[PPT] - Pre-Retirement Seminar Wespath Benefits and Investments PowerPoint Presentation

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Pre-Retirement Seminar

California – Nevada Conference 2019

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Not-for-profit organization
Approximately $22 billion

in assets under management

100,000 participants
Wespath maintains the largest

reporting faith-based pension fund in the world

Wespath Benefits and Investments

Caring for those who serve by providing investment and benefit services that honor the mission and principles of The United Methodist Church.

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Overview

Retirement Provisions
Wespath Retirement Plans
Investing with Wespath
Housing Allowance Exclusion
Comprehensive Protection Plan (CPP)
EY Financial Planning
Wespath Participant Services

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Provisions for Retirement—Book of Discipline ¶357

Normal Retirement:

Age 65 or 40 years of service

Early Retirement:

Age 62 or 30 years of service

Mandatory Retirement:

Age 72

20-year retirement

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§415 Compensation Plus Housing Benefits— Plan Compensation

Example:

(1) Taxable cash salary $25,000 (2) 125/403(b) reduction $ 5,000 (3) Housing exclusion $ 2,000 (4) Parsonage (25%) $ 8,000 Total Plan Compensation $40,000

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2019: $71,361 2018: $70,202

Denominational Average Compensation (DAC)

2020: $72,648

Average plan compensation of clergy serving full-time appointments

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Wespath Retirement Plans CRSP

Pre-82 Plan (Minister’s Reserve Pension Fund) 2014+ CRSP 1982-2006 Ministerial Pension Plan (MPP) 2007-2013 CRSP

UMPIP

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Clergy Retirement Security Program (CRSP)

Defined Benefit (DB) Defined Contribution (DC)

Monthly benefit Account balance

+

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Example for 2019 Retirement $71,361 (2019 DAC)

x .0125

x 7 years = $6,244 ÷ 12 = $520 per month

CRSP DB: Service from 2007 – 2013

Monthly payment, payable for life, calculated by multiplying the following and then dividing by 12:

1.25%
DAC at time of retirement
Years of credited service from

January 1, 2007 until December 31, 2013 (7 years if full-time)

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CRSP DB: Service 2014 – June 30, 2019

Example for 2019 Retirement $71,361 (2019 DAC)

x .01

x 5.5 years = $3,925 ÷ 12 = $327 per month

Monthly payment, payable for life, calculated by multiplying the following and then dividing by 12:

1.00%
DAC at time of retirement
Years of credited service from

January 1, 2014 until June 30, 2019

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CRSP DB: Service 2007 to 2019

Surviving spouse benefit

available

Choice of cost-of-living

adjustment (COLA)

Reduction for early retirement

2019 Retirement

Total benefit: $520 + $327 = $847 per month

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In this example the clergyperson does not meet the 40-years-of-service rules

$847 Full amount for 2019

$102 12% reduced; reduction of 6% per year

= $745 Per month

CRSP DB: Age 63 Early Retirement

2019 Early Retirement Total benefit: $745 per month

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Matching Contributions

Participant before-tax, Roth and/or after-tax contributions

CRSP DC

2%

Non-Match

1%

Match

UMPIP

With 1% UMPIP contribution

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CRSP DC

Account balance invested as directed by the participant
Available as cash distributions

─ Full lump sum distribution ─ Partial lump sum distribution ─ Cash installments:

Self-Managed Retirement Income, or
LifeStage Retirement Income
Remaining balance paid to beneficiaries upon participant’s death
Can leave on account until age 70½

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Example—Pastor Peterson

Grove 01/01/07 – 06/30/09 Malvern 07/01/09 – 06/30/11 Leola 07/01/11 – 06/30/13 Temple 07/01/13 – 12/31/22 CRSP $1,090 (DB) $39,000 (DC) Appointment Retirement Plan Lifetime Benefit Account Balances

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Wespath Retirement Plans CRSP

Pre-82 Plan (Minister’s Reserve Pension Fund) 2014+ CRSP 1982-2006 Ministerial Pension Plan (MPP) 2007-2013 CRSP

UMPIP

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Ministerial Pension Plan: 1982 – 2006

MPP provides a lifetime benefit upon retirement

and a cash account balance

Account balance invested using LifeStage Investment Management
MPP account balance (including accumulated earnings)

remains separate from other plan balances and benefits until distributed in retirement

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Ministerial Pension Plan

Life Annuity

Six-life annuities
Percentage increase

Account Balance

As a cash distribution
Other options

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MPP Election Options

Annuity is based on 65% of MPP balance—no more, no less
Remaining 35% of balance may be:

─ Rolled over to UMPIP or other retirement plan ─ From UMPIP, taken as:

Partial lump sum
Self-Managed Retirement Income
LifeStage Retirement Income
Taken as full cash distribution

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Retirement Options: MPP

Life Annuity Options

6

Life annuity types

%

COLA Annual increase

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What Is an Annuity?

A series of payments Life annuity—benefit payments that last through the participant’s lifetime (or two lives, if joint annuity elected)

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Life Annuity Factors

Participant’s age
Contingent annuitant’s age (typically surviving spouse)
65% of account balance
Type of annuity selected
Percent of annual increase selected

(i.e., 0%*, 2%*, 3%*, 4%* or 5%*)

Mortality table (life expectancy)
Wespath annuity payout rate

(wespath.org/retirement/mpp)

* CRSP DB does not offer a 0% COLA

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MPP and CRSP DB Distribution Options: Life and Survivor Annuities

Annuity Type Payable to You Payable to Contingent Annuitant

Life and 100% $1,196 $1,196 Life and 85% $1,239 $1,053 Life and 70% $1,284 $899

Example:

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Annuity Type Payable to You

Life only $1,551 Life with 5-year certain $1,540 Life with 10-year certain $1,501

Example:

MPP and CRSP DB Distribution Options: Life Annuities

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MPP and CRSP DB Annuity: COLA Options*

$0 $600 $1,200 $1,800 $2,400 $3,000 $3,600 $4,200 $4,800 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93

0% 2% 3% 4% 5%

* CRSP DB does not offer a 0% COLA

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26 | Wespath 26 | Wespath Sources: 1821-1913 Global Financial Data; 1914-2018 U.S. Bureau of Labor Statistics; Consumer Price Index for All Urban Consumers: All Items (CPIAUCNS), retrieved from FRED, Federal Reserve Bank of St. Louis

Historical Annual U.S. Inflation Rates

Past 198 Years Past 100 Years Past 50 Years Past 25 Years Highest 10 Years Lowest 10 Years 1.9% 2.8% 4.0% 2.2% 8.7%

3.3%

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Can leave on account until age 70½
Annuity options

─ 0, 70%, 85%, 100% survivor ─ 0, 2%, 3%, 4% or 5% annual increases ─ Single Life

Use of 35% of account balance

Retirement Considerations: MPP

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Example—Pastor Peterson

Avondale 01/01/82 – 06/30/84 Berwyn 07/01/84 – 06/30/88 Central 07/01/88 – 06/30/94 Exton 07/01/94 – 06/30/02 Grove 07/01/02 – 12/31/06 MPP $1,300 (65%) $80,000 (35%) Grove 01/01/07 – 06/30/09 Malvern 07/01/09 – 06/30/11 Leola 07/01/11 – 06/30/13 Temple 07/01/13 – 12/31/22 CRSP $1,090 (DB) $39,000 (DC) Appointment Retirement Plan Lifetime Benefit Account Balances

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Wespath Retirement Plans CRSP

Pre-82 Plan (Minister’s Reserve Pension Fund) 2014+ CRSP 1982-2006 Ministerial Pension Plan (MPP) 2007-2013 CRSP

UMPIP

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CRSP Supplement One: Pre-82 Plan

Pre-82

Defined Benefit Service Money (DBSM) Formula Benefit

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Pre-82 Benefit

Lifetime monthly benefit payment
Benefit is the greater of:

─ Pre-82 Years of Service x Past Service Rate ─ DBSM account balance converted to annuity Example:

10 years x $703 = $7,030 annual benefit / 12 = $586 monthly benefit
$150,000 converts to $8,424 annual benefit
$8,424 / 12 = $702 monthly benefit

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DBSM vs. Formula Benefit

Example: Past Service Rate Benefit vs. DBSM Benefit

3,000 6,000 9,000 12,000 15,000 18,000

Year

Annual Benefit

PSR Benefit DBSM Benefit

$703 PSR $ 842 PSR

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Pre-82 Formula Benefit

Actuarial Reduction for Early Retirement:

½% per month or portion of a month that retirement begins in advance of Normal Retirement

Example:

Age 61 with 37 years of service

3 years from normal retirement
½% per month for 3 years = 18% reduction

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Pre-82: Benefit Paid for Life

Single Participant

Single-life, no refund
Benefit ceases upon participant’s death

Married Participant

Life and 70% to surviving spouse—

set by annual conference

─ Spouse during episcopal appointment, at time of retirement and when beginning benefits

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Example—Pastor Peterson

First UMC 07/01/79 – 12/31/82 Pre-1982 Plan $500 — Avondale 01/01/82 – 06/30/84 Berwyn 07/01/84 – 06/30/88 Central 07/01/88 – 06/30/94 Exton 07/01/94 – 06/30/02 Grove 07/01/02 – 12/31/06 MPP $1,300 (65%) $80,000 (35%) Grove 01/01/07 – 06/30/09 Malvern 07/01/09 – 06/30/11 Leola 07/01/11 – 06/30/13 Temple 07/01/13 – 12/31/22 CRSP $1,090 (DB) $39,000 (DC) Appointment Retirement Plan Lifetime Benefit Account Balances

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Wespath Retirement Plans CRSP

Pre-82 Plan (Minister’s Reserve Pension Fund) 2014+ CRSP 1982-2006 Ministerial Pension Plan (MPP) 2007-2013 CRSP

UMPIP

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What Is UMPIP?

Personal retirement savings plan

Accepts contributions from:

─ Plan sponsor/employer ─ Participant

Participant decides amount
f personal contributions
Participant directs investments

─ “Self-manage” ─ LifeStage Investment Management

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Participant Contributions

Before-tax After-tax Roth Rollovers

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Participant Contributions

Defer the taxes you pay on contributions until distribution

* This option is available only in UMPIP

Before-Tax

Pay taxes today and possibly avoid some taxation in retirement

After-Tax* Roth

Pay taxes on your contributions today and possibly avoid them in retirement

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Roth Contributions and Earnings

* Unless a rolled over Roth 403b or 401k is a part of your UMPIP. Also, any Roth balances may be taken last (securing the 5-year qualification) to avoid tax consequences.

Tax-free if:

First Roth contribution was made

at least 5 years* prior to withdrawal

Participant is 59½ or older,

permanently disabled or deceased

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Rollovers—Direct or Indirect

Accepted from IRS-Qualified Accounts— such as:

401(k) Plans
403(b) Plans
457(b) Governmental Plans
Traditional IRA*

Submit Incoming Rollover form

* Roth IRAs and after-tax contributions in IRAs cannot be rolled over

UMPIP

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2019 Contribution Limits

Before-tax and Roth combined

$19,000 for 2019
Additional $6,000 for age 50+ catch-up
Total $25,000
Total annual employee and employer

contributions limited to lesser of $56,000 or 100% of compensation

Future year limits subject to indexing

for inflation

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Electing Your Contributions

Percentage or dollar amount
Increase or decrease

at any time

Remit form to employer

Contribution Election form—before-tax, Roth and after-tax contributions

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UMPIP Access

In-service withdrawals at 59 ½
Hardship loans
Hardship withdrawals
Disability
Separation
Retirement

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In-Service Account Access

In-Service Withdrawals

Rollover account balance
At age 59½

Hardship Loans

Up to 50% of vested account balance
Maximum of $50,000; minimum $1,000
In an amount needed to meet your financial hardship

Hardship Withdrawals

From after-tax, Roth and before-tax
Must take rollover contributions first
Six-month suspension from contributing
Considered taxable income and potential penalty
Must provide proof of qualifying hardship

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Distribution Options for Retired and Separated Participants

* RMD: Required Minimum Distributions

Leave on account until RMD*
Distribution choices

─ Full lump sum ─ Partial lump sum ─ Cash installments

Self-Managed Retirement Income
LifeStage Retirement Income
At death remaining balance to beneficiaries

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Required Minimum Distributions

Beginning by no later than April 1st of the following year after the

participant turns age 70½*

Applies to defined contribution accounts (UMPIP, CRSP and MPP 35%)
Subsequent RMDs each calendar year using prior-year

December 31 balances

MPP, CRSP DB and Pre-82 benefits must also begin at this time
See IRS Publication 590 for details

* Or retirement, if later (e.g., age 72)

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Example—Pastor Peterson

Pre-1982 Plan $500 — MPP $1,300 (65%) $80,000 (35%) CRSP $1,090 (DB) $39,000 (DC) UMPIP — $250,000 Retirement Plan Lifetime Benefit Account Balances

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Example—Pastor Peterson

First UMC 07/01/79 – 12/31/82 Pre-1982 Plan $500 — Avondale 01/01/82 – 06/30/84 Berwyn 07/01/84 – 06/30/88 Central 07/01/88 – 06/30/94 Exton 07/01/94 – 06/30/02 Grove 07/01/02 – 12/31/06 MPP $1,300 (65%) $80,000 (35%) Grove 01/01/07 – 06/30/09 Malvern 07/01/09 – 06/30/11 Leola 07/01/11 – 06/30/13 Temple 07/01/13 – 12/31/22 CRSP $1,090 (DB) $39,000 (DC) Annville 01/01/23 – 06/30/25 New Plan — $50,000 Appointment Retirement Plan Lifetime Benefit Account Balances

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Investing with Wespath

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Benefits of Investing with Wespath

Sustainable investing
Uphold the values of UMC
Diversified investment options
Reasonable investment expenses
No sales charges or commissions
LifeStage Investment Management

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Investment Categories and Funds

Inflation Protection Fund
Fixed Income Fund
Extended Term Fixed Income Fund

Income Funds—Bonds

Stable Value Fund

Capital Preservation Funds

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Multiple Asset Fund (A fund of funds)

─ 35% U.S. Equity Fund ─ 30% International Equity Fund ─ 25% Fixed Income Fund ─ 10% Inflation Protection Fund

Balanced Funds—Bonds and Stocks

U.S. Equity Fund
International Equity Fund

Equity Funds—Stocks

Investment Categories and Funds

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For participants with a heightened focus on companies’ environmental and social performance

U.S. Treasury Inflation Protection Fund
Social Values Choice Bond Fund

Fixed Income Funds—Bonds

Social Values Choice Equity Fund

Equity Funds—Stocks

Social Values Choice Suite of Funds

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Risk and Return

Risk* Return*

Stable Value Fund U.S. Treasury Inflation Protection Fund Inflation Protection Fund Social Values Choice Bond Fund Fixed Income Fund Extended Term Fixed Income Fund Multiple Asset Fund U.S. Equity Fund Social Values Choice Equity Fund International Equity Fund

* Risk and return are generally correlated

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Investment Information at wespath.org

Daily changes
Fund descriptions
Comparative results
Benchmarks
Fees

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Available online—benefitsaccess.org
By mail
View current account balances
Verify transaction details

Quarterly Statements

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Investment Performance—As of March 31, 2019

59 | Wespath 59 | Wespath Fund Three Months Year-to-Date One Year Three Years Five Years Ten Years Since Inception3 Assets (millions) Extended Term Fixed Income Fund 4.87% 4.87% 5.09% 3.53%

3.55%

$1,016 ETFIF Benchmark(4) 6.45% 6.45% 5.24% 3.75%

4.14%

Fixed Income Fund 3.84% 3.84% 3.34% 3.76% 2.94% 5.61% 5.41% $5,577 FIF Benchmark(4) 3.68% 3.68% 4.56% 2.92% 3.10% 4.89% 5.01% Inflation Protection Fund 3.32% 3.32% 0.70% 3.12% 1.58% 3.99% 3.68% $1,861 IPF Benchmark(4) 4.12% 4.12% 2.14% 4.25% 3.50% 4.21% 4.48% International Equity Fund 12.16% 12.16%

3.87%

9.97% 3.24% 10.23% 6.32% $4,718 IEF Benchmark(4) 10.30% 10.30%

4.96%

7.94% 2.66% 9.20% 5.00% Multiple Asset Fund 10.18% 10.18% 3.06% 9.24% 5.67% 10.39% 7.13% $5,896 MAF Benchmark(4) 9.31% 9.31% 3.08% 8.48% 5.98% 10.61% 6.77% Short Term Investment Fund 0.79% 0.79% 2.26% 1.21% 0.76% 0.60% 1.39% $145 STIF Benchmark(4) 0.60% 0.60% 2.12% 1.19% 0.74% 0.43% 1.35% Social Values Choice Bond Fund 3.81% 3.81% 4.56%

2.42%

$89 SVCBF Benchmark(4) 3.68% 3.68% 4.56%

2.60%

Social Values Choice Equity Fund 12.26% 12.26% 4.62% 10.38%

6.97%

$79 SVCEF Benchmark(4) 11.99% 11.99% 4.59% 10.45%

7.14%

Stable Value Fund 0.42% 0.42% 1.78% 1.58% 2.15% 2.49% 3.04% $389 SVF Benchmark(4) 0.60% 0.60% 2.12% 1.19% 1.87% 2.29% 2.79% U.S. Equity Fund 15.48% 15.48% 8.77% 13.43% 9.63% 14.81% 7.14% $6,214 USEF Benchmark(4) 14.04% 14.04% 8.77% 13.49% 10.36% 16.00% 7.34% U.S. Equity Index Fund 13.72% 13.72% 8.94% 13.15%

9.29%

$52 USEIF Benchmark(4) 14.04% 14.04% 8.77% 13.49%

9.71%

U.S. Treasury Inflation Protection Fund 3.29% 3.29% 2.39%

2.18%

$660 USTPF Benchmark(4) 3.34% 3.34% 2.69%

2.37%

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Investing with Wespath

Choose your own mix of investment funds Asset allocation consultation through EY LifeStage Investment Management

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LifeStage Investment Management

Personalized investment management tool

for Defined Contribution (DC) accounts

Set your account on auto-pilot
Fund allocations unique to each participant
Variables affecting fund allocations

─ Participant’s age ─ Benefit commencement date ─ Risk tolerance ─ Social Security benefits ─ Wespath benefits

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LifeStage Investment Management

Creates a diversified investment portfolio customized

to each participant

Sets an asset allocation and reviews quarterly
Rebalances your account as needed
Sets a separate asset allocation for MPP accounts
Manages investments throughout active service

and in retirement

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Investment Profile Default

If you create a Personal Investment Profile, LifeStage will model your target allocation according to your profile. Otherwise, the default profile is…

Moderate risk tolerance
Benefit commencement at age 65
Eligible for Social Security benefits

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LifeStage Investment Management: Rebalancing

Before the Rebalance

13% 14% 29% 17% 27% 13% 13% 34% 14% 26%

U.S. Equity Fund
Extended Term Fixed Income Fund
International Equity Fund
Fixed Income Fund
Inflation Protection Fund
U.S. Equity Fund
Extended Term Fixed Income Fund
International Equity Fund
Fixed Income Fund
Inflation Protection Fund

After the Rebalance

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Housing Allowance Exclusion

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Housing Allowance Exclusion in Retirement

Amount to be excluded is the least of:

Amount designated as housing allowance

─ Generally comes from annual conference resolution designating a housing allowance

Amount actually expended for housing
Fair rental value of the housing

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Housing Allowance Exclusion

Receives $24,000 in pension (designated)
Spends $20,000 on housing
Fair rental value of housing is $21,000
Housing allowance exclusion cannot exceed $20,000
Amount taxable: $4,000

Example: A clergyperson…

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Retired Clergy Housing Allowance Exclusion—Examples

Two kinds of first-year pension disbursements:

$40,000
$1,800/monthly or $21,600

Total: $61,600 Lesser of:

Amount designated:

$61,600

Amount spent:

$25,000

Fair rental value:

$24,000 Subject to taxation: $37,600

Example A

First-year setup with monthly pension only:

No withdrawals
$1,800/monthly or $21,600

Total: $21,600 Lesser of:

Amount designated:

$21,600

Amount spent:

$25,000

Fair rental value:

$24,000 Subject to taxation: $0.00

Example B

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Housing Allowance Exclusion

Available to retired clergy
Not applicable to surviving spouse*
Attach a note to IRS Form-1040
Refer to section in conference journal

* Unless clergy couple

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Comprehensive Protection Plan

Death and Disability

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CPP Death Benefit

Clergy $50,000 Spouse 20% of DAC at time of death Surviving spouse 15% of DAC at time of death Child 10% of DAC at time of death

2019 DAC: $71,361

Active Clergy Death Benefits 2019

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Retiree Death Benefit Eligibility

Eligible to receive a clergy retirement benefit
25 years total CPP participation, or
CPP participation immediately preceding retirement

in 12 of last 15 years in 2019

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Retired Clergy Death Benefits

Clergy $20,400 Spouse $15,300 Surviving spouse $10,200 Child $8,160

Benefits increased 2% January 1, 2017 and every four years thereafter

2017 – 2020

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CPP Disability Benefits

70% of plan compensation coordinated with any

Social Security disability benefit

Must submit application and be approved
Periodic re-approval
Retirement plan credit

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Access to Retirement Plans

MPP 35% of account balance CRSP DC account balance UMPIP 100% of account balance if permanently disabled Disability

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Beneficiary Designation

Spouse Usually primary, if married Children and other heirs Contingent Estate or charity Contingent

Retirement accounts and welfare plans—

CRSP DC, MPP*, UMPIP and CPP death benefit

Designate in advance who receives benefits
Plan defaults—spouse or estate (if not married)

* Not yet annuitized

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Beneficiary Designation

Beneficiary designations are required for retirement

and welfare plans, and supersede Will provisions

Can make separate designations for CRSP DC, UMPIP and CPP
Update at times of change

─ Birth or adoption of a child, marriage, divorce or death

Update at benefitsaccess.org

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EY Financial Planning Services

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Program Advantages

Confidential, professional financial counseling at no additional cost*
Unlimited hours of financial planning advice via telephone
Objective advice—no sales pitch
No need to enroll

– Call 1-800-360-2539 – Visit website: wespath.eyfpc.com (create a username and password to register)

* Costs for these services are included in Wespath ’s operating expenses that are paid for by the funds.

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Consultation Topics

Creating a retirement plan
Electing Roth contributions
Choosing retirement plan investments
Buying a home
Developing an estate plan
Managing debt
Funding children’s/grandchildren’s education
And more

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EY Financial Wellness Assessment

Questions financial attitudes

and behaviors

Identifies financial concerns
Provides score and recommendations

for improving finances

Take periodically to compare scores

and develop new action plans

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Action Planning

Register for Benefits Access

─ Online—benefitsaccess.org ─ Mobile app

Optimize your contribution strategy
Determine your investment strategy—review

your LifeStage Investment Management profile

Project your retirement income
Call EY

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www.wespath.org

84 | Wespath

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Benefits Access

Current account information
Projection tools
Retirement Readiness Tool
Retirement Benefits Projection
Investment information
Beneficiary designations
Educational resources about finances

and retirement

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Retirement Benefits Projection

Not a “forecast,” but a changeable estimate based on:

Account growth
Inflation assumption for salary
Assumed retirement commencement date
DC account balance distributions are projected using

LifeStage Retirement Income

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Created for: Sample Participant Printed by: User 01/02/2019

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Retirement Readiness Tool

A projection of how much income you are expected to have in first year of retirement, based on:

Retirement age
Risk tolerance
Current compensation
Includes estimate of Social Security Retirement Benefits

Tool also indicates whether there is a gap between amount of income you are expected to need and how much you are expected to have.

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As of 08/31/2015 to 01/02/2019

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As of 01/02/2019

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As of 01/02/2019

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Reasons to Keep Your Money with Wespath

Autopilot solutions—LifeStage Investment Management

and LifeStage Retirement Income

Comprehensive financial guidance—EY Financial Planning Services
Clergy housing allowance preservation—Rollovers out of a Wespath-

administered plan may not be eligible for the housing allowance exclusion

Sustainable investment—We promote environmental stewardship,

human rights and sound corporate governance to create long-term value

Expenses—Compare our investing costs with other plans and IRAs
Flexible retiree loans—Retirees can take a loan from account balances

instead of a taxable distribution

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Participant Resources

Wespath Customer Service wespath.org 1-800-851-2201 Benefits Access benefitsaccess.org (online participant account management) Mobile app EY Financial Planning Services wespath.eyfpc.com 1-800-360-2539

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Questions?

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Key Messages to Participants

Your benefits are secure. Your retirement account with

Wespath is secure. Wespath will continue to administer your pension benefits as a prudent fiduciary.

Our mission remains. Wespath will continue to provide

investment and benefit services that honor the mission and principles of the UMC.

We are sustaining investments for future generations.

Wespath is focused on the future, assuring that the plans we manage and the funds we invest are sustainable for future generations.

Wespath will adjust as necessary. Through our scenario

planning, we are well-positioned to continue fulfilling

ur mission.

wespath.org/WayForwardWespathFAQ/