Life Membership
In Perpetuity
In 1992, the Most Worshipful Grand Lodge of Ancient, Free and Accepted Masons of the Commonwealth of Virginia adopted the Life Membership In Perpetuity Plan (L.M.I.P.). This program enables a Master Mason, in good standing, to purchase a Life Membership. Additionally, this program provides a perpetual endowment, which will continue to a participant’s dues to his subordinate Lodge, even after his death.
COMMONLY ASKED QUESTIONS
What are the advantages of buying a L.M.I.P.?
First, it benefits you in that you will never again have to remit dues toyou Lodge. Second, it provides an endowment that will continue to pay your Lodge, in perpetuity. Thus, you benefit in that you will no longer be subject to dues increases and you Lodge benegits in that it will have income, in the amount of your dues, forever.
How do future dues increases affect my L.M.I.P.?
Once you purchase your L.M.I.P. , you will never again have to pay dues. Neither will you have to pay for future dues increases. Effectively, your L.M.I.P. “freezes” your dues at the current level. Thus, your Lodge will receive funds from L.M.I.P. each year based upon the dues in force at the time you purchased your Life Membership.
How much does it cost?
Your current dues must be paid. Then, the L.M.I.P. can be purchased at 16 times your current dues at the time you pay for it. Thus, if you elect to make installment payments, and your lodge has a dues increase, the cost is 16 times the dues at the time you make your final payment. For example, assume lodge dues are $50.00. The L.M.I.P. Would cost $800.00 (16 x $50.00 ). If you make installment payments towards the $800.00 cost, and your Lodge increases it’s dues to $55.00 before you make you final installment payment, then your Life Membership costs go up to $880.00 (16 x $55.). It will obviously benefit you to make your final installment payment before any dues increase takes effect.
For more information, please contact your lodge Secretary.
Norview’s L.M.I.P.s
