Vol. XX, Issue 24
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 when they reach RMD age (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 are deferred until the following April 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 by May 7.
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 will be mailed by August 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.
To coincide with Mental Health Awareness Month in May, Wespath is embarking on a campaign to raise awareness of the resources that can assist individuals who are coping with mental or behavioral health stressors or conditions.
We invite you to join us in this important cause by sharing one or more of the following documents and links with your participants:
For additional resources, visit Wespath's Emotional Well-Being page.
Throughout the month of May we also have planned a robust social media campaign on our Facebook and Twitter accounts to highlight some of the same resources. The posts will include the hashtag #ShineALightUMC. We invite you to join us by sharing and retweeting those posts to raise awareness and shine a light on mental health.
Wespath is introducing a new tool called Whil to help individuals reduce stress.
Available for free through the Virgin Pulse website and app, Whil can be used by individuals enrolled in the Virgin Pulse Physical Activity Program either through HealthFlex or directly through their annual conference.
Whil provides guided video and audio sessions to help people relax. Whil offers basic training in mindfulness, yoga and emotional intelligence.
As a bonus, individuals who use Whil earn Virgin Pulse Points just like they do when they track their healthy habits and steps. Here is the points breakdown:
Whil is set to launch May 4 and it will be located in Virgin Pulse's Benefits tab.
Individuals will see an introductory announcement when they log in to Virgin Pulse after the launch. Virgin Pulse also is scheduled to e-mail individuals with information about Whil on May 10.
Why do investors file shareholder resolutions on environmental, social and governance (ESG) issues? We explain this important tool for shareholder engagement with an example of an ongoing, Wespath-led engagement on human rights risk—check it out here!
Thank you to those who joined us for our quarterly investment webinar. If you were unable to attend or wish to share the session with your colleagues, a recording is now available.