Set the Course for Your Future
Annual compensation conversations with your District Superintendent and Staff-Parish Relations Committee are a great time to think about your financial future—especially your contributions to Compass and the United Methodist Personal Investment Plan (UMPIP). We encourage you to consider contributing at least 5% of your compensation if you aren’t already doing so.
Why 5%?
Both Compass and UMPIP are designed to help you build long-term financial security—and to reward your participation.
- Under the Compass retirement plan, contributing a minimum of 4% of your pay qualifies you to receive the full match.
- Under UMPIP, contributing a minimum just 1% earns you the full match.
Together, these plans make it possible to grow your retirement savings with significant matching contributions. The NC Conference Board of Pension recommends a 5% personal contribution, which aligns well with maximizing both plans. If you contribute less than the minimums noted above, you will be leaving matching dollars on the table—don’t miss out on this opportunity for “free money” that can make a meaningful difference over time.
Why now?
Even a small increase can have a big impact. Setting your contribution at 5% now helps establish a strong foundation for your future and builds a habit of consistent saving. If you’re unsure how to make this work within your budget, an EY Financial Planner can help you create a plan that fits your situation.
What should you do?
No matter your circumstances, saving for retirement is an important step toward long-term financial well-being. Please review and, if needed, increase your contributions to Compass and UMPIP.
Pastors serving at least a 50% appointment should also consider enrolling in the Transition Fund. Your required 1% contribution not only helps you build retirement savings now, but after five years of participation, the NC Conference begins making additional contributions to your UMPIP account on your behalf.
Take advantage of the full benefits available to you—and don’t leave free money on the table. Reach out to the Conference Benefits Team if you have questions or need help making changes.
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!
Retirement Plan Automatic Features
The North Carolina Conference values the future financial security of its members. To make saving for retirement easier, the NC Conference has added two automatic features to the United Methodist Personal Investment Plan (UMPIP) – automatic enrollment and automatic escalation. To read more about these features, view the Compass notice (full-time clergy) or the UMPIP notice (part-time clergy).
Accessing Retirement Funds
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!