A retirement strategy committee was appointed in 2017 and has done extensive research on the best options for providing future retirement benefits to workers. The committee has completed its work and recommends that some changes be made to the WELS retirement program. In summary, it is proposed that the WELS Pension Plan be frozen and […]
The following provides a summary of the WELS Benefit Plans for 2021 and information to help newly-hired workers begin participating in the plans. WELS VEBA Group Health Care Plan (WELS VEBA) WELS Pension Plan WELS Shepherd Plan WELS VEBA To participate in WELS VEBA, a new worker must enroll within 60 days of his/her employment start […]
The 2021 contribution rates for the WELS Pension Plan will not change compared to the current 2020 rates. Maintaining the 2020 contribution rates will adequately fund projected Plan benefits and expenses in 2021. The WELS Retirement Program Commission is pleased to provide this rate stability to help support WELS ministry efforts while maintaining the Plan’s […]
Effective July 1, 2020, WELS announced a change in its interpretation of the workers who may be considered “ministers of the gospel” for federal tax purposes, which was based on a thorough investigation and legal opinion from a nationally recognized expert in this area of tax law. Read the WELS announcement here. Distributions from the […]
The 2021 premium rates for the WELS VEBA Group Health Care Plan will not change compared to the current 2020 rates. In other words, the 2020 rates for all WELS VEBA health plan options will remain in effect for 2021. The WELS VEBA health plan has experienced better-than-expected claims costs and investment returns over the past […]
The WELS Retirement Program Commission is pleased to announce a one-quarter contribution holiday for the WELS Pension Plan (the “Plan”). No Plan contributions will be due for the October-December 2020 quarter. Active workers will continue to earn Plan benefits for eligible service performed during the October-December 2020 quarter, and Plan benefits will continue to be […]
The WELS VEBA Commission is pleased to announce a one-month premium holiday for the WELS VEBA Group Health Care Plan (“WELS VEBA”). No premiums will be due for WELS VEBA medical benefits for the month of August 2020. Premiums for voluntary benefits, such as dental, life, and optional long-term disability, will still be due and […]
The WELS VEBA Commission has approved several enhancements to the WELS VEBA health plan benefits in response to COVID-19 and the ongoing public health emergency. A summary of the enhancements is provided below. WELS VEBA will cover, at 100% of the plan’s maximum allowable amount, eligible billed charges for the medically appropriate diagnostic test for […]
Through the WELS Benefit Plans, our church body walks together to take care of the health and financial wellbeing of the families of workers at WELS ministries. The sole purpose of the WELS Benefit Plans is to support WELS ministry efforts by providing Benefit Plans that are comprehensive for workers, cost-effective for ministries, and consistent […]
The Benefit Plans Office is pleased to introduce a new website with content dedicated for use primarily by sponsoring organization representatives, such as treasurers, business managers, and other organizational leaders. Visit the website at: https://resources.welsbpo.net. Initial content includes information for organizations to prepare for the upcoming 2019 WELS VEBA limited open enrollment period, general information about […]