Wesleyan Pension Fundretirement solutions for clergy and lay employees
Principal Financial Group Login
Login to review, manage and retrieve information from your secure PFG personal retirement account
Online Payment System
WPF utilizes the services of Stewardship Technology Inc for making payments to a participant’s account on a regular basis. To get your account started, click on the First-Time Users button and add your basic information, employee information, the employer bank account and frequency of payments. Once the initial setup is complete, you can let the system process your payments and receive a confirmation email when the transaction has completed.
If you are a Returning User and adding a new member to your current list of employees, an enrollment form MUST be completed and mailed or faxed to WPF before the contribution can be processed. If he/she is already a member, please do not have them complete another form.
For enrollment forms, please download Enrollment Form (includes Beneficiary Form) or the Principal Financial Group Custom Enrollment Kit (with Enrollment Forms) under Forms on this site.
The following forms are downloadable. Please feel free to contact our office if you have any questions on what type of form you need. Completed forms can be faxed or mailed to WPF for processing.
Wesleyan Pension Fund, in conjunction with Morgan Stanley, is committed to developing retirement plan options designed for each participant’s needs. These Target Date Retirement Portfolio options are constructed to assist you with complex retirement decisions by automatically adjusting your investment allocation according to your targeted retirement age.
To begin, simply select the Target Date Retirement Portfolio that most closely matches your projected retirement date. Over time your portfolio allocations will automatically shift from being more equity-oriented to more fixed-income oriented thereby becoming more conservative to protect your capital as your retirement date approaches.
The pie graphs illustrate current portfolio allocations. A participant expecting to retire in 2020 could select the “2020 Portfolio” consisting of 40% equities and 60% fixed income. As this participant approaches the year 2020, the percentage of equity will automatically decrease and the allocation to fixed income will increase.
Plan Benefits & Information
The Plan is a church retirement income account program described in section 403(b)(9) of the Internal Revenue Code. The Internal Revenue Code permits denominations and churches to set up retirement plans designed to provide current tax savings on plan contributions and plan earnings to be paid in the form of pension benefits during retirement. The Plan provides these tax savings, while at the same time providing you with investment vehicles through which your retirement funds can grow.
For enrollment forms, please download Enrollment Form (includes Beneficiary Form) or the Principal Financial Group Custom Enrollment Kit (with Enrollment Forms) under FORMS on this site.
Employer Contributions – Your employer is required to contribute an amount equal to 12% of your gross salary. A portion of the employer contribution totaling 1% of your gross salary is used by WPF to purchase disability and death protection for you and for such other purposes as the WPF board may from time to time determine. The rest is invested in your account in the Plan. If your employer provides you with a parsonage, your actual salary is hypothetically increased by 30% in calculating.
Salary Reduction Contributions – These are contributions made by you by means of payroll salary reduction. This type of contribution allows you to contribute a certain portion of your compensation to the Plan on a pre-tax basis. This type of contribution reduces your currently taxable income by the amount of your contribution, saving you current tax dollars. Non-ordained employees do pay Social Security taxes on their salary reduction contributions.
2017 Contribution Limits:
- Salary Reduction of $18,000
- Over 50 Catch-up of $6,000
- 15 years or more service in the ministry of $3,000 ($15,000 lifetime max)
It is possible to contribute up to $27,000 for 2017 if you are eligible for items #2 and #3. Review the Summary Plan Description for further details on limits and examples.
If you are an active or a retired minister, a portion or all of your annual pension may be designated as available for housing allowance, pursuant to Internal Revenue Service Ruling 75-22. However, the amount actually excludable as housing allowance cannot exceed:
- The fair rental value of the furnished home plus the cost of utilities, furnishings and maintenance; or
- The actual expenses of operating a home; or
- The amount designated by WPF as a housing allowance.
As a retired minister, pension distributions are NOT subject to SECA tax.
To review the latest housing allowance information, please see Preparing Tax Returns for Clergy, a booklet provided for easy review and downloading in our Resources section below.
The WPF 403(b) Defined Contribution Plan allows for any member to begin drawing from their retirement account at the age of 62. If you are eligible, you may either withdraw the funds monthly or receive funds through a partial distribution. All ordained members in our plan may be eligible to use the funds for housing allowance. Please see the Housing Allowance Chapter in the resource below or call our office for further details.
The Extended Payment Form is to be completed for a monthly (or quarterly or semi-annually or annual) benefit. You have the option to have the benefit funds directly deposited into a checking or savings account.
The W-4P Form is a Federal tax form where you can indicate if you want to withhold tax or not.
These forms may be mailed or faxed to our office for processing. Once received and processed to Principal Financial Group, please allow 7-10 business days to receive your funds.
Please call our office if you have further questions.
The Extended Payment and W-4P Forms are available for download. See FORMS on this site.
Group Insurance Benefits
Wesleyan Pension Fund members who are participating in the plan with employer contributions are provided life insurance coverage upon the first contribution and long-term disability insurance coverage after one year of consecutive contributions. As long as employer contributions are made on your behalf, this benefit will be provided through the UNUM Life Insurance Company.
The formula for determining the life insurance benefit for individuals age 30 and younger is 4.0 times your salary, determined as described in the preceding paragraph. The salary multiple drops 0.1 for each year of age past 30, leveling out at 1.0 times compensation at age 60 to 70. Coverage is .5 times at age 70 and over for active participants. See insurance links below. This benefit is only available before retirement. Once you retire or terminate employment, you will no longer be covered under the WPF group insurance plan.
WPF Group Long-Term Disability booklets provided by UNUM are available for plan members to download for further details of the coverage. You may also select a document below to learn more about the assistance programs provided by UNUM in addition to your Life and Disability coverage.
These annually provided booklets are available to download and will assist treasurers and financial administrators of churches with tax issues to housing allowance guidance. The author, Daniel D. Busby, is the President of Evangelical Council for Financial Accountability and also a former General Treasurer of The Wesleyan Church.
- Housing Allowance Chapter
- Life Insurance Age Table
- Life Insurance Calculations
- Principal Financial Group-Access Account
- Special Tax Notice-Plan Payments
- Unum Group Life Insurance Plan
- Unum Group Long-Term Disability Plan
- Unum Travel Assistance Info
- Unum Work-Life-Balance Info
- WPF Summary Plan Description