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Automatic Pension Contributions will begin on January 1

Passed at Annual Conference 2018, automatic enrollment will become effective 1/1/19. But what is automatic enrollment? Automatic enrollment is a feature in the United Methodist Personal Investment Plan (UMPIP) that automatically enrolls participants at a 3% before-tax contribution percentage. The reason your Conference Board of Pension and Health Benefits advocated for this change is because it is a tried and true method to help participants save more money for retirement. Are you wondering what this means for you? Here's your answer: If you are enrolled in UMPIP and making a 3% or more pre-tax contribution, then you have nothing to do. There will be no change. If, on the other hand, you are enrolled in UMPIP and not contributing, or making a 1% or 2% pre-tax contribution, you will be raised to the 3% contribution level. You can find a Q&A here for more information, and here is the contribution election form.

Contact Mike Kremnitzer at mkremnitzer [at] wocumc.org with any questions.