Vol. XXI, Issue 10
In response to concerns about the Russia/Ukraine conflict, Wespath issued a special participant eblast today discussing the financial markets' reaction to the crisis, key tips for managing their retirement savings during this time, and key information around cyber security risks and how to protect themselves. The cyber security information is particularly relevant to your conferences and we encourage you to remind your staff of the following safety precautions:
We are aware of some limited circumstances where users are not able to get the Allocation Page of the Comprehensive Benefit Funding Plan (CBFP) to load correctly. We are working to diagnose the root cause of this error. Please alert your Client Relationship Manager if you are having any issues with the CBFP tool.
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 (see example) will accompany the brochure that will be sent by March 11.
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 benefit payments have not been scheduled to begin by the RMD date, a letter (see example) will be mailed by August 31.
If you have any questions you may contact Wespath at 1-800-851-2201, on business days from 8:00 a.m. to 6:00 p.m., Central time.
Wespath sent an eblast on Tuesday, March 1 to clergy participants intending to retire in 2022 about the next retirement webinar presented by Wespath's Benefits Education team on Wednesday, March 16 from 11:00 a.m. to 12:15 p.m., Central time. This webinar is designed specifically for participants who are planning to retire this year or in the next few years, and includes information about retirement, new features of LifeStage Retirement Income coming soon, options for deferring benefits, navigating Benefit Access to choose distribution options, and more. There is no cost to attend this webinar.
Wespath sent an eblast on Thursday, March 3 to clergy to attend "Delivered to You—the Best of Clergy Benefits Academy and revitup! in a Virtual Format" on April 25 and 26. The event will begin at 1:00 p.m. and end at 4:30 p.m., Central time, on both days. On April 26, there will be optional breakout opportunities beginning at 11:30 a.m., Central time. Please encourage clergy to attend this event focusing on the five dimensions of well-being and providing inspiring and encouraging information for all ages and stages in ministry. Click here for more information.