Meet Wespath’s next Chief Investment Officer

In early October, Johara Farhadieh joined Wespath as our deputy chief investment officer. She will succeed Dave Zellner as Wespath’s chief investment officer when he retires in the summer of 2024 after more than 25 years at Wespath. Prior to joining Wespath, Farhadieh was the executive director and chief investment officer for the Illinois State Board of Investment, which is responsible for the retirement assets for all state employees, the general assembly and the judges of Illinois. Read more about Farhadieh here.

Farhadieh recently answered a few questions about her background and path to Wespath. Her answers have been edited for length and clarity.

What about Wespath did you find intriguing?
The number one thing is the people. Everybody I met who was affiliated with Wespath, or the employees here, have shared values, and honestly everyone is just kind. The second thing that drew me is Wespath’s mission. As we manage billions of dollars on behalf of our participants and investors, we play an important role to ensure that we’re making money on that money, but also doing so in a way that can effect positive change and do great work overall in the world.

How did your upbringing and background shape you into the investor you are today?
I was raised by a very smart, strong, supportive mother.  We’ve gone through some hardships and challenges in life, but they’ve only made me more resilient and patient, and I can apply that sort of mindset as an investor.

When did you discover you had a passion for investments? Were you born reading Warren Buffett?
I was definitely not born reading Warren Buffett books. I was more interested in “The Babysitters Club.” The first moment I started to have an interest in investing was around 18 years old. I worked at the Jewel (grocery store) starting at 15 years old. When I turned 18, I was able to open a 401K. I was instructed by someone to put money away in my 401K, and I didn’t really understand at the time, but if money was going, I really did want to understand where it was going to. So that’s where I started to have an interest in it.

To learn more about Farhadieh, check out her full biography here.

Annual Election ends Nov. 16—make your elections today!

Annual Election is your chance to choose your HealthFlex medical, dental, vision and health account options for 2024. There are some important changes to HealthFlex plans for 2024, so it’s more important than ever to review your plans and make sure they’re right for you and your family. Choosing the right plan could save you hundreds of dollars per year! 

To make your health plan elections now, log into Benefits Access.

Making personal contributions is key for closing 2023—and welcoming 2024

As 2023 draws to a close, it’s a good time to revisit your personal contributions to your retirement savings. Here’s why:

• Tax Advantages: Boosting your year-end before-tax contributions may lower your annual taxable income and potentially reduce your income tax.
• Employer Matching: Don't miss out on potential employer contributions—make sure you’re contributing enough to take full advantage of your employer’s match, if available.
• Compound Investment Earnings Growth: Saving for retirement is a good idea at any age. But the sooner you start contributing to your retirement account, the more time your retirement account balance can benefit from the power of compounding investment growth.
• Security and Peace of Mind: Being consistent with personal contributions can help you work toward a more financially comfortable retirement.

Optimize your financial future in retirement by starting or increasing your personal contributions–complete and submit a Contribution Election form today!

New personal contribution limits for 2024
The Internal Revenue Service has increased the retirement plan contribution limits for plans such as the Wespath Personal Investment Plan (PIP) and Horizon. Your total before-tax and Roth contributions for 2024 to PIP, Horizon and any other qualified retirement plans cannot exceed $23,000. If you are age 50 or older by the end of 2024, you can make additional contributions up to $7,500, which means that your maximum amount of personal contributions in 2024 is $30,500.

Personal, confidential help is available with EY Financial Planning Services
Consider working with EY Financial Planning Services (EY)* to determine the best strategy for your personal contributions. 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 to contact a financial planner.

*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.

New insurance cards for all HealthFlex participants coming in December

All HealthFlex participants will receive new insurance cards in December. These new cards will provide you with the information you need for your healthcare in 2024. All cards have the Blue Cross Blue Shield (BCBS) logo and PPO symbol on the front of the card, meaning you have access to the BCBS nationwide PPO network of providers.

New Care Coordination service launches soon

Your new BCBS insurance card will also feature a phone number for Care Coordination, a new service included with your HealthFlex coverage and available to all participants beginning January 2, 2024 (December 1, 2023 for current HealthFlex participants using UnitedHealthcare). Think of Care Coordination as your dedicated team of nurses, claims specialists and benefits experts ready to save you time and: 

• Answer questions about your benefits, claims and billing
• Find in-network providers
• Contact providers to coordinate your treatment
• Review your care options
• Verify coverage and preapproval, if needed
• Help you save on out-of-pocket costs

Watch this short video to learn more about how Care Coordination can help you in the new year. Look for the phone number for your Care Coordinators on your new BCBS card (coming in December).

Helping the next generation of sustainable investors—register by December 22

Do you know a college student interested in a career in impact investing? The Student Corporate Engagement Challenge provides real-world, hands-on experience in sustainable investing and has helped past college participants source industry jobs. The Challenge is free and open to undergrad and grad students at any college. Learn more by watching our on-demand informational webinar. The registration deadline for the Challenge is December 22.

For Your Education

Video: Recapping the UAW strike from a responsible investor’s perspective Just over an hour’s drive from Wespath’s office is an auto assembly plant where Chrysler’s parent company Stellantis halted production back in February. As part of the recent tentative deal the United Auto Workers (UAW) union reached with Stellantis to end its six-week strike, the assembly plant will re-open. Wespath’s Mark Warren discusses the UAW strikes in our latest Markets at a Glance video and explains why Wespath cares about these developments. You can also read more about how the Wespath funds were affected by financial markets in our October Monthly Investment Report. Upcoming webinar: Learn more about the United Methodist Personal Investment Plan (UMPIP) Register today for “Personalizing UMPIP 2023” on Thursday, December 14 at 1:00 p.m. Central time. This 45-minute educational session provides insights about UMPIP, a 403(b) retirement savings plan. Dan Eck of EY Financial Planning Services will also provide practical takeaways on saving for retirement. A recording of the webinar will be made available after the event. Video: Where do your household brands really come from? While the glasses you are wearing to help read this e-mail might have been purchased from a store at your local mall, there’s a good chance the parent company is headquartered in Europe. Gerald Du Manoir—a portfolio manager for Capital Group, one of Wespath’s external asset managers—explains how the U.S. and international economies are interconnected in our latest “Asset Manager Insights” video.