Billing System Changes Effective January 1, 2018
The NC Conference is changing the billing system used for the insurance and pension benefits. Here are the important changes you need to be aware of:
- All fixed automatic draft payments will be processed on the 25th of the month.Currently, fixed automatic draft payments occur one of five dates each month, but the new system only allows for one automatic draft per month. If billing on the 25th works with your bill paying schedule then no action is necessary. If it does not, then you may choose to use the online method to initiate payments or cancel participation in the draft program altogether. Use EFT enrollment forms on the Treasurer’s Office Downloads website to change to the online method. To cancel, simply send an email stating your intent to firstname.lastname@example.org.
- If you currently authorize monthly payments through the Online Data Collection System, you will not see any immediate change to the processing of your payments. A new website for making online payments will be rolled out later in 2018.
- Insurance bills will be sent to only one payer. One of the churches at each Multi-point Charge and Dual Appointment will be designated as the lead church. This church will receive one insurance bill for the total monthly amount. Pension bills will continue to have the option of being split between two payers based upon the compensation each payer provides.
- A single church billing address will be used for both Pension and Insurance statements.
The church’s main mailing address will be used by default. A separate billing address can be designated instead on the church’s bio record.
The preferred mailing address on your clergy bio page will be used.
All billing recipients are encouraged to log into the Online Data Collection System prior to January 1st and verify that these addresses are correct.
New Tool: 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, Pension Program Administrator, at email@example.com.
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.
Trying to Make Sense of the Church Pension Plans?
Download the Clergy Pension Benefits Guide for answers to the most commonly asked questions and current years’ pension rates. See the Pension Plan History outline for previous years’ CRSP and CPP billing rates.
EY Introduces New Website and Financial Wellness Assessment
EY has upgraded its Financial Planning Center website for Wespath participants to better serve you. See what the new website now has to offer here.
Online Access to Your Pension Benefits
Benefits Access is the website designed to help participants in Wespath-administered retirement accounts manage their benefits and prepare for retirement. The website offers enhanced security, tools to project pension benefits in retirement, the ability to view and update beneficiary designations, online applications for in-service loans and post-retirement benefit elections, electronic delivery for statements and Hark! newsletters, and other educational resources.