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 Pension Plan and the WELS Shepherd Plan. 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 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 plan requires mandatory plan participation by WELS calling bodies for all eligible workers.
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.
The WELS Shepherd Plan is the denominational 403(b) retirement income account plan sponsored by WELS. The Shepherd Plan provides workers with an opportunity to save and invest a portion of their earnings during their working years to provide income during their retirement years. Participation in the WELS Shepherd Plan is voluntary, and WELS calling bodies are permitted (but not required) to make employer contributions to the Shepherd Plan accounts of their workers.
The WELS Shepherd Plan is a defined contribution plan under which an individual account is established for each participant. The amount of contributions to be deposited in each account is determined in advance by the participant and his/her calling body, and the value of the assets available in the account will change over time due to:
- Investment earnings and losses,
- Distributions and loans paid out of the account, and
- Fees paid to service providers.
CONTACT US
Visit the Contact Us page for information and to find out how to talk to a WELS Benefit Plans representative.