|
In this issue:
Wespath Answers Questions About Disaffiliation
As some local churches, clergy and others reconsider their connectional relationship to The United Methodist Church (UMC), Wespath is responding by updating FAQs and other information on our disaffiliation information webpage. In recent weeks, we’ve added new Q&As addressing these and other topics:
- Use of conference reserves for withdrawal liability payments
- Wespath’s role in determining withdrawal payments for disaffiliating local churches
- Impact of disaffiliation on clergy retirement benefits (for actively serving clergy, retired clergy and beneficiaries)
- Impact of disaffiliation on HealthFlex benefits
- Use of promissory notes or liens with respect to a pension withdrawal liability payment
- Wespath’s ability to serve groups outside the UMC, including the Global Methodist Church, groups of local churches and Methodist-related institutional investors
- Whether disaffiliating clergy pay a penalty (no) and whether they are required to withdraw their money from Wespath (no)
Additionally, Wespath General Secretary and CEO Andy Hendren recently wrote about Wespath’s continuing commitment to care for those who serve even in the face of changes within the UMC and broader Methodist ecosystem. Read Andy’s blog here.
Please check Wespath’s disaffiliation webpage periodically for the most current information related to potential disaffiliations.
Do You Have a New Appointment? Resources & More
If you’ve recently been appointed to a new United Methodist church or charge, there are things you can do and resources Wespath offers to help smooth your transition:
- Update your contact information
Sign in to benefitsaccess.org 24/7 to update your contact information so you can continue to receive benefit information. Most importantly, please make sure that your email address and phone numbers are current and active. Once you’ve signed in, go to the Retirement details page and select Profile > Account Management Summary.
- Revisit your contributions and elections
Check with your new church or charge to make sure your UMPIP contributions and other deductions from your paycheck are correct. You may want to evaluate your contributions and/or elections in light of any adjustments to your salary or living expenses. Be sure to revisit factors such as your UMPIP contribution rate, other elective deferral elections and tax withholding elections.
- Educate yourself
Click here to learn about the potential tax and benefit implications of moving expense payments.
- Ask for help
Call EY Financial Planning Services* at 1-800-360-2539 or visit wespath.eynavigate.com for confidential, objective help with financial stressors related to moving or with other financial matters.
- One-on-one resources available
Moving can be stressful. HealthFlex offers a generous Employee Assistance Program (EAP) that provides counseling services to help you and/or members of your household deal with the stress of moving and adjusting to a new place. The HealthFlex EAP also provides convenience services to help you find resources in your new community like childcare, elder care, pet care and more. Contact the EAP at 1-866-881-6800.
*EY Financial Planning Services are available to active Wespath participants and surviving spouses with account balances, and to retired and terminated participants with account balances of at least $10,000. Costs are included in Wespath’s operating expenses that are paid for by the funds.
Statement on Recent Market Declines
You may be trying to wrap your head around the recent stock market news. While we understand it can be unsettling to see markets fall, Dave Zellner, Chief Investment Officer, wants you to know that Wespath is a disciplined, long-term investor and has weathered many down markets. Watch this recent video commentary that further explains the declines.
Making Financial Decisions in Today’s Markets? Contact EY
Market volatility can make many people apprehensive – even panicked—which can lead to impulsive investment and financial decisions. One way to avoid emotion-driven decision making is to enlist a financial planner to help you assess your situation before you act. Call EY Financial Planning Services at 1-800-360-2539 or visit wespath.eynavigate.com for confidential, objective assistance.
Unscripted: A Conversation with Wespath’s Asset Managers
“We invest in companies that save time, lives, money or headaches,” says Kempton Ingersol of Brown Capital Management, one of Wespath’s external asset managers in the U.S. Equity Fund. Get an inside look at how Wespath works with these asset managers in our new video interview series, “Unscripted.”
CBA/revitup! in Colorado
Wespath is excited to present two in-person clergy events to be held in beautiful Broomfield, Colorado this November. Gather with other clergy (and clergy spouses), learn more about your benefits through engaging educational sessions and be inspired to reinvigorate all dimensions of your well-being. Clergy Benefits Academy (CBA) provides benefits information and inspiration for clergy at all ages and stages of ministry. revitup! is tailored to clergy up to age 39 and focuses on equipping young clergy for a lifetime of ministry. These events will leave you refreshed and restored! First fifty people who register for either event receive a $50 resort credit.
| 
