Key Updates and Reminders Regarding Upcoming GuideStone Transition
As we approach July 1st, the official transition date to GuideStone, we want to ensure that you’re fully informed and clear about the upcoming changes. To aid in your transition, here’s a bulleted list of updates for clarity to help you navigate through this transitional period smoothly.
Navigating Retirement Accounts: Implications for the Retired Clergy Housing Allowance Tax Exclusion
For Active Pastors and Retirees affiliated with the GMC and holding Covenant Personal Investment Plan (CPIP) accounts at Wespath, please note the following…
Transition of CPIP Accounts to GuideStone (July 23, 2024): *Active pastors and retirees with CPIP accounts at Wespath will have accounts moved to GuideStone, creating GuideStone 403(b) retirement accounts. *Distributions from GuideStone 403(b) accounts qualify for retired clergy housing allowance tax exclusion.
Transfer of UnitedMethodistPersonalInvestmentPlan (UMPIP) Balances to GuideStone 403(b) Account (After July 1, 2024): *Active pastors and retirees with GMC service can transfer full or partial UMPIP balances to GuideStone 403(b) account or remain at Wespath. *No fund will be lost in transfer. *Distributions from Wespath or GuideStone 403(b) accounts are eligible for housing allowance tax exclusion regardless of whether funds remain at Wespath or are transferred to GuideStone. *GuideStone specialists assist with transfer details.
Transfer of UMPIP Balances for Retirees without GMC Service or GuideStone 403(b) Account: *Only option to transfer UMPIP balances to GuideStone is as an IRA. *Distributions from IRA not eligible for housing allowance tax exclusion. *Retirees may consider leaving money at Wespath.
Defined Benefits Annuities at Wespath for Retirees: *Pre-1982, MPP, or CRSP-DB annuities cannot transfer to GuideStone. *Must remain at Wespath, with distributions from Wespath.
UMPIP Loan and GuideStone 403(b) Account: *Active pastors and retirees with existing UMPIP loan and GuideStone 403(b) account can transfer only partial UMPIP amount to GuideStone. *Enough funds must remain at Wespath to cover loan balance until satisfied.
Administration of CPIP Loan by GuideStone: GuideStone takes over CPIP loan administration under same terms as Wespath. New loan documents sent to participant.
Transition Essentials: Other Important Reminders and Updates
Health Insurance Payments for June: *Churches with pastors in HealthFlex and enrolled in GuideStone health insurance plan will receive two invoices in June. *HealthFlex invoices sent in the first week of June, due by June 30th. *GuideStone sends invoices in prior month for subsequent month coverage. *Recommendation: Pay GuideStone invoice first if financial hardship, then HealthFlex as soon as possible.
Retirement (Pension) Invoices: *GuideStone sends pension invoices month after contributions are earned. *Invoices start arriving in August, providing breathing room on health insurance invoices.
Enrollment in GuideStone Health Insurance: *Ongoing enrollment. *Pastors should check GuideStone “Employer Access Portal” (EAP) for enrollment. *For EAP status, contact GuideStone at 1-888-984-8433 or GMChurch@GuideStone.org.
Waiving Participation in GuideStone Health Insurance: *Pastors waiving participation need to enter health insurance portal to decline. *Waiver for HealthFlex is valid for GuideStone. *Benefits Office will verify GuideStone declinations.
Retirement (Pension) Enrollment: *Information from health insurance portal used for pension database. *Even pastors declining health insurance must enter health insurance portal.
Health Insurance Premium Rates: *Total premium rates in portal differ from GMC shared premium schedule (last two columns). *Churches with pastors in plan should follow GMC shared premium schedule.
FSA and HSA Management: *Managed by third-party company “EBC.” *More information, orientation, and enrollments forthcoming. *Separate from health insurance plan for enrollment, billing, payment, and claims.
Transitional Guides: *Posted on landing page under “FAQs and Transition Information.” *Find under “Retirement” and “Medical Coverage and Insurance Solutions.”
As we move forward, remember that the Global Methodist Benefit Team and GuideStone are dedicated to supporting you through this transition. Whether you have questions or need assistance, we’re here to help. Feel free to reach out to us via email at GMChurch@GuideStone.org or visit the Global Methodist Church page on GuideStone’s website for additional resources and information. Please note that the website also offers Spanish versions of the Medical Coverage and Insurance Solutions, as well as the Health Plan Comparison. You can access these resources to further assist you in understanding your options. We’re here to support you in any way we can as you navigate this transition. Feel free to explore these resources for comprehensive information tailored to your needs.
