Benefit Bites: The United Methodist Personal Investment Plan (UMPIP)

What is UMPIP? How does it work? What are your options and resources? Learn the answers to these questions and more in this short video from Wespath Benefits and Investments. Todd Crevistion, Benefit Educator

Hi my name is todd creviston and i’m a benefit educator here at westpath welcome to benefit bytes it’s a video series focusing on small bytes of your benefits from westpath this segment will focus on united methodist personal investment plan at westpath we like our acronyms so you’ll hear this plan commonly referred to as umpip in my section or my byte will cover

Four basic questions that you’re probably having about this plan first is what is umpip then how does it work what are my options and what are my resources we’ll cover all these questions in the next several minutes umpip is a voluntary retirement plan for eligible clergy and laity with the goal to provide you with income in retirement as a person working at

Westpath umpip is my retirement plan depending on your length of service you might have additional benefits available to you including crsp mpp and pre-82 you may also have social security benefits available you might have other employer plans where you were a second career clergy person or maybe your spouse’s retirement plans and then lastly personal savings

All of these will become sources of income in retirement contributing to umpip can make a positive impact on your retirement income umpip is a defined contribution plan it’s also called a 403b plan this is a retirement plan where participants can contribute from their paycheck you can contribute a percentage of your paycheck or a straight dollar amount your

Employer may also provide matching funds so check with your employer to see if they do i have to say even if your employer doesn’t offer a match participating in umpip is still a great opportunity to save for your retirement so with westpath and umpip you can decide um on your on your investment options so there’s two options you can self-manage that means that

You select your funds and you determine the allocation of your contribution to those funds in your account so that’s called self-managed the other option would be opt into life stage investment management that places your account on autopilot to enroll you simply obtain the enrollment packet from your hr department complete the enrollment form and submit it

Back to your hr department once you’re enrolled all you need to do is update the contribution election form at any time throughout the year so you can or you are allowed to change your contributions at any time during the year and then once you’re enrolled you can log into benefits access and update your beneficiaries there are four basic ways to contribute

To your umpip account you could do that on before tax basis after tax basis a roth contribution which is a form of after tax and you can also roll over a prior employer’s qualified plan into your umpip account you can contact ey that’s our telephonic financial planning service they’re available to help you determine what’s the best way to contribute to your

Umpip plan the contribution limits are high before tax and roth contributions for 2021 you can contribute up to 19 500 if you’re under 50 years of age if you’re over 50 years of age you’re allowed to contribute another sixty five hundred dollars in catch-up contributions what we’d like you to focus on and what we recommend is that you contribute what you can

Reasonably afford and then make a plan to increase that amount over time because that will make an impact at westpath you have a huge number of resources available to you you could see here just the snapshot of our screenshot of our home page you access benefits access by clicking that little white button at the tip of the orange arrow if you haven’t enrolled yet

That’s the step where you’ll go to enroll or register at benefits access for those who’ve already enrolled and set up their account you can go there and enter your credentials and view all of your account information all your account balances update your beneficiaries even run a projection another section i’d like to call out from westpath.org is the retirement

And investment section there are all the information about the retirement plans investment information and more you could actually spend days on that section of our webpage learning about all the plans and all of the details i mentioned ey earlier they are wonderful they provide unlimited telephonic financial planning advice to you their objective westpath

Actually pays the fees for them to provide that service there’s no additional cost to you and really no question too big or too small for these professionals if you have a question about your benefits access account or trouble with the account you can call westpath participant solutions and then you can also access benefitaccess.org to log in they also have

An app available for you to view your account while you’re on the go so to wrap this up if you’re not enrolled in umpip we’d encourage you to do so as soon as you’re able then register your benefits access account select your beneficiaries and then create a plan to increase your contribution to umpip over time lastly be on the lookout for upcoming west path

Uh webinars and also register for those webinars my name is todd kreviston i’m a benefit educator at westpath i want to thank you for taking the time to take a bite out of umpip

Transcribed from video
Benefit Bites: The United Methodist Personal Investment Plan (UMPIP) By Wespath Benefits and Investments