November 1, 2020 is the deadline to give 2021 summary of benefits and coverage (SBC) documents to plan participants and beneficiaries. SBCs were released in September for distribution either with your annual enrollment materials or by November 1, if earlier. Download your cooperative’s[…]
On October 26, 2020, the Internal Revenue Service (IRS) announced benefit and contribution limits for employer-sponsored retirement plans for the 2021 tax year. The chart below summarizes the 2021 limits, with 2020 limits included for comparison. This information is available[…]
The most recent lunch-and-learn webinar sponsored by the Personal Investment & Retirement Consulting (PIRC) team, Help! I Started Retirement Planning Late, is now available on the NRECA Employee Benefits website. In the September 24 webinar, PIRC team member Monty Bilkert[…]
The Internal Revenue Code (IRC) requires plan participants who meet certain requirements to receive required minimum distributions. The Setting Every Community Up for Retirement Enhancement (SECURE) Act modifies the required beginning date for mandatory 457(b) plan distributions. Before the SECURE[…]
Participants in the NRECA-sponsored 401(k) Pension Plan receiving distribution payments have historically had 20% federal tax withheld. Per IRS rules, participants taking required minimum distributions can reduce their tax withholding rate to 10% until the minimum distribution has been met[…]