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Vol. XVII, Issue 14

April 30, 2018

Participant Mailing—Annual RMD Notices

The Internal Revenue Service (IRS) requires that retirement plan participants begin taking annual distributions and/or begin receiving monthly benefit payments from their retirement accounts—called required minimum distributions (RMDs)—at retirement or the year after a participant reaches age 70½ (whichever is later).

Wespath’s Required Minimum Distributions brochure will be sent to participants who must begin taking RMDs this year. The brochure is available online or additional printed copies can be requested from Wespath.

RMDs will begin to be automatically distributed by Wespath in December (payments may be deferred until April by request for first-time recipients). The total payment consists of a participant’s RMD amount from each plan minus any payments already received during the current year from that plan. Lump-sum payouts will be automatically distributed to RMD participants who have less than $5,000 in Wespath-administered plans, in accordance with plan rules.

A letter will accompany the brochure that will be sent May 1.

Participants in defined benefit plans subject to RMDs (e.g., the Clergy Retirement Security Program, the Ministerial Pension Plan and the Pre-82 Plan) must begin receiving their monthly benefits. If benefits payments have not been scheduled to begin by the RMD date, a letter and applications for benefits will be mailed by July 31.

If you have any questions you may contact Wespath at 1-800-851-2201, business days from 8:00 a.m. to 6:00 p.m., Central time.

IIP and CBFP Moving to the Wespath Portal

The Institutional Investor Portal and Comprehensive Benefit Funding Plan (CBFP) applications will be moved to the Wespath Portal on May 5. This change will consolidate applications under a single point of access, enhancing security, deterring hackers and preventing other unauthorized online access.

These applications will join the existing administrative sites—Benefits Access and Contribution Management—making the Wespath Portal the single, secure point of entry to all password-protected Wespath administrative sites.

Systems Unavailable—Saturday, May 5

The following systems will be unavailable on Saturday, May 5 from 7:00 a.m., Central time until the late afternoon:

During this system outage, the Institutional Investor Portal and CBFP applications will be added to the Wespath Portal. We apologize for any inconvenience.

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a general agency of The United Methodist Church
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