2018 Year-end Timing for Processing 401(k) Withdrawals

NRECA processes scheduled payments on the 22nd of each month, which allows participants to receive their payments by the first of the following month.

To accommodate the year-end calendar, NRECA will be processing scheduled December 401(k) Pension Plan payments on or about December 13, 2018.

Requests for unscheduled withdrawals and other distributions must be received in good order no later than December 21, 2018, in order to be processed by the end of the year.

A flier is being included with November scheduled payment-disbursement worksheets and inserted in all distribution option kits mailed out from November 21-December 2018, advising participants of this holiday timing and encouraging them not to wait until the last minute to request a withdrawal for 2018. The flier explains that NRECA must hold all distribution paperwork for seven days from the signature date. As a result, documents for all distributions must meet good-order standards and have signature dates no later than December 21, 2018, in order to be processed in 2018.

Distribution requests received with signature dates after December 21 will be distributed and reported for tax purposes in 2019.

If you have questions, please contact NRECA’s Retirement Plan Distributions unit at 866.673.2299 or RPDmailbox@nreca.coop.