FOR IMMEDIATE RELEASE: Sept. 15, 2020
|Pandemic-related Social Security Changes|
Our Federal Government has tried to respond to the pandemic by allowing employers to not withhold Social Security and Medicare taxes for the balance of this year. That would increase the employee's take home pay. The only downside of this opportunity is that the taxes would have to be withheld in the first quarter of 2021 which would cause a double deduction to begin in January—the 2020 taxes and the resuming of the 2021 Social Security and Medicare. If this was to be a grant and the employee did not have to catch up in the first quarter, I would be first in line to say do it. However, it is not a grant, so I highly encourage all finance committees and SPRC committees to adopt a policy to not do this. Should the Federal Government come out and say this will become a grant, I will let you know.
Now is the time you should have finished spending your PPP loans solely on salaries. I highly encourage you to get the forgiveness application filed as soon as possible. If you have any questions, please email me.
|New Clergy Budget Compensation Package|
I hope the new excel format has been very helpful to you. I have heard from many of you and it seems to be a hit. I also trust that the instructions and videos on the conference website have been helpful to you in completing this work for the clergy 2021 Budget Compensation Sheet.
As we were not able to have the Administry Training this fall, I have prepared videos on all of the subjects that we normally cover. They are there for you to use as needed, especially as you elect new financial secretaries, treasurers, finance committee members and trustees. If you see anything else you would like added in that section, please let me know.
|3 "L" Academy|
The 3 “L” Academy also had to be postponed to the spring. We hope that we will be able to meet in person. Until that time, you will soon find videos from me and from Wespath that explains your clergy benefits and many other useful items. If you have any questions, please let me know.
Open enrollment for the eligible clergy will be in October of this year as usual. Medicare open enrollment is November 1 through December 15 for those clergy who are not currently serving at least ¾ time.
|Possible Changes for 501(c)(3) Group Ruling|
There are rumors of the 501(c)(3) group ruling possibly going through some changes. While it is being discussed in congress, nothing has passed. What I would suggest to you is to go on the Administry page and print out a copy for your records. That will prove you were a part of the group ruling letter of The United Methodist Church in case changes come into being. For those other than churches, you may be required to get a Type 2 letter. I encourage you to be in conversation with GCFA and your corporate attorney to be sure you still qualify for this letter. You should have received correspondence from GCFA late last week.