Silicon Valley Bank’s Failure Reinforces Importance of Long-Term Investment Plan

The unexpected events at Silicon Valley Bank (SVB) and other financial institutions have created new economic uncertainties. In a recent video and blog post, Wespath’s investment team recaps the SVB story, describes its limited impact on Wespath’s investment funds and explains why near-term market challenges provide an important reminder about maintaining a long-term approach.

2023 Clergy Events

We are excited to announce a new virtual clergy education experience, “Live from Wespath,” that will take place on Wednesday, May 17 at 1:00 p.m. Central time. This no-cost, four-hour event will feature information and insights about benefits, well-being and investments from Wespath to help clergy better navigate their daily lives and the general church environment. Learn more and register for this event.

With the launch of “Live from Wespath,” we will sunset the “Delivered to You” (DTY) virtual event program. Thanks to the more that 1,000 clergy who participated in DTY events during the pandemic.

We also are evaluating the future of our in-person events, such as the Clergy Benefits Academy, which has been attended by many clergy over the years. We will not host a Clergy Benefits Academy in 2023, but instead will take time to reimagine in-person clergy events considering current and future expectations.

Thank you for your patience and understanding as we continue our work to bring you the best in education and information.

COVID-19 Coverage Update

As of May 11, 2023, the government will officially end the COVID-19 public health emergency period. As a result, certain rules for health care coverage related to COVID-19 will also change.

Specifically, after May 11, HealthFlex will no longer cover:

• COVID testing at 100% (including at-home tests and tests performed at a doctor’s office, pharmacy, or other testing center)
• In-network COVID treatment at 100% before a participant reaches his or her deductible

COVID-19 tests performed at a doctor’s office, pharmacy, or other testing center, and treatment will all be processed according to regular HealthFlex plan benefits and subject to normal deductibles, coinsurance and network rules. At-home COVID tests will no longer be covered by HealthFlex.

All recommended vaccines and boosters administered by an in-network provider or pharmacy will continue to be covered at 100%, including recommended COVID-19 vaccines and boosters.

Beginning April 1, 2023, No Cost for MDLIVE^® Telehealth Services through 2024

We’re excited to share that, as of April 1, there will be no cost for HealthFlex participants to use MDLIVE services (behavioral health or medical telehealth) through the end of 2024.

This expanded, no-cost access to behavioral health services (in addition to medical telehealth) allows you and/or your covered dependents age 10 and over to connect with a licensed therapist or a board-certified psychiatrist for ongoing care.

• Primary participants can access MDLIVE for themselves and covered family members through benefitsaccess.org—no additional username or password needed.
• Spouses enrolled in HealthFlex can access MDLIVE by logging into Virgin Pulse, visiting the Benefits page, and searching “MDLIVE Telemedicine” to log in or register.

For acute, non-emergent medical needs, MDLIVE is a fast, convenient option that can save you time and money. Schedule a virtual visit for common issues like the flu, allergies, ear problems and more, or to renew a prescription.

This coverage change went into effect after a government spending bill passed that extended the telehealth provision allowing health plans to cover telehealth services before the deductible is met. This two-year extension is particularly helpful for individuals enrolled in a high-deductible health plan paired with a health savings account. The no-cost MDLIVE benefit applies to all HealthFlex plans.

Take Advantage of Increased Contribution Limits for 2023

Did you know you can contribute more to your retirement savings this year?

For 2023, the IRS contribution limits for 401(k) and 403(b) plans increased to $22,500 (up from $20,500). Plus, if you’re over the age of 50 and your financial situation allows, you can contribute up to $30,000, which includes up to $7,500 in “catch-up” contributions. If you have more than 15 years of service with a United Methodist-related organization, you may be able to contribution more (call Wespath at 1-800-851-2201 for more information).

Take advantage of the increased limits now by downloading a Contribution Election form, filling it out and giving it to your employer.

When thinking about contributing to your retirement savings, consider working with EY Financial Planning Services (EY)* to determine the best strategy for your financial situation. Simply log in to wespath.eynavigate.com or call the EY Navigate™ Planner Line at 800-360-2539, business days from 8:00 a.m. to 7:00 p.m., Central time.

*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.

Celebrating Earth Day this April—Wespath’s Green Team Takes Action

Since April 22, 1970, Earth Day has been an annual call to action to protect our planet. Earth Day 2023’s campaign to “act (boldly), innovate (broadly), and implement (equitably)” inspires Wespath to continue its efforts in keeping the planet green and clean. In 2010, Wespath’s environmentally friendly campus design earned us LEED* gold certification, and we will be seeking re-certification in 2023 through a comprehensive effort to document our carbon footprint and energy usage. We also support climate action and the transition to a low-carbon economy through Wespath’s sustainable investment strategies. Learn more on how Wespath is making a difference as a climate-focused investor and an eco-friendly employer .

Within our workplace, Wespath’s Green Team continually challenges employees to go green through actions and education. We launched an aggressive composting and recycling program in 2019 that has reduced our landfill waste by 70%. Last year, our Green Team led 10 major initiatives to encourage staff to take simple actions to help protect and restore natural resources. Some of these initiatives include participating in a Community-Supported Agriculture (CSA) program, adopting a highway to keep clean, purchasing only compostable kitchen utensils and switching to green EPA-certified electricity. Read more about the Green Team and Wespath’s efforts.

Looking for ways to make a positive impact on the environment? Visit the Earth Day 2023 website to discover how you can make a difference.

* LEED: Leadership in Energy and Environmental Design, U.S. Green Building Council

Should Investors Be Worried About the Debt Ceiling Debate?

While Congress and the White House continue to debate raising the debt ceiling, some investors have started to ask whether the negotiations will lead to additional financial market volatility. We dove into the debt ceiling discussion in this recent blog post.