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In this issue:

How is Wespath Thinking About the Future? A Q&A with the General Secretary
America Saves Week: February 21-25
An easy way to receive at-home COVID-19 tests at no cost
Join the movement to improve mental health
Action needed to restore BCBS single sign-on
COLAs and annual annuity increases: key differences
For Your Education

How is Wespath Thinking About the Future? A Q&A with the General Secretary

“I’m a firm believer in the strength of the connection in the UMC’s DNA.” – Andy Hendren, General Secretary and CEO

Andy Hendren recently sat down to briefly discuss General Conference preparation, future growth opportunities and anticipated challenges, and the digital future. Listen to his remarks in this four-minute video. In addition, the United Methodist News Service recently featured an interview with Andy that shared his long-term vision for both Wespath and the retirement and investment portfolios of those we serve.

America Saves Week: February 21-25

Next week is America Saves Week with the theme of “Building Financial Resilience.” From saving automatically to reducing debt to saving for retirement, each day offers steps to build financial resilience. Wespath will be posting these steps throughout the week on social media.Virgin Pulse participants will see a new message each day as motivation to improve their financial well-being.

As you explore each day’s challenge, know that you’re not alone in making positive financial changes. EY financial planners can help you plan for your future or save for a rainy day—or any day. If you have an account balance in a Wespath-administered retirement plan, call EY at 1-800-360-2539 for financial guidance at no additional cost* to you.

*Costs are included in Wespath’s operating expenses that are paid for by the funds.

An easy way to receive at-home COVID-19 tests at no cost

OptumRx®, the pharmacy benefits provider for HealthFlex, is offering a new, convenient way to receive at-home COVID-19 tests online at no cost. HealthFlex participants can visit the online Optum Store to order On/Go at-home COVID-19 tests with a $0 copay—no reimbursement required.

HealthFlex will cover up to eight COVID-19 at-home tests per month per enrolled individual (without a prescription) at $0 cost to the member. Many test packages, including On/Go packages, include two tests, and for these only four packages will be covered per individual per month, for a total of eight tests.

To obtain On/Go at-home COVID-19 tests, the HealthFlex primary participant should log into Benefits Access. After selecting the “Health” tab, scroll down to “Prescription Drugs” and click on “Go to OptumRx.” After you hit “Continue,” scroll down to “Get at-home COVID-19 tests with $0 copay*” and click “Order Now.”

HealthFlex participants can still receive at-home COVID-19 tests at no cost at Wal-Mart and Rite-Aid pharmacies, and now Sam’s Club, Walgreens, and Kinney Pharmacies. They can also be reimbursed up to $12/test for tests purchased elsewhere. Follow the prompts above to OptumRx from Benefits Access and scroll down to “Get started on your reimbursement request for at-home COVID-19 tests*” to submit your reimbursement request online. Reimbursements may take 4-6 weeks.

Join the movement to improve mental health

To help to create a more empathetic environment for those struggling with their mental and emotional health, Wespath is offering a two-part training program called First Aid for Mental Health at no cost in March. The training sessions are open to all Wespath participants and their spouses, as well as friends, family, and congregation members. Watch the overview video here.

Attendees will learn how to identify and respond to mental health challenges with empathy, and without judgment. The training sessions also teach attendees how to accept and understand their own mental health challenges, without embarrassment or shame.

The skills learned in the first aid training for mental health can be applied to many situations, including home, social and professional environments. For more information and to register, visit the First Aid for Mental Health event page.

Action needed to restore single sign-on to BCBS

HealthFlex participants will soon need to reactivate the single sign-on connection from Wespath’s Benefits Access to the Blue Cross Blue Shield of Illinois (BCBSIL) website.

BCBSIL is expected to update its website the week of February 21. After the changes take effect, primary participants will be prompted to enter their BCBSIL username and password the first time they access the BCBSIL site from Benefits Access. The extra step is to ensure continued security of your personal health information. Upon logging in, the single sign-on will be re-established for future visits to the BCBSIL site. Here are answers to a few questions about this one-time disruption.

The whole idea of a single sign-on is you don’t have to remember your password for sites like this. I don’t even remember my username. What do I do? You’re right. The single sign-ons via Benefits Access make life easier. The process to reset this single sign-on is thankfully pretty standard. When asked to log into the BCBSIL website, follow the prompts for “Forgot user name” and then “Forgot password.” You will need to know the e-mail address you used to register. After you log in once, the single sign-on link from Benefits Access to BCBSIL will be restored.

This is not convenient, and that is the antithesis of a single sign-on. Why is BCBSIL doing this?
We get it. No one at Wespath likes to reset their password either; however, it’s for a good reason. BCBSIL is making changes to its site to maintain its robust security of your protected health information, which includes things like medical bills.

If I run into trouble logging into the BCBSIL site, what should I do?
BCBSIL’s customer service number is 1-866-804-0976 and it’s also on the back of your insurance card.

Do I have to do this now?
The changes are expected to happen the week of February 21. If you need to use the BCBSIL site this week, the single sign-on should work like normal. You’ll know the change happened because you’ll be prompted to re-enter or recover your username and password. We recommend you set aside a few extra minutes to take the extra steps.

COLAs and annual annuity increases: key differences

In January 2022, Social Security beneficiary monthly payments increased by 5.9%, the highest cost-of living adjustment (COLA) increase in decades. Given the current rate of inflation and the financial challenges stemming from the ongoing COVID-19 pandemic, retirees may be wondering about COLA adjustments to their monthly benefit payments from Wespath-administered defined benefit retirement plans.

To provide some context, by law, the annual Social Security COLA is determined by the percentage increase in the Consumer Price Index (CPI), which this year was 5.9%. Over the last 10 years, the annual Social Security COLA average increase was 1.64%. Some years there was no increase at all.

When applying for retirement benefits from some Wespath-administered defined benefit plans, such as the Clergy Retirement Security Program Defined Benefit, participants select an annual annuity increase (0%, 2%, etc.), which, once selected, cannot be changed over the life of the annuity. Wespath is not at liberty to change the plans or administer them differently from the terms that were determined by General Conference.

Many financial experts and economists expect to see the rate of inflation return to 2% to 3% as the economy resolves underlying issues. Wespath continues to monitor these developments closely and offer participants resources they need to navigate these challenging times.

Questions about budgeting, preparing for financial challenges, and more? Contact EY Financial Planning Services at wespath.eynavigate.com for confidential, professional assistance at no additional cost* to you.

*Costs are included in Wespath’s operating expenses that are paid for by the funds.

On the Investment Insights blog

Does Bitcoin Belong in a Traditional Investment Portfolio?
From trending on Twitter to taking the investment world by storm, is cryptocurrency here to stay? Analyst Fred Huang discusses what Bitcoin is, how it’s created and if it has a place in investment portfolios. Read his insights here.

Reflections on the Afghan Refugee Crisis and the Need for a Sustainable Global Economy
Impact Investments Manager Trent Sparrow shares his story about collaborating with a diverse group of volunteers to help Afghan refugees who had fled Kabul and were arriving in the U.S. Read about how this impactful experience reinforced his belief in Wespath’s sustainable investment vision.

Delivered to You: April 25-26, 2022

All active clergy members of The United Methodist Church are invited to attend “Delivered to You” on Monday, April 25 and Tuesday, April 26 from 1:00 to 4:30 p.m. both days. This meaningful, informative virtual event brings the best of Clergy Benefits Academy and revitup! right to your home space or workspace. Click here to register.

The registration fee is just $59.00 and includes the event care package containing individually wrapped items representing each dimension of well-being. No web camera is required for this event, as participants will interact via chat and polling opportunities. For more event details, click here.

Webinar: Achieve your retirement goals with UMPIP

Our year-long United Methodist Personal Investment Plan (UMPIP) webinar series is back for 2022! Each session will provide detailed information about saving for retirement, managing your investments and insight into what your UMPIP can do for you. Our upcoming March session will provide an overview of UMPIP, including exploring contribution matching, tax benefits, and more. Click here to register.

Monthly market and fund performance update

The January Monthly Investment Report and Markets At A Glance video are now live! Read the latest in investment commentary, and watch Rashed Khan detail recent market events.

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