2015 Summary Annual Reports Now Online
You must return the distribution acknowledgment(s) to NRECA.
The 2015 Summary Annual Reports (SARs) for the NRECA Group Benefits Program and the NRECA 401(k) Pension Plan are now available on the Employee Benefits website.
Along with the SARs, a distribution instruction and acknowledgment form is also posted online.
The Employee Retirement Income Security Act (ERISA) requires that a summary of the annual Form 5500 be distributed to plan participants and beneficiaries. The purpose of the SAR is to summarize the plan’s financial status.
Distribute by December 15, 2016
ERISA requires employers to give copies of the SARs to participants and beneficiaries in the plans by December 15, 2016. Noncompliance can result in penalties of up to $147 per day.
As in the past, NRECA provides electronic copies of the SARs. Distribution instructions, electronic distribution rules, and foreign language requirements are in the distribution instructions and acknowledgment form. You may provide your participants with electronic copies via email or paper copies; see the instructions for more details on when electronic distribution is permitted.
To fulfill your compliance obligations, you must also complete the distribution acknowledgement(s) at the end of the instructions. Once you have distributed your SARs, return the completed acknowledgement form to NRECA’s benefits compliance team using the email address or fax number provided in the instructions.
Group Benefits Program SAR recipients
Provide copies of the Group Benefit Program SAR to active and disabled employees (including those employees on a leave of absence), retirees, retained attorneys, directors, COBRA beneficiaries, and children covered under Qualified Medical Child Support Orders who are participating in or who have a benefit under the Group Benefits Program.
401(k) Plan SAR recipients
Furnish copies of the 401(k) Plan SAR to active and disabled employees (including those employees on a leave of absence) who are participating in or who have a benefit in the 401(k) Plan. Note that NRECA will mail copies to retirees, alternate payees and beneficiaries of deceased participants, separated participants with benefits and terminated-vested participants.
If you have questions, contact the benefits compliance team at 866.673.2299, option 7, or benefitscompliance@nreca.coop.