2018 Summary Annual Reports Now Online

The 2018 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 plan participants and beneficiaries the SAR, which is a summary of the annual Form 5500 showing the financial status of the plans. The SAR is due to participants no later than December 16, 2019. Noncompliance can result in penalties of up to $156 per day.

Download the SAR for the NRECA benefit programs you offer at your cooperative from the Employee Benefits website. Providing a paper copy is always acceptable. You may also be able to provide electronic copies to eligible participants. The SAR distribution instructions explain ERISA’s electronic distribution rules and foreign language requirements, both of which apply to the SAR. Or you can refer to the Distributing Plan Documents page of the BA Guide for instructions.

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.

Finally, by December 31, 2019, fill out the distribution acknowledgement form (found at the end of the instructions) to create a permanent record that you distributed the document as required. Email or fax the completed form to the benefits compliance team and keep the original in your plan files.

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