The WELS Retirement Program Commission is pleased to announce a one-quarter contribution holiday for the WELS Pension Plan (the “Plan”). No Plan contributions will be due for the October-December 2020 quarter. Active workers will continue to earn Plan benefits for eligible service performed during the October-December 2020 quarter, and Plan benefits will continue to be paid to retired workers and surviving spouses.
In addition, the July 2020 quarterly Plan invoices will be generated and mailed in early June to support ministries in their efforts to make timely retirement contribution payments under the federal Paycheck Protection Program (PPP).
Mr. Joshua Peterman, director of WELS Benefit Plans, says, “During this uncertain time, we are pleased to provide relief to WELS ministries that will total approximately $5 million in savings. In scheduling the contribution holiday for October 2020, the goal is to provide relief as soon as possible while allowing ministries to realize the full benefits of any loans received under the PPP. In addition, we are thankful to the Lord for blessing us with the financial flexibility to pass on these savings while maintaining the Plan’s long-term viability.”
The Pension contribution holiday announcements follows the announcement of a VEBA premium holiday for August 2020. WELS Benefits Plans understands the burden some WELS churches, schools, and organizations may be facing and is grateful for the opportunity to provide relief. WELS ministries will receive additional reminders of the contribution holiday in the coming months.
If you have questions, contact the Benefit Plans Office at email@example.com; 414-256-3299.