Summary of the Pension Plan
The WELS Pension Plan was established by the synod in convention in 1966 for all eligible called workers. The Pension Plan for lay workers was established on January 1, 1981. These two plans were combined on January 1, 1992. The plan requires mandatory plan participation by WELS congregations and sponsoring organizations for all eligible workers.
Contributions by WELS congregations and sponsoring organizations were made mandatory effective January 1, 1982. These contributions are necessary to cover past unfunded liabilities and future plan benefits.
The WELS Pension Plan is a defined benefit plan. This plan is not an individual account plan. Under the WELS Pension Plan, all contributions for all participants are placed into one trust. Benefits are payable based on a formula that includes two variables: years of credited service that each individual participant has earned, and a benefit basis that is standard across all participants and serves as an average salary approximation based on years of service.
Pension Plan Page Links
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