Financial Life
Over 400 delegates representing Catholic Financial Life’s membership will gather Sept. 28-30 in Milwaukee
for the inaugural convention of Catholic Financial Life. Serving as a delegate to the convention is an
honor and a privilege as delegates will cast their vote on important Society governance matters.
They will also be asked to provide member feedback during listening sessions on a variety of topics
related to the Society.
The theme for this year’s convention is “Many Parts, One Body” and is illustrative of this first
gathering of Catholic Financial Life delegates who—coming from different geographic areas and
past organizations—are united by their faith and their commitment to build a new organization.
Following is the list of our Board of Director Delegates and our Convention Delegates as of June
11, 2012, and does not reflect any changes made thereafter.
Chapter N001, Holyoke, Mass.
Helene Grenier
R. Robert Grenier
Chapter ND01, Rugby, N.D.
Chapter WI06, Burlington, Wis.
Alice Joyce
William Korducki
Chapter WI09, Chilton, Wis.
Twyla Bohl
Renae Christianson
Robert Greuel
Martha Thiel
Chapter 2, Manitowoc, Wis.
Chapter 11, Wisconsin Rapids/
Stevens Point, Wis.
Margaret Fencl
Robert Sieracki
Larry Tennie
Chapter MI02, Bay City, Mich.
James Wagner
Mary Wagner
Chapter N002, Woonsocket, R.I .
Donna Aguilera
Paul Plante
Karen Janz
David Ligman
Dennis Ligman
Dorothy Polum
Joan Smidowicz
Leanne Honish
Mary Peterson
Chapter 19, Fond du Lac, Wis.
Chapter WI19,
Rock River/Jefferson, Wis.
Chapter 13, Sheboygan, Wis.
Chapter 21, Green Bay, Wis.
Marguerite Bartlett
Theodore Bartlett
Alfred Saulniers
Chapter WI04, Antigo, Wis.
Chapter 15, Two Rivers, Wis.
Betty Conrad
Gerald Rickert
Karen Rickert
Betty Schumacher
James Van Asten
Chapter WI18,
Indian Creek/Tomah, Wis.
Chapter N012, Southbridge, Mass.
Chapter N003,
New Bedford, Mass.
Chapter 6, Appleton Wis.
Bernard Kitzhaber
Mary Lindner
Stanley Freund
Eugene Kohlmann
Lisa Mick
Catherine Isa
Valentine Schultz
Janet Schumacher
Sharon Berndt
Robert Jira
Kenneth Mach
Wayne Schultz
Chapter WI17,
Greenwood/Loyal, Wis.
Alice Haen
Chapter WI15, Glen Haven, Wis.
Debra Van Bogaert
Patricia White
Chapter WI16, Green Bay, Wis.
Carol Augustian
Robert Augustian
Bonnie Bull
Mary Neff
Mark Borley
Donald Delaruelle
John Gillis
Rosemary Langenberg
Carol VandenLangenberg
Roland VandenLangenberg
Merlin Watermolen
Chapter WI21, Kendall, Wis.
Rose Clark
Patsy Leis
Chapter WI22, Kenosha, Wis.
Crystal Klein
Sandra Klein
John Moyer
Marcy Romanowski
Board of Directors
Mary Baker
Carla Breunig
Bob Dippold
Bill Dreyer
Millie Jandrin
Phyllis John
Dennis Kabat
John Kenawell
Donald W. Layden, Jr.
Archbishop Jerome E. Listecki
Al Lorge
Jay Mack
Patrick Murphy, Ph.D.
Bill O’Toole
Paul Pinsonnault
Charles Rebek
Janet Stelken
Tom VanHimbergen
Art Wigchers
Chapter 23, Phillips, Wis.
Daniel Ashauer
Lorraine Kiefer
Chapter WI24, Lima, Wis.
Barbara Meixner
Patsy Poeschel
Chapter 29, River Falls, Wis.
Kathryn Morrow
Randy Morrow
Luanne Nelson
Chapter 31,
Port Washington, Wis.
Nicholas Schanen
Vicki Schanen
Agnes Watry
Chapter 40, Waukesha, Wis.
Beth Duehr
Tammy Gaszak
Charles Hasler
Mary Muenkel
Chapter WI40, Turtle Lake, Wis.
Beverly Austinson
Debra Avery
Chapter 42, Tennyson, Wis.
Gary Elskamp
Ann Pennekamp
Eileen Reuter
Chapter N042,
No. Attleboro, Mass.
Normand Achin
Patricia Leblanc
Chapter 32, Kewaunee, Wis.
Christine Ratajczak
Ronald Ratajczak
Chapter 33, Wausau, Wis.
Rosemary Bauer
Dolores Fischer
Kathryn Gruling
Rita Klos
Elaine Wiesman
Chapter WI43, West Bend, Wis.
Dorothy Barth
Jennifer Kaebisch
Robert Schladweiler
Chapter WI46, Madison,Wis.
Catherine Coyle
Cathleen Coyle-Kaufmann
Chapter 48, Beaver Dam, Wis.
Chapter WI33,
Plum City/Arkansaw, Wis.
Bernard Bauer
Marjorie Traun
Chapter 34, Cassville, Wis.
Ruth Haas
Sheila Haas
Kathleen Dries
Lawrence Veling
Chapter WI48,
Chippewa Falls, Wis.
Lori Eisenreich
Ruth Goulet
Chapter N052, Danielson, Conn.
Chapter N035, Winooski, Vt.
George Bouffard
Janet Deforge
Louise Costello
Susan Griffiths
Chapter WI52, Milwaukee, Wis.
Chapter N037, St. Albans, Vt.
Jacqueline Brosseau-Cyr
Julianne Cyr
Chapter WI37,
Stratford/Rozellville, Wis.
Helen Bornbach
Ellen Kolb
Lois Brown
Bruce Bultman
Timothy Bultman
Jonathan Gadbois
Robert Ilk
Lynn Nowak
Helen-Anne Priske-Gadbois
Chapter N053, Taunton, Mass.
Chapter 39, Hudson, Wis.
Dora Rohl
Delores Schulte
Alfred Mailloux
Yvonne Richardson
Chapter 54, Oshkosh, Wis.
Chapter WI39, Tisch Mills, Wis.
William Karman
Alvin Zellner
Jo Ann Feldner
Debra Michels
Linda Resop
Chapter WI54, NW Suburban/
Menomonee Falls, Wis.
Kathryn Doro
Scott Doro
Greg Knaebe
John Knierim
Karen Lundean
Leonard Semerad
Chapter 56,
Neenah/Menasha, Wis.
Mary Ciske
Thomas Gloede
Chapter N056, Worcester, Mass.
Kenneth Boivin
Geraldine Gauthier
Chapter 58 Ripon, WI
Bernadette Krentz
Michael Reinsch
Chapter 60, Janesville, Wis.
Mary Gillitzer
Diane Hawkins
Ann Schuh
Chapter WI60, Fond du Lac, Wis
Michael Henry
Larry Schneider
Chapter 63, St. Joseph’s, Wis.
John Fisher
David Luedtke
Chapter 64, Kaukauna, Wis.
Norma Fuhrmann
Ronald Rosin
Chapter 66, St. Michael ParishWausau, Wis.
Josephine Bersuder
Fred Hart
Chapter 80, Reedsville, Wis.
Kathryn Kasper
James Winter
Chapter 82, Waunakee, Wis.
Doris LaBarre
Roger Sukowatey
Chapter 83, Brillion, Wis.
Diane Bohman
Paul Bohman
Chapter N084, Gardner, Mass.
Coral Grout
Rachel Grout
Chapter 86, Francis Creek, Wis.
Irene Hessel
Jo Ann Krejcarek
Chapter 88, Madison, Wis.
Theresa Alt
Rosanne Hill
Colleen McCormick
Anna Skaife
Carolynn Wiesman
Chapter 89, Lakeside, Wis.
Mary Bowser
Peter Giersch
Sandra Miceli
Chapter N091, Manchester, N.H.
Celeste Feren
Gloria Pilotte
Chapter N093, Fitchburg, Mass.
Mary Peksa
Janice Webb
Laurette Loiselle
Norman Loiselle
Chapter 68, St. Thomas the
Apostle Parish-Newton, Wis.
Chapter 94, Church of the
Resurrection-Wausau, Wis.
Marion Hartman
Ann Hoban
Patricia McKeough
Mary Ann Nelson
Chapter 70, Belgium, Wis.
Chapter 97, Wrightstown, Wis.
Mary Lukens
Carol Tackes
Chapter 72, St. Mark ParishRothschild, Wis.
Jeanette Engebretson
Ernest Soczka
Chapter N072, Beverly, Mass.
Joseph Caron
Annette Pelletier
Chapter 79, Little Rock, Ark.
Rosalee Aerts
Germaine Smith
Chapter 103, Hollandtown, Wis.
Mary Hurst
Dorothy Vande Wettering
Chapter 109, St. Nazianz, Wis.
Kathleen Riesterer
Frederick Schnell
Chapter 110,
Milwaukee Central, Wis.
Chapter 144, Genoa, Wis.
Chapter 179, St. Cloud, Wis.
Chapter 212, Medford, Wis.
Chapter 146, Clarks Mills, Wis.
Chapter 113, St. Kilian, Wis.
Ruth Goehring
Judith Vogel
Chapter 180, Maplewood, Wis.
Chapter 213, Sturgeon Bay, Wis.
Chapter 148, St. John, Wis.
Chapter 188, Shiocton/
Greenville, Wis.
Chapter 216, Milwaukee NW, Wis.
Mayra Cardenas
Espe Villasaenz
Richard Amerling
Patricia Schmidt
Chapter 115, Plymouth, Wis.
Robert Flaig
Jonathon Wittman
Chapter 116,
St. Joseph’s Ridge, Wis.
Kenneth Feehan
Paula Hilby
Chapter 118, Charlesburg, Wis.
Alphonse Steiner
Jeanette Steiner
Chapter N119, Woonsocket, R.I.
Suzanne Ducharme
Louise Mailloux
Chapter 120, Watertown, Wis.
Marlene Stangler
Sterling Stangler
Chapter N120, Biddeford, Maine
Bruce Laverriere
Larry Laverriere
Chapter 121, Lancaster, Wis.
Bernadette Abing
Joseph Pink
Chapter 124, Hewitt, Wis.
Alfred Salzmann
Barbara Salzmann
Chapter 126, Johnsburg, Wis.
Kenneth Sabel
Theresa Theel
Chapter 132, Shawano, Wis.
Elaine Gross
Judith Tomashek
Chapter 137, La Crosse, Wis.
Jo Ellen Cook
Marie Meyers
Chapter 139, Casco, Wis.
Carol Cravillion
Janice Derenne
Chapter 141, Jefferson, Wis.
George Hilby
Jill Rosiejka
Norman Jambois
Thomas Venner
Dolores Thiel
Marjorie Thiel
Chapter 149, Mt. Calvary, Wis.
George Miller
Jeanne Sabel
Judith Bochek
Elizabeth Rozek
Jonelle Doell
Sharon Reynolds
Chapter 189, Greenleaf, Wis.
Chapter N149, Waterbury, Conn.
Claire Leblanc
Anna Brick
Gloria Kennedy
Chapter 191, Eau Galle, Wis.
Chapter 150, Neillsville, Wis.
Jean Meier
Debra Schoengarth
Chapter 151, Kenosha, Wis.
Raymond Mazzarelli
David Singer
Chapter 157, Hilbert, Wis.
Judith See
Rose Sweere
Chapter 160, Eau Claire, Wis.
Richard Mousel
Jeanne Smoczyk
Jody Smoczyk
Chapter N160, Biddeford, Maine
Claire Metayer
Marcelle Metayer
Chapter N163, Sanford, Maine
Nancy Auger
Gloria Chouinard
Chapter 164, Dacada, Wis.
Denise Benson
Vicki Depies
Wilbur Black
Martha Hartung
Chapter 192, Gratiot/
Shullsburg, Wis.
Leah Waelti
Jean Zimmerman
Chapter 194, Charlestown, Wis.
Robert Mueller
Roger Woelfel
Jean Paul Dujardin
Richard Dujardin
Chapter 175, Burlington, Wis.
Daniel Haacker
Rachelle Haacker
Chapter 178, Waterford, Wis.
Elizabeth Mehring
Catherine Myszewski
Elizabeth Emmerich
Kathy Haas
Mary Kacmarynski
Amy Lautenbach
Christine Condon
Joanna Condon
Margarette Hallfeld
Mary Ann Jusiel
Lorraine Kaltenbach
Debra Kopf
Gene Krueger
Mary Krueger
Mary Laumann
Heidi Lenski
Chapter 222, Jericho, Wis.
Paul Ditter
Virginia Ditter
Chapter 223, St. Anna, Wis.
George Engel
Kenneth Turba
Chapter 225, Mishicot, Wis.
Chapter 195, Bakerville, Wis.
Arlene Vogel
Ann Wallander
Chapter 197, Seymour, Wis.
Marilyn Hinker
June Noeldner
Donald Binder
Valeria Hanson
Laura Shepard
Phyllis Sprader
Chapter 200, LeRoy/Mayville, Wis.
Geralyn Aubrey
Jamie Wiedmeyer
Chapter 202, Racine, Wis.
Theresa Braun
Jean Fischer
Chapter 203, Stratford, Wis.
Chapter N167, Providence, R.I.
Mary Fuhrmann
Donna Steffes
Philip Hein
Rita Kafka
Chapter 206, Milwaukee SW, Wis.
Kathleen Klein
Robert Kraklow
Alfred LaChapelle
Alice LaChapelle
Frances Ostrowiecki
Jane Pranke
Joyce Stutzriem
Chapter 234, Loyal, Wis.
Chapter 245, New Berlin, Wis.
Margaret Datka
Richard Datka
Tina Schaefer
Chapter 253, Plain, Wis.
Rita Brey
Robert Kraemer
Chapter 258, Denmark, Wis.
Mary Kvitek
Mary Remiker
Chapter 261, Cross Plains, Wis.
Lorraine Ballweg
Paul Brunner
Chapter 265, Auburndale, Wis.
Mary Herman
Kathleen Pumper
Chapter 266,
New Holstein, Wis.
Mary Ann Birschbach
Ralph Brill
Chapter 267,
Lake Wisconsin, Wis.
Kay Breunig
Victoria Eberle
Chapter 271, Darboy, Wis.
Chapter 299, Pulaski, Wis.
Pamela Bertler
Laura Hollister
Chapter N304,
Waterbury, Conn.
Betty Appleton
Benedict Dietzen
Gaspard Le Blanc
Philip Le Blanc
Chapter 272, Lake Country, Wis.
Chapter 305, Boscobel, Wis.
Dorothy Bennett
Karen Philleo
Chapter 274, Rubicon, Wis.
Roxanne Ksioszk
Bonnie Thomas
Chapter 275, Hales Corners, Wis.
Kathleen Krueger
Jane Storck
Kayellyn Strasburg
Chapter 278, Paris, Wis.
Julie McMahon
Mary Pawlowski
Chapter N278,
Bridgewater, Mass.
Marie Amelotte
Carol Sotera
Chapter 279, Hartford/
St. Lawrence, Wis.
Daniel Fellenz
Rita Fellenz
Chapter 280, Ashton/
Middleton, Wis.
Janis Barman
Joanne Meinholz
Chapter N280, Leominster, Mass.
Peter McGrath
Ronald Pierce
Chapter 288, Sugarbush/
Luxemburg, Wis.
Robert Haen
Paul Heim
Chapter 294, Kimberly, Wis.
Richard Nackers
Susan Nackers
Chapter 296, Mount Horeb, Wis.
Shereen Esser
LeRoy Schlimgen
Chapter N296, Leominster, Mass.
Karen McGrath
Chapter N320, Fort Kent, Maine
Bonita Cairns
Elaine Guimond
Chapter N350, St. Agatha, Maine
Bobby Michaud
Jeannette Michaud
Chapter N373, New Britain, Conn.
Thomas Hubl
Mary Thompson
Andre Sirois
Pierrette Sirois
Chapter N395, Orleans, Vt.
Chapter 306,
Milwaukee SE, Wis.
Rochelle Ballman
Darla Miller
Daniel Olson
Maureen Riemer
Michael Roubik
Victor Ruka
Jean Schirpke-Ruka
Thomas Smagalski
Jeanne Stott
William Stott
Chapter 307, Eaton, Wis.
Barbara Mencheski
Marion Mleziva
Chapter 309, Marshfield, Wis.
Janet Courtney
Lois Maurer
Lavern Stini
Deborah Daigneault
Joanne Williams
Chapter N439, Bellingham, Mass.
Lionel Frappier
Patricia Lamothe
Chapter N441, Westport, Mass.
Lynette Ouellette
Normand Ouellette
Chapter 315, West Bend, Wis.
Linda Heinecke
Steven Liegl
Alan Wollner
Chapter 317,
Crivitz/Coleman, Wis.
Jerry Kapalczynski
Carol Kostichka
Chapter 318,
Mequon/Cedarburg, Wis.
Anita McCarville
Marion Strauss
Mary McElmurry
Patricia Schulz
Marie Urbanski
Chapter 728, St. Cloud, Minn.
Walter Backes
Barbara Hilgers
Chapter 729, St. Paul, Minn.
Barbara Arth
Genevieve Reuter
Chapter 887, San Antonio, Texas
Deyanne Howell
Cheryl Parks
Chapter 929, St. Raphael the
Archangel, Ill.
Chapter N443, Hardwick, Vt.
Larry Broering
Gene Evers
Laurette Perron
Jeannine Young
Chapter 564, Hallettsville, Texas
Frankie Janecek
Gertrude Shimek
Chapter 943, Cassella, Ohio
Chapter 994, Conway, Ark.
Margaret Pearcy
James Stiefvater
Chapter 1010, Subiaco, Ark.
Chapter 704, Cedar Rapids, Iowa
Anita Forst
Tina Forst
Chapter 705, Dubuque,Iowa
Sandra Jacobs
Christina Knott
Anita Lange
Reverend Dennis Port
Rosemary Appleby
Parnell Etteldorf
John Mauss
Herbert Sigwarth
Chapter 314, Reedsburg, Wis.
Carol Costerisan
Mary Weitzel
Chapter 725, Minneapolis, Minn.
Dean Parkman
Sheila Sladek
Ruth Dionne
Albert Dumoulin
Chapter 311, New Orleans, La.
Delia Arnold
Linda Beyer
Lori Melhorn
Sharon Pedretti
Chapter N442, Somerset, Mass.
Chapter 310, Muscoda, Wis.
Elizabeth Hasburgh
John Stanek
Chapter 723,
Southeastern Minnesota
Chapter 708, Decorah, Iowa
Chapter 1038, Saint Louis, Mo.
Alice Hemesath
Robert Rinken
James Wenthold
Chapter 1051, Saint Henry, Ind.
Chapter 710, Dyersville, Iowa
Chapter 1118, St. Joe, Ohio
Jenna Stelken
Mark Stelken
Chapter 712, Oelwein, Iowa
Denise Rubner
Gregory Rubner
Chapter 720, New Ulm, Minn.
Duane Feser
Heather Hoffmann
Norbert Lindauer
Diane Stipp
Marilyn Wendel
Karen Westgerdes
Chapter 1181, Jefferson City, Mo.
Roger Braun
Mary Thater
A TEACHABLE MOMENT
Living with the Low Interest
Rate Environment
It’s hard not to notice that interest rates
are low. But whether they are good or
bad depends on your circumstances.
Low rates are good for people who want
to borrow and not as good for people
who have saved. Generally in the past,
interest rates have followed the inflation
rate. However, this time, interest rates
are below the inflation rate and the
Federal Reserve has said short-term rates
will stay low for another two years or
so. How does someone react to these
conditions? How did we get here? Is
there any hope for “better” rates in the
future? Let’s investigate a little further.
We can argue that we don’t like the
level of interest rates, but the argument
is futile. All savers and borrowers
are related in one simple mechanism.
Whenever someone saves, their
investment is someone else’s obligation.
Borrowers—like a government selling
bonds, a bank taking deposits and
a life insurance company selling
financial products—are all engaged in a
transaction with savers.
Interest rates are low because
policymakers believe it will help the
economy and improve employment.
Historically, lower interest rates have
spurred the economy out of a slow
period. The current recovery has moved
more slowly than others in the past
resulting in the official policy of low rates
for the near future.
Interest rates have two problems for
investors and savers. The first is that
no one gets to single handedly set the
interest rate. The Federal Reserve has
great influence over rates, but it really
only sets one rate: the rate banks pay or
receive to leave money on deposit there
overnight—one night’s interest, that’s
all. All other rates are set by the market
interaction of buyers (savers) and sellers
(borrowers). The rate is the rate, take it
or leave it.
The second problem is that it is
extremely difficult to predict where
interest rates are going. You can’t easily
tell where rates are going by simply
looking at where they have been or
where you hope they will go. A 6%
mortgage from the 1970s looked great
versus an 11% rate (or higher) in the
1980s. How about an 8% in the late
1990s versus a 4% today? Did you
make the right prediction back then?
The best reaction is to realize that if
you can’t set the interest rate, don’t
bother being frustrated by it. Plus, for
everyone who wishes for higher interest
on deposits, there is someone else
hoping for lower rates on a new loan. It’s
better to be smart about the situation.
Savers should know their spending needs
ahead of time. For savers with spending
plans many years in the future, longer
maturities offer higher rates. Similarly,
having separate investments that
mature at different times in the future
(sometimes called “laddering”) spreads
the chance to reinvest at higher rates
over many years. Borrowers should look
for the lowest rate and refinance where
practical. Think of paying off debt as a
way to save at the interest rate you are
being charged.
Even if rates are low it is important to
keep saving. Saving allows you to stay
on track for attaining your goals. If you’re
in the spending phase of life, calculate
any decline in income and adjust
spending if necessary.
Are rates too low? They are what they
are. Higher rates are usually associated
with higher inflation, so be careful what
you hope for.
by John Callen
Catholic Financial Life Investment Officer
The content of this article is for general information
purposes only. It is not intended as individual
financial or investment advice. Please consult with
your financial or tax advisor.
Survey Says:
Catholic Financial
Life Members Are
Very Satisfied
The Results
“We’re here to
take care of those
on Main Street
not Wall Street.”
– President Bill O’Toole
ACSI uses a standard set of questions that it asks consumers as part of their research
throughout a wide range of industries. The survey results provide Catholic Financial
Life with an independent assessment of its performance that it can benchmark
against competitors. The results: Catholic Financial Life outperformed the life
insurance industry and the largest commercial U.S. life insurers in the critical areas of
quality, value and customer satisfaction.
“This research demonstrates that members see Catholic Financial Life as being of
exceptional quality and value,” commented President Bill O’Toole. “I have no doubt
that is due to our approach—putting members first and providing outstanding
personalized service. We’re here to take care of those on Main Street, not Wall
Street.”
Overall Customer Satisfaction*
Overall Quality
Overall Value
83
Life Industry
Life Industry
88
75
80
85
79
Metropolitan
90 75
75
80
86
85
Scores are reported on a scale of 0 to 100 and are not percentages.
*A difference of three points is considered statistically significant.
77
80
New York Life
90
79
Prudential
83
70
80
Life Industry
75
80
85
What do Catholic Financial Life members think of the Society? How do they rate
the quality of their experience? Do they see Catholic Financial Life as providing good
value? What is their level of customer satisfaction? And, how does the organization
stand up to the competition?
These were some of the questions that Catholic Financial Life wanted answers
to when it engaged the American Customer Satisfaction Index (ACSI) in 2011 to
determine membership satisfaction.
The Importance
Fulfilling our Brand Promise
“You won’t see our ACSI membership
satisfaction or loyalty scores anywhere
on the financial statements,” said John
Borgen, Vice President of Fraternal and
Member Services. “Yet, members are
our most important asset and their
level of satisfaction and loyalty help to
drive the Society’s long-term financial
performance.”
“Anytime a service organization scores in
the mid to upper 80’s they are doing an
exceptional job,” noted Terry Felker of the
ACSI. “Scores of 90 are virtually unheard
of, so the fact that Catholic Financial Life
scored an 89 as a Catholic faith-based
organization, and had an overall brand
loyalty score of 87 is very impressive.”
Every business wants loyal customers—
people who will make repeat purchases
and tell their friends and family about their
positive experiences. Catholic Financial
Life’s performance in the areas of quality
and value drove an excellent member
satisfaction score which, in turn, helped to
produce an exceptional loyalty score.
Loyalty Score
Life Industry
Brand Effectiveness Scores
70
79
65
70
75
89
Catholic Faith-Based
80
Members
First
84
87
Brand Loyalty
80
82
84
86
88
Staying Ahead of the Curve
The results of the survey demonstrate
Catholic Financial Life’s excellent
performance in areas critical to member
satisfaction. The 2011 results establish a
baseline to which future annual results
can be compared. Doing so will help the
Society remain ahead of the industry
in its efforts to provide exceptional
service and identify new opportunities to
enhance member experience.
About ACSI
ACSI research is based on customers’
perceptions of their experience by
gathering data about expectation, quality,
value, satisfaction, and loyalty, as well
as the level of complaints. Research is
then compared to industry peers and
competitors to provide an objective
benchmark of customer satisfaction.
Established in 1994 by Claes Fornell
at the Ross School of Business at the
University of Michigan, the ACSI is the
only standardized measure of customer
satisfaction in the U.S. Economy. The
New York Times called the ACSI, “the
definitive benchmark of how buyers feel
about what business is selling them…”
Each year, the ACSI conducts over
75,000 random telephone and online
customer satisfaction interviews.
85
Authentic
60
In addition to the standard customer
satisfaction questions, Catholic Financial
Life wanted to see how the Society’s
brand was interpreted by members.
Customized research looked at how
effective the organization was at living
up to its brand promise as an authentic,
Catholic faith-based organization—one
that puts members first.
90
LIVING THE CATHOLIC LIFE
The Reality
of Love
Over ten days in January, Jim Love
traveled to Belize on a service trip with
Marquette Campus Ministry. Twelve
others accompanied him, including
Marquette campus ministry students
and staff through the International
Marquette Action Program (IMAP). 3
When Love signed up for a mission trip
to Punta Gorda, Belize, he didn’t fully
realize how the journey would change
his view of the world. Love, a Corporate
Communications junior at Marquette
University, has been a Catholic Financial
Life Member Care intern since his
freshman year.
After Catholic Financial Life learned
about his trip, associates gathered
together to raise funds at “Breakfast for
Love” a special event which helped raise
over $1,200 for his trip. One hundred
percent of the funding for the mission
trip was required to be raised by students
themselves, so the breakfast fundraiser5
gave Love a head start. He marveled, “It
was crazy because I didn’t even know it
was happening until the same day! People
generously gathered together for the
cause and I didn’t expect it to happen at
that level. It was a huge blessing.”
Love says initially it was his faith that
led him to pursue this trip. Born and
raised on the south side of Chicago into
a strong Irish-Catholic family, Love noted
that his faith flourished and developed
during high school. He recalled: “I knew
if I was going to get serious about my
faith, then I would have to step outside
my comfort zone and campus ministry
mentioned that this would be the time
and place to start.”
What a start it was; preparation for the
trip was extensive. It entailed a lengthy
application process, frequent meetings
with the group and a retreat before
departure. “My specific goal was to get
out of my comfort zone and to find out
what it’s like outside of the U.S. and in
a third world country. It was a struggle
getting used to how different things
were. It was a complete immersion trip.
We were culture shocked.”
In Belize the group stayed in Cuxlinha,
a small village an hour and a half from
the group’s primary service zone. Every
morning at 7 a.m. the group drove to their
work site on entirely unpaved roads in
the countryside. “I was expecting poverty
in a third world country, but I had to
experience it to fully understand it.”
Love recalls his first day, “the principal
of the school we were going to work on
gathered us around the worksite and
explained how the start of this project
was a dream-come-true for the entire
village. He was genuinely grateful. Right
then I realized exactly why we had come:
to change the lives of these children and
many others for years to come.”
Their work included building and adding
a top floor onto the local school. They
didn’t have access to tools so the
community helped donate tools. Love
mentioned how humbling the situation
was: “It made me realize how we take
simple things like ladders for granted.”
Love explained they had to build
most things from scratch and even
the wood they used was donated
by households in the village.
After four days of intensive labor,
the group was able to interact
with some of the local children
by visiting their classrooms.
“Sharing the daily realities of life
in the U.S. compared to
theirs was eye-opening.”
Love stressed that the
principal wanted students
to be global thinkers and
to interact with people of
different backgrounds.
Love explained how so
many times he had heard
the word “poor”, which can
have different meanings.
He says, “The kids I worked with didn’t
have much at all, but were the happiest
kids I’ve ever seen, which didn’t make
them poor in spirit.”
Love recalled one of the most distinctive
moments of the trip on the last day.
The principal called a school assembly
and thanked the group for the work that
was done and mentioned how it was a
stepping stone to something bigger. Then
all 280 children lined up and shook their
hands. Love later recalled his experience
in his journal: “I believe I saw God in the
eyes of each of those students.” Although
they completed plenty of work, the group
was disappointed that they
couldn’t see the end of their
labor. “But we left having
planted the seed,” said Love.
After reflecting, Love gave
this advice for anyone
thinking about or going on a
service trip: “It can be easy to
get homesick, but be present
wherever you are. Feel free
to step outside your comfort
zone because it will lead to
good things.”
Jim Love
is pictured
above on the
far right.
Love believes service is important for
all people of faith because of the way
it unites us. “Other than living our faith
every day, you wouldn’t be able to meet
all the phenomenal people in this world.
There is so much to be discovered, so
you have to take the initiative upon
yourself.”
After this life-changing and eye-opening
experience, Love hopes that by sharing
this personal story, he can influence
others to serve close to home, or
around the world. As a young servant
his last message is to make an effort
to understand other people’s realities.
“Even though there were obvious cultural
barriers between all of us, the common
purpose and faith that we shared brought
us together as a community.”
More information on this cause can be
found by visiting Marquette University’s
Campus Ministry office at
www.marquette.edu/cm.
Special feature by Carolyn Rasley
SERVING GOD BY SERVING OTHERS
Members
Giving Back.
“We are carriers of God’s love
and whoever you are,
you can become one also.”
–Mother Teresa
Lynn Fink, Library Coordinator, and kindergarten students from Our Lady of Lourdes School accept
matching funds of $500 from Chapter WI16, Green Bay, Wis., Secretary/Treasurer Bob Augustian and
President Carol Augustian. Funds were raised during the school’s annual book fair during Catholic Schools
Week. The money will be used to purchase new books for the school’s library. The successful book fair
raised $3,516.
Chapter WI19, Rock River-Jefferson, Wis., President
Bonnie Bull (left) presents a $500 matching funds check
to Cab Rides for the Elderly Board Members Marlo
Michaels, Secretary Charlotte Nevins, and Treasurer
Birdie Langholff. Catholic Financial Life members and
Cab Rides for the Elderly recently partnered to host
a pancake breakfast for over 300 area residents. The
breakfast, along with matching funds, raised a total of
$1,468.
Chapter 564, Hallettsville, Texas,
recently participated in a fund-raising
effort by assisting the Right to Life
organization of Lavaca County in
collecting donations. Pictured is Right
to Life Treasurer, John Butschek,
accepting a matching funds check of
$500 from Chapter Vice President
Kathleen Steinocher.
Members from Chapter 56, Neenah-Menasha, Wis.,
donned aprons and served pancakes along with many
smiles during the chapter’s breakfast fund-raiser. The
event was held to support the University of Wisconsin
Humanitarian Group. The group will use the funding to
travel to Kenya and help improve the living conditions
in local villages there. Over 150 guests were served,
and with a matching funds donation the breakfast raised
$1,891 for the trip.
Members from the Port
Washington Catholic
School and Chapter 31,
Port Washington, Wis.,
hosted a fish fry during
Lent to raise funds for
purchasing materials for
the school. Manning the
fryers with perfection
were Scott Brost (left)
and Tom Pujanauski.
With matching funds the
fish fry took in $2,000 for
the school.
Chapter N278, BoucherBridgewater, Mass., sold silk
roses to help raise funds for
a local individual undergoing
medical treatments. Pictured
are Marie Amelotte and Elaine
Sweetman selling roses as
parishionners come to Mass.
The chapter began with 30
dozen roses all of which
were sold. Proceeds from the
sale, plus a matching funds
contribution totaled $2,200.
Chapter 6, Appleton Wis., teamed up with St. Thomas More Parish members
to host a Lenten fish fry for the local community. Over 500 people from the
surrounding area came out to support the parish, and with a matching fund
contribution, the event raised $3,099. St. Thomas More will use the funds to
purchase a new fryer for future events.
A breakfast brunch was recently held in an effort to
raise funds for the Calumet County Association for
Handicapable People. The brunch was a team effort
of three Catholic Financial Life Chapters: Chapter
WI09, Chilton, Wis.; Chapter 118, Charlesburg,
Wis.; and Chapter 222, Jericho, Wis. Pictured are
just four of the many wonderful volunteers that
made this event possible. With matching funds
from Catholic Financial Life, the brunch raised
$1,974.
Chapter 40, Waukesha, Wis., hosted a celebration dinner to honor 50- and
75-year members of the Society. Pictured with the honorees from the
evening’s activities are Chapter Secretary/Treasurer Tammy Gaszak (far
left) and Catholic Financial Life Vice President of Fraternal Outreach, Joe
Gadbois (far right).
Chapter 307, Eaton, Wis., hosted a family-style
chicken dinner in honor of their most recent 50-year
members. Each honoree was presented with a
gold rosary. Pictured with Catholic Financial Life
President&CEOBillO’Toole(farleft)are50-year
members Joe Micholichek, Board Member Phyllis
John, Robert Mleziva, and Curt Stodola.
Over 80 student and faculty members from St.
Francis Xavier School participated in a “Stampede”
run/walk event to benefit the school. Pictured are
a few of the 25 members from Chapter N035, St.
Laurent-Winooski, Vt., that helped to work and
cheer on the participants during the walk/run.
Including a match of $1,000 from Catholic Financial
Life, the event raised $2,078 for the school.
There are a lot of insurance
companies to choose from.
Why not protect your financial
future with an organization that
stands apart from the rest?
Catholic Financial Life isn’t your average life insurance provider. We’re
a faith-based not-for-profit financial services organization that provides
financial security to members, while giving back to their parishes and
communities. That means we put your interests ahead of Wall Street
investors.
With $4.9 billion of insurance in force, and assets of $1.2 billion, Catholics
have trusted Catholic Financial Life to safeguard their financial security for
more than 140 years.
As a membership organization, we put your
interests first.
You’ll see it in the personal conversations we’ll have as we help you protect
your dreams.
You’ll feel it, knowing you’re an important part of our family.
You’ll be proud to be a part of an organization that puts Catholic values into
action by enriching your life, while serving God by serving others.
For more information on Catholic Financial Life and its
products and services, please contact your advisor, visit
catholicfinanciallife.org, or call 1-800-965-2547.
Please recycle. To receive the E-zine version of this magazine, visit our Web site catholicfinanciallife.org.
Scan this code with your smart phone to visit
our blog, sign up for E-News, and “Like” us on
Facebook—and for every new “like”, we’ll donate
$1 to the Society of St. Vincent de Paul.
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Milwaukee, Wisconsin
Catholic values in action.
15-01766-06/12

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