Many clergy would benefit from speaking to a financial planner. But it is important that the financial planner be familiar with tax laws related to clergy during active service and to their retirement. Clergy can use a housing benefit which planners may not be aware of, and their retirement is a combination of defined benefit and defined contribution plans, which is unusual. In addition, some clergy live in areas where there are few financial planners from which to choose.
Wespath (formerly the General Board of Pensions & Health Benefits) offers Ernst & Young Financial Planning services to active and retired clergy, and to lay staff who are covered by a Wespath pension plan. EY representatives have been trained on clergy tax laws and on the particular circumstances and provisions of United Methodist clergy compensation and retirement plans. This service is free, and EY representatives have no incentive to sell you anything. For information on the services provided and contact information for Ernst & Young, click here.