NRECA Employee Benefits Weekly

2017 Retirement Plan Restatements: Prepare Now for 2017 Changes to Your Co-op’s Plans

Posted on Posted in Compliance, Retirement Benefits

On July 1, 2017, the retirement plans sponsored by NRECA will be restated. Plan documents, adoption agreements, and summary plan descriptions (SPDs) for both plans will be updated, bringing the plan documents up-to-date as required by the IRS every five years.

If your cooperative participates in the Retirement Security Plan or the 401(k) Pension Plan, what should you do now to prepare? Adding a few items to your watch list plus a bit of advance planning will help you stay on top of restatement tasks and keep your plans in compliance.

Will your co-op be making changes to your retirement plan provision(s) during 2017?

If NO:

  • Take note of these future restatement-related tasks:
    • May 2017: download a sample restatement board resolution
    • July 2017: download and review your co-op’s restated plan adoption agreements
    • By September 30, 2017: have your board adopt the restated plans
    • By October 31, 2017: Review, sign, and return original adoption agreements and the sealed board resolution to NRECA
  • This December, download the electronic compliance calendar. Importing it into your calendaring application (such as Outlook) will populate reminders for each of these upcoming tasks.
  • Watch future editions of I&FS Weekly for alerts and instructions. We’ll remind you ahead of time both here, on the Employee Benefits website, and in Benefits Bulletin as each deadline or task approaches.

If YES:

  • Your co-op will still need to perform the restatement tasks listed above.
  • In addition, begin working with NRECA staff to plan and implement your 2017 plan change(s), especially if they will be effective on or before May 1, 2017. These are separate from the restatement and require their own adoption agreement, board resolution and (in certain cases) participant notices.
    • Changes up to and including May 1 will be reflected in your co-op’s restatement documents.
    • Later changes will modify your co-op’s restated plan terms.
    • If your co-op has a business need requiring a June 1 or July 1 change, contact your field representative to discuss your situation and needs.

Visit the restatement page on the Employee Benefits website to view full details, including a timeline and a list of co-op responsibilities.

For more information about changing your retirement plan provisions, see the article titled 7 Steps to Retirement Plan Changes in September’s Benefits Bulletin.

Contact your field representative with questions about either the restatements or about making a provision change to your NRECA retirement plans.

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