RETIREMENT BENEFITS
PARTNER LINKS
The WELS Pension Plan and the WELS Shepherd Plan utilize numerous industry-leading service providers to administer benefits for our members. Click here to view our partners and their contact information.
The WELS Retirement Program is comprised of the WELS Shepherd Plan and the WELS Pension Plan. Participation in the WELS Retirement Program is mandatory for WELS calling bodies and eligible workers. WELS calling bodies remit quarterly payments to WELS for retirement benefits on behalf of their workers.
Workers are encouraged to consider the benefits provided under each plan, in conjunction with Social Security benefits (if applicable) and other sources of income, when planning for retirement.
The WELS Shepherd Plan is the denominational 403(b) retirement income account plan sponsored by WELS. Beginning January 1, 2022, quarterly denominational contributions are made to the Shepherd Plan accounts of all eligible called workers as authorized by the synod in convention in 2021. In addition, WELS calling bodies can make employer contributions to the Shepherd Plan accounts of their eligible called and lay workers, and eligible called and lay workers can make employee contributions to their Shepherd Plan accounts.
As a defined contribution plan, the Shepherd Plan defines the contributions made by the denomination, calling body, and worker into the worker’s own retirement account. The worker’s 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.
The WELS Pension Plan was established by the synod in convention in 1966 for all eligible called workers. The Pension Plan for lay workers was established on January 1, 1981. These two plans were combined on January 1, 1992. The Pension Plan was frozen on December 31, 2021 as authorized by the synod in convention in 2021.
The WELS Pension Plan is a defined benefit plan. Participants do not maintain individual accounts with cash balances. Under the WELS Pension Plan, all contributions for all participants are placed into one trust. Benefits are calculated based on a formula that includes two variables: years of credited service that each individual participant has earned, and a benefit basis that is standard across all participants and serves as an average salary approximation based on years of service. Benefits are payable in the form of a monthly annuity for life with options for surviving spouse benefits.
CONTACT US
Visit the Contact Us page for information and to find out how to talk to a WELS Benefit Plans representative.