Please refer to the 2018 Book of Reports, Recommendation 2, item # 9 on page 34
For 2019, the Conference Board of Pension and Health Benefits will put forth legislation that will allow automatic features to become part of the retirement plan.
Automatic enrollment and automatic escalation are two new features in the United Methodist Personal Investment Plan or UMPIP. Automatic enrollment starts participants at a specific before-tax contribution percentage. For West Ohio participants that number is 3% of total plan compensation beginning 1/1/2019. Automatic escalation increases participants before-tax contribution by 1% each year until a maximum of 10% is reached. This will begin 1/1/2020. Participants that wish to be excluded from automatic features may opt out.
Combined, these two features will help fulfill an objective of the board by helping participants reach retirement readiness. For additional information, please refer to the Participant Q and A.