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In this issue:
A New Year’s Message from Wespath’s General Secretary and CEO
In his New Year’s video, Wespath’s General Secretary and CEO Andy Hendren reviews 2022 highlights and challenges and affirms Wespath’s continued commitment to caring for those who serve.
How “Well” Are UMC Clergy?
The first week of February 2023, 5,000 randomly selected clergy will receive an email request to complete an online Clergy Well-Being Survey from Versta Research (on behalf of Wespath). This biennial survey is very important to the denomination because it provides information on how clergy are faring across the dimensions of well-being (physical, emotional, social, spiritual and financial). Survey responses are used to develop programs and services to address needs around clergy wellness. For example, following the 2021 survey results, Wespath offered the First Aid for Mental Health program and other resources to address current well-being needs. The survey is voluntary and completely confidential.
Here is a message from Wespath General Secretary, Andy Hendren, encouraging those selected for the survey to please participate on behalf of your peers and the denomination.
What the Secure 2.0 Act Means for Retirement Plans
On December 29, 2022, the Secure 2.0 Act (Act) became law (as part of the Consolidated Appropriations Act, 2023). The Act contains many provisions impacting retirement plans, many of which are not effective until 2024 or later. One change effective 2023 is the age at which required minimum distributions (RMDs) become payable. The Act increases this age from 72 to 73 for participants turning age 72 in 2023 or later and will increase it to age 75 for participants turning age 74 in 2033 or later. Learn more about effects of the SECURE 2.0 Act.
Start the Year Off Right by Earning Wellness Credits
Did you know your New Year’s resolutions can earn you money when you take steps toward your well-being goals? Through your Virgin Pulse account, you can earn 150 Wellness Credits (and $150 in cash*) by completing activities in areas like physical activity, emotional well-being, improved diet and more. Many activities only take a few minutes to complete and help set the foundation for your well-being this year.
Learn more about how you can earn Wellness Credits by logging into your Virgin Pulse account and clicking Rewards on the homepage. Get started today and make 2023 your healthiest year yet!
*Incentive rewards are provided in “Pulse Cash,” the “rewards currency” for HealthFlex. Pulse Cash is delivered straight to your Virgin Pulse account and can be transferred to your checking account or redeemed for gift cards, merchandise or charitable donations. You must be enrolled in Virgin Pulse to earn and redeem Pulse Cash. The IRS considers cash wellness incentives as taxable income. Contact your tax adviser for more information.
Action Items for Financial Wellness Month
January often brings renewed focus on diet and exercise, but it is also Financial Wellness Month. Some financially healthy habits you can develop this year include:
- Ask for help. Participants in Wespath retirement plans have access to financial planning through EY Financial Planning Services (EY) at no additional cost*. Whatever your salary, whatever your savings, financial planning is for everyone. Contact an EY financial planner at 1-800-360-2539.
- Explore resources available to you. EY offers tools for budgeting, debt reduction and retirement planning. Log in at eynavigate.com to learn more.
- Pay yourself first. Contributing to your retirement plan directly from your paycheck is an easy way to save. Contact your employer or plan sponsor to enroll or start making contributions to your plan. Plus, increasing your retirement plan contribution by even 1% each year can help you meet your financial goals in retirement. Contact your employer or plan sponsor to increase your contribution today..
*EY Financial Planning Services are available to active 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.
LifeStage Retirement Income Wins Award
Wespath was recognized by Pensions & Investments with a 2022 Excellence and Innovation Award for upgrades to the LifeStage Retirement Income program. Our new retirement income modeling tool allows you to factor in optional, customizable features as you set up your retirement income. Learn more about LifeStage Retirement Income.
2022 Tax Reporting Forms
Wespath will mail the following 2022 IRS tax reporting forms no later than January 31, 2023:
- Form 1099-R—Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
- Form 1099-MISC—Miscellaneous Information
- Form W-2—Wage and Tax Statement (for disability payments)
Wespath will also mail the following tax reporting forms on the dates noted below:
- Form 480.7C—Informative Return—Retirement Plans and Annuities for Puerto Rico plans and residents of Puerto Rico by February 28, 2023 (available by U.S. Mail only)
- Form 1042-S—Foreign Person’s U.S. Source Income Subject to Withholding by March 15, 2023
Copies of tax documents sent via mail (except Form 480.7C) will also be available in your account at benefitsaccess.org at the end of January. After logging in, go to the Retirement page and click on “Accounts”, then “Tax Forms”. If you can’t access your U.S. tax forms online or wish to receive a copy of Form 480.7C, contact Wespath at 1-800-851-2201.
Quarterly Statements Go Paperless in April
If you’re used to receiving your quarterly retirement account statement in the mail, please take note.
As of the first quarter 2023 statements (available early April 2023), all eligible participants will receive an email informing them that their quarterly statements is ready to view in benefitsaccess.org. (Participants with non-U.S. addresses will still receive their statement by mail.) Quarterly statement emails will arrive four times a year: in early April (Q1 statement), early July (Q2 statement), early October (Q3 statement) and early January (Q4 statement). Electronic delivery of participant statements through Benefits Access is fast, easy and secure.
New to Benefits Access? Here's How to How to Set Up Your Account
Go to benefitsaccess.org and click the “New User Registration” box (bottom of screen). Answer a few questions, provide a valid email address, and set up your username and password.
Video: Q4 Market Takeaways and Markets in Review
Managing Director of Investment Management Frank Holsteen recaps the major investment news from fourth quarter 2022, reviews key themes from 2022, and shares important factors investors will be watching in 2023.
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