United Voices for Children Recognize NIC Child Advocates
Six Northern Illinois United Methodists received awards for their outstanding ministry with children and youth. Their recognition was celebrated at United Voices for Chi…
Compass, which goes into effect Jan. 1, is an account-based defined contribution retirement plan for eligible UMC clergy. It’s designed to help clergy optimize their retirement income with the ability to leave their account balance to their beneficiaries. Through shared responsibility, clergy accumulate an account balance during their active ministry and have flexibility on how to receive their income during retirement.
There are two sources of contributions to this plan: one from the church/conference (UMC) and the other from the clergy person.
There are three types of UMC contributions coming from your church:
UMC contributions are held in the clergy’s Compass directed account, which must be invested and managed by LifeStage Investment Management. At retirement, clergy can set up distributions of their directed account using LifeStage Retirement Income.
Upon retirement, clergy can turn their Compass-directed account into retirement income through LifeStage Retirement Income.
Clergy contributions are a critical component of Compass. Clergy should consider contributing 4% of their plan compensation early in their career to reap the benefits of long-term investment growth, qualify for the full matching UMC contributions, and qualify for tax benefits (with before-tax personal contributions).
By making contributions of at least 4% of their compensation, clergy receive the full matching contribution—resulting in more dollars invested toward their retirement.
Personal contributions constitute the flexible balance of Compass. Clergy can choose to have LifeStage Investment Management manage the investment of this balance or self-manage the investments.
For those not eligible for Compass, the United Methodist Personal Investment Plan (UMPIP) will still be available. Please watch for more training in the third and fourth quarters of this year or contact your conference benefits office.
Six Northern Illinois United Methodists received awards for their outstanding ministry with children and youth. Their recognition was celebrated at United Voices for Chi…
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