Wespath Letter to 2020 and Future Retirees
We realize some participants in the UMC retirement investment accounts may have questions about their pending or future retirement. Please see Wespath’s Retirement FAQs for participants for answers to key questions.
CPP Billing Holiday for Full-time and Three-quarter-time Churches and Pastors
For the months of May, June, and July 2020, the Comprehensive Protection Plan (CPP) premiums usually included on the monthly pension bill will be paid for by a credit given by Wespath Benefits and Investments to Annual Conferences and approved by the NC Conference Board of Pension to be passed on to local churches. The monthly pension statements for full and three-quarter time appointments will not include the CPP_Church and CPP_Pastor line items dated for May, June, and July 2020 during this three-month premium holiday (waiver) period.
The CPP is the long-term disability and death benefit for full-time and three-quarter-time clergy. This benefit coverage will remain in place for all enrollees throughout the premium holiday period.
NEW EY Website Launch
EY Financial Planning Services has launched a new website—EY Navigate—to replace the previous website.
EY Navigate includes added technology and functionality, such as:
- Direct messaging to help participants connect with their financial planners
- New, more focused questionnaires with smaller actions participants can take to improve their financial situations
- Account aggregation so that they can link financial accounts (checking, savings, etc.) and retirement account balances at Wespath and other providers for a more comprehensive view of their progress toward goals and cash flow
- A new Confidence Checkup that replaces the Financial Wellness Assessment
Impact on Participants:
Accessing the new website will require participants to register, even if they are registered for the current site, to ensure security. In addition, participants who uploaded documents to their secure mailboxes on the current EY website, will need to download and save them by November 1. The documents WILL NOT BE accessible from EY Navigate. If participants need access to these documents after November 1, their EY planners will have to retrieve them manually.
UMPIP Automatic Features
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.
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 2019 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. Ready for 2020? Download the Clergy Pension Benefits Guide 2020 to see plan design and cost changes coming next year.
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.