Annual Healthcare Elections and UMPIP Contributions

Over the next couple of months, your organization may be going through annual enrollment for 2021 healthcare benefits. During this time, take the opportunity to encourage your participants to review their UMPIP contribution amounts and consider increasing contributions.

To maximize potential savings, Wespath encourages our participants to contribute at least the minimum percentage amount to earn their employer match (if available). You can use the Contribution Activity Report in the Benefits Access Portal to identify employees who are not contributing this amount and send targeted messages encouraging them to contribute enough to earn the match. Once employees are earning their match, a good rule of thumb for them is to increase retirement contributions by at least 1% of their annual salary every year.

If you offer a high deductible health plan with an HSA account, your participants may need assistance determining whether to save in UMPIP, the HSA or both. Eligible participants can call EY Financial Planning Services* to consult with them based on their unique situation.

You may want to consider including messaging about reviewing UMPIP contributions in annual election communications and include the UMPIP Contribution Election form to make changes easy.

* Financial planning services are available to all active participants and surviving spouses with an account balance in Wespath-administered plans, as well as to terminated and retired participants with an account balance of at least $10,000.

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