By now, you would have received a letter from Wespath if you contributed at least 3% of your compensation (before taxes) to the UMPIP 403B plan, explaining the 1% annual automatic escalation feature.
Please find Q&As below to assist you with navigating your UMPIP personal contributions and the automatic escalation feature:
How the Automatic Contribution Escalation Works:
The escalation feature will automatically increase your contribution by 1 percent each January until it reaches 10% of your compensation unless you choose to opt out by submitting a Contribution Election Form.
What if I do not contribute by a certain percentage but a specific dollar amount?
- Then the dollar amount will remain in effect until you change them by submitting a new Contribution Election Form.
What If I Want to Add or Stop the Automatic Escalation or Change my Contribution Amount?
- Click here: umpip election form to complete the Contribution Election Form and pay special attention to Part 2.
- Follow the directions for submitting your election form to Wespath and a copy to your payroll or salary-paying unit:
- Local Churches – Treasures should sign the form as the plan sponsor and keep a copy for payroll processing. Send the original form to Wespath directly.
- Conference and District Offices – Send them to the Conference Benefits Office who will coordinate with Payroll and keep a copy for your records.
For questions, contact Wespath at: 1-800-851-2201.