WELS has produced the following videos, one for workers and one for sponsoring organizations. These videos provide an update on the status of the WELS Pension Plan freeze and transition to a defined contribution plan for worker retirement benefits.
In addition, the Hahn Financial Group has prepared this video walkthrough to help workers designate beneficiaries and make investment elections for the defined contributions in their Shepherd Plan accounts.
WELS intends to deposit the January 2022 quarter’s defined contributions into workers’ Shepherd Plan accounts by the end of April. The following is a summary of the main actions for workers and organizations to take by the end of March to prepare for the first defined contribution deposit:
- Organizations should ensure that each called worker has a participant account set up on the Shepherd Plan website, or provide called workers with your organization’s five-digit password so that workers can set up their own accounts.
- Workers should log in to their WELS Shepherd Plan participant accounts to verify demographic information, make investment elections for their new defined contributions, and designate beneficiaries.
- Workers should log in to the WELS Pension Plan benefit estimate website to obtain an estimate of their Pension benefit amounts, as well as to review their contact information and service history on file with WELS.
The Shepherd Plan website is available here: https://www.yourplanaccess.net/retirementplanconsultants/.
The Pension Plan benefit estimate website is available here: wels.net/pensionbenefitestimate. Workers can log in with their unique passcode printed on the letter dated March 1, 2022 and mailed to workers.
The following videos, produced in October 2021, provide additional information about the transition and the new defined contribution plan:
The WELS Benefit Plans Office and the Hahn Financial Group are happy to help with questions that you may have regarding the transition and the first defined contribution deposit. For questions regarding the Pension Plan and the new defined contributions through the Shepherd Plan, including contributions and billing, please contact the Benefit Plans Office by calling 414-256-3299 or e-mailing firstname.lastname@example.org. For questions regarding the Shepherd Plan and how workers can log in to their accounts and request a financial review, please contact the Hahn Financial Group by calling 1-800-516-4246 or e-mailing email@example.com.
Investment Advisory Services and Insurance Products offered through Hahn Financial Group, Inc., an SEC Registered Investment Advisor. Neither Hahn Financial Group, Inc., nor its representatives provide tax or legal advice. For answers to your specific questions, please consult a qualified attorney or tax advisor.