2017 Summary Annual Reports Now Online

The 2017 Summary Annual Reports (SARs) for the NRECA Group Benefits Program and the NRECA-sponsored 401(k) Pension Plan, along with the combined distribution instructions and acknowledgement form, are now available on the Employee Benefits website.

The Employee Retirement Income Security Act (ERISA) requires employers to give a summary of the annual Form 5500 to plan participants and beneficiaries. The purpose of the SAR is to summarize the financial status of the plans. Plan participants and beneficiaries must receive the 2017 SAR by December 15, 2018. Noncompliance can result in penalties of up to $147 per day.

Distribution information
NRECA delivers the SARs to your cooperative through the Employee Benefits website. The accompanying distribution instructions give an overview of ERISA’s electronic distribution rules and foreign language requirements, both of which apply to the SAR.

Paper copies are always acceptable; or, you may provide electronic copies to certain eligible participants. The instructions give details about when electronic distribution is permitted. In addition, refer to the Distributing Plan Documents page of the BA Guide for full information about when you can use electronic methods to distribute required notices as well as information about the non-English language survey.

By December 31, 2018, you must also fill out the distribution acknowledgement form to create a permanent record that you distributed the SARs as required. Email or fax the competed form (found at the end of the instructions) to the benefits compliance team and keep the original in your plan files.

Provide copies of the Group Benefits Program SAR to the following participants and beneficiaries:

• 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 NRECA Group Benefits Program.

Give 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.
• NRECA will mail copies of the 401(k) Plan SAR to retirees, alternate payees and beneficiaries of deceased participants and terminated-vested participants.

If you have questions, contact the benefits compliance team at 866.673.2299, option 7, or benefitscompliance@nreca.coop.