On Board Express Archive || E-Newsletters || Wespath Benefits and Investments Website

October 31, 2024 | Vol. XXIII, Issue 46

Success with Switching to Contribution Management

Thank you for helping us achieve the milestone of over 4,000 Wespath plan sponsors who've switched from paper billing and check remittance to using Contribution Management. As a reminder, Wespath now requires plan sponsors to use Contribution Management to remit UMPIP contributions. This move allows us to operate as responsible stewards to our plan participants and the environment by ensuring immediate investment of plan contributions and reducing paper waste. To get started as a Contribution Management user, check out the resources and training videos available at wespath.org/r/cm.

SECURE 2.0 Act Increased Catch-Up Contributions Coming Soon

Beginning in 2025, retirement plan participants who attain age 60-63 by December 31 of that year may increase their participant catch-up contributions to the greater of $10,000 or 150% of the IRS-determined maximum regular age 50 catch-up amount for that year. After age 63, the limit reverts to the regular age 50 catch-up limit. While payroll providers are generally on top of this change and any new processes required, you'll want to check in with your provider and be prepared to answer any questions from clergy or lay employees. Once these limits are set, Wespath will update our Contribution Election form and contribution limits webpage, and provide this information to participants in the next Wespath Update e-newsletter. Wespath will include these new limits in the "Billing Insert" that is provided for each PIP plan sponsor that remits contributions to Wespath to inform them of this change as well. If your conference is the PIP plan sponsor and remitter of contributions, please provide these new limits to the churches and other organizations in your conference.

Participant Communications: Wespath Update

This week, participants received the Wespath Update. Participants received articles relevant to them, including information about Annual Election and an update about MDLIVE for HealthFlex participants, as well as investment news, an invite to the next "Saving for Your Future Self" webinar, and encouragement to work with EY Financial Planning Services.

New Blog: How Will the Presidential Election Impact My Investments?

At Wespath, one of the most frequent questions we've been hearing lately is: "How will the upcoming presidential election impact my investments, and should I make any changes?" As the election quickly approaches, it's important to understand how such events can influence the markets and what, if any, adjustments should be considered for your investment strategy. Check out to learn more about how the presidential election may impact investments.

Watch Now: Q3 Investment Insights Webinar

Our Q3 Investment Insights webinar is live! This quarter, we feature a conversation with our Investments team focused on the potential implications of the upcoming U.S. elections for investors and markets. The webinar also includes updates on financial markets, fund performance, Wespath's Positive Social Purpose Lending Program and more.

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