Vol. XVIII, Issue 4
As we draw closer to the special called General Conference, we are seeing an increased volume of questions and concerns about potential impact on clergy benefits with varying degrees of accuracy. We also hear the worries individuals have for their personal financial security during this time of uncertainty. We monitor dialogue on social media and blogs, and we receive questions and comments from participants and other stakeholders.
Wespath seeks to provide unbiased and accurate information about the UMC benefit plans, and in particular about the effects that the Way Forward plans and the 2019 General Conference may have on those plans. Wespath has published these FAQs to help participants and Church stakeholders understand these types of questions, and we update the FAQs regularly. You can also send your questions directly to Lisa Drew at ldrew@wespath.org.
The updated FAQs do include questions like:
I’m hearing rumors and reading things in blogs and social media about the possible impacts of the 2019 General Conference and the Way Forward plans on pension and other benefits. How do I find out if what I’m hearing and reading is true? Is it true that if the Traditional Plan is approved, my pension will automatically be cut? Wespath worked closely with the Commission to help mitigate any risks to retirement benefits during the analysis of the Way Forward options. The Commission recommends (page 133-134 of the ADCA) that an amendment to the clergy pension plan (CRSP) (Petition 90017—page 168 of the ADCA) be enacted with any of the three Commission plans that might be approved by the 2019 General Conference, or in the event that no plan is approved.
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Wespath Benefits and Investments (Wespath) will host two webconferences to review the Comprehensive Benefit Funding Plan (CBFP) application that will be utilized for the 2020 funding plans. The hour-long sessions are scheduled for:
Both sessions will cover the same information, so choose the time that is most convenient for you or a member of your staff. Instructions for connecting to the meeting will be provided in an OnBoard Express that will be sent in advance of the webconferences.
If you have comments or questions regarding the Comprehensive Benefit Funding Plan or the scheduled webconferences, contact either:
Wespath will be closed on Monday, January 21, in observance of Dr. Martin Luther King Jr. Day. Customer service assistance will be unavailable that day.
Benefits Access for participants can be used to access account information and complete transactions 24 hours a day, seven days a week. The automated phone system, accessible by calling 1-800-851-2201, will also be available for participants.
The Wespath Institutional Investor Portal and Benefit Access Portal for Plan Sponsors will be available to plan sponsors, conferences and institutions.
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