2021 RS Plan Statements Now Available
Annual benefit statements and the Financial Power RS newsletter for most Retirement Security (RS) Plan participants have mailed and are now available on the NRECA Employee Benefits website. However, some participants with more complicated situations (such as those who have a qualified domestic relations order; or had participated in a prior plan that merged into the RS Plan; or may be affected by regulatory salary or benefit limits; or that have other benefit service history requiring manual calculations) can expect to receive their statements later.
As a reminder, 2021 benefit statements have been updated to display the default form of annuity payment based on marital status, making it easier for participants to understand their estimated RS Plan annuity benefit.
The 2021 issue of the Financial Power RS newsletter includes articles to educate participants about the predictability and security of their retirement benefit, how estimated benefits are calculated and changes to RS Plan statements.
A sample email for RS Plan participants announcing the availability of 2021 RS Plan statements and informing them of the change in the benefit display based on marital status is available for your use.
Updated A Tour of Your RS Plan Statement and Weighing Your RS Plan Payment Options fliers are available to participants on the Employee Benefits website. Participants can filter documents by “Retirement Security Plan” or search by the title of the flier. These fliers explain the data and information on the annual statement, how lump sums are determined and how changes in interest rates may affect the value of estimated benefits.
Participants with questions about their RS Plan benefit are encouraged to reach out to NRECA’s Personal Investment & Retirement Consulting (PIRC) team by calling 866.673.2299, option 6, or by email at pirc@nreca.coop. PIRC planners are available weekdays from 7:30 am to 4 pm, Central time.
Note: Indiana Statewide Association (ISA) benefit statements will also change this year. Information explaining statement changes is provided in Financial Power RS.