Archive for: Video

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.

Spring 2022 worker video.

Spring 2022 sponsoring organization video.

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:

1. 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.
2. 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.
3. 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 first video summarizes the upcoming WELS Retirement Program changes.

The second video provides called workers with an introduction to the WELS Shepherd Plan and how the new defined contributions can be used.

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 [email protected]. 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 protected].

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.

June 2021 Update:  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.

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 replaced with a defined contribution plan, wherein all eligible workers would receive contributions to individual accounts in the WELS Shepherd Plan to be used for retirement benefits. The proposed changes have been reviewed and endorsed by both the Conference of Presidents and Synodical Council.

The WELS Retirement Strategy Committee invites you to learn more about these proposed changes by viewing the presentation included above.

In addition to the presentation, a comprehensive “Frequently Asked Questions” (FAQ) page is available here: FAQ page.

WELS has also developed a benefit comparison tool, which will help workers to compare their potential benefits at retirement under the current and proposed programs, and is available here: comparison tool.

The proposed changes will be a significant topic on the 2021 synod convention agenda. A resolution will be provided for the delegates to review, discuss, and vote on during the convention.  If the convention approves the resolution, it is anticipated that the proposed changes will be implemented as of January 1, 2022.  Information will be included in the Book of Reports and Memorials leading up to the convention.

It is important to note that, if the proposed changes are approved and implemented, all benefits earned under the WELS Pension Plan prior to its freeze date will be honored and paid according to the plan’s terms.  Benefits earned under the WELS Pension Plan will not be lost as a result of the proposed changes.

WELS is committed to providing detailed, transparent information during this process.  Please refer to the FAQ page which will be updated with additional information.  If you have any questions, concerns, or comments regarding the proposed changes, please submit them to WELS using the feedback form here: feedback form.