• 2017 Comprehensive Benefit Funding Plans Webconferences—Dial-In Details
• Annual Tax Reporting Forms
• Applications for Benefits and Retirement Projections Update

2017 Comprehensive Benefit Funding Plans Webconferences—Dial-In Details

As announced in the December 17 On Board Express, the General Board will host webconferences to review the tools and materials for completing the 2017 Comprehensive Benefit Funding Plan (CBFP).

The webconferences are designed for conference benefits officers, treasurers, Board of Pension chairs and conference staff. They will be held:

• Thursday, January 7 from 2:30 p.m. to 3:30 p.m., Central time and
• Tuesday, January 12 from 10:30 a.m. to 11:30 a.m., Central time

Both sessions will provide the same information, so select the time that is most convenient for you. To connect to the webconferences please follow:

Dial-In Details

1. Please join my meeting.
https://global.gotomeeting.com/join/517485437

2. Use your microphone and speakers (VoIP) - a headset is recommended. Or, call in using your telephone.

United States (toll-free): 1-877-309-2073
United States: 1-571-317-3129

Access Code: 517-485-437
Audio PIN: Shown after joining the meeting

Questions

If you have questions, please contact your Conference Liaison or Ross Lundstrom, Conference Relationship Manager, at rlundstrom@gbophb.org or 1-800-269-2244 ext. 4224.

Annual Tax Reporting Forms

The General Board will mail the following 2015 Internal Revenue Service (IRS) tax reporting forms to participants no later than February 1, 2016:

• Form 1099-R—Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
• Form 1099-MISC—Miscellaneous Income
• Form W-2—Wage and Tax Statement (for disability payments)

Participants who do not receive the appropriate form(s) by February 10, 2016 should contact the General Board at 1-800-851-2201. Representatives are available Monday through Friday from 8:00 a.m. to 6:00 p.m., Central time.

The following tax reporting forms will also be mailed to participants on the dates noted:

• Form 1042-S—Foreign Person’s U.S. Source Income Subject to Withholding by March 15, 2016
• Form 480.7C—Informative Return—Retirement Plans and Annuities for Puerto Rico plans and residents of Puerto Rico by February 29, 2016

Applications for Benefits and Retirement Projections Update

The General Board previously notified* benefits officers and conference treasurers that we are updating actuarial assumptions, including the mortality table, to more accurately reflect the longevity and other characteristics of our participants. These new assumptions will be applied to Applications for Benefits (AFBs) and retirement projections beginning January 5, 2016.

AFBs and retirement projections created after January 4, 2016 reflect the new mortality table’s increased longevity, resulting in a lower payout rate for annuities from Pre-82 Plan Defined Benefit Service Money (DBSM) accounts and the Ministerial Pension Plan (MPP).

Since retirement income calculations in AFBs are affected by market performance and other factors, income amounts may change between the date AFBs are generated and the date of the first payment. Participants can obtain current projections of retirement income by running new projections online at www.benefitsaccess.org or requesting a projection from a General Board representative.

For more information about these changes, contact your conference liaison or plan sponsor manager 1-800-269-2244.

* The impact of these changes on retirement plan liabilities was discussed at the recent Association of United Methodist Conference Pension and Benefits Officers (AUMCPBO) meeting and during the September 2015 webinars.

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