Holiday greetings!

As 2023 winds down, we reflect on the value of our relationships with those we serve. Thank you for continuing to entrust Wespath as the steward for your benefits. View our 2023 holiday message.

Contribution limits for 2024

The Internal Revenue Service has released 2024 contribution limits for retirement plans. In 2024, you can make personal contributions from your paycheck up to:

• $23,000 in before-tax and/or Roth contributions (up from $22,500); and
• possibly up to an additional $3,000 with 15+ years of service with your denomination (call Wespath for details); and
• an additional $7,500 in catch-up contributions, if age 50 or over by year end (unchanged)

Total personal and plan sponsor contributions to retirement plans (not including “catch-up” contributions) cannot exceed the lesser of 100% of compensation or $69,000 for 2024 (up from $66,000). 

In 2024, the maximum participant compensation that can be considered for retirement contribution calculations increases from $330,000 to $345,000. However, churches and qualified church-controlled organizations are exempt from this limit.

The Personal Investment Plan Enrollment Form and Contribution Election Form have been updated to reflect these changes.

2023: a year of accomplishments while caring for those who serve

From groundbreaking initiatives to transformative partnerships, 2023 has been a year of growth for Wespath. We’re thrilled to share some of the highlights from our journey:

• After first receiving a $250,000 Lilly Endowment grant in 2022, Wespath successfully raised $250,000 in funding that will be matched by an additional $250,000 from the Lilly Endowment Inc. The $750,000 total will be used to further clergy well-being, with a focus on clergy of color, through Wespath’s Clergy Financial Well-Being Initiative, which is already allocating resources to the effort.
• Wespath’s Chief Investment Officer (CIO) Dave Zellner made Chief Investment Officer’s 2023 Power 100 list. The list recognizes CIOs who demonstrate exceptional care and skill in guiding their organizations’ funds through volatile times.
• Wespath was presented with the Best Ethical Retirement and Investment Service Provider 2023 – Midwest USA award by Wealth and Finance International. The award celebrates businesses and individuals that empower the efficient and sustainable management of assets and wealth.
• For the seventh year in a row, Wespath was named a Best and Brightest Company to Work For® in the Chicagoland area (and nationwide six years running). The award recognizes organizations demonstrating commitment to employee development, work-life balance, positive corporate culture, DEI (diversity, equity and inclusion) and other criteria that help make them appealing places to work. 
• Wespath’s Communications Department received three United Methodist Association of Communicators (UMAC) awards for excellence in digital publication (Central Conference Pensions Report 2022), video production/streaming event (Live from Wespath) and media presentation (2023 Clergy Well-Being Survey Infographic). The competition aims to recognize the achievements of UMAC members who played a key role in creating communications about the good work of the Church.

Each accomplishment is a testament to the dedication of our team and the collective impact we can achieve when we work together. Your ongoing support has played a crucial role in making these achievements possible, and we are grateful for the trust you place in Wespath.

2023 sees increase in participant engagement

Helping you optimize your financial future is important to Wespath; that’s why in 2023 we prioritized encouraging Benefits Access registration and personal contributions to our retirement savings plans. Here’s what you accomplished in 2023:

2023 saw a significant increase in the number of participants registered for Benefits Access! We are delighted to see so many of you actively engaged in your retirement planning and using the digital resources available. 

If you’ve recently registered for Benefits Access, congratulations! According to a report by the Employee Benefit Research Institute (EBRI), individuals who consistently monitor their retirement savings are more likely to be financially aware and engaged in their overall financial well-being. Registering for Benefits Access is a proactive, responsible move—for now and the future.

Also, if you started making personal contributions to your retirement plan this year, well done! 2023 saw an 8.0% increase* in the number of participants who elected to defer some of their salary to their retirement savings. Your commitment to saving for retirement is an important investment in you and your family’s future.

Congratulations on achieving these significant milestones in 2023! Wespath looks forward to even more engagement in 2024.

*Reflects participants who did not make personal contributions in 2022.

Earn Your $150 before Dec. 31 with Wellness Credits

There are only a few weeks left to earn your 150 Wellness Credits—and $150—for 2023! Here are some activities you can do before the end of the year (and the Wellness Credits you’ll earn):

• Log into Benefits Access – 25 credits
• Complete one Virgin Pulse Coaching call – 25 credits
• Complete two Journeys – 30 credits
• View two success stories – 10 credits
• Submit a success story – 20 credits
• Meet with an EY Financial Planner – 25 credits
• Adopt a new spiritual practice for one month – 15 credits

Learn about all the opportunities to earn Wellness Credits (and cash!) by logging into Virgin Pulse, then clicking “Rewards.” Scroll down to “Action Rewards,” and look for items tagged “Wellness Credits” to find the full list of activities.

Please note: you must be registered with Virgin Pulse to earn rewards. New to Virgin Pulse? Visit join.virginpulse.com/wespath to get started. 

*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. The IRS considers cash wellness incentives as taxable income. Contact your tax adviser for more information. You must be enrolled in Virgin Pulse to earn and redeem Pulse Cash.

New HealthFlex benefits card in the mail

Keep an eye on your mailbox this month —all HealthFlex participants will receive new HealthFlex insurance ID cards in December. These new cards will provide you with all the information you need for your health care in 2024. All cards have the Blue Cross Blue Shield logo and PPO symbol on the front of the card, the new phone number for Care Coordination services and more.

Care Coordination can help with your health care journey

Wondering about the new Care Coordination service Wespath will include for all Healthflex participants starting in January? Here’s one first-hand example of the service Care Coordinators can provide:

“I went to the doctor for a medical test that I thought would cost me nothing out of pocket. Then I got a bill for $4,500. I wasn’t sure what had happened, but I knew I couldn’t afford that bill. I called my Care Coordinator, Alana, and she was kind and patient with me. She told me she would look into it and find a way to help. She sure did. She figured out the problem and got the whole bill erased. I was worried sick for days, and Alana took care of everything in just a couple of hours. What a wonderful service you all provide.”

If you need help understanding a bill, finding a provider, understanding your coverage or care options, and much more, your Wespath Care Coordinator will be there to help. Care Coordinators will be available beginning January 2, 2024. Learn more about Care Coordination or watch more Care Coordination success stories.

For Your Education

Thinking twice about fixed income investments? Here’s how we think about bonds Wespath offers seven fixed income funds in our P Series, and many of our participants are invested in at least one of them. As you near retirement, you may be increasing your allocations to lower-risk investments like bonds. However, the bond market has been quite volatile in recent years. Many investors are understandably re-evaluating their approach to bonds right now, weighing both their risks and their opportunities. With all this in mind, members of the Wespath team developed a three-part series on bond investing to share their thoughts on fixed income opportunities and how Wespath approaches these types of investments. Catch up on the news impacting financial markets Review the latest in market and economic developments—including the S&P 500 Index of U.S. stocks enjoying its best month since July 2022, Sam Altman’s firing and subsequent re-hiring as OpenAI’s CEO, and more—in our latest Monthly Investment Report and Markets at a Glance video.