Important Employer Updates from Eder Financial

Executive Notes is designed for the employers who use our benefits programs. Brief soundbites allow you to quickly scan relevant news.

Insurance

Hire and Termination Dates

For ACH withdrawals to start and stop in a timely manner, new hire and termination dates must be documented.

Church Treasurers: Send this information to: insurance@eder.org

Plan Administrators: Update Milliman as soon as you are aware.

WellNow! Rewards Update for Medical Plan Members

The biometric screening process is complete for this year. If your employees need to follow up with an alternative activity, they have until April 30 to get it completed in order to avoid a premium increase. As a reminder, the alternative activities are for those that did not either meet the Healthy Values Goals or get a 5% improvement from last year. The possible options are to participate in a RealAge Program, Engage in Health Coaching, or have a Preventative Exam with your doctor. Your employees can check your Benefits Guide for more information.

Salary Updates

Church Treasurers: Updates to salary-based benefits like long-term and short-term disability should be sent to insurance@eder.org as soon as they are available.

Plan Administrators (CoBI and The Cedars excluded): Use Milliman to make salary updates.

Entering salary updates into the Milliman system:

Log in to the Milliman site > Look up member by last name > Chose HR Tool from the blue menu at top
In the far-right column, under Tools > Choose Add Pay Level
Enter new annual pay amount with no dollar sign or comma (decimal point is okay to use).
Enter the effective date*

*Note: Salary updates take place in the system on the 20th of each month for the next calendar month. If you want benefits adjusted/effective on the 1st of a month, you should enter the effective date between the 15th and the 19th of the month prior. The system will show what you entered, and the billing will retro adjust up to two months.

Quick Link: Forms

Church Treasurers: Forms for new members (preliminary insurance form), long-term, short-term disability forms, ACH forms, ancillary rates, and how to enroll guide can be downloaded at: ederfinancial.org/Insurance-New-Member

Retirement

Hire Dates and Terminations Dates

Church Treasurers: We must receive notice of termination and hire dates so ACH withdrawals can start or stop in a timely manner. Please send this information to: retirement@eder.org

Plan Administrators: Make certain that your hire and termination dates are included on the uniform file format (UFF). If you are not currently using a UFF, please contact: retirement@eder.org

Sample UFF Template

Adoption Agreement

Church Treasurers: Please confirm that your church has an Adoption Agreement dated after 01-01-2021. This document outlines the terms of your employees’ participation in the Eder Retirement Plan and clarifies your responsibilities and Eder’s responsibilities in administering the retirement plan. Reach out to retirement@eder.org for a copy if needed.

New Contribution Limits for 2023

Church Treasurers and Plan Administrators:

Under age 50 - $22,500
Over age 50 - $30,000 (includes $7,500 catch up limit)

Special clergy note: or 100% of includible compensation, whichever is less.

Loans

Plan Administrators: If you offer loans, they are now available if you are using the uniform file format. If an employee wants to apply for a loan complete a loan application through NWPS under Resources.

Quick Link: Forms

Plan Administrators: To further empower your employees to manage their retirement account, we recommend they use the Retirement Member Portal to download the forms they need. This way they will have the most up-to-date form. If they want the form sent to them or if they have questions about how to complete the form, they should call the Eder Retirement Plan Service Center at 866-723-0001. It is recommended for tracking and expediency, that they return completed forms to NWPS via secure email rather than snail mail. Please reach out to NWPS for instructions on how to send a secure email.

Quarterly Statements

Plan Administrators: Starting in June, all quarterly statements will be electronic. This pertains to employees with email addresses on file. All new employees will automatically receive electronic statements.

Individuals who want to opt-in to paper statements should contact the Eder Retirement Plan service center at 866-723-0001.

Other News

Recent Bank Failures, Eder Financial, and You

Several regional banks have gone out of business in recent weeks due to runs by depositors on the bank, with enough depositors withdrawing enough funds to drive the banks into insolvency. You may have questions on whether your Eder Financial account has been adversely impacted. Here's some answers.