Boost Your Retirement Savings With the Transition Fund
The NC Conference Transition Fund is an additional way qualified participants can save money and earn additional contributions toward their retirement savings. Eligible participants may designate a contribution as their United Methodist Personal Investment Plan (UMPIP) contribution and simultaneously designate an additional contribution as their Transition Fund contribution. Both contributions will be deposited monthly into the participant’s UMPIP account with Wespath Benefits and Investments.
How does it benefit me?
This added Transition Fund contribution increases the participant’s personal savings for retirement and earns credit toward an additional annual contribution by the NC Conference to the participant’s UMPIP account.
In some cases, participants may save money in the amount of Federal and State income taxes owed on current income from work or on future withdrawals of contributions or earnings from the UMPIP as a retiree.
The same flexibility, investment control, 100% ownership, accessibility, and beneficiary designations participants have with their UMPIP account balance will also apply to their Transition Fund contributions.
When does it benefit me?
Eligible participants may enroll at any time. The annual NC Conference contribution is earned after the participant has accumulated 5 years of Transition Fund credit by making monthly personal Transition Fund contributions. The first annual NC Conference contribution is deposited in the 6th year of membership. Credit and the annual NC Conference contribution then continue to be added to the participant’s UMPIP account for each year thereafter until retirement as long as the participant continues to make Transition Fund contributions.
Download the Transition Fund Enrollment form for more details. Additional questions can be directed to firstname.lastname@example.org.
The Transition Fund is an Addendum to the NC Conference’s sponsorship of the United Methodist Personal Investment Plan (UMPIP). The Addendum defines eligibility and the Conference’s annual Discretionary Contribution as approved by the 2022 session of Annual Conference.