2019 Year-end Timing for Processing 401(k) Withdrawals

NRECA processes scheduled payments from the 401(k) Pension Plan 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) Plan payments on December 16, 2019.

Requests for unscheduled withdrawals and other distributions must be received in good order no later than December 20, 2019, to be processed by the end of the year.

A flier is being included with November scheduled payment-disbursement worksheets and inserted in all retirement plan distribution option kits mailed through December 20, 2019, advising participants of this holiday timing. 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 20, 2019, to be processed in 2019.

Distribution requests received with signature dates after December 20 will be distributed and reported for tax purposes in 2020.

All loan requests must be received and in good order no later than December 27. Forms received after this date will be processed in 2020. If you have questions, please contact NRECA’s Retirement Plan Distributions unit at 866.673.2299 or RPDmailbox@nreca.coop.