Set the Course for Your Future
Annual compensation conversations at this time of year with your District Superintendent and Staff-Parish Relations Committee is a great time to think about your financial future – including your contributions to the United Methodist Personal Investment Plan (UMPIP). We encourage you to consider making a personal contribution of at least 4% if you aren’t already doing so.
Why 4%?
Because when the new UMC clergy retirement plan (Compass) starts on January 1, 2026, contributing 4% of your pay qualifies you to receive the full match. Essentially, this is “free money” added to your retirement savings, which can significantly impact your financial future.
Why 4% now?
Although 4% might seem like a big step, committing to contributing at least 4% of your pay now will set you up for success when Compass starts. Can’t imagine how this will work with your budget? Contact an EY Financial Planner for assistance.
What should you do?
No matter your situation, saving for retirement is an important step toward financial stability. Please consider your contributions to UMPIP. Pastors serving 50% or greater appointment times should also consider enrolling in the Transition Fund. The contribution is a fixed 1% and after five years of membership the NC Conference begins making contributions to your UMPIP account, too! Reach out to the Conference Benefits Team to make a change.
Compass Information
Wespath is committed to assuring participants are well-informed about the new Compass retirement plan, which becomes effective January 1, 2026. Wespath’s Compass overview handout is now available in three languages:
These documents are also available on Wespath’s website, including the General Conference Compass page, Retirement Plans page, and as part of the 2024 Annual Conference virtual toolkit.
Wespath’s General Conference Resources
Wespath offers many resources to help you learn about their legislation. View Wespath’s General Conference page to access handouts, videos, and other information about Wespath’s petitions and rationale.
The webpage features special sections, including:
Clergy Compensation Calculator
Want to know how much to budget for your church’s pension costs? The Clergy Compensation Calculator on the Treasurer’s Office Pension website can provide the answers you’re looking for. This tool performs the mathematical functions of the Clergy Compensation Worksheet without interfering with official compensation reports. Pastors, Finance Committee and SPRC members (anyone, really!) can run any number of compensation package scenarios to learn how different choices will impact the church’s pension budget line items and the pastor’s pension-related payroll withholdings. For questions, contact JoAnna Ezuka, Benefits Coordinator, at jezuka@nccumc.org.
Missed an online seminar? Want to view a past training?
Check out our Stewardship and Financial Wellness pages to watch videos from these events, and more!
UMPIP Automatic Features
Considering withdrawing your retirement money to meet a current financial need? The United Methodist Personal Investment Plan (UMPIP) is designed to provide retirement income. During difficult economic times, however, participants may feel forced to access these funds to relieve immediate financial obligations. This article describes and compares two methods of withdrawing money from your UMPIP account prior to retirement.
The New and Improved Benefits Access
Recent updates to the design and navigation of Benefits Access make it easier to use on your computer and mobile devices. With the new Benefits Access, you will still enjoy the improved site design and navigation with the added ability to see a summary of all your Wespath benefits. Benefits information will be right at your fingertips, whether you’re at home or on the go.
The way you log into Benefits Access will stay the same. Simply use your current Benefits Access login credentials at benefitsaccess.org. Not registered yet? Sign-up today!