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Navigating Your Benefit Plans for Smooth Sailing

Join us at the Iowa Annual Conference on June 10, 2017 for a presentation by Joni Mardesen, Dir HR/CBO, on Retirement and Life/LTD Plans, CRSP, UMPIP, CPP, Wespath Services, and Health and Reimbursement Plans.

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Navigating Your Benefit Plans for Smooth Sailing

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  1. Navigating Your Benefit Plans for Smooth Sailing Iowa Annual Conference June 10, 2017 Presented by:Joni Mardesen, Dir HR/CBO

  2. Overview • Retirement and Life/LTD Plans • CRSP • UMPIP • CPP • Wespath Services • Health and Reimbursement Plans • High Deductible Health Plan • HSA/HRA/FSA

  3. Wespath Retirement Plans CRSP 2014+ CRSP UMPIP 2007-2013 CRSP 1982-2006Ministerial Pension Plan (MPP) CRSP: Clergy Retirement Security Program UMPIP: United Methodist Pension Plan Pre-82 Plan(Ministerial Reserve Pension Fund)

  4. Clergy RetirementSecurity Program Defined Benefit (DB) Defined Contribution (DC)

  5. CRSP: DC Component Effective January 1, 2007 thru December 31, 2013 contribution equal to 3% annually based on plan compensation CRSP DC 3% Non-match Effective January 1, 2014 2% contribution plus 1% match if participant contributesat least 1% to UMPIP 2% Non-match 1% Match* * 100% of UMPIP contributions up to 1% of compensation

  6. CRSP: DC Component • Monthly benefits at retirement will depend on several factors including: • Future investment return • Continued personal contributions • Annuity rate at retirement

  7. CRSP: DB Component Monthly payment is calculated at time of retirement, payable for life: • For years 2007 thru 2013, the monthly benefit is calculated as: • 1.25% x DAC at retirement x years of service in this plan)/12 • For years 2014 and later, the monthly benefit is calculated as: • 1.00% x DAC at retirement x years of service in this plan)/12

  8. United Methodist Personal Investment Plan • Before-tax contributions • After-tax contributions • Roth contributions (after-tax) • Rollovers, including: • 401(a) • 401(k) • 403(b) • IRA (traditional)

  9. Wespath Retirement Plans CRSP 2014+ CRSP UMPIP 2007-2013 CRSP 1982-2006Ministerial Pension Plan (MPP) Pre-82 Plan(Ministerial Reserve Pension Fund) CRSP: Clergy Retirement Security Program UMPIP: United Methodist Pension Plan

  10. DAC and CAC Denominational Average Compensation (DAC): Average plan compensation of United Methodist clergy serving full-time appointments 2017 DAC: $68,876 Conference Average Compensation (CAC): Average plan compensation of United Methodist clergy serving full-time appointments 2017 Iowa CAC: $66,229

  11. Comprehensive Protection Plan (CPP) Death and Disability Benefits

  12. CPP Active and RetireeDeath Benefits

  13. CPP Disability Benefits • 70% of pre-disability plan compensation • Offers a return-to-work program • Wespath partners with Liberty Mutual to administer the plan

  14. Wespath Services -Benefits Access • Find current account information • Tools • Retirement Readiness Tool • Retirement Benefits Projection • Investment information • Beneficiary designations • Resources on finances and retirement

  15. Wespath Services-LifeStage Investment Management • Personalized investment management tool • Variables affecting fund allocations: • Participant’s age • Risk tolerance

  16. Wespath Services –EY Financial Planning Services No need to enroll – just call 1-800-360-2539

  17. Health Plan – Wellmark BC/BS • High deductible health plan • Deductible • $3,000 single/$6,000 family • Out-of Pocket Maximum • $3,000 single/$6,000 family

  18. Savings/Reimbursement Accounts Health Savings Account – pre-tax contributions used to pay out-of-pocket expenses • Contribution limit determined annually by the IRS 2017 HSA Limits: Single - $3,400 + $1,000 for participants age 55+ Family - $6,750 + $1,000 for participants age 55+ • Funds roll over from year-to-year

  19. Savings/Reimbursement Accounts Health Reimbursement Account – only employer contributions allowed, covers out-of-pocket expenses • Required to enroll in an HRA when covered by another health plan or age 65 and older • Funds roll over from year-to-year

  20. Flexible Spending Accounts Flexible Spending Account – pre-tax contributions that can be set aside for one plan year to pay for out-of-pocket expenses – ‘use it or lose it’ – limited to personal contributions of $2,600 in 2017 FSA type depends on HSA or HRA participation • Limited Purpose (vision/dental) with HSA • Regular Medical (medical, vision, dental) with HRA • Dependent Care – maximum contribution is $5,00

  21. What happens when I Turn 65? • If actively serving the Iowa Conference and at least ¾ time, you continue on the active health plan • At the beginning of the month you turn 65, you are no longer eligible to participate in the HSA. Conference dollars continue through an HRA administered by Kabel Business Services • You may still use dollars in your HSA for qualified medical expenses • Signing up for Medicare Part A and Part B is an option for you – contact your local SHIIP office: • www.therightcalliowa.gov1-800-351-4664

  22. Questions? Joni Mardesen, Dir HR/CBO joni.Mardesen@iaumc.org 515-974-8940 Linda Remster, HR/Benefit Coordinator lremster@iaumc.org 515-974-8921

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