WELS Retirement Program – Changes – FAQ
MARCH 2022 UPDATE
Spring 2022 Retirement Program Update
WELS has produced two new videos to help called workers and sponsoring organizations prepare for the deposit of the first quarterly defined contributions to workers’ Shepherd Plan accounts. The videos are available here: 2022 WELS Retirement Program Updates.
OCTOBER 2021 UPDATE
Helping Workers and Organizations Prepare for the 2022 Changes
Following the 2021 synod convention’s endorsement of the WELS Pension Plan freeze and transition to a defined contribution plan in 2022, WELS has produced three videos to help called workers and sponsoring organizations prepare for the upcoming changes. The videos are available here: https://welsbpo.net/helping-workers-and-organizations-prepare-for-the-2022-wels-retirement-program-changes/.
AUGUST 2021 UPDATE
2021 Synod Convention Endorses Proposed Changes
The 2021 synod convention endorsed the proposed changes to the WELS Retirement Program. Additional information about the convention’s actions is available on the WELS website.
The Benefit Plans Office is working to implement the changes to be effective January 1, 2022. Additional information will be available on the Benefit Plans website this fall. The Retirement Program Commission has set the retirement benefit contribution rate at $4,528 per full-time worker in 2022, which matches the 2021 Pension Plan contribution rate.
JUNE 2021 UPDATE
Pre-convention webinar link
WELS held two webinars, one on June 3 and another on June 8, to inform 2021 synod convention delegates regarding the proposed changes and allow delegates to ask questions. A replay of the June 8 webinar is available at this link.
MARCH 2021 UPDATE
What is the current status of the proposed changes?
The Synodical Council has recommended that the WELS Pension Plan (a defined benefit plan) be frozen and for eligible workers to earn new benefits for future service under a defined contribution plan. The Synodical Council had planned to seek input from the district conventions in June 2020, but because the 2020 district conventions were cancelled due to the national health emergency, the Synodical Council did not implement the proposed changes on January 1, 2021. During its meeting in February 2021, the Synodical Council resolved that the proposed changes be considered and approved by the 2021 synod convention for implementation on January 1, 2022.
The information on this page, along with the other resources describing the proposed changes (summary video and comparison tool), has been updated to reflect the one-year delay and consideration by the 2021 synod convention for potential implementation on January 1, 2022.
SUMMARY
What changes are being proposed?
It is proposed that the WELS Pension Plan (the “Pension Plan”) be frozen on December 31, 2021, which means no new benefits will be earned under the Pension Plan for any service performed after December 31, 2021. Beginning January 1, 2022, eligible workers will be provided with contributions to be used for retirement benefits through a defined contribution plan.
Why are the changes being proposed?
After an extensive and prayerful study of many options, these changes are recommended because the defined contribution plan will better support our workers and our overall ministry efforts than the Pension Plan. Under the proposed defined contribution plan, workers will receive meaningful contributions for retirement benefits at costs that are stable over time for sponsoring organizations.
CURRENT WELS RETIREMENT PROGRAM
How does the WELS Pension Plan work?
The Pension Plan is a defined benefit plan. Called workers serving at WELS sponsoring organizations, and lay workers serving at the WELS Center for Mission and Ministry and the four ministerial education schools who were hired prior to 2015, automatically participate in the Pension Plan if they are employed at least half-time (i.e., are regularly scheduled to work at least 20 hours per week). Participating workers earn credit toward their future Pension Plan benefit while they are actively serving and receive a monthly benefit from the Pension Plan while they are retired. Sponsoring organizations pay the cost of the Pension Plan on behalf of their workers.
As a defined benefit plan, the Pension Plan defines the benefit the worker and/or his or her surviving spouse will receive in retirement by utilizing a formula that includes each worker’s years of eligible WELS service. The sponsoring organization contributions, which are needed to fund the promised benefits, will fluctuate over time based on many factors, including the Pension Plan’s investment returns and the lifespans of retirees. The contributions funding these benefits for all workers are placed into one group trust and managed by the WELS Retirement Program Commission. Once earned, a worker’s Pension Plan benefit will not increase or decrease based on the Pension Plan’s investment returns or the worker’s lifespan.
How does the WELS Shepherd Plan work?
The WELS Shepherd Plan (the “Shepherd Plan”) is a defined contribution plan. Called workers and lay workers serving at WELS sponsoring organizations are eligible to participate in the Shepherd Plan if they are expected to work at least 20 hours per week. Participating workers can save and invest their own income during their working years to provide an account balance they can access during their retirement years.
As a defined contribution plan, the Shepherd Plan defines the amount of contributions made by the sponsoring organization and the worker into the worker’s own retirement account. The worker’s retirement account is managed by the worker, and the account balance will fluctuate throughout his or her working years and retirement years based on many factors, including the contributions made to his or her account, the account’s investment returns, distributions from the account, and fees deducted from the account balance.
PROPOSED WELS RETIREMENT PROGRAM
How will the WELS retirement program work if the proposed changes are approved and take effect?
The sponsoring organization for each worker in eligible service will send a quarterly retirement payment to the WELS Benefit Plans Office, similar to how Pension Plan payments are currently remitted. A contribution will be deposited into the defined contribution plan account of each eligible worker on a quarterly basis.
Which workers will be eligible to receive the contributions under the proposed defined contribution plan?
Eligibility for workers to receive the contributions under the proposed defined contribution plan is intended to be the same as eligibility for workers to participate in the Pension Plan. Generally, eligibility includes called workers serving at WELS sponsoring organizations, and lay workers serving at the WELS Center for Mission and Ministry (CMM) and the four ministerial education schools who were hired prior to 2015, who are employed at least half-time.
Lay workers serving at the CMM and the four ministerial education schools who were hired during 2015 or later, and lay workers serving at other WELS sponsoring organizations, will not be eligible to receive the contributions under the proposed defined contribution plan. The proposed changes are not intended to affect any other employer contribution arrangements under the Shepherd Plan, including for lay workers serving at the CMM and the four ministerial education schools who were hired during 2015 or later.
Will the Shepherd Plan be used as the defined contribution plan?
Yes.
How much will be contributed to my defined contribution plan account?
Beginning January 1, 2022, all workers will receive a “base” contribution of $500 per quarter of eligible full-time service. In addition to the base contribution, workers who have attained age 44 on January 1, 2022, will receive an “additional” contribution per quarter of eligible full-time service as shown below.
Worker’s Age on 1/1/2022 | Quarterly Additional Contribution | Worker’s Age on 1/1/2022 | Quarterly Additional Contribution | Worker’s Age on 1/1/2022 | Quarterly Additional Contribution | ||
44 | $25.00 | 51 | $187.50 | 58 | $375.00 | ||
45 | $37.50 | 52 | $212.50 | 59 | $400.00 | ||
46 | $62.50 | 53 | $243.75 | 60 | $437.50 | ||
47 | $87.50 | 54 | $275.00 | 61 | $468.75 | ||
48 | $112.50 | 55 | $300.00 | 62 | $500.00 | ||
49 | $137.50 | 56 | $325.00 | 63 | $531.25 | ||
50 | $162.50 | 57 | $350.00 | 64 | $562.50 | ||
65 or over | $600.00 |
How much will my sponsoring organization be billed for worker retirement benefits in 2022?
The quarterly “total retirement payment” charged to sponsoring organizations in 2022 will be:
- $1,132 per full-time worker;
- $849 per three-quarter-time worker; and
- $566 per half-time worker.
These amounts are the same as the quarterly Pension Plan contribution rates in 2021.
Notice: The contribution rate charged to a sponsoring organization will not vary due to a worker’s receipt of additional contributions based on age.
What will be done with the total retirement payments remitted by the sponsoring organizations?
The amount needed to fund the contributions to workers’ defined contribution plan accounts will be submitted to the defined contribution plan. The remainder will be used to pay the frozen Pension Plan benefit obligations and the administrative expenses of both plans.
Why will additional contributions be made for workers who are at least age 44 on January 1, 2022?
In consultation with the actuaries, the additional contribution schedule was designed such that the projected defined contribution plan account balance at retirement (plus the Pension Plan benefit earned on the Pension Plan’s freeze date) for each worker would be at least as valuable (based on actuarial assumptions) as the Pension Plan benefit that the worker would have earned at retirement if the Pension Plan had not been frozen.
The value of a worker’s Pension Plan benefit increases as the worker gets closer to retirement. Contributions made to the defined contribution plan account of a worker who is closer to retirement do not have as much time to earn investment returns before the worker retires to replace the Pension Plan benefit that the worker would have earned had the worker remained in the Pension Plan. The additional contributions are estimated to at least replace the Pension Plan benefits that workers would have earned if the Pension Plan had not been frozen.
I will be younger than age 44 on January 1, 2022. Why will an additional contribution not be made to my defined contribution plan account?
The actuaries estimated that workers who are younger than age 44 on January 1, 2022, as well as workers who have not entered the ministry by January 1, 2022, will accumulate a defined contribution plan account balance at retirement (plus any Pension Plan benefit earned on the Pension Plan’s freeze date) that is at least as valuable (based on actuarial assumptions) as the Pension Plan benefit that the worker would have earned at retirement if the Pension Plan had not been frozen.
Will my additional contribution increase as I get older?
No. The additional contribution will be set for each worker based on his or her age on January 1, 2022, and will not increase as the worker attains a new age.
- Example 1: A full-time worker who is age 57 on January 1, 2022 and attains age 58 on May 1, 2022 will receive a $500.00 base contribution and a $350.00 additional contribution for each quarter in 2022.
- Example 2: A full-time worker who is age 43 on January 1, 2022 and attains age 44 on February 1, 2022 will receive a $500.00 base contribution for each quarter in 2022 but will not receive an additional contribution for any quarter in 2022.
Will my additional contribution increase in a future plan year?
No. The additional contribution will be set for each worker based on his or her age on January 1, 2022, and will not increase in a future plan year.
- Example 1: A full-time worker who is age 57 on January 1, 2022, and attains age 58 on May 1, 2022, will receive a $500.00 base contribution and a $350.00 additional contribution for each quarter in 2022 and 2023.
- Example 2: A full-time worker who is age 43 on January 1, 2022, and attains age 44 on February 1, 2022, will receive a $500.00 base contribution for each quarter in 2022 and 2023 but will not receive an additional contribution for any quarter in 2022 or 2023.
I currently serve part-time. How much will be contributed to my defined contribution plan account?
The base and additional contributions shown above will be pro-rated for part-time service. A worker serving three-quarter-time will receive 75% of the base and, if applicable, additional contribution shown above. A worker serving half-time will receive 50% of the base and, if applicable, additional contribution shown above. A worker serving less than half time will not receive a contribution.
When will the contributions be made to my defined contribution plan account?
The contributions will be deposited to your defined contribution plan account within 30 days of the last day of each calendar quarter. For example, the contribution for the quarter beginning on January 1, 2022, will be deposited to your defined contribution plan account by April 30, 2022.
Will the amount of the contributions to my defined contribution plan account change in the future?
Most likely, yes. Although the future is uncertain and changes cannot be guaranteed, the intent is to gradually increase the base contribution when appropriate after considering various factors, such as inflation and cost of living. The additional contribution amounts are not intended to be changed.
How often will changing the base contribution be considered?
The base contribution will be considered annually, and workers and sponsoring organizations will be informed of any changes to the base contribution at least 30 days prior to the effective date of the change.
When will the contributions to my defined contribution plan account end?
The contributions to your defined contribution plan account will end when you are no longer serving at a WELS sponsoring organization or are serving on a less-than-half-time basis, or the defined contribution plan is amended to discontinue the contributions.
When will the contributions to my defined contribution plan account resume if I stop serving at a WELS sponsoring organization (or are serving less-than-half-time) and return to eligible service on at least a half-time basis later?
The contributions to your defined contribution plan account will resume as of the first day of the calendar quarter following the date you return to eligible service on at least a half-time basis. If you were receiving an additional contribution before your prior service ended and you return to eligible service on at least a half-time basis within two years of the date your prior service ended, the additional contribution will also resume.
Will the contributions be deposited to my defined contribution plan account even if my sponsoring organization did not remit its quarterly retirement payment timely or at all?
Yes. However, formal and robust procedures will be established to quickly identify late payments and to work with sponsoring organizations and district leaders, as necessary, to resolve these situations.
How will the contributions to my defined contribution plan account be invested?
You can choose your own fund(s) and/or portfolio from the options available in the defined contribution plan based on your own personal goals. If you do not make an investment election, your account will be invested in the default investment option, which will be the target retirement date fund that most closely aligns with your projected retirement date based on your age.
What is a target retirement date fund?
A target retirement date fund is a mutual fund that offers a diversified portfolio within a single fund that adjusts its underlying asset mix over time to gradually decrease exposure to stocks and increase exposure to bonds as the target retirement date approaches.
Can I change how the contributions to my defined contribution plan account are invested?
Yes. The defined contribution plan will offer a variety of investment funds and portfolios from which you can select to customize the investments in your account. The current list of investment funds and portfolios available in the Shepherd Plan is available on the Benefit Plans Office website here: https://welsbpo.net/retirement/shepherd-plan/investment-options/.
When will the contributions to my defined contribution plan account become vested?
The contributions to your defined contribution plan account will vest immediately at the time the contributions are deposited to your defined contribution plan account. There will be no five-year vesting requirement like there is in the Pension Plan.
When will I be able to withdraw contributions from my defined contribution plan account?
Generally, you will be able to withdraw contributions from your defined contribution plan account when your service at a WELS sponsoring organization ends or when you attain age 65, whichever happens earlier.
Upon distribution, may the contributions to my defined contribution plan account be excludable from my gross income for federal income tax purposes as housing allowance under Internal Revenue Code (IRC) Section 107?
Yes, for workers considered ministers for federal tax purposes by the Internal Revenue Service, subject to the limits of amounts that can be excluded under IRC Section 107.
Can I contribute to the defined contribution plan?
Yes. You can save and invest your own income in the defined contribution plan to be used for your retirement needs.
Can my sponsoring organization contribute to the defined contribution plan?
Yes, your sponsoring organization can also contribute to the defined contribution plan for your retirement needs.
What if I already participate in the Shepherd Plan?
The contributions beginning January 1, 2022, will be added to your existing Shepherd Plan account. A new account will not be created for you, so you will not need to manage two Shepherd Plan accounts. The contributions will appear as a new “source” of contributions to your account, and you can track and manage accordingly.
What if I do not participate in the Shepherd Plan but have a different employer-sponsored retirement plan (e.g., a 403(b) plan)?
Beginning January 1, 2022, neither you nor your sponsoring organization will be able to make new contributions based on your WELS service to an employer-sponsored retirement plan that is not the Shepherd Plan. Subject to applicable IRS rules, you may be able to move to the WELS defined contribution plan any other employer-sponsored retirement plan account that was created before January 1, 2022, in accordance with the terms of that plan.
Can I still use an individual retirement account (e.g., IRA, Roth IRA, etc.)?
Yes. The proposed changes will not affect your ability to utilize an individual retirement account.
PENSION FREEZE
What will happen to the Pension Plan?
The Pension Plan will be frozen on December 31, 2021. “Frozen” means that no new benefits will be earned under the Pension Plan for any service performed after December 31, 2021. The Pension Plan will pay benefits earned for service performed through December 31, 2021, to retired workers and their surviving spouses in accordance with the terms of the Pension Plan.
Will I still receive the Pension Plan benefit that I have earned?
Yes. After your WELS service ends, the Pension Plan will pay the benefit you earned for service performed through December 31, 2021. If you die before you begin receiving your Pension Plan benefit, your surviving spouse (if you are married when you die) will be able to receive surviving spouse benefits from the Pension Plan.
What if I have not vested in the Pension Plan by December 31, 2021?
Workers who have earned credit toward their future Pension Plan benefit but have not met the Plan’s five-year vesting requirement as of December 31, 2021, and are working in eligible service at a WELS sponsoring organization on December 31, 2021, will automatically be vested for the amount of Pension Plan benefits earned for eligible service performed through December 31, 2021.
What retirement benefits will be provided to workers who begin serving after the Pension Plan is frozen?
Workers who begin service after December 31, 2021, will receive contributions to their defined contribution plan accounts as described above.
Will retired workers and workers’ surviving spouses who are receiving Pension Plan benefits on January 1, 2022 be affected by these changes?
No.
Will workers whose WELS service ended prior to January 1, 2022 but who have not yet begun to receive Pension Plan benefits by that date be affected by these changes?
No.
Will a lump sum opportunity be offered after the Pension Plan is frozen?
It has not yet been determined if a lump sum opportunity will be offered for participants to receive a lump sum payment from the Pension Plan in lieu of monthly benefit payments payable for life. If a lump sum opportunity is offered, the opportunity will be communicated in advance to eligible participants.
IMPORTANT DIFFERENCES BETWEEN THE PENSION PLAN AND THE PROPOSED DEFINED CONTRIBUTION PLAN
Lifetime Benefits
Are the Pension Plan benefits guaranteed to be paid for the life of the retired worker and the retired worker’s surviving spouse? | Are the defined contribution account balances guaranteed to be paid for the life of the retired worker and the retired worker’s surviving spouse? |
Yes. Pension Plan benefits are paid in the form of a monthly annuity for the life of the retired worker and, if elected, the retired worker’s surviving spouse. | No. Each worker’s defined contribution account balance will change over time based on his or her own contributions, investment returns, distributions, and fees. |
Distribution Flexibility
Can a retired worker elect to receive Pension Plan benefits in the form of a lump sum, or vary the amount of Pension Plan benefits received per month? | Can a retired worker elect to receive distributions from the defined contribution plan in the form of a lump sum, or vary the amount of distributions from the defined contribution plan per month? |
No. Pension Plan benefits are currently payable only in the form of a monthly annuity payable for the life of the retired worker and, if elected, the retired worker’s surviving spouse. The monthly benefit amount remains fixed for the participant’s life unless an applicable increase is approved. | Yes. A retired worker generally has the flexibility to customize the distributions received from his or her defined contribution plan account based on his or her needs in retirement. This includes receiving distributions in the form of a lump sum or varying the amount and timing of periodic distributions. |
Estate Planning
After a retired worker has been called to heaven, can that retired worker’s Pension Plan benefit be passed on to his or her surviving spouse? | After a retired worker has been called to heaven, can that retired worker’s defined contribution plan account balance be passed on to his or her surviving spouse? |
Yes. If the worker elected a surviving spouse benefit, the surviving spouse of a retired worker receives a Pension Plan benefit for the amount of time that the spouse survives the retired worker. | Yes. The defined contribution plan permits a worker to designate a beneficiary (or beneficiaries) to inherit that worker’s defined contribution plan account balance when the worker is called to heaven. |
After a retired worker has been called to heaven, can that worker’s Pension Plan benefit be included in his or her estate? | After a retired worker has been called to heaven, can that worker’s defined contribution plan account balance be included in his or her estate? |
No. The only survivor to whom a retired worker’s Pension Plan benefit may be passed is that worker’s surviving spouse. A Pension Plan benefit may not be included in a worker’s estate. | Yes. A worker’s defined contribution plan account balance may be included in his or her estate and thereby passed to the worker’s spouse, family members, and other charitable or church beneficiaries. |
Investments
Can a worker change how his or her Pension Plan benefit is invested, either while actively serving or while retired? | Can a worker change how his or her defined contribution plan account balance is invested, either while actively serving or while retired? |
No. A worker does not have an individual account in the Pension Plan. Contributions for all workers are placed into the Pension Plan trust and managed by the WELS Retirement Program Commission. | Yes. Each worker is responsible to manage his or her own defined contribution plan account throughout his or her life. Each worker has the flexibility to invest his or her defined contribution plan account balance among the investment funds and portfolios available within the defined contribution plan. |
Can a worker’s Pension Plan benefit increase while he or she is actively serving or while retired because of positive investment returns? | Can a worker’s defined contribution plan account balance increase while he or she is actively serving or while retired because of positive investment returns? |
No. Once earned, a worker’s Pension Plan benefit does not increase or decrease based on the Pension Plan’s investment returns. | Yes. Because the worker manages his or her own defined contribution plan account, the account balance can increase due to positive investment returns. |
Can a worker’s Pension Plan benefit decrease while he or she is actively serving or while retired because of negative investment returns? | Can a worker’s defined contribution plan account balance decrease while he or she is actively serving because of negative investment returns? |
No. Once a Pension Plan benefit is earned by a worker, the worker will receive that benefit in retirement, regardless of the Pension Plan’s investment returns. | Yes. Because the worker manages his or her own defined contribution plan account, the account balance can decrease due to negative investment returns. |
Vesting
Does a worker become vested for a Pension Plan benefit immediately when he or she begins serving at a WELS sponsoring organization? | Do the contributions made to a worker’s defined contribution plan account immediately vest when the contributions are deposited? |
No. A worker must perform eligible service on at least a half-time basis for at least five years at a WELS sponsoring organization to vest for a future Pension Plan benefit. | Yes. Contributions to a worker’s defined contribution plan account will vest immediately and thereby become owned by the worker when the contributions are deposited. |
NEXT STEPS FOR WORKERS
How can I find out what these changes mean for me?
An online tool has been prepared for you to compare your projected total retirement benefits available at retirement age if the Pension Plan is frozen versus if the Pension Plan is not frozen. The tool is available on this web page:
https://wels.net/retirement-benefit-calculator
Is there anything I need to do right now?
You are encouraged to thoughtfully and prayerfully consider the proposed changes and how they will affect you, your family and your ministry, both now and in the future. Please visit the online comparison tool and submit any questions using the information provided below.
When will I receive more information?
Additional information will be provided in the Book of Reports and Memorials, which will be available in May 2021.
Where can I get help planning for retirement?
Retirement planning resources are available from a wide variety of sources. The Hahn Financial Group is the plan advisor for the Shepherd Plan and can assist with your retirement planning. To learn more, you may contact the Hahn Financial Group at:
1-800-516-4246
[email protected]
www.hahnfinancialgroup.com
Where should I go if I have additional questions?
Please submit all questions regarding the proposed changes using the online form available at:
https://welsbpo.net/retirement-feedback
SPONSORING ORGANIZATIONS
How much will a sponsoring organization be billed for worker retirement benefits in 2022?
The quarterly “total retirement payment” charged in 2022 will be:
- $1,132 per full-time worker;
- $849 per three-quarter-time worker; and
- $566 per half-time worker.
These amounts are the same as the quarterly Pension Plan contribution rates in 2021.
Notice: The contribution rate charged to a sponsoring organization will not vary due to a worker’s receipt of additional contributions based on age.
What will be the billing frequency for the total retirement payment?
The total retirement payment will be billed on a quarterly basis, which matches the current Pension Plan billing frequency.
When will the worker(s) on whose behalf a sponsoring organization is obligated to remit the applicable quarterly total retirement payment be determined?
A sponsoring organization will be obligated to remit the applicable quarterly total retirement payment for each worker in eligible service at that sponsoring organization on the first day of each calendar quarter. This matches the current Pension Plan billing procedure.
How will a sponsoring organization remit the total retirement payment?
The WELS Benefit Plans Office will bill the total retirement payment to each sponsoring organization in the same way that Pension Plan contributions are currently billed. Approximately 10-15 days before the first day of the calendar quarter each sponsoring organization will receive an invoice that includes the total retirement payment amount due. Payment of the total retirement payment will be due on the first day of each calendar quarter. Payments will be remitted to the Benefit Plans Office lockbox.
Will the late payment penalty that currently applies to Pension Plan contributions paid past the deadline also apply to the total retirement payment?
Yes.
What will be done with the total retirement payments remitted by the sponsoring organizations?
The amount needed to fund the contributions to workers’ defined contribution plan accounts will be submitted to the defined contribution plan. The remainder will be used to pay the frozen Pension Plan benefit obligations and the administrative expenses of both plans.
Will the total retirement payment rates change in the future?
Most likely, yes. The WELS Retirement Program Commission will carefully review the rates each year to determine if a change is appropriate based on many factors, including potential changes to the base contribution to workers’ defined contribution plan accounts and the Pension Plan’s financial position.
Ultimately, the goal is to reduce the total retirement payment rates to only the level needed to fund the contributions to workers’ defined contribution plan accounts plus the plan’s administrative expenses. One of the main advantages of a defined contribution plan is that the costs to sponsoring organizations are expected to be stable over time and therefore preserve assets for ministry. The lower cost level may be feasible after the Pension Plan’s financial position has improved.
My sponsoring organization currently sponsors a 403(b) plan that is not the Shepherd Plan for at least one worker. Can my organization continue to sponsor this 403(b) plan after December 31, 2021?
No. All WELS sponsoring organizations will be required to join the WELS defined contribution plan effective January 1, 2022, and attest that they do not sponsor any other employer-based retirement plans (except for the Pension Plan). As a result, the only employer-sponsored retirement plan to which workers will be able to make new contributions based on their WELS service beginning January 1, 2022, will be the WELS defined contribution plan.
Where should I go if I have additional questions?
Please submit all questions regarding the proposed changes using the online form available at:
https://welsbpo.net/retirement-feedback
2021 SYNOD CONVENTION
What are the next steps with regard to these proposed changes?
The proposed changes will be a significant topic at the 2021 synod convention, which will be held during the week of July 26, 2021. During the convention, delegates will be asked to review, discuss, and vote on a resolution to approve the proposed changes. If approved, the changes will likely be implemented on January 1, 2022.
How will the alternative format of the 2021 synod convention affect consideration of the proposed changes?
As would occur in advance of a typical synod convention, the 2021 Book of Reports and Memorials will include a report that summarizes the proposed changes and the proposed convention resolution. In addition, it is expected that during each floor committee’s meeting time in advance of the convention, a video summarizing the proposed changes will be shown, and delegates will be able to discuss the proposed changes with their fellow floor committee members and a WELS representative who is familiar with the topic. On behalf of their floor committees, delegates who attend the convention in person will vote on and may also speak to the related report(s) and resolution(s) presented by the floor committee assigned to this topic.
Where should I go if I have additional questions?
Please submit all questions regarding the proposed changes using the online form.
Disclaimer
This summary of retirement benefits for workers at WELS sponsoring organizations and participants of the WELS Pension Plan and/or WELS Shepherd Plan (the “Plans”) is meant only as a brief description of some of the plans and benefits for which workers at WELS sponsoring organizations and participants of the Plans may be eligible. Please refer to the official documents constituting the Plans for more complete descriptions. If there is a conflict between this summary and the terms and conditions in the official documents constituting the Plans, the official documents will govern. WELS reserves the right to amend any of its plans or benefits at its discretion.