Take action to verify compliance with 2020 maximum contribution limits for your 457(b) Plan participants before year’s end. Annual contribution limitsCooperatives sponsoring tax-exempt or governmental deferred compensation 457(b) plans for employees or directors need to limit salary deferrals to $19,500 for 2020. The annual[…]
A reminder to those cooperatives that utilize a payroll system to deduct premiums from employees’ paychecks for life insurance premiums: You may need to update those systems to reflect the plan changes for 2021. Depending on your cooperative’s elections and[…]
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 year-end holiday timing, NRECA will be processing scheduled December[…]