Vol. XVIII, Issue 19
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 70Ĺ (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 participantís 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 by May 3.
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.
Opioid addiction affects all of us—either directly or indirectly. Join us, Tuesday, May 14 at 2 p.m. Central time for a webinar to learn more about opioid addiction, available resources and what you and your church can do to help those who are addicted and their loved ones.
Grace Lichtenstein, MS and Rev. Dr. Barry Steiner-Ball will join Wespath to discuss this very important topic.
Registration is required; please register here.
After registering, participants will receive a confirmation e-mail containing information about joining the webinar. A promotional post is available on the Wespath Facebook and Twitter pages for easy sharing with your participants.