Press Release: United Methodist Publishing House Safeguards Pensions
$84 million in defined benefit pension plans transferred to Wespath Benefits and Investments
For Immediate Release
Wespath Contact: Julie Capozzi
UMPH Contact: Chari Greer
Nashville, TN—The United Methodist Publishing House (UMPH) announced today that administration of the UMPH defined benefit pension plan will now be managed by Wespath Benefits and Investments (Wespath).
UMPH has transferred assets of approximately $84 million to secure liabilities of $81 million as of October 4, 2021. Wespath is now responsible for administration of the closed plan, including monthly retirement payments to 500 plan participants.
“Wespath’s excellent track record in plan management and quality customer service secures the retirement benefits of hundreds of staff members for the decades ahead. We are grateful to Wespath for contributing their special expertise to serve the needs of retired and current employees,” said Rev. Brian K. Milford, UMPH president and publisher.
UMPH Plan participants have been notified of the administrative change and may obtain additional information by calling Wespath at 1-800-851-2201.
“Wespath has a long legacy of caring for those who serve The United Methodist Church. We are pleased we can support UMPH and their many employees, current and retired, who rely on these important pension benefits,” said Barbara Boigegrain, Wespath general secretary and chief executive officer.
Both UMPH and Wespath are general agencies of The United Methodist Church. UMPH publishes books and other Christian resources under multiple imprints and markets and delivers products to congregations, seminaries and colleges, and church leaders through its Cokesbury division. Wespath administers benefit plans for more than 100,000 United Methodist clergy and lay participants.
About The United Methodist Publishing House
Founded in 1789 as the Methodist Book Concern, The United Methodist Publishing House (UMPH) is a publisher and distributor of Christian resources for congregations, clergy, and lay leaders, with primary attention given to the needs of The United Methodist Church. UMPH is a fully self-supporting general agency of The United Methodist Church and receives no general church funds. Its primary publishing imprint is Abingdon Press (abingdonpress.com), and the retail and distribution operations are known as Cokesbury (cokesbury.com).
About Wespath Benefits and Investments
Wespath Benefits and Investments (Wespath) is a not-for-profit agency that has been serving The United Methodist Church (UMC) for over a century. In accordance with its fiduciary duties, Wespath administers benefit plans and, together with its subsidiaries, including Wespath Institutional Investments, invests over $30 billion in assets on behalf of over 100,000 participants and over 130 United Methodist-affiliated institutions (as of August 31, 2021). Wespath funds invest in a sustainable manner that supports long-term value creation while having a positive impact on the environment and society and upholding the values of The UMC. Wespath maintains the largest reporting faith-based pension fund in the world. For additional information about Wespath Benefits and Investments, please follow us on Twitter, Facebook, Instagram and LinkedIn.